MSCI World or MSCI Japan?
The two indices share 5.0 % of their weight across 151 companies, and their daily returns correlate at 0.78. Small overlap and limited co-movement: these are two genuinely different building blocks.
Side by side
| MSCI World | MSCI Japan | |
|---|---|---|
| Holdings covered | 1,147 | 151 |
| Volatility | 15.8 % | 21.1 % |
| Max drawdown | -16.9 % | -16.0 % |
| Cheapest ETF we cover | SPPW · 0.12 % | ZPDJ · 0.12 % |
The largest shared positions
| Company | MSCI World | MSCI Japan |
|---|---|---|
| Mitsubishi UFJ Financial Group Inc. | 0.26 % | 4.62 % |
| Hitachi Ltd. | 0.17 % | 2.94 % |
| Tokyo Electron Ltd. | 0.17 % | 3.00 % |
| Sumitomo Mitsui Financial Group Inc. | 0.17 % | 2.98 % |
| Advantest Corp. | 0.16 % | 2.92 % |
| Sony Group Corporation | 0.15 % | 2.57 % |
| Mizuho Financial Group Inc. | 0.14 % | 2.43 % |
| Keyence Corporation | 0.11 % | 1.95 % |
| Kioxia Holdings Corporation | 0.11 % | 1.86 % |
| Fast Retailing Co. Ltd. | 0.10 % | 1.82 % |
Overlap and shared positions are computed from the holdings of one representative ETF each (XDWD and ZPDJ); of those we could attribute 93.4 % and 87.3 % of fund weight to individual companies, so real overlap is likely a little higher. The correlation covers 504 shared trading days.