PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CNKY.L vs. DXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNKY.L vs. DXJ

Last updated Jun 5, 2026

CNKY.L (iShares Nikkei 225 UCITS ETF (Acc)) and DXJ (WisdomTree Japan Hedged Equity Fund) are both Japan Equities funds - CNKY.L tracks the TOPIX TR JPY while DXJ tracks the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, CNKY.L returned 12.70%/yr vs 18.88%/yr for DXJ. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.48% expense ratio.

Performance

CNKY.L vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

CNKY.L is traded in GBp, while DXJ is traded in USD. To make them comparable, the DXJ values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CNKY.L achieves a 31.80% return, which is significantly higher than DXJ's 18.58% return. Over the past 10 years, CNKY.L has underperformed DXJ with an annualized return of 12.70%, while DXJ has yielded a comparatively higher 18.88% annualized return.

CNKY.L

1D
-1.22%
1M
7.58%
YTD
31.80%
6M
28.96%
1Y
64.51%
3Y*
20.46%
5Y*
12.16%
10Y*
12.70%

DXJ

1D
-1.83%
1M
4.28%
YTD
18.58%
6M
20.48%
1Y
55.63%
3Y*
28.40%
5Y*
27.17%
10Y*
18.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNKY.L vs. DXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNKY.L
iShares Nikkei 225 UCITS ETF (Acc)		31.80%20.64%9.15%15.02%-10.53%-4.18%21.18%16.38%-3.99%14.19%
DXJ
WisdomTree Japan Hedged Equity Fund		18.58%23.32%32.10%34.94%18.56%19.11%0.89%14.42%-15.03%12.19%

Correlation

The correlation between CNKY.L and DXJ is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.56

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2010

0.59

The correlation between CNKY.L and DXJ has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.

CNKY.L vs. DXJ - Sectors Allocation Comparison

Sectors
CNKY.L
DXJ

Technology

32.6%
12.9%

Industrials

18.8%
27.4%

Consumer Cyclical

16.4%
15.6%

Communication Services

14.0%
2.7%

Healthcare

6.4%
6.8%

Basic Materials

4.1%
8.5%

Financial Services

3.1%
18.3%

Consumer Defensive

3.0%
4.7%

Real Estate

1.2%

-

Energy

0.3%
1.7%

Utilities

0.2%
0.1%

Technology

CNKY.L
32.6%
DXJ
12.9%

Industrials

CNKY.L
18.8%
DXJ
27.4%

Consumer Cyclical

CNKY.L
16.4%
DXJ
15.6%

Communication Services

CNKY.L
14.0%
DXJ
2.7%

Healthcare

CNKY.L
6.4%
DXJ
6.8%

Basic Materials

CNKY.L
4.1%
DXJ
8.5%

Financial Services

CNKY.L
3.1%
DXJ
18.3%

Consumer Defensive

CNKY.L
3.0%
DXJ
4.7%

Real Estate

CNKY.L
1.2%
DXJ

-

Energy

CNKY.L
0.3%
DXJ
1.7%

Utilities

CNKY.L
0.2%
DXJ
0.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Nikkei 225 UCITS ETF (Acc)

WisdomTree Japan Hedged Equity Fund

Often compared with CNKY.L:
CNKY.L vs. XDJP.LCNKY.L vs. SPYCNKY.L vs. S400.LCNKY.L vs. SJPA.LCNKY.L vs. VOOCNKY.L vs. LGUG.LCNKY.L vs. HSTC.L
Often compared with DXJ:
DXJ vs. EWJDXJ vs. EWJVDXJ vs. DXJSDXJ vs. FLJPDXJ vs. BBJPDXJ vs. VOODXJ vs. DBJP

Return for Risk

CNKY.L vs. DXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNKY.L
CNKY.L Risk / Return Rank: 8383
Overall Rank
CNKY.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
CNKY.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
CNKY.L Omega Ratio Rank: 7979
Omega Ratio Rank
CNKY.L Calmar Ratio Rank: 8686
Calmar Ratio Rank
CNKY.L Martin Ratio Rank: 7676
Martin Ratio Rank
DXJ
DXJ Risk / Return Rank: 8989
Overall Rank
DXJ Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
DXJ Sortino Ratio Rank: 9090
Sortino Ratio Rank
DXJ Omega Ratio Rank: 8989
Omega Ratio Rank
DXJ Calmar Ratio Rank: 8787
Calmar Ratio Rank
DXJ Martin Ratio Rank: 8888
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNKY.L vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) and WisdomTree Japan Hedged Equity Fund (DXJ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

CNKY.LDXJDifference
Sharpe ratioReturn per unit of total volatility
2.81
3.17

-0.37

Sortino ratioReturn per unit of downside risk
3.90
4.06

-0.16

Omega ratioGain probability vs. loss probability

1.47

1.56

-0.09

Calmar ratioReturn relative to maximum drawdown

4.76

5.67

-0.91

Martin ratioReturn relative to average drawdown

14.40

21.01

-6.62

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNKY.L vs. DXJ - Sharpe Ratio Comparison

The current CNKY.L Sharpe Ratio is 2.81, which is comparable to the DXJ Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of CNKY.L and DXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

CNKY.LDXJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.81

3.17

-0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.68

1.41

-0.72

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

0.90

-0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.67

0.51

+0.16

Drawdowns

CNKY.L vs. DXJ - Drawdown Comparison

The maximum CNKY.L drawdown since its inception was -23.61%, smaller than the maximum DXJ drawdown of -34.34%. Use the drawdown chart below to compare losses from any high point for CNKY.L and DXJ.

Loading charts...

Drawdown Indicators

CNKY.LDXJDifference

Max Drawdown

Largest peak-to-trough decline

-23.61%

-34.34%

+10.73%

Max Drawdown (1Y)

Largest decline over 1 year

-13.32%

-9.86%

-3.46%

Max Drawdown (3Y)

Largest decline over 3 years

-19.39%

-21.76%

+2.37%

Max Drawdown (5Y)

Largest decline over 5 years

-20.83%

-21.76%

+0.93%

Max Drawdown (10Y)

Largest decline over 10 years

-23.61%

-32.39%

+8.78%

Current Drawdown

Current decline from peak

-1.22%

-1.83%

+0.61%

Average Drawdown

Average peak-to-trough decline

-7.33%

-9.56%

+2.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.41%

2.66%

+1.75%

Volatility

CNKY.L vs. DXJ - Volatility Comparison

iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) has a higher volatility of 6.86% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 4.09%. This indicates that CNKY.L's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

CNKY.LDXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.86%

4.09%

+2.77%

Volatility (6M)

Calculated over the trailing 6-month period

17.88%

13.06%

+4.82%

Volatility (1Y)

Calculated over the trailing 1-year period

22.59%

17.63%

+4.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.76%

19.36%

-1.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.22%

21.02%

-3.80%

CNKY.L vs. DXJ - Expense Ratio Comparison

Both CNKY.L and DXJ have an expense ratio of 0.48%.

Dividends

CNKY.L vs. DXJ - Dividend Comparison

CNKY.L has not paid dividends to shareholders, while DXJ's dividend yield for the trailing twelve months is around 1.10%.

PositionTTM20252024202320222021202020192018201720162015
CNKY.L
iShares Nikkei 225 UCITS ETF (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
DXJ
WisdomTree Japan Hedged Equity Fund		1.10%1.29%3.48%3.44%3.02%2.64%2.53%2.47%2.92%2.30%1.98%5.95%

Frequently Asked Questions

CNKY.L and DXJ have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.48% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

CNKY.L and DXJ have the same expense ratio: 0.48% per year.

CNKY.L tracks TOPIX TR JPY, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: iShares and WisdomTree.

Portfolio Optimizer

Find the right allocation for CNKY.L and DXJ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer