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CNKY.L vs. JPNL.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNKY.L vs. JPNL.L

Last updated Jun 26, 2026

CNKY.L (iShares Nikkei 225 UCITS ETF (Acc)) and JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) are both Japan Equities funds tracking the TOPIX TR JPY, from iShares and Amundi respectively. Both are passively managed. Over the past 10 years, CNKY.L returned 12.83%/yr vs 9.32%/yr for JPNL.L. Their correlation of 0.81 suggests significant overlap in exposure. CNKY.L charges 0.48%/yr vs 0.45%/yr for JPNL.L.

Performance

CNKY.L vs. JPNL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) and Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CNKY.L achieves a 40.32% return, which is significantly higher than JPNL.L's 16.60% return. Over the past 10 years, CNKY.L has outperformed JPNL.L with an annualized return of 12.83%, while JPNL.L has yielded a comparatively lower 9.32% annualized return.

CNKY.L

1D
2.04%
1M
9.44%
YTD
40.32%
6M
40.20%
1Y
71.55%
3Y*
24.51%
5Y*
13.44%
10Y*
12.83%

JPNL.L

1D
0.18%
1M
1.96%
YTD
16.60%
6M
16.78%
1Y
36.07%
3Y*
16.76%
5Y*
9.78%
10Y*
9.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNKY.L vs. JPNL.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNKY.L
iShares Nikkei 225 UCITS ETF (Acc)		40.32%20.64%9.15%15.02%-10.53%-4.18%21.18%16.38%-3.99%14.19%
JPNL.L
Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR		16.60%17.96%7.75%13.02%-5.78%0.85%10.24%13.26%-9.85%14.89%

Correlation

The correlation between CNKY.L and JPNL.L is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.81

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

0.84

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

0.88

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

0.90

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2010

0.81

The correlation between CNKY.L and JPNL.L has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

CNKY.L vs. JPNL.L - Sectors Allocation Comparison

Sectors
CNKY.L
JPNL.L

Technology

33.3%
18.7%

Industrials

18.2%
25.4%

Consumer Cyclical

16.6%
12.1%

Communication Services

14.3%
8.0%

Healthcare

6.1%
5.4%

Basic Materials

4.1%
4.5%

Consumer Defensive

2.9%
4.2%

Financial Services

2.9%
17.8%

Real Estate

1.2%
1.9%

Energy

0.3%
0.9%

Utilities

0.2%
1.2%

Technology

CNKY.L
33.3%
JPNL.L
18.7%

Industrials

CNKY.L
18.2%
JPNL.L
25.4%

Consumer Cyclical

CNKY.L
16.6%
JPNL.L
12.1%

Communication Services

CNKY.L
14.3%
JPNL.L
8.0%

Healthcare

CNKY.L
6.1%
JPNL.L
5.4%

Basic Materials

CNKY.L
4.1%
JPNL.L
4.5%

Consumer Defensive

CNKY.L
2.9%
JPNL.L
4.2%

Financial Services

CNKY.L
2.9%
JPNL.L
17.8%

Real Estate

CNKY.L
1.2%
JPNL.L
1.9%

Energy

CNKY.L
0.3%
JPNL.L
0.9%

Utilities

CNKY.L
0.2%
JPNL.L
1.2%

Compare stocks, funds, or ETFs

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iShares Nikkei 225 UCITS ETF (Acc)

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR

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. DAX
Often compared with JPNL.L:
JPNL.L vs. TPXG.LJPNL.L vs. JPXNJPNL.L vs. QQQJPNL.L vs. VOOJPNL.L vs. VTJPNL.L vs. ^GSPCJPNL.L vs. ^N225

Return for Risk

CNKY.L vs. JPNL.L — 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: 9090
Overall Rank
CNKY.L Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
CNKY.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
CNKY.L Omega Ratio Rank: 8888
Omega Ratio Rank
CNKY.L Calmar Ratio Rank: 9292
Calmar Ratio Rank
CNKY.L Martin Ratio Rank: 8686
Martin Ratio Rank
JPNL.L
JPNL.L Risk / Return Rank: 7171
Overall Rank
JPNL.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
JPNL.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
JPNL.L Omega Ratio Rank: 7373
Omega Ratio Rank
JPNL.L Calmar Ratio Rank: 7575
Calmar Ratio Rank
JPNL.L Martin Ratio Rank: 6767
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. JPNL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) and Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CNKY.LJPNL.LDifference
Sharpe ratioReturn per unit of total volatility
2.95
2.00

+0.95

Sortino ratioReturn per unit of downside risk
3.89
2.75

+1.14

Omega ratioGain probability vs. loss probability

1.48

1.38

+0.10

Calmar ratioReturn relative to maximum drawdown

5.34

3.38

+1.97

Martin ratioReturn relative to average drawdown

15.91

10.63

+5.28

CNKY.L vs. JPNL.L - Sharpe Ratio Comparison

The current CNKY.L Sharpe Ratio is 2.95, which is higher than the JPNL.L Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of CNKY.L and JPNL.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CNKY.L vs. JPNL.L - Drawdown Comparison

The maximum CNKY.L drawdown since its inception was -99.40%, which is greater than JPNL.L's maximum drawdown of -38.87%. Use the drawdown chart below to compare losses from any high point for CNKY.L and JPNL.L.

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Drawdown Indicators

CNKY.LJPNL.LDifference

Max Drawdown

Largest peak-to-trough decline

-99.40%

-38.87%

-60.53%

Max Drawdown (1Y)

Largest decline over 1 year

-13.32%

-10.63%

-2.69%

Max Drawdown (3Y)

Largest decline over 3 years

-19.39%

-13.44%

-5.95%

Max Drawdown (5Y)

Largest decline over 5 years

-20.83%

-18.80%

-2.03%

Max Drawdown (10Y)

Largest decline over 10 years

-23.61%

-25.42%

+1.81%

Current Drawdown

Current decline from peak

-96.44%

-2.56%

-93.88%

Average Drawdown

Average peak-to-trough decline

-95.11%

-10.52%

-84.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.48%

3.38%

+1.10%

Volatility

CNKY.L vs. JPNL.L - Volatility Comparison

iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) has a higher volatility of 9.49% compared to Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) at 5.36%. This indicates that CNKY.L's price experiences larger fluctuations and is considered to be riskier than JPNL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CNKY.LJPNL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.49%

5.36%

+4.13%

Volatility (6M)

Calculated over the trailing 6-month period

19.72%

14.83%

+4.89%

Volatility (1Y)

Calculated over the trailing 1-year period

24.14%

17.93%

+6.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.18%

15.49%

+2.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.36%

15.81%

+1.55%

CNKY.L vs. JPNL.L - Expense Ratio Comparison

CNKY.L has a 0.48% expense ratio, which is higher than JPNL.L's 0.45% expense ratio.

Dividends

CNKY.L vs. JPNL.L - Dividend Comparison

CNKY.L has not paid dividends to shareholders, while JPNL.L's dividend yield for the trailing twelve months is around 0.61%.

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%
JPNL.L
Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR		0.61%0.71%0.73%1.23%1.83%1.37%1.14%2.01%1.84%1.43%1.97%1.77%

Frequently Asked Questions

CNKY.L and JPNL.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, JPNL.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

JPNL.L is cheaper with a 0.45% expense ratio, compared with 0.48% for CNKY.L.

Both ETFs track TOPIX TR JPY. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.48% for CNKY.L and 0.45% for JPNL.L.

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