CNKY.L vs. MJFOX

Last updated Jun 5, 2026

CNKY.L (iShares Nikkei 225 UCITS ETF (Acc)) and MJFOX (Matthews Japan Fund) are both Japan Equities funds. Over the past 10 years, CNKY.L returned 12.70%/yr vs 9.86%/yr for MJFOX. A 0.63 correlation means they provide meaningful diversification when combined. CNKY.L charges 0.48%/yr vs 1.05%/yr for MJFOX.

Performance

CNKY.L vs. MJFOX - Performance Comparison

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

Different Trading Currencies

CNKY.L is traded in GBp, while MJFOX is traded in USD. To make them comparable, the MJFOX 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 MJFOX's 18.32% return. Over the past 10 years, CNKY.L has outperformed MJFOX with an annualized return of 12.70%, while MJFOX has yielded a comparatively lower 9.86% 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%

MJFOX

• 1D: 0.00%
• 1M: 4.16%
• YTD: 18.32%
• 6M: 17.07%
• 1Y: 32.50%
• 3Y*: 19.94%
• 5Y*: 9.68%
• 10Y*: 9.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNKY.L vs. MJFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MJFOX Matthews Japan Fund	18.32%	13.97%	18.35%	19.51%	-19.26%	-4.90%	25.99%	21.28%	-15.38%	21.70%

Correlation

The correlation between CNKY.L and MJFOX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 16, 2010	0.63

The correlation between CNKY.L and MJFOX has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

Return for Risk

CNKY.L vs. MJFOX — 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: 83
CNKY.L Sharpe Ratio Rank: 86
CNKY.L Sortino Ratio Rank: 87
CNKY.L Omega Ratio Rank: 79
CNKY.L Calmar Ratio Rank: 86
CNKY.L Martin Ratio Rank: 76

MJFOX

MJFOX Risk / Return Rank: 31
MJFOX Sharpe Ratio Rank: 27
MJFOX Sortino Ratio Rank: 28
MJFOX Omega Ratio Rank: 28
MJFOX Calmar Ratio Rank: 35
MJFOX Martin Ratio Rank: 35

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. MJFOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) and Matthews Japan Fund (MJFOX). 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.L	MJFOX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	1.65	+1.16
Sortino ratio: Return per unit of downside risk	3.90	2.36	+1.54
Omega ratio: Gain probability vs. loss probability	1.47	1.30	+0.16
Calmar ratio: Return relative to maximum drawdown	4.76	2.45	+2.31
Martin ratio: Return relative to average drawdown	14.40	8.62	+5.77
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. MJFOX - Sharpe Ratio Comparison

The current CNKY.L Sharpe Ratio is 2.81, which is higher than the MJFOX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of CNKY.L and MJFOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNKY.L	MJFOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	1.65	+1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.54	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.54	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.47	+0.19

Drawdowns

CNKY.L vs. MJFOX - Drawdown Comparison

The maximum CNKY.L drawdown since its inception was -23.61%, smaller than the maximum MJFOX drawdown of -36.36%. Use the drawdown chart below to compare losses from any high point for CNKY.L and MJFOX.

Drawdown Indicators

	CNKY.L	MJFOX	Difference
Max Drawdown Largest peak-to-trough decline	-23.61%	-36.36%	+12.75%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-13.07%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-19.39%	-15.80%	-3.59%
Max Drawdown (5Y) Largest decline over 5 years	-20.83%	-30.17%	+9.34%
Max Drawdown (10Y) Largest decline over 10 years	-23.61%	-30.17%	+6.56%
Current Drawdown Current decline from peak	-1.22%	0.00%	-1.22%
Average Drawdown Average peak-to-trough decline	-7.33%	-8.52%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	3.72%	+0.69%

Volatility

CNKY.L vs. MJFOX - Volatility Comparison

iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) has a higher volatility of 6.86% compared to Matthews Japan Fund (MJFOX) at 4.29%. This indicates that CNKY.L's price experiences larger fluctuations and is considered to be riskier than MJFOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNKY.L	MJFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	4.29%	+2.57%
Volatility (6M) Calculated over the trailing 6-month period	17.88%	15.02%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	22.59%	19.46%	+3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	18.24%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.22%	18.32%	-1.10%

CNKY.L vs. MJFOX - Expense Ratio Comparison

CNKY.L has a 0.48% expense ratio, which is lower than MJFOX's 1.05% expense ratio.

Dividends

CNKY.L vs. MJFOX - Dividend Comparison

CNKY.L has not paid dividends to shareholders, while MJFOX's dividend yield for the trailing twelve months is around 1.66%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
MJFOX Matthews Japan Fund	1.66%	1.96%	2.12%	6.09%	7.19%	8.08%	10.15%	8.63%	4.14%	3.90%	1.15%

Frequently Asked Questions

Can I hold both CNKY.L and MJFOX in my portfolio?

CNKY.L and MJFOX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.