CSP1.L vs. SJPA.L

Last updated Jun 13, 2026

CSP1.L (iShares Core S&P 500 UCITS ETF) and SJPA.L (iShares Core MSCI Japan IMI UCITS ETF) are both exchange-traded funds - CSP1.L is a S&P 500 fund tracking the S&P 500 Index, while SJPA.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. Over the past 10 years, CSP1.L returned 15.83%/yr vs 10.26%/yr for SJPA.L. A 0.60 correlation means they provide meaningful diversification when combined. CSP1.L charges 0.07%/yr vs 0.15%/yr for SJPA.L.

Performance

CSP1.L vs. SJPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Core S&P 500 UCITS ETF (CSP1.L) and iShares Core MSCI Japan IMI UCITS ETF (SJPA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSP1.L achieves a 8.73% return, which is significantly lower than SJPA.L's 15.47% return. Over the past 10 years, CSP1.L has outperformed SJPA.L with an annualized return of 15.83%, while SJPA.L has yielded a comparatively lower 10.26% annualized return.

CSP1.L

• 1D: 1.46%
• 1M: 1.17%
• YTD: 8.73%
• 6M: 9.12%
• 1Y: 26.08%
• 3Y*: 18.26%
• 5Y*: 14.38%
• 10Y*: 15.83%

SJPA.L

• 1D: 2.26%
• 1M: 0.53%
• YTD: 15.47%
• 6M: 14.66%
• 1Y: 32.71%
• 3Y*: 14.56%
• 5Y*: 9.85%
• 10Y*: 10.26%

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

CSP1.L vs. SJPA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSP1.L iShares Core S&P 500 UCITS ETF	8.73%	9.37%	27.35%	19.79%	-9.05%	31.07%	13.65%	26.42%	0.01%	10.83%
SJPA.L iShares Core MSCI Japan IMI UCITS ETF	15.47%	18.19%	8.36%	12.76%	-6.21%	1.62%	11.03%	14.68%	-9.15%	14.69%

Correlation

The correlation between CSP1.L and SJPA.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 19, 2010	0.60

The correlation between CSP1.L and SJPA.L shifts across timeframes, from 0.47 (3 years) to 0.63 (10 years), reflecting how their relationship changes across market environments.

CSP1.L vs. SJPA.L - Sectors Allocation Comparison

Sectors	CSP1.L	SJPA.L
Technology	38.4%	19.1%
Financial Services	11.0%	15.9%
Communication Services	10.8%	7.6%
Consumer Cyclical	10.0%	12.5%
Healthcare	8.4%	5.5%
Industrials	7.9%	25.6%
Consumer Defensive	4.6%	4.1%
Energy	3.2%	0.9%
Utilities	2.1%	1.2%
Real Estate	1.8%	3.1%
Basic Materials	1.7%	4.6%

Return for Risk

CSP1.L vs. SJPA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSP1.L

CSP1.L Risk / Return Rank: 82
CSP1.L Sharpe Ratio Rank: 85
CSP1.L Sortino Ratio Rank: 83
CSP1.L Omega Ratio Rank: 85
CSP1.L Calmar Ratio Rank: 80
CSP1.L Martin Ratio Rank: 79

SJPA.L

SJPA.L Risk / Return Rank: 65
SJPA.L Sharpe Ratio Rank: 63
SJPA.L Sortino Ratio Rank: 65
SJPA.L Omega Ratio Rank: 67
SJPA.L Calmar Ratio Rank: 69
SJPA.L Martin Ratio Rank: 63

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.

CSP1.L vs. SJPA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 UCITS ETF (CSP1.L) and iShares Core MSCI Japan IMI UCITS ETF (SJPA.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.

	CSP1.L	SJPA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.82	+0.56
Sortino ratio: Return per unit of downside risk	3.22	2.62	+0.60
Omega ratio: Gain probability vs. loss probability	1.44	1.35	+0.10
Calmar ratio: Return relative to maximum drawdown	3.64	3.04	+0.60
Martin ratio: Return relative to average drawdown	13.18	9.86	+3.32

CSP1.L vs. SJPA.L - Sharpe Ratio Comparison

The current CSP1.L Sharpe Ratio is 2.39, which is higher than the SJPA.L Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of CSP1.L and SJPA.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.

Drawdowns

CSP1.L vs. SJPA.L - Drawdown Comparison

The maximum CSP1.L drawdown since its inception was -25.48%, smaller than the maximum SJPA.L drawdown of -45.53%. Use the drawdown chart below to compare losses from any high point for CSP1.L and SJPA.L.

Drawdown Indicators

	CSP1.L	SJPA.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-45.53%	+20.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-10.71%	+3.59%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-19.68%	-1.09%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-19.68%	-1.09%
Max Drawdown (10Y) Largest decline over 10 years	-25.48%	-24.73%	-0.75%
Current Drawdown Current decline from peak	-1.88%	-0.82%	-1.06%
Average Drawdown Average peak-to-trough decline	-3.65%	-15.72%	+12.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.31%	-1.34%

Volatility

CSP1.L vs. SJPA.L - Volatility Comparison

The current volatility for iShares Core S&P 500 UCITS ETF (CSP1.L) is 3.54%, while iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) has a volatility of 4.41%. This indicates that CSP1.L experiences smaller price fluctuations and is considered to be less risky than SJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSP1.L	SJPA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	4.41%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	14.72%	-7.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.91%	17.89%	-6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.02%	20.67%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.45%	18.47%	-0.02%

CSP1.L vs. SJPA.L - Expense Ratio Comparison

CSP1.L has a 0.07% expense ratio, which is lower than SJPA.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CSP1.L vs. SJPA.L - Dividend Comparison

Neither CSP1.L nor SJPA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CSP1.L and SJPA.L in my portfolio?

CSP1.L and SJPA.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CSP1.L or SJPA.L?

On fees, CSP1.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CSP1.L or SJPA.L?

CSP1.L is cheaper with a 0.07% expense ratio, compared with 0.15% for SJPA.L.

What is the main difference between CSP1.L and SJPA.L?

CSP1.L is categorized as S&P 500, while SJPA.L is Japan Equities. CSP1.L tracks S&P 500 Index, while SJPA.L tracks TOPIX TR JPY. Their fees differ too: 0.07% for CSP1.L and 0.15% for SJPA.L.