FBT.L vs. IJPA.L

Last updated Jun 4, 2026

FBT.L (First Trust NYSE Arca Biotechnology UCITS ETF Acc) and IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) are both exchange-traded funds - FBT.L is a Health & Biotech Equities fund tracking the NASDAQ Biotechnology TR USD, while IJPA.L is a Japan Equities fund tracking the MSCI Japan Investable Market Index (IMI). Both are passively managed. Over the past 5 years, FBT.L returned 7.17%/yr vs 10.04%/yr for IJPA.L. At a 0.22 correlation, their price movements are largely independent. FBT.L charges 0.60%/yr vs 0.12%/yr for IJPA.L.

Performance

FBT.L vs. IJPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L) and iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, FBT.L achieves a 4.41% return, which is significantly lower than IJPA.L's 16.17% return.

FBT.L

• 1D: 1.98%
• 1M: 8.09%
• YTD: 4.41%
• 6M: 1.93%
• 1Y: 34.35%
• 3Y*: 9.80%
• 5Y*: 7.17%
• 10Y*: —

IJPA.L

• 1D: 0.64%
• 1M: 7.20%
• YTD: 16.17%
• 6M: 17.41%
• 1Y: 33.33%
• 3Y*: 15.72%
• 5Y*: 10.04%
• 10Y*: 10.31%

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

FBT.L vs. IJPA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FBT.L First Trust NYSE Arca Biotechnology UCITS ETF Acc	4.41%	17.24%	7.13%	-0.99%	3.88%	-2.57%	-2.54%
IJPA.L iShares Core MSCI Japan IMI UCITS ETF USD Acc	16.17%	18.21%	8.48%	13.38%	-6.19%	1.11%	14.56%

Correlation

The correlation between FBT.L and IJPA.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 16, 2020	0.22

The correlation between FBT.L and IJPA.L shifts across timeframes, from 0.18 (3 years) to 0.31 (1 year), reflecting how their relationship changes across market environments.

FBT.L vs. IJPA.L - Sectors Allocation Comparison

Sectors	FBT.L	IJPA.L
Healthcare	100.0%	5.8%
Basic Materials	-	5.1%
Communication Services	-	5.7%
Consumer Cyclical	-	12.2%
Consumer Defensive	-	4.0%
Energy	-	0.9%
Financial Services	-	15.7%
Industrials	-	25.2%
Real Estate	-	3.0%
Technology	-	19.8%
Utilities	-	1.2%

Return for Risk

FBT.L vs. IJPA.L — Risk / Return Rank

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

FBT.L

FBT.L Risk / Return Rank: 48
FBT.L Sharpe Ratio Rank: 49
FBT.L Sortino Ratio Rank: 52
FBT.L Omega Ratio Rank: 46
FBT.L Calmar Ratio Rank: 50
FBT.L Martin Ratio Rank: 41

IJPA.L

IJPA.L Risk / Return Rank: 51
IJPA.L Sharpe Ratio Rank: 47
IJPA.L Sortino Ratio Rank: 51
IJPA.L Omega Ratio Rank: 50
IJPA.L Calmar Ratio Rank: 54
IJPA.L Martin Ratio Rank: 53

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.

FBT.L vs. IJPA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L) and iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.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.

	FBT.L	IJPA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.78	-0.08
Sortino ratio: Return per unit of downside risk	2.52	2.59	-0.07
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	2.48	3.12	-0.65
Martin ratio: Return relative to average drawdown	6.60	10.23	-3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBT.L vs. IJPA.L - Sharpe Ratio Comparison

The current FBT.L Sharpe Ratio is 1.70, which is comparable to the IJPA.L Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FBT.L and IJPA.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.

Sharpe Ratios by Period

	FBT.L	IJPA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.78	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.62	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.54	-0.28

Drawdowns

FBT.L vs. IJPA.L - Drawdown Comparison

The maximum FBT.L drawdown since its inception was -30.39%, which is greater than IJPA.L's maximum drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for FBT.L and IJPA.L.

Drawdown Indicators

	FBT.L	IJPA.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.39%	-25.10%	-5.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.81%	-10.63%	-3.18%
Max Drawdown (3Y) Largest decline over 3 years	-23.70%	-13.21%	-10.49%
Max Drawdown (5Y) Largest decline over 5 years	-23.70%	-18.93%	-4.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.10%	—
Current Drawdown Current decline from peak	-1.97%	0.00%	-1.97%
Average Drawdown Average peak-to-trough decline	-13.45%	-6.35%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	3.25%	+1.94%

Volatility

FBT.L vs. IJPA.L - Volatility Comparison

First Trust NYSE Arca Biotechnology UCITS ETF Acc (FBT.L) has a higher volatility of 6.10% compared to iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) at 4.24%. This indicates that FBT.L's price experiences larger fluctuations and is considered to be riskier than IJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBT.L	IJPA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	4.24%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	15.02%	15.56%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	20.11%	18.64%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.49%	16.17%	+6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.86%	16.58%	+7.28%

FBT.L vs. IJPA.L - Expense Ratio Comparison

FBT.L has a 0.60% expense ratio, which is higher than IJPA.L's 0.12% expense ratio.

Dividends

FBT.L vs. IJPA.L - Dividend Comparison

Neither FBT.L nor IJPA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FBT.L and IJPA.L in my portfolio?

FBT.L and IJPA.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FBT.L or IJPA.L?

On fees, IJPA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBT.L or IJPA.L?

IJPA.L is cheaper with a 0.12% expense ratio, compared with 0.60% for FBT.L.

What is the main difference between FBT.L and IJPA.L?

FBT.L is categorized as Health & Biotech Equities, while IJPA.L is Japan Equities. FBT.L tracks NASDAQ Biotechnology TR USD, while IJPA.L tracks MSCI Japan Investable Market Index (IMI). They also come from different issuers: First Trust and iShares. Their fees differ too: 0.60% for FBT.L and 0.12% for IJPA.L.