FJP vs. CJP.NEO

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Japan AlphaDEX Fund (FJP) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO).

FJP and CJP.NEO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FJP is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Japan Index. It was launched on Apr 18, 2011. CJP.NEO is a passively managed fund by iShares that tracks the performance of the FTSE RAFI Japan Canadian Dollar Hedged Index. It was launched on Feb 14, 2007. Both FJP and CJP.NEO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FJP vs. CJP.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO). The values are adjusted to include any dividend payments, if applicable.

FJP vs. CJP.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJP First Trust Japan AlphaDEX Fund	11.49%	33.60%	5.80%	23.00%	-12.83%	-1.13%	3.60%	7.72%	-18.60%	27.63%
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged)	8.15%	36.93%	16.73%	38.10%	-3.26%	19.06%	2.18%	18.77%	-23.77%	29.71%

Different Trading Currencies

FJP is traded in USD, while CJP.NEO is traded in CAD. To make them comparable, the CJP.NEO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FJP achieves a 11.49% return, which is significantly higher than CJP.NEO's 8.15% return. Over the past 10 years, FJP has underperformed CJP.NEO with an annualized return of 7.83%, while CJP.NEO has yielded a comparatively higher 14.36% annualized return.

FJP

• 1D: 3.00%
• 1M: -7.04%
• YTD: 11.49%
• 6M: 17.65%
• 1Y: 41.85%
• 3Y*: 21.92%
• 5Y*: 9.87%
• 10Y*: 7.83%

CJP.NEO

• 1D: 2.46%
• 1M: -4.98%
• YTD: 8.15%
• 6M: 22.56%
• 1Y: 48.48%
• 3Y*: 29.98%
• 5Y*: 18.74%
• 10Y*: 14.36%

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

FJP vs. CJP.NEO - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is higher than CJP.NEO's 0.71% expense ratio.

FJP

First Trust Japan AlphaDEX Fund

CJP.NEO

iShares Japan Fundamental Index ETF (CAD-Hedged)

Return for Risk

FJP vs. CJP.NEO — Risk / Return Rank

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

FJP

FJP Risk / Return Rank: 85
FJP Sharpe Ratio Rank: 87
FJP Sortino Ratio Rank: 87
FJP Omega Ratio Rank: 83
FJP Calmar Ratio Rank: 85
FJP Martin Ratio Rank: 85

CJP.NEO

CJP.NEO Risk / Return Rank: 90
CJP.NEO Sharpe Ratio Rank: 90
CJP.NEO Sortino Ratio Rank: 91
CJP.NEO Omega Ratio Rank: 90
CJP.NEO Calmar Ratio Rank: 89
CJP.NEO Martin Ratio Rank: 90

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.

FJP vs. CJP.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO). 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.

	FJP	CJP.NEO	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.22	-0.34
Sortino ratio Return per unit of downside risk	2.45	2.91	-0.46
Omega ratio Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio Return relative to maximum drawdown	2.80	3.57	-0.77
Martin ratio Return relative to average drawdown	10.48	14.30	-3.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FJP vs. CJP.NEO - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.88, which is comparable to the CJP.NEO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of FJP and CJP.NEO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FJP	CJP.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.22	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.90	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.63	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.40	-0.08

Correlation

The correlation between FJP and CJP.NEO is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FJP vs. CJP.NEO - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.56%, more than CJP.NEO's 1.35% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJP First Trust Japan AlphaDEX Fund	2.56%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged)	1.35%	1.48%	1.71%	1.24%	1.96%	1.56%	1.97%	2.42%	2.38%	1.48%	0.97%	0.84%

Drawdowns

FJP vs. CJP.NEO - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, smaller than the maximum CJP.NEO drawdown of -45.01%. Use the drawdown chart below to compare losses from any high point for FJP and CJP.NEO.

Drawdown Indicators

	FJP	CJP.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	-38.36%	-3.15%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	-13.45%	-0.98%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-20.86%	-11.02%
Max Drawdown (10Y) Largest decline over 10 years	-41.51%	-37.75%	-3.76%
Current Drawdown Current decline from peak	-8.63%	-5.16%	-3.47%
Average Drawdown Average peak-to-trough decline	-11.51%	-11.25%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	3.43%	+0.43%

Volatility

FJP vs. CJP.NEO - Volatility Comparison

First Trust Japan AlphaDEX Fund (FJP) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) have volatilities of 8.60% and 8.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJP	CJP.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.60%	8.23%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	14.69%	15.25%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	22.39%	21.92%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.03%	20.84%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	22.82%	-4.05%