HMAD.L vs. IJPH.L
HMAD.L (HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF) and IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) are both Japan Equities funds - HMAD.L tracks the HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF while IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index. Both are passively managed. Over the past 10 years, HMAD.L returned 9.94%/yr vs 15.51%/yr for IJPH.L. A 0.55 correlation means they provide meaningful diversification when combined. HMAD.L charges 0.45%/yr vs 0.64%/yr for IJPH.L.
Performance
HMAD.L vs. IJPH.L - Performance Comparison
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Different Trading Currencies
HMAD.L is traded in USD, while IJPH.L is traded in GBP. To make them comparable, the IJPH.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HMAD.L achieves a 26.73% return, which is significantly higher than IJPH.L's 22.86% return. Over the past 10 years, HMAD.L has underperformed IJPH.L with an annualized return of 9.94%, while IJPH.L has yielded a comparatively higher 15.51% annualized return.
HMAD.L
- 1D
- -1.11%
- 1M
- -8.23%
- 6M
- 19.23%
- YTD
- 26.73%
- 1Y
- 48.95%
- 3Y*
- 24.40%
- 5Y*
- 7.36%
- 10Y*
- 9.94%
IJPH.L
- 1D
- 0.13%
- 1M
- 1.99%
- 6M
- 15.32%
- YTD
- 22.86%
- 1Y
- 53.76%
- 3Y*
- 30.08%
- 5Y*
- 20.92%
- 10Y*
- 15.51%
HMAD.L vs. IJPH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMAD.L HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF | 26.73% | 41.42% | 11.84% | 1.71% | -21.78% | -8.81% | 26.05% | 17.57% | -14.95% | 42.10% |
IJPH.L iShares MSCI Japan GBP Hedged UCITS ETF | 22.86% | 39.14% | 21.76% | 41.27% | -14.53% | 10.92% | 12.62% | 20.59% | -20.65% | 30.82% |
Correlation
The correlation between HMAD.L and IJPH.L is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013 | 0.55 |
The correlation between HMAD.L and IJPH.L shifts across timeframes, from 0.51 (3 years) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HMAD.L vs. IJPH.L — Risk / Return Rank
HMAD.L
IJPH.L
HMAD.L vs. IJPH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) and iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.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.
| HMAD.L | IJPH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.42 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 4.51 | -0.73 |
| Martin ratioReturn relative to average drawdown | 11.13 | 16.14 | -5.02 |
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Drawdowns
HMAD.L vs. IJPH.L - Drawdown Comparison
The maximum HMAD.L drawdown since its inception was -50.05%, which is greater than IJPH.L's maximum drawdown of -45.23%. Use the drawdown chart below to compare losses from any high point for HMAD.L and IJPH.L.
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Drawdown Indicators
| HMAD.L | IJPH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.05% | -45.23% | -4.82% |
Max Drawdown (1Y)Largest decline over 1 year | -12.83% | -11.86% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -22.91% | +3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -43.66% | -30.65% | -13.01% |
Max Drawdown (10Y)Largest decline over 10 years | -50.05% | -44.24% | -5.81% |
Current DrawdownCurrent decline from peak | -10.65% | -1.18% | -9.47% |
Average DrawdownAverage peak-to-trough decline | -16.49% | -12.07% | -4.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 3.32% | +1.05% |
Volatility
HMAD.L vs. IJPH.L - Volatility Comparison
HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) has a higher volatility of 10.83% compared to iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) at 7.11%. This indicates that HMAD.L's price experiences larger fluctuations and is considered to be riskier than IJPH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HMAD.L | IJPH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.83% | 7.11% | +3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 21.87% | 18.20% | +3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.64% | 22.92% | +1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.14% | 22.24% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.71% | 21.79% | -1.08% |
HMAD.L vs. IJPH.L - Expense Ratio Comparison
HMAD.L has a 0.45% expense ratio, which is lower than IJPH.L's 0.64% expense ratio.
Dividends
HMAD.L vs. IJPH.L - Dividend Comparison
Neither HMAD.L nor IJPH.L has paid dividends to shareholders.
Frequently Asked Questions
HMAD.L and IJPH.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMAD.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMAD.L is cheaper with a 0.45% expense ratio, compared with 0.64% for IJPH.L.
HMAD.L tracks HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF, while IJPH.L tracks MSCI Japan 100% Hedged to GBP Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.45% for HMAD.L and 0.64% for IJPH.L.
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