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HMJP.L vs. IJPA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HMJP.L vs. IJPA.L

Last updated Jun 5, 2026

HMJP.L (HSBC MSCI Japan UCITS ETF USD) and IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) are both Japan Equities funds - HMJP.L tracks the TOPIX TR JPY while IJPA.L tracks the MSCI Japan Investable Market Index (IMI). Both are passively managed. Over the past 10 years, HMJP.L returned 10.30%/yr vs 10.12%/yr for IJPA.L. Their correlation of 0.84 suggests significant overlap in exposure. HMJP.L charges 0.19%/yr vs 0.12%/yr for IJPA.L.

Performance

HMJP.L vs. IJPA.L - Performance Comparison

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

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Different Trading Currencies

HMJP.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

The year-to-date returns for both stocks are quite close, with HMJP.L having a 16.35% return and IJPA.L slightly lower at 16.15%. Both investments have delivered pretty close results over the past 10 years, with HMJP.L having a 10.30% annualized return and IJPA.L not far behind at 10.12%.

HMJP.L

1D
-0.40%
1M
6.17%
YTD
16.35%
6M
15.48%
1Y
33.99%
3Y*
15.60%
5Y*
10.21%
10Y*
10.30%

IJPA.L

1D
-0.05%
1M
6.14%
YTD
16.15%
6M
15.80%
1Y
33.76%
3Y*
15.71%
5Y*
10.04%
10Y*
10.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HMJP.L
HSBC MSCI Japan UCITS ETF USD		16.35%17.44%9.05%14.01%-7.12%2.09%12.36%14.51%-8.64%13.37%
IJPA.L
iShares Core MSCI Japan IMI UCITS ETF USD Acc		16.15%18.21%8.48%13.38%-6.19%1.11%11.60%13.95%-9.06%14.95%

Correlation

The correlation between HMJP.L and IJPA.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (10Y)
Calculated over the trailing 10-year period

0.92

Correlation (All Time)
Calculated using the full available price history since Mar 25, 2010

0.84

The correlation between HMJP.L and IJPA.L shifts across timeframes, from 0.84 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.

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

Sectors
HMJP.L
IJPA.L

Industrials

24.7%
25.2%

Technology

20.8%
19.8%

Financial Services

17.6%
15.7%

Consumer Cyclical

12.0%
12.2%

Communication Services

8.8%
5.7%

Healthcare

5.8%
5.8%

Consumer Defensive

3.5%
4.0%

Basic Materials

2.9%
5.1%

Real Estate

1.9%
3.0%

Utilities

1.0%
1.2%

Energy

1.0%
0.9%

Industrials

HMJP.L
24.7%
IJPA.L
25.2%

Technology

HMJP.L
20.8%
IJPA.L
19.8%

Financial Services

HMJP.L
17.6%
IJPA.L
15.7%

Consumer Cyclical

HMJP.L
12.0%
IJPA.L
12.2%

Communication Services

HMJP.L
8.8%
IJPA.L
5.7%

Healthcare

HMJP.L
5.8%
IJPA.L
5.8%

Consumer Defensive

HMJP.L
3.5%
IJPA.L
4.0%

Basic Materials

HMJP.L
2.9%
IJPA.L
5.1%

Real Estate

HMJP.L
1.9%
IJPA.L
3.0%

Utilities

HMJP.L
1.0%
IJPA.L
1.2%

Energy

HMJP.L
1.0%
IJPA.L
0.9%

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HSBC MSCI Japan UCITS ETF USD

iShares Core MSCI Japan IMI UCITS ETF USD Acc

Often compared with HMJP.L:
HMJP.L vs. VJPA.LHMJP.L vs. SJPA.LHMJP.L vs. HPJS.LHMJP.L vs. JRIE.LHMJP.L vs. DXJA.LHMJP.L vs. S400.LHMJP.L vs. DXJP.L
Often compared with IJPA.L:
IJPA.L vs. IJPE.LIJPA.L vs. VJPN.LIJPA.L vs. IJPD.LIJPA.L vs. GLDIJPA.L vs. IAUIJPA.L vs. VJPB.LIJPA.L vs. FBT.L

Return for Risk

HMJP.L vs. IJPA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HMJP.L
HMJP.L Risk / Return Rank: 5858
Overall Rank
HMJP.L Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
HMJP.L Sortino Ratio Rank: 5656
Sortino Ratio Rank
HMJP.L Omega Ratio Rank: 5858
Omega Ratio Rank
HMJP.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
HMJP.L Martin Ratio Rank: 5858
Martin Ratio Rank
IJPA.L
IJPA.L Risk / Return Rank: 5151
Overall Rank
IJPA.L Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IJPA.L Sortino Ratio Rank: 5151
Sortino Ratio Rank
IJPA.L Omega Ratio Rank: 5151
Omega Ratio Rank
IJPA.L Calmar Ratio Rank: 5555
Calmar Ratio Rank
IJPA.L Martin Ratio Rank: 5252
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Japan UCITS ETF USD (HMJP.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.

HMJP.LIJPA.LDifference
Sharpe ratioReturn per unit of total volatility
1.85
1.81

+0.04

Sortino ratioReturn per unit of downside risk
2.65
2.62

+0.02

Omega ratioGain probability vs. loss probability

1.35

1.34

+0.01

Calmar ratioReturn relative to maximum drawdown

3.13

3.16

-0.04

Martin ratioReturn relative to average drawdown

10.15

10.36

-0.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HMJP.L Sharpe Ratio is 1.85, which is comparable to the IJPA.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of HMJP.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.

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Sharpe Ratios by Period

HMJP.LIJPA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

1.81

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.62

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.61

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.48

0.54

-0.06

Drawdowns

HMJP.L vs. IJPA.L - Drawdown Comparison

The maximum HMJP.L drawdown since its inception was -24.24%, roughly equal to the maximum IJPA.L drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for HMJP.L and IJPA.L.

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Drawdown Indicators

HMJP.LIJPA.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.24%

-25.10%

+0.86%

Max Drawdown (1Y)

Largest decline over 1 year

-10.83%

-10.63%

-0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-14.29%

-13.21%

-1.08%

Max Drawdown (5Y)

Largest decline over 5 years

-18.50%

-18.93%

+0.43%

Max Drawdown (10Y)

Largest decline over 10 years

-24.24%

-25.10%

+0.86%

Current Drawdown

Current decline from peak

-0.40%

-0.05%

-0.35%

Average Drawdown

Average peak-to-trough decline

-6.98%

-6.35%

-0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

3.25%

+0.09%

Volatility

HMJP.L vs. IJPA.L - Volatility Comparison

The current volatility for HSBC MSCI Japan UCITS ETF USD (HMJP.L) is 3.74%, while iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) has a volatility of 4.11%. This indicates that HMJP.L experiences smaller price fluctuations and is considered to be less risky than IJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HMJP.LIJPA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.74%

4.11%

-0.37%

Volatility (6M)

Calculated over the trailing 6-month period

14.72%

15.54%

-0.82%

Volatility (1Y)

Calculated over the trailing 1-year period

18.31%

18.61%

-0.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.93%

16.16%

-0.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.01%

16.58%

-0.57%

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

HMJP.L has a 0.19% expense ratio, which is higher than IJPA.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HMJP.L vs. IJPA.L - Dividend Comparison

HMJP.L's dividend yield for the trailing twelve months is around 1.49%, while IJPA.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HMJP.L
HSBC MSCI Japan UCITS ETF USD		1.49%1.74%1.64%1.75%1.98%1.53%1.68%1.83%1.73%1.41%1.27%1.10%
IJPA.L
iShares Core MSCI Japan IMI UCITS ETF USD Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.94, HMJP.L and IJPA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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.

IJPA.L is cheaper with a 0.12% expense ratio, compared with 0.19% for HMJP.L.

HMJP.L tracks TOPIX TR JPY, while IJPA.L tracks MSCI Japan Investable Market Index (IMI). They also come from different issuers: HSBC and iShares. Their fees differ too: 0.19% for HMJP.L and 0.12% for IJPA.L.

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