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

HMJP.L vs. IJPH.L

Last updated Jun 5, 2026

HMJP.L (HSBC MSCI Japan UCITS ETF USD) and IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) are both Japan Equities funds - HMJP.L tracks the TOPIX TR JPY while IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index. Both are passively managed. Over the past 10 years, HMJP.L returned 10.30%/yr vs 14.77%/yr for IJPH.L. A 0.79 correlation means they provide meaningful diversification when combined. HMJP.L charges 0.19%/yr vs 0.64%/yr for IJPH.L.

Performance

HMJP.L vs. IJPH.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 MSCI Japan GBP Hedged UCITS ETF (IJPH.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 IJPH.L is traded in GBP. To make them comparable, the IJPH.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HMJP.L achieves a 16.35% return, which is significantly lower than IJPH.L's 19.91% return. Over the past 10 years, HMJP.L has underperformed IJPH.L with an annualized return of 10.30%, while IJPH.L has yielded a comparatively higher 14.77% annualized return.

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%

IJPH.L

1D
-0.37%
1M
6.95%
YTD
19.91%
6M
21.68%
1Y
52.45%
3Y*
28.46%
5Y*
20.45%
10Y*
14.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HMJP.L vs. IJPH.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%
IJPH.L
iShares MSCI Japan GBP Hedged UCITS ETF		19.91%29.38%23.82%34.19%-4.30%11.94%9.27%15.95%-15.90%19.46%

Correlation

The correlation between HMJP.L and IJPH.L is 0.86, 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

0.86

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

0.83

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

0.78

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

0.75

Correlation (All Time)
Calculated using the full available price history since Aug 2, 2012

0.79

The correlation between HMJP.L and IJPH.L shifts across timeframes, from 0.75 (10 years) to 0.86 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
HMJP.L
IJPH.L

Industrials

24.7%
26.0%

Technology

20.8%
19.1%

Financial Services

17.6%
17.5%

Consumer Cyclical

12.0%
12.2%

Communication Services

8.8%
7.9%

Healthcare

5.8%
6.3%

Consumer Defensive

3.5%
3.6%

Basic Materials

2.9%
3.0%

Real Estate

1.9%
2.3%

Utilities

1.0%
1.1%

Energy

1.0%
1.1%

Industrials

HMJP.L
24.7%
IJPH.L
26.0%

Technology

HMJP.L
20.8%
IJPH.L
19.1%

Financial Services

HMJP.L
17.6%
IJPH.L
17.5%

Consumer Cyclical

HMJP.L
12.0%
IJPH.L
12.2%

Communication Services

HMJP.L
8.8%
IJPH.L
7.9%

Healthcare

HMJP.L
5.8%
IJPH.L
6.3%

Consumer Defensive

HMJP.L
3.5%
IJPH.L
3.6%

Basic Materials

HMJP.L
2.9%
IJPH.L
3.0%

Real Estate

HMJP.L
1.9%
IJPH.L
2.3%

Utilities

HMJP.L
1.0%
IJPH.L
1.1%

Energy

HMJP.L
1.0%
IJPH.L
1.1%

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HSBC MSCI Japan UCITS ETF USD

iShares MSCI Japan GBP Hedged UCITS ETF

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 IJPH.L:
IJPH.L vs. SUJA.LIJPH.L vs. XSTC.LIJPH.L vs. XDJP.DEIJPH.L vs. EWJIJPH.L vs. XM1D.DEIJPH.L vs. ^N225IJPH.L vs. BRK-B

Return for Risk

HMJP.L vs. IJPH.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
IJPH.L
IJPH.L Risk / Return Rank: 8585
Overall Rank
IJPH.L Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IJPH.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
IJPH.L Omega Ratio Rank: 8282
Omega Ratio Rank
IJPH.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
IJPH.L Martin Ratio Rank: 8888
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. IJPH.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 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.

HMJP.LIJPH.LDifference
Sharpe ratioReturn per unit of total volatility
1.85
2.62

-0.77

Sortino ratioReturn per unit of downside risk
2.65
3.72

-1.07

Omega ratioGain probability vs. loss probability

1.35

1.49

-0.14

Calmar ratioReturn relative to maximum drawdown

3.13

5.41

-2.29

Martin ratioReturn relative to average drawdown

10.15

19.27

-9.11

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. IJPH.L - Sharpe Ratio Comparison

The current HMJP.L Sharpe Ratio is 1.85, which is comparable to the IJPH.L Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of HMJP.L and IJPH.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.LIJPH.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

2.62

-0.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

1.07

-0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.77

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.48

0.73

-0.25

Drawdowns

HMJP.L vs. IJPH.L - Drawdown Comparison

The maximum HMJP.L drawdown since its inception was -24.24%, smaller than the maximum IJPH.L drawdown of -34.55%. Use the drawdown chart below to compare losses from any high point for HMJP.L and IJPH.L.

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Drawdown Indicators

HMJP.LIJPH.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.24%

-34.55%

+10.31%

Max Drawdown (1Y)

Largest decline over 1 year

-10.83%

-9.64%

-1.19%

Max Drawdown (3Y)

Largest decline over 3 years

-14.29%

-21.95%

+7.66%

Max Drawdown (5Y)

Largest decline over 5 years

-18.50%

-21.95%

+3.45%

Max Drawdown (10Y)

Largest decline over 10 years

-24.24%

-34.55%

+10.31%

Current Drawdown

Current decline from peak

-0.40%

-0.37%

-0.03%

Average Drawdown

Average peak-to-trough decline

-6.98%

-7.42%

+0.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

2.71%

+0.63%

Volatility

HMJP.L vs. IJPH.L - Volatility Comparison

HSBC MSCI Japan UCITS ETF USD (HMJP.L) has a higher volatility of 3.74% compared to iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) at 3.51%. This indicates that HMJP.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

HMJP.LIJPH.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.74%

3.51%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

14.72%

15.39%

-0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

18.31%

19.98%

-1.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.93%

19.01%

-3.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.01%

19.24%

-3.23%

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

HMJP.L has a 0.19% expense ratio, which is lower than IJPH.L's 0.64% expense ratio.

Dividends

HMJP.L vs. IJPH.L - Dividend Comparison

HMJP.L's dividend yield for the trailing twelve months is around 1.49%, while IJPH.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%
IJPH.L
iShares MSCI Japan GBP Hedged UCITS ETF		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

HMJP.L and IJPH.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HMJP.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HMJP.L is cheaper with a 0.19% expense ratio, compared with 0.64% for IJPH.L.

HMJP.L tracks TOPIX TR JPY, while IJPH.L tracks MSCI Japan 100% Hedged to GBP Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.19% for HMJP.L and 0.64% for IJPH.L.

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