HMJP.L vs. ISJP.L
HMJP.L (HSBC MSCI Japan UCITS ETF USD) and ISJP.L (iShares MSCI Japan Small Cap UCITS ETF (Dist)) are both Japan Equities funds - HMJP.L tracks the TOPIX TR JPY while ISJP.L tracks the MSCI Japan Small Cap NR JPY. Both are passively managed. Over the past 10 years, HMJP.L returned 10.30%/yr vs 8.58%/yr for ISJP.L. Their correlation of 0.84 suggests significant overlap in exposure. HMJP.L charges 0.19%/yr vs 0.58%/yr for ISJP.L.
Performance
HMJP.L vs. ISJP.L - Performance Comparison
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Returns By Period
In the year-to-date period, HMJP.L achieves a 16.35% return, which is significantly higher than ISJP.L's 15.08% return. Over the past 10 years, HMJP.L has outperformed ISJP.L with an annualized return of 10.30%, while ISJP.L has yielded a comparatively lower 8.58% 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%
ISJP.L
- 1D
- 0.31%
- 1M
- 5.68%
- YTD
- 15.08%
- 6M
- 15.82%
- 1Y
- 31.49%
- 3Y*
- 14.99%
- 5Y*
- 8.64%
- 10Y*
- 8.58%
HMJP.L vs. ISJP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 15.08% | 20.89% | 4.99% | 7.01% | -2.01% | -2.01% | 4.51% | 13.94% | -11.99% | 19.35% |
Correlation
The correlation between HMJP.L and ISJP.L is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2010 | 0.84 |
The correlation between HMJP.L and ISJP.L has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.
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Return for Risk
HMJP.L vs. ISJP.L — Risk / Return Rank
HMJP.L
ISJP.L
HMJP.L vs. ISJP.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 Small Cap UCITS ETF (Dist) (ISJP.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.L | ISJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.38 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 2.89 | +0.23 |
| Martin ratioReturn relative to average drawdown | 10.15 | 9.66 | +0.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HMJP.L | ISJP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.85 | 2.07 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.61 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.55 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.48 | 0.00 |
Drawdowns
HMJP.L vs. ISJP.L - Drawdown Comparison
The maximum HMJP.L drawdown since its inception was -24.24%, smaller than the maximum ISJP.L drawdown of -32.93%. Use the drawdown chart below to compare losses from any high point for HMJP.L and ISJP.L.
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Drawdown Indicators
| HMJP.L | ISJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.24% | -32.93% | +8.69% |
Max Drawdown (1Y)Largest decline over 1 year | -10.83% | -10.84% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -14.29% | -11.23% | -3.06% |
Max Drawdown (5Y)Largest decline over 5 years | -18.50% | -21.01% | +2.51% |
Max Drawdown (10Y)Largest decline over 10 years | -24.24% | -28.98% | +4.74% |
Current DrawdownCurrent decline from peak | -0.40% | -1.25% | +0.85% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -6.22% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 3.25% | +0.09% |
Volatility
HMJP.L vs. ISJP.L - Volatility Comparison
The current volatility for HSBC MSCI Japan UCITS ETF USD (HMJP.L) is 3.74%, while iShares MSCI Japan Small Cap UCITS ETF (Dist) (ISJP.L) has a volatility of 4.25%. This indicates that HMJP.L experiences smaller price fluctuations and is considered to be less risky than ISJP.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.L | ISJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.74% | 4.25% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 14.72% | 13.34% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.31% | 15.17% | +3.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.93% | 14.22% | +1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 15.62% | +0.39% |
HMJP.L vs. ISJP.L - Expense Ratio Comparison
HMJP.L has a 0.19% expense ratio, which is lower than ISJP.L's 0.58% expense ratio.
Dividends
HMJP.L vs. ISJP.L - Dividend Comparison
HMJP.L's dividend yield for the trailing twelve months is around 1.49%, less than ISJP.L's 1.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 1.67% | 1.85% | 1.73% | 1.77% | 1.99% | 1.52% | 1.58% | 1.53% | 1.39% | 1.29% | 1.07% | 0.68% |
Frequently Asked Questions
HMJP.L and ISJP.L have a correlation of 0.78, 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 0.58% for ISJP.L.
HMJP.L tracks TOPIX TR JPY, while ISJP.L tracks MSCI Japan Small Cap NR JPY. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.19% for HMJP.L and 0.58% for ISJP.L.
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