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

HMJP.L vs. JPNL.L

Last updated Jun 26, 2026

HMJP.L (HSBC MSCI Japan UCITS ETF USD) and JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) are both Japan Equities funds tracking the TOPIX TR JPY, from HSBC and Amundi respectively. Both are passively managed. Over the past 10 years, HMJP.L returned 10.05%/yr vs 9.32%/yr for JPNL.L. Their correlation of 0.87 suggests significant overlap in exposure. HMJP.L charges 0.19%/yr vs 0.45%/yr for JPNL.L.

Performance

HMJP.L vs. JPNL.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 Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HMJP.L achieves a 18.97% return, which is significantly higher than JPNL.L's 16.60% return. Over the past 10 years, HMJP.L has outperformed JPNL.L with an annualized return of 10.05%, while JPNL.L has yielded a comparatively lower 9.32% annualized return.

HMJP.L

1D
0.47%
1M
3.24%
YTD
18.97%
6M
19.13%
1Y
39.54%
3Y*
17.71%
5Y*
10.49%
10Y*
10.05%

JPNL.L

1D
0.18%
1M
1.96%
YTD
16.60%
6M
16.78%
1Y
36.07%
3Y*
16.76%
5Y*
9.78%
10Y*
9.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HMJP.L
HSBC MSCI Japan UCITS ETF USD		18.97%17.44%9.05%14.01%-7.12%2.09%12.36%14.51%-8.64%13.37%
JPNL.L
Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR		16.60%17.96%7.75%13.02%-5.78%0.85%10.24%13.26%-9.85%14.89%

Correlation

The correlation between HMJP.L and JPNL.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.98

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

0.99

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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2010

0.87

The correlation between HMJP.L and JPNL.L shifts across timeframes, from 0.87 (all time) to 0.99 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
HMJP.L
JPNL.L

Technology

24.4%
18.7%

Industrials

22.8%
25.4%

Financial Services

18.1%
17.8%

Consumer Cyclical

11.0%
12.1%

Communication Services

8.5%
8.0%

Healthcare

5.2%
5.4%

Consumer Defensive

3.3%
4.2%

Basic Materials

3.2%
4.5%

Real Estate

1.8%
1.9%

Utilities

0.9%
1.2%

Energy

0.8%
0.9%

Technology

HMJP.L
24.4%
JPNL.L
18.7%

Industrials

HMJP.L
22.8%
JPNL.L
25.4%

Financial Services

HMJP.L
18.1%
JPNL.L
17.8%

Consumer Cyclical

HMJP.L
11.0%
JPNL.L
12.1%

Communication Services

HMJP.L
8.5%
JPNL.L
8.0%

Healthcare

HMJP.L
5.2%
JPNL.L
5.4%

Consumer Defensive

HMJP.L
3.3%
JPNL.L
4.2%

Basic Materials

HMJP.L
3.2%
JPNL.L
4.5%

Real Estate

HMJP.L
1.8%
JPNL.L
1.9%

Utilities

HMJP.L
0.9%
JPNL.L
1.2%

Energy

HMJP.L
0.8%
JPNL.L
0.9%

Compare stocks, funds, or ETFs

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HSBC MSCI Japan UCITS ETF USD

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR

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 JPNL.L:
JPNL.L vs. TPXG.LJPNL.L vs. JPXNJPNL.L vs. QQQJPNL.L vs. VOOJPNL.L vs. VTJPNL.L vs. ^GSPCJPNL.L vs. ^N225

Return for Risk

HMJP.L vs. JPNL.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: 7474
Overall Rank
HMJP.L Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
HMJP.L Sortino Ratio Rank: 7272
Sortino Ratio Rank
HMJP.L Omega Ratio Rank: 7474
Omega Ratio Rank
HMJP.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
HMJP.L Martin Ratio Rank: 7272
Martin Ratio Rank
JPNL.L
JPNL.L Risk / Return Rank: 7171
Overall Rank
JPNL.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
JPNL.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
JPNL.L Omega Ratio Rank: 7373
Omega Ratio Rank
JPNL.L Calmar Ratio Rank: 7575
Calmar Ratio Rank
JPNL.L Martin Ratio Rank: 6767
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. JPNL.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 Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.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.

HMJP.LJPNL.LDifference
Sharpe ratioReturn per unit of total volatility
2.06
2.00

+0.05

Sortino ratioReturn per unit of downside risk
2.83
2.75

+0.08

Omega ratioGain probability vs. loss probability

1.38

1.38

+0.01

Calmar ratioReturn relative to maximum drawdown

3.64

3.38

+0.26

Martin ratioReturn relative to average drawdown

11.69

10.63

+1.05

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

The current HMJP.L Sharpe Ratio is 2.06, which is comparable to the JPNL.L Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of HMJP.L and JPNL.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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Drawdowns

HMJP.L vs. JPNL.L - Drawdown Comparison

The maximum HMJP.L drawdown since its inception was -44.02%, which is greater than JPNL.L's maximum drawdown of -38.87%. Use the drawdown chart below to compare losses from any high point for HMJP.L and JPNL.L.

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Drawdown Indicators

HMJP.LJPNL.LDifference

Max Drawdown

Largest peak-to-trough decline

-44.02%

-38.87%

-5.15%

Max Drawdown (1Y)

Largest decline over 1 year

-10.83%

-10.63%

-0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-14.29%

-13.44%

-0.85%

Max Drawdown (5Y)

Largest decline over 5 years

-18.50%

-18.80%

+0.30%

Max Drawdown (10Y)

Largest decline over 10 years

-24.24%

-25.42%

+1.18%

Current Drawdown

Current decline from peak

-3.27%

-2.56%

-0.71%

Average Drawdown

Average peak-to-trough decline

-14.43%

-10.52%

-3.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.37%

3.38%

-0.01%

Volatility

HMJP.L vs. JPNL.L - Volatility Comparison

HSBC MSCI Japan UCITS ETF USD (HMJP.L) has a higher volatility of 6.53% compared to Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) at 5.36%. This indicates that HMJP.L's price experiences larger fluctuations and is considered to be riskier than JPNL.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.LJPNL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.53%

5.36%

+1.17%

Volatility (6M)

Calculated over the trailing 6-month period

15.72%

14.83%

+0.89%

Volatility (1Y)

Calculated over the trailing 1-year period

19.13%

17.93%

+1.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.06%

15.49%

+0.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.92%

15.81%

+0.11%

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

HMJP.L has a 0.19% expense ratio, which is lower than JPNL.L's 0.45% expense ratio.

Dividends

HMJP.L vs. JPNL.L - Dividend Comparison

HMJP.L's dividend yield for the trailing twelve months is around 1.45%, more than JPNL.L's 0.61% yield.

PositionTTM20252024202320222021202020192018201720162015
HMJP.L
HSBC MSCI Japan UCITS ETF USD		1.45%1.74%1.64%1.75%1.98%1.53%1.68%1.83%1.73%1.41%1.27%1.10%
JPNL.L
Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR		0.61%0.71%0.73%1.23%1.83%1.37%1.14%2.01%1.84%1.43%1.97%1.77%

Frequently Asked Questions

With a correlation of 0.98, HMJP.L and JPNL.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, 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 0.45% for JPNL.L.

Both ETFs track TOPIX TR JPY. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.19% for HMJP.L and 0.45% for JPNL.L.

Portfolio Optimizer

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