HMJP.L vs. XDJP.L

Last updated Jun 5, 2026

HMJP.L (HSBC MSCI Japan UCITS ETF USD) and XDJP.L (Xtrackers Nikkei 225 UCITS ETF 1D) are both Japan Equities funds tracking the TOPIX TR JPY, from HSBC and Xtrackers respectively. Both are passively managed. Over the past 10 years, HMJP.L returned 10.30%/yr vs 13.14%/yr for XDJP.L. A 0.76 correlation means they provide meaningful diversification when combined. HMJP.L charges 0.19%/yr vs 0.09%/yr for XDJP.L.

Performance

HMJP.L vs. XDJP.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 Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMJP.L achieves a 16.35% return, which is significantly lower than XDJP.L's 31.98% return. Over the past 10 years, HMJP.L has underperformed XDJP.L with an annualized return of 10.30%, while XDJP.L has yielded a comparatively higher 13.14% 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%

XDJP.L

• 1D: -1.35%
• 1M: 10.95%
• YTD: 31.98%
• 6M: 29.24%
• 1Y: 64.30%
• 3Y*: 20.95%
• 5Y*: 12.61%
• 10Y*: 13.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HMJP.L vs. XDJP.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%
XDJP.L Xtrackers Nikkei 225 UCITS ETF 1D	31.98%	21.04%	9.67%	15.52%	-10.26%	-3.79%	21.77%	16.58%	-3.53%	14.73%

Correlation

The correlation between HMJP.L and XDJP.L is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 19, 2013	0.76

The correlation between HMJP.L and XDJP.L shifts across timeframes, from 0.76 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	HMJP.L	XDJP.L
Industrials	24.7%	19.4%
Technology	20.8%	31.9%
Financial Services	17.6%	3.1%
Consumer Cyclical	12.0%	16.9%
Communication Services	8.8%	12.4%
Healthcare	5.8%	6.7%
Consumer Defensive	3.5%	3.3%
Basic Materials	2.9%	4.3%
Real Estate	1.9%	1.5%
Utilities	1.0%	0.2%
Energy	1.0%	0.3%

Return for Risk

HMJP.L vs. XDJP.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: 58
HMJP.L Sharpe Ratio Rank: 55
HMJP.L Sortino Ratio Rank: 56
HMJP.L Omega Ratio Rank: 58
HMJP.L Calmar Ratio Rank: 64
HMJP.L Martin Ratio Rank: 58

XDJP.L

XDJP.L Risk / Return Rank: 84
XDJP.L Sharpe Ratio Rank: 87
XDJP.L Sortino Ratio Rank: 87
XDJP.L Omega Ratio Rank: 81
XDJP.L Calmar Ratio Rank: 86
XDJP.L Martin Ratio Rank: 77

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. XDJP.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 Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.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	XDJP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.85	-1.00
Sortino ratio: Return per unit of downside risk	2.65	3.94	-1.29
Omega ratio: Gain probability vs. loss probability	1.35	1.48	-0.12
Calmar ratio: Return relative to maximum drawdown	3.13	4.77	-1.65
Martin ratio: Return relative to average drawdown	10.15	14.50	-4.35
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. XDJP.L - Sharpe Ratio Comparison

The current HMJP.L Sharpe Ratio is 1.85, which is lower than the XDJP.L Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of HMJP.L and XDJP.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.

Sharpe Ratios by Period

	HMJP.L	XDJP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.85	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.71	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.78	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.75	-0.27

Drawdowns

HMJP.L vs. XDJP.L - Drawdown Comparison

The maximum HMJP.L drawdown since its inception was -24.24%, roughly equal to the maximum XDJP.L drawdown of -23.69%. Use the drawdown chart below to compare losses from any high point for HMJP.L and XDJP.L.

Drawdown Indicators

	HMJP.L	XDJP.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.24%	-23.69%	-0.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-13.40%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-18.82%	+4.53%
Max Drawdown (5Y) Largest decline over 5 years	-18.50%	-20.61%	+2.11%
Max Drawdown (10Y) Largest decline over 10 years	-24.24%	-23.69%	-0.55%
Current Drawdown Current decline from peak	-0.40%	-1.35%	+0.95%
Average Drawdown Average peak-to-trough decline	-6.98%	-6.79%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	4.42%	-1.08%

Volatility

HMJP.L vs. XDJP.L - Volatility Comparison

The current volatility for HSBC MSCI Japan UCITS ETF USD (HMJP.L) is 3.74%, while Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.L) has a volatility of 6.75%. This indicates that HMJP.L experiences smaller price fluctuations and is considered to be less risky than XDJP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMJP.L	XDJP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	6.75%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	17.68%	-2.96%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	22.44%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	17.72%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	17.63%	-1.62%

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

HMJP.L has a 0.19% expense ratio, which is higher than XDJP.L's 0.09% 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. XDJP.L - Dividend Comparison

HMJP.L's dividend yield for the trailing twelve months is around 1.49%, more than XDJP.L's 1.04% 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%
XDJP.L Xtrackers Nikkei 225 UCITS ETF 1D	1.04%	1.33%	1.41%	1.59%	2.47%	1.20%	1.11%	1.13%	1.24%	0.72%	0.83%	0.16%

Frequently Asked Questions

Can I hold both HMJP.L and XDJP.L in my portfolio?

HMJP.L and XDJP.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HMJP.L or XDJP.L?

On fees, XDJP.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMJP.L or XDJP.L?

XDJP.L is cheaper with a 0.09% expense ratio, compared with 0.19% for HMJP.L.

What is the main difference between HMJP.L and XDJP.L?

Both ETFs track TOPIX TR JPY. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.19% for HMJP.L and 0.09% for XDJP.L.