HPJP.L vs. CNKY.L
HPJP.L (HSBC MSCI Japan Climate Paris Aligned UCITS ETF) and CNKY.L (iShares Nikkei 225 UCITS ETF (Acc)) are both Japan Equities funds - HPJP.L tracks the HSBC MSCI Japan Climate Paris Aligned UCITS ETF while CNKY.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 3 years, HPJP.L returned 9.93%/yr vs 22.74%/yr for CNKY.L. Their correlation of 0.88 suggests significant overlap in exposure. HPJP.L charges 0.18%/yr vs 0.48%/yr for CNKY.L.
Performance
HPJP.L vs. CNKY.L - Performance Comparison
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Different Trading Currencies
HPJP.L is traded in USD, while CNKY.L is traded in GBp. To make them comparable, the CNKY.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, HPJP.L achieves a 7.76% return, which is significantly lower than CNKY.L's 30.57% return.
HPJP.L
- 1D
- -1.56%
- 1M
- -1.56%
- 6M
- 2.77%
- YTD
- 7.76%
- 1Y
- 24.60%
- 3Y*
- 9.93%
- 5Y*
- —
- 10Y*
- —
CNKY.L
- 1D
- -0.72%
- 1M
- -3.34%
- 6M
- 22.94%
- YTD
- 30.57%
- 1Y
- 58.52%
- 3Y*
- 22.74%
- 5Y*
- 11.88%
- 10Y*
- 11.66%
HPJP.L vs. CNKY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPJP.L HSBC MSCI Japan Climate Paris Aligned UCITS ETF | 7.76% | 23.28% | -3.07% | 16.34% | -24.08% | -1.77% |
CNKY.L iShares Nikkei 225 UCITS ETF (Acc) | 30.57% | 29.74% | 7.33% | 21.09% | -20.09% | -3.24% |
Correlation
The correlation between HPJP.L and CNKY.L is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.88 |
The correlation between HPJP.L and CNKY.L has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.
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Return for Risk
HPJP.L vs. CNKY.L — Risk / Return Rank
HPJP.L
CNKY.L
HPJP.L vs. CNKY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJP.L) and iShares Nikkei 225 UCITS ETF (Acc) (CNKY.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.
| HPJP.L | CNKY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 3.81 | -2.06 |
| Martin ratioReturn relative to average drawdown | 5.75 | 11.92 | -6.17 |
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Drawdowns
HPJP.L vs. CNKY.L - Drawdown Comparison
The maximum HPJP.L drawdown since its inception was -33.79%, smaller than the maximum CNKY.L drawdown of -99.39%. Use the drawdown chart below to compare losses from any high point for HPJP.L and CNKY.L.
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Drawdown Indicators
| HPJP.L | CNKY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.79% | -99.39% | +65.60% |
Max Drawdown (1Y)Largest decline over 1 year | -13.95% | -15.28% | +1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -24.10% | -19.43% | -4.67% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.20% | — |
Current DrawdownCurrent decline from peak | -4.69% | -97.11% | +92.42% |
Average DrawdownAverage peak-to-trough decline | -15.31% | -95.37% | +80.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.27% | 4.89% | -0.62% |
Volatility
HPJP.L vs. CNKY.L - Volatility Comparison
The current volatility for HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJP.L) is 7.80%, while iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) has a volatility of 9.89%. This indicates that HPJP.L experiences smaller price fluctuations and is considered to be less risky than CNKY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HPJP.L | CNKY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.80% | 9.89% | -2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 18.56% | 22.01% | -3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.49% | 26.83% | -4.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.74% | 20.56% | +4.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.74% | 18.73% | +6.01% |
HPJP.L vs. CNKY.L - Expense Ratio Comparison
HPJP.L has a 0.18% expense ratio, which is lower than CNKY.L's 0.48% expense ratio.
Dividends
HPJP.L vs. CNKY.L - Dividend Comparison
Neither HPJP.L nor CNKY.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, HPJP.L and CNKY.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, HPJP.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPJP.L is cheaper with a 0.18% expense ratio, compared with 0.48% for CNKY.L.
HPJP.L tracks HSBC MSCI Japan Climate Paris Aligned UCITS ETF, while CNKY.L tracks TOPIX TR JPY. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.18% for HPJP.L and 0.48% for CNKY.L.
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