HPJS.L vs. CNKY.L
HPJS.L (HSBC MSCI Japan Climate Paris Aligned UCITS ETF) and CNKY.L (iShares Nikkei 225 UCITS ETF (Acc)) are both Japan Equities funds tracking the TOPIX TR JPY, from HSBC and iShares respectively. Both are passively managed. Over the past 3 years, HPJS.L returned 7.09%/yr vs 20.46%/yr for CNKY.L. Their correlation of 0.92 suggests significant overlap in exposure. HPJS.L charges 0.18%/yr vs 0.48%/yr for CNKY.L.
Performance
HPJS.L vs. CNKY.L - Performance Comparison
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Different Trading Currencies
HPJS.L is traded in GBP, while CNKY.L is traded in GBp. To make them comparable, the CNKY.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, HPJS.L achieves a 8.46% return, which is significantly lower than CNKY.L's 31.80% return.
HPJS.L
- 1D
- -1.17%
- 1M
- 3.06%
- YTD
- 8.46%
- 6M
- 6.41%
- 1Y
- 25.00%
- 3Y*
- 7.09%
- 5Y*
- —
- 10Y*
- —
CNKY.L
- 1D
- -1.22%
- 1M
- 10.78%
- YTD
- 31.80%
- 6M
- 29.05%
- 1Y
- 63.73%
- 3Y*
- 20.46%
- 5Y*
- 12.16%
- 10Y*
- 12.70%
HPJS.L vs. CNKY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPJS.L HSBC MSCI Japan Climate Paris Aligned UCITS ETF | 8.46% | 14.99% | -1.51% | 9.90% | -15.00% | -3.14% |
CNKY.L iShares Nikkei 225 UCITS ETF (Acc) | 31.80% | 20.64% | 9.15% | 15.02% | -10.53% | -3.94% |
Correlation
The correlation between HPJS.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 | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2021 | 0.92 |
The correlation between HPJS.L and CNKY.L has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
HPJS.L vs. CNKY.L — Risk / Return Rank
HPJS.L
CNKY.L
HPJS.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 (HPJS.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.
| HPJS.L | CNKY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.47 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 4.76 | -2.72 |
| Martin ratioReturn relative to average drawdown | 6.70 | 14.40 | -7.70 |
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
| HPJS.L | CNKY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 2.81 | -1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.74 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.67 | -0.52 |
Drawdowns
HPJS.L vs. CNKY.L - Drawdown Comparison
The maximum HPJS.L drawdown since its inception was -24.65%, roughly equal to the maximum CNKY.L drawdown of -23.61%. Use the drawdown chart below to compare losses from any high point for HPJS.L and CNKY.L.
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Drawdown Indicators
| HPJS.L | CNKY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.65% | -23.61% | -1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -12.22% | -13.32% | +1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -17.24% | -19.39% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.83% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.61% | — |
Current DrawdownCurrent decline from peak | -1.70% | -1.22% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -11.45% | -7.33% | -4.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 4.41% | -0.69% |
Volatility
HPJS.L vs. CNKY.L - Volatility Comparison
The current volatility for HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.L) is 4.72%, while iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) has a volatility of 6.86%. This indicates that HPJS.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
| HPJS.L | CNKY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 6.86% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 14.68% | 17.88% | -3.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.43% | 22.59% | -4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.94% | 17.76% | -1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 17.22% | -1.28% |
HPJS.L vs. CNKY.L - Expense Ratio Comparison
HPJS.L has a 0.18% expense ratio, which is lower than CNKY.L's 0.48% expense ratio.
Dividends
HPJS.L vs. CNKY.L - Dividend Comparison
Neither HPJS.L nor CNKY.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, HPJS.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, HPJS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPJS.L is cheaper with a 0.18% expense ratio, compared with 0.48% for CNKY.L.
Both ETFs track TOPIX TR JPY. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.18% for HPJS.L and 0.48% for CNKY.L.
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