HPJS.L vs. LGJP.L

Last updated Jul 21, 2026

HPJS.L (HSBC MSCI Japan Climate Paris Aligned UCITS ETF) and LGJP.L (L&G Japan Equity UCITS ETF USD (Acc)) are both Japan Equities funds - HPJS.L tracks the TOPIX TR JPY while LGJP.L tracks the Solactive Core Japan Large & Mid Cap USD Index NTR. Both are passively managed. Over the past 3 years, HPJS.L returned 7.51%/yr vs 15.42%/yr for LGJP.L. Their correlation of 0.86 suggests significant overlap in exposure. HPJS.L charges 0.18%/yr vs 0.10%/yr for LGJP.L.

Performance

HPJS.L vs. LGJP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.L) and L&G Japan Equity UCITS ETF USD (Acc) (LGJP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HPJS.L is traded in GBP, while LGJP.L is traded in USD. To make them comparable, the LGJP.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 4.70% return, which is significantly lower than LGJP.L's 13.45% return.

HPJS.L

• 1D: -1.78%
• 1M: -8.11%
• 6M: 1.38%
• YTD: 4.70%
• 1Y: 20.01%
• 3Y*: 7.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.48%

LGJP.L

• 1D: 0.75%
• 1M: -5.34%
• 6M: 7.13%
• YTD: 13.45%
• 1Y: 30.83%
• 3Y*: 15.42%
• 5Y*: 9.74%
• 10Y*: —
• ALL TIME*: 8.95%

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

HPJS.L vs. LGJP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HPJS.L HSBC MSCI Japan Climate Paris Aligned UCITS ETF	4.70%	14.99%	-1.51%	9.90%	-15.00%	-27.15%
LGJP.L L&G Japan Equity UCITS ETF USD (Acc)	13.45%	16.72%	10.25%	14.24%	-6.86%	-2.52%

Correlation

The correlation between HPJS.L and LGJP.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	0.86
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	0.86

The correlation between HPJS.L and LGJP.L has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

HPJS.L vs. LGJP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HPJS.L

HPJS.L Risk / Return Rank: 24
HPJS.L Sharpe Ratio Rank: 19
HPJS.L Sortino Ratio Rank: 24
HPJS.L Omega Ratio Rank: 41
HPJS.L Calmar Ratio Rank: 21
HPJS.L Martin Ratio Rank: 17

LGJP.L

LGJP.L Risk / Return Rank: 60
LGJP.L Sharpe Ratio Rank: 58
LGJP.L Sortino Ratio Rank: 60
LGJP.L Omega Ratio Rank: 59
LGJP.L Calmar Ratio Rank: 63
LGJP.L Martin Ratio Rank: 60

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.

HPJS.L vs. LGJP.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 L&G Japan Equity UCITS ETF USD (Acc) (LGJP.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.

	HPJS.L	LGJP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.41	1.53	-1.11
Sortino ratio: Return per unit of downside risk	1.00	2.17	-1.17
Omega ratio: Gain probability vs. loss probability	1.21	1.28	-0.08
Calmar ratio: Return relative to maximum drawdown	0.68	2.85	-2.17
Martin ratio: Return relative to average drawdown	1.00	8.69	-7.69

HPJS.L vs. LGJP.L - Sharpe Ratio Comparison

The current HPJS.L Sharpe Ratio is 0.41, which is lower than the LGJP.L Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of HPJS.L and LGJP.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.

Drawdowns

HPJS.L vs. LGJP.L - Drawdown Comparison

The maximum HPJS.L drawdown since its inception was -44.01%, which is greater than LGJP.L's maximum drawdown of -23.10%. Use the drawdown chart below to compare losses from any high point for HPJS.L and LGJP.L.

Drawdown Indicators

	HPJS.L	LGJP.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.01%	-23.10%	-20.91%
Max Drawdown (1Y) Largest decline over 1 year	-27.69%	-10.76%	-16.93%
Max Drawdown (3Y) Largest decline over 3 years	-27.69%	-13.79%	-13.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.15%	—
Current Drawdown Current decline from peak	-21.83%	-6.18%	-15.65%
Average Drawdown Average peak-to-trough decline	-32.49%	-4.98%	-27.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.80%	3.54%	+15.26%

Volatility

HPJS.L vs. LGJP.L - Volatility Comparison

HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.L) has a higher volatility of 7.38% compared to L&G Japan Equity UCITS ETF USD (Acc) (LGJP.L) at 6.54%. This indicates that HPJS.L's price experiences larger fluctuations and is considered to be riskier than LGJP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPJS.L	LGJP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.38%	6.54%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	16.55%	17.02%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	45.90%	20.15%	+25.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.60%	16.81%	+10.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	17.44%	+10.16%

HPJS.L vs. LGJP.L - Expense Ratio Comparison

HPJS.L has a 0.18% expense ratio, which is higher than LGJP.L's 0.10% 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

HPJS.L vs. LGJP.L - Dividend Comparison

Neither HPJS.L nor LGJP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HPJS.L and LGJP.L in my portfolio?

HPJS.L and LGJP.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, HPJS.L or LGJP.L?

On fees, LGJP.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HPJS.L or LGJP.L?

LGJP.L is cheaper with a 0.10% expense ratio, compared with 0.18% for HPJS.L.

What is the main difference between HPJS.L and LGJP.L?

HPJS.L tracks TOPIX TR JPY, while LGJP.L tracks Solactive Core Japan Large & Mid Cap USD Index NTR. They also come from different issuers: HSBC and L&G. Their fees differ too: 0.18% for HPJS.L and 0.10% for LGJP.L.