HSJP.L vs. JPNL.L

Last updated Jun 26, 2026

HSJP.L (HSBC Japan Sustainable Equity 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 5 years, HSJP.L returned 11.05%/yr vs 9.78%/yr for JPNL.L. With a 0.97 correlation, they move nearly in lockstep. HSJP.L charges 0.18%/yr vs 0.45%/yr for JPNL.L.

Performance

HSJP.L vs. JPNL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC Japan Sustainable Equity UCITS ETF USD (HSJP.L) and Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HSJP.L is traded in GBP, while JPNL.L is traded in GBp. To make them comparable, the JPNL.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HSJP.L achieves a 13.35% return, which is significantly lower than JPNL.L's 16.60% return.

HSJP.L

• 1D: 0.05%
• 1M: 1.18%
• YTD: 13.35%
• 6M: 13.96%
• 1Y: 34.04%
• 3Y*: 17.72%
• 5Y*: 11.05%
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HSJP.L HSBC Japan Sustainable Equity UCITS ETF USD	13.35%	18.26%	13.86%	13.29%	-5.31%	4.55%	-10.63%
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	16.60%	17.96%	7.75%	13.02%	-5.78%	0.85%	9.94%

Correlation

The correlation between HSJP.L and JPNL.L is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.97

The correlation between HSJP.L and JPNL.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

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

Sectors	HSJP.L	JPNL.L
Financial Services	20.8%	17.8%
Industrials	19.6%	25.4%
Technology	19.5%	18.7%
Consumer Cyclical	17.3%	12.1%
Communication Services	9.6%	8.0%
Healthcare	5.5%	5.4%
Consumer Defensive	4.3%	4.2%
Real Estate	2.3%	1.9%
Basic Materials	1.0%	4.5%
Energy	0.1%	0.9%
Utilities	0.0%	1.2%

Return for Risk

HSJP.L vs. JPNL.L — Risk / Return Rank

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

HSJP.L

HSJP.L Risk / Return Rank: 60
HSJP.L Sharpe Ratio Rank: 61
HSJP.L Sortino Ratio Rank: 58
HSJP.L Omega Ratio Rank: 61
HSJP.L Calmar Ratio Rank: 64
HSJP.L Martin Ratio Rank: 54

JPNL.L

JPNL.L Risk / Return Rank: 71
JPNL.L Sharpe Ratio Rank: 71
JPNL.L Sortino Ratio Rank: 69
JPNL.L Omega Ratio Rank: 73
JPNL.L Calmar Ratio Rank: 75
JPNL.L Martin Ratio Rank: 67

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.

HSJP.L vs. JPNL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Japan Sustainable Equity UCITS ETF USD (HSJP.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.

	HSJP.L	JPNL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.00	-0.22
Sortino ratio: Return per unit of downside risk	2.45	2.75	-0.30
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	2.80	3.38	-0.58
Martin ratio: Return relative to average drawdown	8.33	10.63	-2.30

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

The current HSJP.L Sharpe Ratio is 1.78, which is comparable to the JPNL.L Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of HSJP.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.

Drawdowns

HSJP.L vs. JPNL.L - Drawdown Comparison

The maximum HSJP.L drawdown since its inception was -25.60%, smaller than the maximum JPNL.L drawdown of -38.87%. Use the drawdown chart below to compare losses from any high point for HSJP.L and JPNL.L.

Drawdown Indicators

	HSJP.L	JPNL.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-38.87%	+13.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-10.63%	-1.49%
Max Drawdown (3Y) Largest decline over 3 years	-20.24%	-13.44%	-6.80%
Max Drawdown (5Y) Largest decline over 5 years	-20.24%	-18.80%	-1.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.42%	—
Current Drawdown Current decline from peak	-2.77%	-2.56%	-0.21%
Average Drawdown Average peak-to-trough decline	-8.95%	-10.52%	+1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	3.38%	+0.70%

Volatility

HSJP.L vs. JPNL.L - Volatility Comparison

The current volatility for HSBC Japan Sustainable Equity UCITS ETF USD (HSJP.L) is 4.79%, while Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) has a volatility of 5.36%. This indicates that HSJP.L experiences smaller price fluctuations and is considered to be less risky than JPNL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSJP.L	JPNL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	5.36%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	14.83%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	19.00%	17.93%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.26%	15.49%	+5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.18%	15.81%	+6.37%

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

HSJP.L has a 0.18% expense ratio, which is lower than JPNL.L's 0.45% expense ratio.

Dividends

HSJP.L vs. JPNL.L - Dividend Comparison

HSJP.L has not paid dividends to shareholders, while JPNL.L's dividend yield for the trailing twelve months is around 0.61%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSJP.L HSBC Japan Sustainable Equity UCITS ETF USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both HSJP.L and JPNL.L in my portfolio?

With a correlation of 0.95, HSJP.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.

Which ETF is better, HSJP.L or JPNL.L?

On fees, HSJP.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSJP.L or JPNL.L?

HSJP.L is cheaper with a 0.18% expense ratio, compared with 0.45% for JPNL.L.

What is the main difference between HSJP.L and JPNL.L?

Both ETFs track TOPIX TR JPY. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.18% for HSJP.L and 0.45% for JPNL.L.