IBZL.L vs. SJPA.L

Last updated Jun 13, 2026

IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) and SJPA.L (iShares Core MSCI Japan IMI UCITS ETF) are both exchange-traded funds - IBZL.L is a Latin America Equities fund tracking the MSCI Brazil NR USD, while SJPA.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. Over the past 10 years, IBZL.L returned 8.53%/yr vs 10.26%/yr for SJPA.L. At a 0.38 correlation, their price movements are largely independent. IBZL.L charges 0.74%/yr vs 0.15%/yr for SJPA.L.

Performance

IBZL.L vs. SJPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and iShares Core MSCI Japan IMI UCITS ETF (SJPA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBZL.L achieves a 11.37% return, which is significantly lower than SJPA.L's 15.47% return. Over the past 10 years, IBZL.L has underperformed SJPA.L with an annualized return of 8.53%, while SJPA.L has yielded a comparatively higher 10.26% annualized return.

IBZL.L

• 1D: 4.32%
• 1M: -6.39%
• YTD: 11.37%
• 6M: 10.30%
• 1Y: 33.52%
• 3Y*: 6.71%
• 5Y*: 6.72%
• 10Y*: 8.53%

SJPA.L

• 1D: 2.26%
• 1M: 0.53%
• YTD: 15.47%
• 6M: 14.66%
• 1Y: 32.71%
• 3Y*: 14.56%
• 5Y*: 9.85%
• 10Y*: 10.26%

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

IBZL.L vs. SJPA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBZL.L iShares MSCI Brazil UCITS ETF (Dist)	11.37%	35.97%	-27.18%	23.72%	28.39%	-20.69%	-17.23%	14.49%	2.68%	14.31%
SJPA.L iShares Core MSCI Japan IMI UCITS ETF	15.47%	18.19%	8.36%	12.76%	-6.21%	1.62%	11.03%	14.68%	-9.15%	14.69%

Correlation

The correlation between IBZL.L and SJPA.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 25, 2009	0.38

IBZL.L vs. SJPA.L - Sectors Allocation Comparison

Sectors	IBZL.L	SJPA.L
Financial Services	33.1%	15.9%
Energy	17.9%	0.9%
Basic Materials	15.1%	4.6%
Utilities	12.0%	1.2%
Industrials	10.9%	25.6%
Consumer Defensive	4.6%	4.1%
Healthcare	2.1%	5.5%
Communication Services	1.8%	7.6%
Consumer Cyclical	1.3%	12.5%
Technology	1.2%	19.1%
Real Estate	-	3.1%

Return for Risk

IBZL.L vs. SJPA.L — Risk / Return Rank

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

IBZL.L

IBZL.L Risk / Return Rank: 46
IBZL.L Sharpe Ratio Rank: 50
IBZL.L Sortino Ratio Rank: 49
IBZL.L Omega Ratio Rank: 48
IBZL.L Calmar Ratio Rank: 40
IBZL.L Martin Ratio Rank: 42

SJPA.L

SJPA.L Risk / Return Rank: 65
SJPA.L Sharpe Ratio Rank: 63
SJPA.L Sortino Ratio Rank: 65
SJPA.L Omega Ratio Rank: 67
SJPA.L Calmar Ratio Rank: 69
SJPA.L Martin Ratio Rank: 63

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.

IBZL.L vs. SJPA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and iShares Core MSCI Japan IMI UCITS ETF (SJPA.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.

	IBZL.L	SJPA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.82	-0.29
Sortino ratio: Return per unit of downside risk	2.15	2.62	-0.47
Omega ratio: Gain probability vs. loss probability	1.27	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	1.76	3.04	-1.28
Martin ratio: Return relative to average drawdown	5.94	9.86	-3.92

IBZL.L vs. SJPA.L - Sharpe Ratio Comparison

The current IBZL.L Sharpe Ratio is 1.53, which is comparable to the SJPA.L Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of IBZL.L and SJPA.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

IBZL.L vs. SJPA.L - Drawdown Comparison

The maximum IBZL.L drawdown since its inception was -71.99%, which is greater than SJPA.L's maximum drawdown of -45.53%. Use the drawdown chart below to compare losses from any high point for IBZL.L and SJPA.L.

Drawdown Indicators

	IBZL.L	SJPA.L	Difference
Max Drawdown Largest peak-to-trough decline	-71.99%	-45.53%	-26.46%
Max Drawdown (1Y) Largest decline over 1 year	-18.97%	-10.71%	-8.26%
Max Drawdown (3Y) Largest decline over 3 years	-28.80%	-19.68%	-9.12%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-19.68%	-9.12%
Max Drawdown (10Y) Largest decline over 10 years	-52.07%	-24.73%	-27.34%
Current Drawdown Current decline from peak	-14.98%	-0.82%	-14.16%
Average Drawdown Average peak-to-trough decline	-27.70%	-15.72%	-11.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	3.31%	+2.32%

Volatility

IBZL.L vs. SJPA.L - Volatility Comparison

iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) has a higher volatility of 6.95% compared to iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) at 4.41%. This indicates that IBZL.L's price experiences larger fluctuations and is considered to be riskier than SJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBZL.L	SJPA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	4.41%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	17.60%	14.72%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	21.76%	17.89%	+3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.42%	20.67%	+5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.47%	18.47%	+13.00%

IBZL.L vs. SJPA.L - Expense Ratio Comparison

IBZL.L has a 0.74% expense ratio, which is higher than SJPA.L's 0.15% expense ratio.

Dividends

IBZL.L vs. SJPA.L - Dividend Comparison

IBZL.L's dividend yield for the trailing twelve months is around 3.26%, while SJPA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBZL.L iShares MSCI Brazil UCITS ETF (Dist)	3.26%	4.32%	6.46%	5.44%	13.60%	6.32%	1.92%	2.53%	2.45%	1.46%	1.64%	3.54%
SJPA.L iShares Core MSCI Japan IMI UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBZL.L and SJPA.L in my portfolio?

IBZL.L and SJPA.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBZL.L or SJPA.L?

On fees, SJPA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBZL.L or SJPA.L?

SJPA.L is cheaper with a 0.15% expense ratio, compared with 0.74% for IBZL.L.

What is the main difference between IBZL.L and SJPA.L?

IBZL.L is categorized as Latin America Equities, while SJPA.L is Japan Equities. IBZL.L tracks MSCI Brazil NR USD, while SJPA.L tracks TOPIX TR JPY. Their fees differ too: 0.74% for IBZL.L and 0.15% for SJPA.L.