IJPA.L vs. EXCS.L

Last updated Jul 18, 2026

IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both exchange-traded funds - IJPA.L is a Japan Equities fund tracking the MSCI Japan Investable Market Index (IMI), while EXCS.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 3 years, IJPA.L returned 16.37%/yr vs 22.59%/yr for EXCS.L. A 0.61 correlation means they provide meaningful diversification when combined. IJPA.L charges 0.12%/yr vs 0.18%/yr for EXCS.L.

Performance

IJPA.L vs. EXCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IJPA.L is traded in USD, while EXCS.L is traded in GBP. To make them comparable, the EXCS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IJPA.L achieves a 12.49% return, which is significantly lower than EXCS.L's 26.14% return.

IJPA.L

• 1D: -2.39%
• 1M: -5.04%
• 6M: 6.75%
• YTD: 12.49%
• 1Y: 29.96%
• 3Y*: 16.37%
• 5Y*: 8.69%
• 10Y*: 8.96%

EXCS.L

• 1D: -2.17%
• 1M: -10.75%
• 6M: 19.03%
• YTD: 26.14%
• 1Y: 45.45%
• 3Y*: 22.59%
• 5Y*: —
• 10Y*: —

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

IJPA.L vs. EXCS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IJPA.L iShares Core MSCI Japan IMI UCITS ETF USD Acc	12.49%	27.28%	6.62%	19.34%	-16.16%	-3.41%
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	26.14%	35.75%	3.67%	16.90%	-18.20%	-24.55%

Correlation

The correlation between IJPA.L and EXCS.L is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021	0.61

The correlation between IJPA.L and EXCS.L has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

IJPA.L vs. EXCS.L - Sectors Allocation Comparison

Sectors	IJPA.L	EXCS.L
Industrials	25.0%	6.5%
Technology	20.1%	53.4%
Financial Services	15.6%	18.0%
Consumer Cyclical	12.6%	3.8%
Communication Services	7.6%	2.9%
Healthcare	5.5%	1.9%
Basic Materials	4.6%	5.5%
Consumer Defensive	3.9%	2.4%
Real Estate	3.1%	0.8%
Utilities	1.2%	1.8%
Energy	0.9%	3.1%

Return for Risk

IJPA.L vs. EXCS.L — Risk / Return Rank

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

IJPA.L

IJPA.L Risk / Return Rank: 58
IJPA.L Sharpe Ratio Rank: 54
IJPA.L Sortino Ratio Rank: 56
IJPA.L Omega Ratio Rank: 55
IJPA.L Calmar Ratio Rank: 65
IJPA.L Martin Ratio Rank: 60

EXCS.L

EXCS.L Risk / Return Rank: 76
EXCS.L Sharpe Ratio Rank: 79
EXCS.L Sortino Ratio Rank: 72
EXCS.L Omega Ratio Rank: 78
EXCS.L Calmar Ratio Rank: 75
EXCS.L Martin Ratio Rank: 76

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.

IJPA.L vs. EXCS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.

	IJPA.L	EXCS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.87	-0.44
Sortino ratio: Return per unit of downside risk	2.12	2.45	-0.33
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	2.46	3.23	-0.77
Martin ratio: Return relative to average drawdown	8.06	10.20	-2.15

IJPA.L vs. EXCS.L - Sharpe Ratio Comparison

The current IJPA.L Sharpe Ratio is 1.43, which is comparable to the EXCS.L Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of IJPA.L and EXCS.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

IJPA.L vs. EXCS.L - Drawdown Comparison

The maximum IJPA.L drawdown since its inception was -40.74%, smaller than the maximum EXCS.L drawdown of -44.14%. Use the drawdown chart below to compare losses from any high point for IJPA.L and EXCS.L.

Drawdown Indicators

	IJPA.L	EXCS.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.74%	-44.14%	+3.40%
Max Drawdown (1Y) Largest decline over 1 year	-12.15%	-14.02%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-19.69%	+5.73%
Max Drawdown (5Y) Largest decline over 5 years	-32.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.50%	—	—
Current Drawdown Current decline from peak	-6.12%	-13.75%	+7.63%
Average Drawdown Average peak-to-trough decline	-8.92%	-23.94%	+15.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	4.44%	-0.73%

Volatility

IJPA.L vs. EXCS.L - Volatility Comparison

The current volatility for iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) is 6.61%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 10.40%. This indicates that IJPA.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJPA.L	EXCS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	10.40%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	17.66%	22.19%	-4.53%
Volatility (1Y) Calculated over the trailing 1-year period	20.92%	24.22%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.82%	26.08%	-8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.86%	26.08%	-9.22%

IJPA.L vs. EXCS.L - Expense Ratio Comparison

IJPA.L has a 0.12% expense ratio, which is lower than EXCS.L's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IJPA.L vs. EXCS.L - Dividend Comparison

Neither IJPA.L nor EXCS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IJPA.L and EXCS.L in my portfolio?

IJPA.L and EXCS.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IJPA.L or EXCS.L?

On fees, IJPA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IJPA.L or EXCS.L?

IJPA.L is cheaper with a 0.12% expense ratio, compared with 0.18% for EXCS.L.

What is the main difference between IJPA.L and EXCS.L?

IJPA.L is categorized as Japan Equities, while EXCS.L is Emerging Markets Equities. IJPA.L tracks MSCI Japan Investable Market Index (IMI), while EXCS.L tracks MSCI EM NR USD. Their fees differ too: 0.12% for IJPA.L and 0.18% for EXCS.L.