IJPD.L vs. CNKY.L

Last updated Jun 5, 2026

IJPD.L (iShares MSCI Japan USD Hedged UCITS ETF Accumulating) and CNKY.L (iShares Nikkei 225 UCITS ETF (Acc)) are both Japan Equities funds from iShares - IJPD.L tracks the MSCI Japan 100% Hedged to USD Net TR Index while CNKY.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, IJPD.L returned 16.03%/yr vs 11.88%/yr for CNKY.L. A 0.79 correlation means they provide meaningful diversification when combined. IJPD.L charges 0.64%/yr vs 0.48%/yr for CNKY.L.

Performance

IJPD.L vs. CNKY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) and iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IJPD.L is traded in USD, while CNKY.L is traded in GBp. To make them comparable, the CNKY.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IJPD.L achieves a 20.15% return, which is significantly lower than CNKY.L's 31.47% return. Over the past 10 years, IJPD.L has outperformed CNKY.L with an annualized return of 16.03%, while CNKY.L has yielded a comparatively lower 11.88% annualized return.

IJPD.L

• 1D: -0.42%
• 1M: 6.84%
• YTD: 20.15%
• 6M: 21.96%
• 1Y: 52.94%
• 3Y*: 28.80%
• 5Y*: 21.08%
• 10Y*: 16.03%

CNKY.L

• 1D: -1.17%
• 1M: 9.84%
• YTD: 31.47%
• 6M: 30.00%
• 1Y: 62.18%
• 3Y*: 23.57%
• 5Y*: 10.98%
• 10Y*: 11.88%

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

IJPD.L vs. CNKY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJPD.L iShares MSCI Japan USD Hedged UCITS ETF Accumulating	20.15%	29.04%	24.14%	35.59%	-3.08%	12.22%	10.80%	18.74%	-14.26%	20.81%
CNKY.L iShares Nikkei 225 UCITS ETF (Acc)	31.47%	29.74%	7.33%	21.09%	-20.09%	-5.05%	24.90%	21.05%	-9.42%	25.06%

Correlation

The correlation between IJPD.L and CNKY.L is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 8, 2013	0.79

The correlation between IJPD.L and CNKY.L has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

IJPD.L vs. CNKY.L - Sectors Allocation Comparison

Sectors	IJPD.L	CNKY.L
Industrials	26.0%	18.8%
Technology	19.1%	32.6%
Financial Services	17.5%	3.1%
Consumer Cyclical	12.2%	16.4%
Communication Services	7.9%	14.0%
Healthcare	6.3%	6.4%
Consumer Defensive	3.6%	3.0%
Basic Materials	3.0%	4.1%
Real Estate	2.3%	1.2%
Energy	1.1%	0.3%
Utilities	1.1%	0.2%

Return for Risk

IJPD.L vs. CNKY.L — Risk / Return Rank

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

IJPD.L

IJPD.L Risk / Return Rank: 87
IJPD.L Sharpe Ratio Rank: 83
IJPD.L Sortino Ratio Rank: 86
IJPD.L Omega Ratio Rank: 85
IJPD.L Calmar Ratio Rank: 91
IJPD.L Martin Ratio Rank: 89

CNKY.L

CNKY.L Risk / Return Rank: 83
CNKY.L Sharpe Ratio Rank: 86
CNKY.L Sortino Ratio Rank: 87
CNKY.L Omega Ratio Rank: 79
CNKY.L Calmar Ratio Rank: 86
CNKY.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.

IJPD.L vs. CNKY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.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.

	IJPD.L	CNKY.L	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.50	+0.17
Sortino ratio: Return per unit of downside risk	3.80	3.53	+0.27
Omega ratio: Gain probability vs. loss probability	1.51	1.41	+0.09
Calmar ratio: Return relative to maximum drawdown	5.65	4.05	+1.60
Martin ratio: Return relative to average drawdown	19.59	13.27	+6.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJPD.L vs. CNKY.L - Sharpe Ratio Comparison

The current IJPD.L Sharpe Ratio is 2.68, which is comparable to the CNKY.L Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of IJPD.L and CNKY.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.

Sharpe Ratios by Period

	IJPD.L	CNKY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.50	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.55	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.64	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.58	+0.10

Drawdowns

IJPD.L vs. CNKY.L - Drawdown Comparison

The maximum IJPD.L drawdown since its inception was -31.09%, smaller than the maximum CNKY.L drawdown of -36.20%. Use the drawdown chart below to compare losses from any high point for IJPD.L and CNKY.L.

Drawdown Indicators

	IJPD.L	CNKY.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.09%	-36.20%	+5.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-15.28%	+5.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.80%	-19.43%	-2.37%
Max Drawdown (5Y) Largest decline over 5 years	-21.80%	-34.29%	+12.49%
Max Drawdown (10Y) Largest decline over 10 years	-31.09%	-36.20%	+5.11%
Current Drawdown Current decline from peak	-0.42%	-1.17%	+0.75%
Average Drawdown Average peak-to-trough decline	-6.71%	-8.40%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	4.67%	-1.98%

Volatility

IJPD.L vs. CNKY.L - Volatility Comparison

The current volatility for iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) is 3.69%, while iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) has a volatility of 7.44%. This indicates that IJPD.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.

Volatility by Period

	IJPD.L	CNKY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	7.44%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	15.31%	19.62%	-4.31%
Volatility (1Y) Calculated over the trailing 1-year period	19.71%	24.72%	-5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	20.02%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	18.52%	+0.40%

IJPD.L vs. CNKY.L - Expense Ratio Comparison

IJPD.L has a 0.64% expense ratio, which is higher than CNKY.L's 0.48% expense ratio.

Dividends

IJPD.L vs. CNKY.L - Dividend Comparison

Neither IJPD.L nor CNKY.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IJPD.L and CNKY.L in my portfolio?

IJPD.L and CNKY.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IJPD.L or CNKY.L?

On fees, CNKY.L is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IJPD.L or CNKY.L?

CNKY.L is cheaper with a 0.48% expense ratio, compared with 0.64% for IJPD.L.

What is the main difference between IJPD.L and CNKY.L?

IJPD.L tracks MSCI Japan 100% Hedged to USD Net TR Index, while CNKY.L tracks TOPIX TR JPY. Their fees differ too: 0.64% for IJPD.L and 0.48% for CNKY.L.