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IJPD.L vs. JPNL.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJPD.L vs. JPNL.L

Last updated Jun 26, 2026

IJPD.L (iShares MSCI Japan USD Hedged UCITS ETF Accumulating) and JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) are both Japan Equities funds - IJPD.L tracks the MSCI Japan 100% Hedged to USD Net TR Index while JPNL.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, IJPD.L returned 17.57%/yr vs 9.30%/yr for JPNL.L. Their correlation of 0.81 suggests significant overlap in exposure. IJPD.L charges 0.64%/yr vs 0.45%/yr for JPNL.L.

Performance

IJPD.L vs. JPNL.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 Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IJPD.L is traded in USD, while JPNL.L is traded in GBp. To make them comparable, the JPNL.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 22.38% return, which is significantly higher than JPNL.L's 14.33% return. Over the past 10 years, IJPD.L has outperformed JPNL.L with an annualized return of 17.57%, while JPNL.L has yielded a comparatively lower 9.30% annualized return.

IJPD.L

1D
0.79%
1M
3.23%
YTD
22.38%
6M
22.63%
1Y
54.81%
3Y*
28.66%
5Y*
21.48%
10Y*
17.57%

JPNL.L

1D
0.39%
1M
0.04%
YTD
14.33%
6M
14.11%
1Y
31.40%
3Y*
18.22%
5Y*
8.69%
10Y*
9.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IJPD.L
iShares MSCI Japan USD Hedged UCITS ETF Accumulating		22.38%29.04%24.14%35.59%-3.08%12.22%10.80%18.74%-14.26%20.81%
JPNL.L
Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR		14.33%26.86%5.96%18.99%-15.85%-0.07%13.62%17.80%-14.95%25.83%

Correlation

The correlation between IJPD.L and JPNL.L is 0.84, 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

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (10Y)
Calculated over the trailing 10-year period

0.78

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2013

0.81

The correlation between IJPD.L and JPNL.L has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

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

Sectors
IJPD.L
JPNL.L

Industrials

24.5%
25.4%

Technology

21.7%
18.7%

Financial Services

17.0%
17.8%

Consumer Cyclical

11.9%
12.1%

Communication Services

8.9%
8.0%

Healthcare

5.5%
5.4%

Basic Materials

3.4%
4.5%

Consumer Defensive

3.3%
4.2%

Real Estate

1.9%
1.9%

Utilities

1.0%
1.2%

Energy

0.9%
0.9%

Industrials

IJPD.L
24.5%
JPNL.L
25.4%

Technology

IJPD.L
21.7%
JPNL.L
18.7%

Financial Services

IJPD.L
17.0%
JPNL.L
17.8%

Consumer Cyclical

IJPD.L
11.9%
JPNL.L
12.1%

Communication Services

IJPD.L
8.9%
JPNL.L
8.0%

Healthcare

IJPD.L
5.5%
JPNL.L
5.4%

Basic Materials

IJPD.L
3.4%
JPNL.L
4.5%

Consumer Defensive

IJPD.L
3.3%
JPNL.L
4.2%

Real Estate

IJPD.L
1.9%
JPNL.L
1.9%

Utilities

IJPD.L
1.0%
JPNL.L
1.2%

Energy

IJPD.L
0.9%
JPNL.L
0.9%

Compare stocks, funds, or ETFs

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iShares MSCI Japan USD Hedged UCITS ETF Accumulating

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR

Often compared with IJPD.L:
IJPD.L vs. CSKR.LIJPD.L vs. IJPA.LIJPD.L vs. IJPE.LIJPD.L vs. IUVL.LIJPD.L vs. GLDIJPD.L vs. EUNL.DEIJPD.L vs. EUNN.DE
Often compared with JPNL.L:
JPNL.L vs. TPXG.LJPNL.L vs. JPXNJPNL.L vs. QQQJPNL.L vs. VOOJPNL.L vs. VTJPNL.L vs. ^GSPCJPNL.L vs. ^N225

Return for Risk

IJPD.L vs. JPNL.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: 9191
Overall Rank
IJPD.L Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
IJPD.L Sortino Ratio Rank: 9090
Sortino Ratio Rank
IJPD.L Omega Ratio Rank: 8989
Omega Ratio Rank
IJPD.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
IJPD.L Martin Ratio Rank: 9292
Martin Ratio Rank
JPNL.L
JPNL.L Risk / Return Rank: 7171
Overall Rank
JPNL.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
JPNL.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
JPNL.L Omega Ratio Rank: 7373
Omega Ratio Rank
JPNL.L Calmar Ratio Rank: 7575
Calmar Ratio Rank
JPNL.L Martin Ratio Rank: 6767
Martin Ratio Rank
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. JPNL.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 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.

IJPD.LJPNL.LDifference
Sharpe ratioReturn per unit of total volatility
2.66
1.60

+1.07

Sortino ratioReturn per unit of downside risk
3.67
2.30

+1.37

Omega ratioGain probability vs. loss probability

1.49

1.30

+0.19

Calmar ratioReturn relative to maximum drawdown

5.85

2.50

+3.35

Martin ratioReturn relative to average drawdown

19.83

8.15

+11.68

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

The current IJPD.L Sharpe Ratio is 2.66, which is higher than the JPNL.L Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of IJPD.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.

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Drawdowns

IJPD.L vs. JPNL.L - Drawdown Comparison

The maximum IJPD.L drawdown since its inception was -31.09%, smaller than the maximum JPNL.L drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for IJPD.L and JPNL.L.

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Drawdown Indicators

IJPD.LJPNL.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.09%

-56.90%

+25.81%

Max Drawdown (1Y)

Largest decline over 1 year

-9.32%

-12.48%

+3.16%

Max Drawdown (3Y)

Largest decline over 3 years

-21.80%

-14.35%

-7.45%

Max Drawdown (5Y)

Largest decline over 5 years

-21.80%

-32.52%

+10.72%

Max Drawdown (10Y)

Largest decline over 10 years

-31.09%

-32.52%

+1.43%

Current Drawdown

Current decline from peak

-3.05%

-2.97%

-0.08%

Average Drawdown

Average peak-to-trough decline

-6.72%

-20.76%

+14.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.76%

3.84%

-1.08%

Volatility

IJPD.L vs. JPNL.L - Volatility Comparison

iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) has a higher volatility of 6.40% compared to Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) at 5.43%. This indicates that IJPD.L's price experiences larger fluctuations and is considered to be riskier than JPNL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IJPD.LJPNL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.40%

5.43%

+0.97%

Volatility (6M)

Calculated over the trailing 6-month period

16.21%

16.18%

+0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

20.50%

19.60%

+0.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.95%

17.66%

+1.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.74%

16.87%

+1.87%

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

IJPD.L has a 0.64% expense ratio, which is higher than JPNL.L's 0.45% expense ratio.

Dividends

IJPD.L vs. JPNL.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
IJPD.L
iShares MSCI Japan USD Hedged UCITS ETF Accumulating		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

IJPD.L and JPNL.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, JPNL.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

JPNL.L is cheaper with a 0.45% expense ratio, compared with 0.64% for IJPD.L.

IJPD.L tracks MSCI Japan 100% Hedged to USD Net TR Index, while JPNL.L tracks TOPIX TR JPY. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.64% for IJPD.L and 0.45% for JPNL.L.

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