IJPH.L vs. DXJP.L

Last updated Jun 5, 2026

IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) and DXJP.L (WisdomTree Japan Equity UCITS ETF GBP Hedged) are both Japan Equities funds - IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index while DXJP.L tracks the WisdomTree Japan Equity Index (GBP Hedged). Both are passively managed. Over the past 10 years, IJPH.L returned 14.77%/yr vs 16.93%/yr for DXJP.L. Their correlation of 0.95 suggests significant overlap in exposure. IJPH.L charges 0.64%/yr vs 0.45%/yr for DXJP.L.

Performance

IJPH.L vs. DXJP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) and WisdomTree Japan Equity UCITS ETF GBP Hedged (DXJP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with IJPH.L having a 19.91% return and DXJP.L slightly higher at 20.87%. Over the past 10 years, IJPH.L has underperformed DXJP.L with an annualized return of 14.77%, while DXJP.L has yielded a comparatively higher 16.93% annualized return.

IJPH.L

• 1D: -0.37%
• 1M: 5.15%
• YTD: 19.91%
• 6M: 21.81%
• 1Y: 53.07%
• 3Y*: 28.46%
• 5Y*: 20.45%
• 10Y*: 14.77%

DXJP.L

• 1D: 0.62%
• 1M: 6.69%
• YTD: 20.87%
• 6M: 24.40%
• 1Y: 56.54%
• 3Y*: 33.50%
• 5Y*: 25.49%
• 10Y*: 16.93%

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

IJPH.L vs. DXJP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJPH.L iShares MSCI Japan GBP Hedged UCITS ETF	19.91%	29.38%	23.82%	34.19%	-4.30%	11.94%	9.27%	15.95%	-15.90%	19.46%
DXJP.L WisdomTree Japan Equity UCITS ETF GBP Hedged	20.87%	33.41%	28.49%	40.34%	4.78%	16.94%	3.19%	14.23%	-20.57%	20.78%

Correlation

The correlation between IJPH.L and DXJP.L is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 5, 2015	0.95

The correlation between IJPH.L and DXJP.L has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

IJPH.L vs. DXJP.L - Sectors Allocation Comparison

Sectors	IJPH.L	DXJP.L
Industrials	26.0%	28.3%
Technology	19.1%	12.8%
Financial Services	17.5%	19.4%
Consumer Cyclical	12.2%	16.4%
Communication Services	7.9%	4.0%
Healthcare	6.3%	7.1%
Consumer Defensive	3.6%	2.6%
Basic Materials	3.0%	7.5%
Real Estate	2.3%	-
Utilities	1.1%	-
Energy	1.1%	2.0%

Return for Risk

IJPH.L vs. DXJP.L — Risk / Return Rank

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

IJPH.L

IJPH.L Risk / Return Rank: 85
IJPH.L Sharpe Ratio Rank: 82
IJPH.L Sortino Ratio Rank: 84
IJPH.L Omega Ratio Rank: 82
IJPH.L Calmar Ratio Rank: 90
IJPH.L Martin Ratio Rank: 88

DXJP.L

DXJP.L Risk / Return Rank: 89
DXJP.L Sharpe Ratio Rank: 89
DXJP.L Sortino Ratio Rank: 89
DXJP.L Omega Ratio Rank: 87
DXJP.L Calmar Ratio Rank: 90
DXJP.L Martin Ratio Rank: 88

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.

IJPH.L vs. DXJP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) and WisdomTree Japan Equity UCITS ETF GBP Hedged (DXJP.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.

	IJPH.L	DXJP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.96	-0.34
Sortino ratio: Return per unit of downside risk	3.72	4.03	-0.31
Omega ratio: Gain probability vs. loss probability	1.49	1.53	-0.04
Calmar ratio: Return relative to maximum drawdown	5.41	5.60	-0.18
Martin ratio: Return relative to average drawdown	19.27	19.40	-0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJPH.L vs. DXJP.L - Sharpe Ratio Comparison

The current IJPH.L Sharpe Ratio is 2.62, which is comparable to the DXJP.L Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of IJPH.L and DXJP.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

	IJPH.L	DXJP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.96	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	1.34	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.87	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.69	+0.04

Drawdowns

IJPH.L vs. DXJP.L - Drawdown Comparison

The maximum IJPH.L drawdown since its inception was -34.55%, smaller than the maximum DXJP.L drawdown of -41.75%. Use the drawdown chart below to compare losses from any high point for IJPH.L and DXJP.L.

Drawdown Indicators

	IJPH.L	DXJP.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.55%	-41.75%	+7.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.64%	-10.06%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-21.95%	-22.88%	+0.93%
Max Drawdown (5Y) Largest decline over 5 years	-21.95%	-22.88%	+0.93%
Max Drawdown (10Y) Largest decline over 10 years	-34.55%	-41.75%	+7.20%
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-7.42%	-8.44%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.91%	-0.20%

Volatility

IJPH.L vs. DXJP.L - Volatility Comparison

The current volatility for iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) is 3.51%, while WisdomTree Japan Equity UCITS ETF GBP Hedged (DXJP.L) has a volatility of 4.24%. This indicates that IJPH.L experiences smaller price fluctuations and is considered to be less risky than DXJP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJPH.L	DXJP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	4.24%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	15.39%	15.02%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	19.98%	19.06%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.01%	19.04%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	19.44%	-0.20%

IJPH.L vs. DXJP.L - Expense Ratio Comparison

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

Dividends

IJPH.L vs. DXJP.L - Dividend Comparison

IJPH.L has not paid dividends to shareholders, while DXJP.L's dividend yield for the trailing twelve months is around 1.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DXJP.L WisdomTree Japan Equity UCITS ETF GBP Hedged	1.40%	1.58%	1.61%	1.92%	2.49%	1.62%	1.97%	2.26%	2.41%	1.34%	0.62%
IJPH.L iShares MSCI Japan GBP Hedged UCITS ETF	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 IJPH.L and DXJP.L in my portfolio?

IJPH.L and DXJP.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IJPH.L or DXJP.L?

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

Which ETF is cheaper, IJPH.L or DXJP.L?

DXJP.L is cheaper with a 0.45% expense ratio, compared with 0.64% for IJPH.L.

What is the main difference between IJPH.L and DXJP.L?

IJPH.L tracks MSCI Japan 100% Hedged to GBP Index, while DXJP.L tracks WisdomTree Japan Equity Index (GBP Hedged). They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.64% for IJPH.L and 0.45% for DXJP.L.