IJPH.L vs. IJPA.L

Last updated Jun 5, 2026

IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) and IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) are both Japan Equities funds from iShares - IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index while IJPA.L tracks the MSCI Japan Investable Market Index (IMI). Both are passively managed. Over the past 10 years, IJPH.L returned 14.77%/yr vs 10.12%/yr for IJPA.L. A 0.75 correlation means they provide meaningful diversification when combined. IJPH.L charges 0.64%/yr vs 0.12%/yr for IJPA.L.

Performance

IJPH.L vs. IJPA.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 iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, IJPH.L achieves a 19.91% return, which is significantly higher than IJPA.L's 16.15% return. Over the past 10 years, IJPH.L has outperformed IJPA.L with an annualized return of 14.77%, while IJPA.L has yielded a comparatively lower 10.12% annualized return.

IJPH.L

• 1D: -0.37%
• 1M: 6.95%
• YTD: 19.91%
• 6M: 21.68%
• 1Y: 52.45%
• 3Y*: 28.46%
• 5Y*: 20.45%
• 10Y*: 14.77%

IJPA.L

• 1D: -0.05%
• 1M: 6.14%
• YTD: 16.15%
• 6M: 15.80%
• 1Y: 33.76%
• 3Y*: 15.71%
• 5Y*: 10.04%
• 10Y*: 10.12%

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

IJPH.L vs. IJPA.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%
IJPA.L iShares Core MSCI Japan IMI UCITS ETF USD Acc	16.15%	18.21%	8.48%	13.38%	-6.19%	1.11%	11.60%	13.95%	-9.06%	14.95%

Correlation

The correlation between IJPH.L and IJPA.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	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 2, 2012	0.75

The correlation between IJPH.L and IJPA.L shifts across timeframes, from 0.73 (10 years) to 0.84 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	IJPH.L	IJPA.L
Industrials	26.0%	25.2%
Technology	19.1%	19.8%
Financial Services	17.5%	15.7%
Consumer Cyclical	12.2%	12.2%
Communication Services	7.9%	5.7%
Healthcare	6.3%	5.8%
Consumer Defensive	3.6%	4.0%
Basic Materials	3.0%	5.1%
Real Estate	2.3%	3.0%
Utilities	1.1%	1.2%
Energy	1.1%	0.9%

Return for Risk

IJPH.L vs. IJPA.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

IJPA.L

IJPA.L Risk / Return Rank: 51
IJPA.L Sharpe Ratio Rank: 47
IJPA.L Sortino Ratio Rank: 51
IJPA.L Omega Ratio Rank: 51
IJPA.L Calmar Ratio Rank: 55
IJPA.L Martin Ratio Rank: 52

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. IJPA.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 iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.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	IJPA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.81	+0.81
Sortino ratio: Return per unit of downside risk	3.72	2.62	+1.09
Omega ratio: Gain probability vs. loss probability	1.49	1.34	+0.15
Calmar ratio: Return relative to maximum drawdown	5.41	3.16	+2.25
Martin ratio: Return relative to average drawdown	19.27	10.36	+8.90
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. IJPA.L - Sharpe Ratio Comparison

The current IJPH.L Sharpe Ratio is 2.62, which is higher than the IJPA.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of IJPH.L and IJPA.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	IJPA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	1.81	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.62	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.61	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.54	+0.19

Drawdowns

IJPH.L vs. IJPA.L - Drawdown Comparison

The maximum IJPH.L drawdown since its inception was -34.55%, which is greater than IJPA.L's maximum drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for IJPH.L and IJPA.L.

Drawdown Indicators

	IJPH.L	IJPA.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.55%	-25.10%	-9.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.64%	-10.63%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-21.95%	-13.21%	-8.74%
Max Drawdown (5Y) Largest decline over 5 years	-21.95%	-18.93%	-3.02%
Max Drawdown (10Y) Largest decline over 10 years	-34.55%	-25.10%	-9.45%
Current Drawdown Current decline from peak	-0.37%	-0.05%	-0.32%
Average Drawdown Average peak-to-trough decline	-7.42%	-6.35%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	3.25%	-0.54%

Volatility

IJPH.L vs. IJPA.L - Volatility Comparison

The current volatility for iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) is 3.51%, while iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) has a volatility of 4.11%. This indicates that IJPH.L experiences smaller price fluctuations and is considered to be less risky than IJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJPH.L	IJPA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	4.11%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	15.39%	15.54%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	19.98%	18.61%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.01%	16.16%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	16.58%	+2.66%

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

IJPH.L has a 0.64% expense ratio, which is higher than IJPA.L's 0.12% expense ratio.

Dividends

IJPH.L vs. IJPA.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

IJPH.L and IJPA.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.

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

IJPA.L is cheaper with a 0.12% expense ratio, compared with 0.64% for IJPH.L.

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

IJPH.L tracks MSCI Japan 100% Hedged to GBP Index, while IJPA.L tracks MSCI Japan Investable Market Index (IMI). Their fees differ too: 0.64% for IJPH.L and 0.12% for IJPA.L.