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

IJPH.L vs. JPNL.L

Last updated Jun 26, 2026

IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) and JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) are both Japan Equities funds - IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index while JPNL.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, IJPH.L returned 16.48%/yr vs 9.32%/yr for JPNL.L. A 0.77 correlation means they provide meaningful diversification when combined. IJPH.L charges 0.64%/yr vs 0.45%/yr for JPNL.L.

Performance

IJPH.L vs. JPNL.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 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

IJPH.L is traded in GBP, while JPNL.L is traded in GBp. To make them comparable, the JPNL.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 22.24% return, which is significantly higher than JPNL.L's 16.60% return. Over the past 10 years, IJPH.L has outperformed JPNL.L with an annualized return of 16.48%, while JPNL.L has yielded a comparatively lower 9.32% annualized return.

IJPH.L

1D
0.75%
1M
3.44%
YTD
22.24%
6M
22.61%
1Y
54.54%
3Y*
28.44%
5Y*
20.86%
10Y*
16.48%

JPNL.L

1D
0.18%
1M
1.96%
YTD
16.60%
6M
16.78%
1Y
36.07%
3Y*
16.76%
5Y*
9.78%
10Y*
9.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IJPH.L
iShares MSCI Japan GBP Hedged UCITS ETF		22.24%29.37%23.82%34.19%-4.30%11.94%9.27%15.94%-15.89%19.45%
JPNL.L
Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR		16.60%17.96%7.75%13.02%-5.78%0.85%10.24%13.26%-9.85%14.89%

Correlation

The correlation between IJPH.L and JPNL.L is 0.86, 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

0.86

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

0.81

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

0.77

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

0.76

Correlation (All Time)
Calculated using the full available price history since Jul 31, 2012

0.77

The correlation between IJPH.L and JPNL.L shifts across timeframes, from 0.76 (10 years) to 0.86 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
IJPH.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

5.6%
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

IJPH.L
24.5%
JPNL.L
25.4%

Technology

IJPH.L
21.7%
JPNL.L
18.7%

Financial Services

IJPH.L
17.0%
JPNL.L
17.8%

Consumer Cyclical

IJPH.L
11.9%
JPNL.L
12.1%

Communication Services

IJPH.L
8.9%
JPNL.L
8.0%

Healthcare

IJPH.L
5.6%
JPNL.L
5.4%

Basic Materials

IJPH.L
3.4%
JPNL.L
4.5%

Consumer Defensive

IJPH.L
3.3%
JPNL.L
4.2%

Real Estate

IJPH.L
1.9%
JPNL.L
1.9%

Utilities

IJPH.L
1.0%
JPNL.L
1.2%

Energy

IJPH.L
0.9%
JPNL.L
0.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Japan GBP Hedged UCITS ETF

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

Often compared with IJPH.L:
IJPH.L vs. SUJA.LIJPH.L vs. XSTC.LIJPH.L vs. XDJP.DEIJPH.L vs. XM1D.DEIJPH.L vs. EWJIJPH.L vs. ^N225IJPH.L vs. BRK-B
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

IJPH.L vs. JPNL.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: 9090
Overall Rank
IJPH.L Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
IJPH.L Sortino Ratio Rank: 8989
Sortino Ratio Rank
IJPH.L Omega Ratio Rank: 8888
Omega Ratio Rank
IJPH.L Calmar Ratio Rank: 9393
Calmar Ratio Rank
IJPH.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.

IJPH.L vs. JPNL.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 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.

IJPH.LJPNL.LDifference
Sharpe ratioReturn per unit of total volatility
2.60
2.00

+0.60

Sortino ratioReturn per unit of downside risk
3.58
2.75

+0.83

Omega ratioGain probability vs. loss probability

1.47

1.38

+0.10

Calmar ratioReturn relative to maximum drawdown

5.63

3.38

+2.25

Martin ratioReturn relative to average drawdown

19.56

10.63

+8.93

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

The current IJPH.L Sharpe Ratio is 2.60, which is comparable to the JPNL.L Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of IJPH.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

IJPH.L vs. JPNL.L - Drawdown Comparison

The maximum IJPH.L drawdown since its inception was -34.55%, smaller than the maximum JPNL.L drawdown of -38.87%. Use the drawdown chart below to compare losses from any high point for IJPH.L and JPNL.L.

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Drawdown Indicators

IJPH.LJPNL.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.55%

-38.87%

+4.32%

Max Drawdown (1Y)

Largest decline over 1 year

-9.64%

-10.63%

+0.99%

Max Drawdown (3Y)

Largest decline over 3 years

-21.95%

-13.44%

-8.51%

Max Drawdown (5Y)

Largest decline over 5 years

-21.95%

-18.80%

-3.15%

Max Drawdown (10Y)

Largest decline over 10 years

-34.55%

-25.42%

-9.13%

Current Drawdown

Current decline from peak

-3.19%

-2.56%

-0.63%

Average Drawdown

Average peak-to-trough decline

-7.45%

-10.52%

+3.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.78%

3.38%

-0.60%

Volatility

IJPH.L vs. JPNL.L - Volatility Comparison

iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) has a higher volatility of 6.69% compared to Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) at 5.36%. This indicates that IJPH.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

IJPH.LJPNL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.69%

5.36%

+1.33%

Volatility (6M)

Calculated over the trailing 6-month period

16.50%

14.83%

+1.67%

Volatility (1Y)

Calculated over the trailing 1-year period

20.87%

17.93%

+2.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.20%

15.49%

+3.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.05%

15.81%

+3.24%

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

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

Dividends

IJPH.L vs. JPNL.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
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%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

IJPH.L and JPNL.L have a correlation of 0.86, 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 IJPH.L.

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

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