IPXJ.L vs. HMXJ.L
IPXJ.L (iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist)) and HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) are both Asia Pacific Equities funds - IPXJ.L tracks the MSCI Pacific ex Japan Index (Net) while HMXJ.L tracks the MSCI Pacific Ex Japan NR USD. Both are passively managed. Over the past 10 years, IPXJ.L returned 7.10%/yr vs 6.77%/yr for HMXJ.L. Their correlation of 0.93 suggests significant overlap in exposure. IPXJ.L charges 0.60%/yr vs 0.40%/yr for HMXJ.L.
Performance
IPXJ.L vs. HMXJ.L - Performance Comparison
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Different Trading Currencies
IPXJ.L is traded in USD, while HMXJ.L is traded in GBp. To make them comparable, the HMXJ.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IPXJ.L achieves a 9.42% return, which is significantly lower than HMXJ.L's 10.48% return. Both investments have delivered pretty close results over the past 10 years, with IPXJ.L having a 7.10% annualized return and HMXJ.L not far behind at 6.77%.
IPXJ.L
- 1D
- -0.91%
- 1M
- -0.21%
- 6M
- 7.35%
- YTD
- 9.42%
- 1Y
- 14.14%
- 3Y*
- 11.93%
- 5Y*
- 5.42%
- 10Y*
- 7.10%
HMXJ.L
- 1D
- -0.21%
- 1M
- 1.44%
- 6M
- 8.29%
- YTD
- 10.48%
- 1Y
- 15.38%
- 3Y*
- 12.84%
- 5Y*
- 6.05%
- 10Y*
- 6.77%
IPXJ.L vs. HMXJ.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPXJ.L iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) | 9.42% | 19.91% | 4.45% | 5.64% | -6.26% | 3.62% | 6.65% | 17.59% | -10.82% | 25.42% |
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF | 10.48% | 20.85% | 4.65% | 5.67% | -5.91% | 4.45% | 6.37% | 16.38% | -13.89% | 23.14% |
Correlation
The correlation between IPXJ.L and HMXJ.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2010 | 0.93 |
The correlation between IPXJ.L and HMXJ.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
IPXJ.L vs. HMXJ.L — Risk / Return Rank
IPXJ.L
HMXJ.L
IPXJ.L vs. HMXJ.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.L) and HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.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.
| IPXJ.L | HMXJ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 1.76 | -0.11 |
| Martin ratioReturn relative to average drawdown | 4.48 | 4.94 | -0.46 |
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Drawdowns
IPXJ.L vs. HMXJ.L - Drawdown Comparison
The maximum IPXJ.L drawdown since its inception was -38.93%, roughly equal to the maximum HMXJ.L drawdown of -38.56%. Use the drawdown chart below to compare losses from any high point for IPXJ.L and HMXJ.L.
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Drawdown Indicators
| IPXJ.L | HMXJ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.93% | -38.56% | -0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -8.53% | -8.70% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -18.67% | -18.96% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -24.44% | -24.25% | -0.19% |
Max Drawdown (10Y)Largest decline over 10 years | -38.93% | -38.56% | -0.37% |
Current DrawdownCurrent decline from peak | -2.38% | -1.54% | -0.84% |
Average DrawdownAverage peak-to-trough decline | -8.62% | -8.64% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 3.11% | +0.04% |
Volatility
IPXJ.L vs. HMXJ.L - Volatility Comparison
iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.L) and HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) have volatilities of 3.13% and 3.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IPXJ.L | HMXJ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 3.01% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 11.44% | 11.08% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.87% | 13.57% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.20% | 17.00% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.71% | 17.51% | +0.20% |
IPXJ.L vs. HMXJ.L - Expense Ratio Comparison
IPXJ.L has a 0.60% expense ratio, which is higher than HMXJ.L's 0.40% expense ratio.
Dividends
IPXJ.L vs. HMXJ.L - Dividend Comparison
IPXJ.L's dividend yield for the trailing twelve months is around 2.83%, less than HMXJ.L's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF | 2.98% | 3.43% | 3.80% | 4.13% | 3.79% | 2.71% | 3.05% | 2.22% | 0.00% | 1.49% | 3.32% | 4.03% |
IPXJ.L iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) | 2.83% | 2.88% | 3.49% | 3.50% | 3.76% | 2.92% | 2.45% | 3.58% | 3.92% | 3.19% | 3.48% | 3.44% |
Frequently Asked Questions
With a correlation of 0.92, IPXJ.L and HMXJ.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, HMXJ.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMXJ.L is cheaper with a 0.40% expense ratio, compared with 0.60% for IPXJ.L.
IPXJ.L tracks MSCI Pacific ex Japan Index (Net), while HMXJ.L tracks MSCI Pacific Ex Japan NR USD. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.60% for IPXJ.L and 0.40% for HMXJ.L.
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