ISJP.L vs. HMAD.L
ISJP.L (iShares MSCI Japan Small Cap UCITS ETF (Dist)) and HMAD.L (HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF) are both Japan Equities funds - ISJP.L tracks the MSCI Japan Small Cap NR JPY while HMAD.L tracks the HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF. Both are passively managed. Over the past 10 years, ISJP.L returned 7.81%/yr vs 9.83%/yr for HMAD.L. At a 0.47 correlation, their price movements are largely independent. ISJP.L charges 0.58%/yr vs 0.45%/yr for HMAD.L.
Performance
ISJP.L vs. HMAD.L - Performance Comparison
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Different Trading Currencies
ISJP.L is traded in GBp, while HMAD.L is traded in USD. To make them comparable, the HMAD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, ISJP.L achieves a 15.86% return, which is significantly lower than HMAD.L's 27.63% return. Over the past 10 years, ISJP.L has underperformed HMAD.L with an annualized return of 7.81%, while HMAD.L has yielded a comparatively higher 9.83% annualized return.
ISJP.L
- 1D
- -1.43%
- 1M
- 0.99%
- 6M
- 11.28%
- YTD
- 15.86%
- 1Y
- 30.28%
- 3Y*
- 16.50%
- 5Y*
- 8.27%
- 10Y*
- 7.81%
HMAD.L
- 1D
- 0.00%
- 1M
- -8.01%
- 6M
- 19.83%
- YTD
- 27.63%
- 1Y
- 49.02%
- 3Y*
- 23.44%
- 5Y*
- 7.98%
- 10Y*
- 9.83%
ISJP.L vs. HMAD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 15.86% | 20.89% | 4.99% | 7.01% | -2.01% | -2.01% | 4.51% | 13.94% | -11.99% | 19.35% |
HMAD.L HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF | 27.63% | 31.35% | 13.79% | -3.37% | -12.48% | -7.95% | 22.35% | 13.10% | -9.90% | 29.81% |
Correlation
The correlation between ISJP.L and HMAD.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2013 | 0.47 |
The correlation between ISJP.L and HMAD.L shifts across timeframes, from 0.30 (3 years) to 0.47 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ISJP.L vs. HMAD.L — Risk / Return Rank
ISJP.L
HMAD.L
ISJP.L vs. HMAD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap UCITS ETF (Dist) (ISJP.L) and HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.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.
| ISJP.L | HMAD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.37 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 4.26 | -1.48 |
| Martin ratioReturn relative to average drawdown | 9.16 | 11.84 | -2.68 |
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Drawdowns
ISJP.L vs. HMAD.L - Drawdown Comparison
The maximum ISJP.L drawdown since its inception was -62.77%, which is greater than HMAD.L's maximum drawdown of -39.79%. Use the drawdown chart below to compare losses from any high point for ISJP.L and HMAD.L.
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Drawdown Indicators
| ISJP.L | HMAD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.77% | -39.79% | -22.98% |
Max Drawdown (1Y)Largest decline over 1 year | -10.84% | -11.48% | +0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -11.23% | -19.67% | +8.44% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -32.77% | +11.76% |
Max Drawdown (10Y)Largest decline over 10 years | -28.98% | -39.79% | +10.81% |
Current DrawdownCurrent decline from peak | -3.03% | -11.48% | +8.45% |
Average DrawdownAverage peak-to-trough decline | -19.76% | -12.55% | -7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.30% | 4.14% | -0.84% |
Volatility
ISJP.L vs. HMAD.L - Volatility Comparison
The current volatility for iShares MSCI Japan Small Cap UCITS ETF (Dist) (ISJP.L) is 4.85%, while HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF (HMAD.L) has a volatility of 10.66%. This indicates that ISJP.L experiences smaller price fluctuations and is considered to be less risky than HMAD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISJP.L | HMAD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 10.66% | -5.81% |
Volatility (6M)Calculated over the trailing 6-month period | 13.92% | 20.75% | -6.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 23.52% | -7.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.27% | 20.50% | -6.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.47% | 20.07% | -4.60% |
ISJP.L vs. HMAD.L - Expense Ratio Comparison
ISJP.L has a 0.58% expense ratio, which is higher than HMAD.L's 0.45% expense ratio.
Dividends
ISJP.L vs. HMAD.L - Dividend Comparison
ISJP.L's dividend yield for the trailing twelve months is around 0.86%, while HMAD.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMAD.L HSBC MSCI AC FAR EAST ex JAPAN 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% |
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 0.86% | 1.85% | 1.73% | 1.77% | 1.99% | 1.52% | 1.58% | 1.53% | 1.39% | 1.29% | 1.07% | 0.67% |
Frequently Asked Questions
ISJP.L and HMAD.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HMAD.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HMAD.L is cheaper with a 0.45% expense ratio, compared with 0.58% for ISJP.L.
ISJP.L tracks MSCI Japan Small Cap NR JPY, while HMAD.L tracks HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.58% for ISJP.L and 0.45% for HMAD.L.
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