ISJP.L vs. HPJS.L

Last updated Jun 5, 2026

ISJP.L (iShares MSCI Japan Small Cap UCITS ETF (Dist)) and HPJS.L (HSBC MSCI Japan Climate Paris Aligned UCITS ETF) are both Japan Equities funds - ISJP.L tracks the MSCI Japan Small Cap NR JPY while HPJS.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 3 years, ISJP.L returned 14.99%/yr vs 7.09%/yr for HPJS.L. A 0.78 correlation means they provide meaningful diversification when combined. ISJP.L charges 0.58%/yr vs 0.18%/yr for HPJS.L.

Performance

ISJP.L vs. HPJS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Japan Small Cap UCITS ETF (Dist) (ISJP.L) and HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ISJP.L is traded in GBp, while HPJS.L is traded in GBP. To make them comparable, the HPJS.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 15.08% return, which is significantly higher than HPJS.L's 8.46% return.

ISJP.L

• 1D: 0.31%
• 1M: 5.68%
• YTD: 15.08%
• 6M: 15.82%
• 1Y: 31.49%
• 3Y*: 14.99%
• 5Y*: 8.64%
• 10Y*: 8.58%

HPJS.L

• 1D: -1.17%
• 1M: 3.06%
• YTD: 8.46%
• 6M: 6.41%
• 1Y: 25.00%
• 3Y*: 7.09%
• 5Y*: —
• 10Y*: —

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

ISJP.L vs. HPJS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist)	15.08%	20.89%	4.99%	7.01%	-2.01%	-5.21%
HPJS.L HSBC MSCI Japan Climate Paris Aligned UCITS ETF	8.46%	14.99%	-1.51%	9.90%	-15.00%	-3.14%

Correlation

The correlation between ISJP.L and HPJS.L is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 12, 2021	0.78

The correlation between ISJP.L and HPJS.L shifts across timeframes, from 0.66 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ISJP.L vs. HPJS.L — Risk / Return Rank

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

ISJP.L

ISJP.L Risk / Return Rank: 61
ISJP.L Sharpe Ratio Rank: 63
ISJP.L Sortino Ratio Rank: 61
ISJP.L Omega Ratio Rank: 65
ISJP.L Calmar Ratio Rank: 59
ISJP.L Martin Ratio Rank: 56

HPJS.L

HPJS.L Risk / Return Rank: 41
HPJS.L Sharpe Ratio Rank: 39
HPJS.L Sortino Ratio Rank: 42
HPJS.L Omega Ratio Rank: 40
HPJS.L Calmar Ratio Rank: 42
HPJS.L Martin Ratio Rank: 43

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.

ISJP.L vs. HPJS.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 Japan Climate Paris Aligned UCITS ETF (HPJS.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.

	ISJP.L	HPJS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.35	+0.72
Sortino ratio: Return per unit of downside risk	2.82	2.09	+0.73
Omega ratio: Gain probability vs. loss probability	1.38	1.25	+0.13
Calmar ratio: Return relative to maximum drawdown	2.89	2.04	+0.85
Martin ratio: Return relative to average drawdown	9.66	6.70	+2.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISJP.L vs. HPJS.L - Sharpe Ratio Comparison

The current ISJP.L Sharpe Ratio is 2.07, which is higher than the HPJS.L Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of ISJP.L and HPJS.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

	ISJP.L	HPJS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.35	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.15	+0.34

Drawdowns

ISJP.L vs. HPJS.L - Drawdown Comparison

The maximum ISJP.L drawdown since its inception was -32.93%, which is greater than HPJS.L's maximum drawdown of -24.65%. Use the drawdown chart below to compare losses from any high point for ISJP.L and HPJS.L.

Drawdown Indicators

	ISJP.L	HPJS.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-24.65%	-8.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.84%	-12.22%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-11.23%	-17.24%	+6.01%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.98%	—	—
Current Drawdown Current decline from peak	-1.25%	-1.70%	+0.45%
Average Drawdown Average peak-to-trough decline	-6.22%	-11.45%	+5.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.72%	-0.47%

Volatility

ISJP.L vs. HPJS.L - Volatility Comparison

The current volatility for iShares MSCI Japan Small Cap UCITS ETF (Dist) (ISJP.L) is 4.25%, while HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.L) has a volatility of 4.72%. This indicates that ISJP.L experiences smaller price fluctuations and is considered to be less risky than HPJS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISJP.L	HPJS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.72%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	13.34%	14.68%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	18.43%	-3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	15.94%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.62%	15.94%	-0.32%

ISJP.L vs. HPJS.L - Expense Ratio Comparison

ISJP.L has a 0.58% expense ratio, which is higher than HPJS.L's 0.18% expense ratio.

Dividends

ISJP.L vs. HPJS.L - Dividend Comparison

ISJP.L's dividend yield for the trailing twelve months is around 1.67%, while HPJS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPJS.L HSBC MSCI Japan Climate Paris Aligned 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)	1.67%	1.85%	1.73%	1.77%	1.99%	1.52%	1.58%	1.53%	1.39%	1.29%	1.07%	0.68%

Frequently Asked Questions

Can I hold both ISJP.L and HPJS.L in my portfolio?

ISJP.L and HPJS.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISJP.L or HPJS.L?

On fees, HPJS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISJP.L or HPJS.L?

HPJS.L is cheaper with a 0.18% expense ratio, compared with 0.58% for ISJP.L.

What is the main difference between ISJP.L and HPJS.L?

ISJP.L tracks MSCI Japan Small Cap NR JPY, while HPJS.L tracks TOPIX TR JPY. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.58% for ISJP.L and 0.18% for HPJS.L.