JAPN vs. CJP.NEO
JAPN (Horizon Kinetics Japan Owner Operator ETF) and CJP.NEO (iShares Japan Fundamental Index ETF (CAD-Hedged)) are both Japan Equities funds. JAPN is actively managed, while CJP.NEO is passively managed. Over the past year, JAPN returned -16.72% vs 49.27% for CJP.NEO. A 0.51 correlation means they provide meaningful diversification when combined. JAPN charges 0.85%/yr vs 0.71%/yr for CJP.NEO.
Performance
JAPN vs. CJP.NEO - Performance Comparison
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Different Trading Currencies
JAPN is traded in USD, while CJP.NEO is traded in CAD. To make them comparable, the CJP.NEO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, JAPN achieves a -13.33% return, which is significantly lower than CJP.NEO's 17.82% return.
JAPN
- 1D
- -1.75%
- 1M
- -2.99%
- YTD
- -13.33%
- 6M
- -13.01%
- 1Y
- -16.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CJP.NEO
- 1D
- 0.06%
- 1M
- 7.14%
- YTD
- 17.82%
- 6M
- 23.71%
- 1Y
- 49.27%
- 3Y*
- 28.76%
- 5Y*
- 19.51%
- 10Y*
- 15.32%
JAPN vs. CJP.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JAPN Horizon Kinetics Japan Owner Operator ETF | -13.33% | 2.80% |
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged) | 17.82% | 29.82% |
Correlation
The correlation between JAPN and CJP.NEO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since May 14, 2025 | 0.51 |
The correlation between JAPN and CJP.NEO has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.
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Return for Risk
JAPN vs. CJP.NEO — Risk / Return Rank
JAPN
CJP.NEO
JAPN vs. CJP.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO). 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.
| JAPN | CJP.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.57 | ||
| Sortino ratioReturn per unit of downside risk | -4.80 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.48 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 4.13 | -4.83 |
| Martin ratioReturn relative to average drawdown | -1.34 | 15.66 | -16.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JAPN | CJP.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | 2.67 | -3.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.95 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.37 | -0.91 |
Drawdowns
JAPN vs. CJP.NEO - Drawdown Comparison
The maximum JAPN drawdown since its inception was -23.94%, smaller than the maximum CJP.NEO drawdown of -45.01%. Use the drawdown chart below to compare losses from any high point for JAPN and CJP.NEO.
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Drawdown Indicators
| JAPN | CJP.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.94% | -45.01% | +21.07% |
Max Drawdown (1Y)Largest decline over 1 year | -23.94% | -12.00% | -11.94% |
Max Drawdown (3Y)Largest decline over 3 years | — | -21.79% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.79% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.01% | — |
Current DrawdownCurrent decline from peak | -22.90% | 0.00% | -22.90% |
Average DrawdownAverage peak-to-trough decline | -9.47% | -13.36% | +3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.54% | 3.16% | +9.38% |
Volatility
JAPN vs. CJP.NEO - Volatility Comparison
Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 4.33% compared to iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) at 3.29%. This indicates that JAPN's price experiences larger fluctuations and is considered to be riskier than CJP.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JAPN | CJP.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 3.29% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 15.41% | 13.49% | +1.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.77% | 18.53% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.24% | 20.70% | -1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.24% | 22.36% | -3.12% |
JAPN vs. CJP.NEO - Expense Ratio Comparison
JAPN has a 0.85% expense ratio, which is higher than CJP.NEO's 0.71% expense ratio.
Dividends
JAPN vs. CJP.NEO - Dividend Comparison
JAPN's dividend yield for the trailing twelve months is around 0.28%, less than CJP.NEO's 1.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged) | 1.24% | 1.48% | 1.71% | 1.24% | 1.96% | 1.56% | 1.97% | 2.42% | 2.38% | 1.48% | 0.97% | 0.84% |
JAPN Horizon Kinetics Japan Owner Operator ETF | 0.28% | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JAPN and CJP.NEO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CJP.NEO is cheaper at 0.71% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CJP.NEO is cheaper with a 0.71% expense ratio, compared with 0.85% for JAPN.
They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for JAPN and 0.71% for CJP.NEO.
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