JAPN vs. MJSC

Last updated Aug 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and MJSC (MUFG Japan Small Cap Active ETF) are both Japan Equities funds. Both are actively managed. Their 0.58 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.85% expense ratio.

Performance

JAPN vs. MJSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) and MUFG Japan Small Cap Active ETF (MJSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAPN achieves a -2.20% return, which is significantly lower than MJSC's 21.50% return.

JAPN

• 1D: 0.18%
• 1M: 8.13%
• 6M: 3.31%
• YTD: -2.20%
• 1Y: -8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.67%

MJSC

• 1D: 1.09%
• 1M: -2.57%
• 6M: 14.82%
• YTD: 21.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.11K	$161.04K	$133.74K
MJSC MUFG Japan Small Cap Active ETF	$113.28K	$115.15K	$168.79K

JAPN vs. MJSC - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.20%	-9.68%
MJSC MUFG Japan Small Cap Active ETF	21.50%	-0.05%

Correlation

The correlation between JAPN and MJSC is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.58

Return for Risk

JAPN vs. MJSC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JAPN

JAPN Risk / Return Rank: 6
JAPN Sharpe Ratio Rank: 5
JAPN Sortino Ratio Rank: 5
JAPN Omega Ratio Rank: 5
JAPN Calmar Ratio Rank: 6
JAPN Martin Ratio Rank: 7

MJSC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JAPN vs. MJSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and MUFG Japan Small Cap Active ETF (MJSC). 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.

	JAPN	MJSC	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	—	—
Sortino ratio: Return per unit of downside risk	-0.50	—	—
Omega ratio: Gain probability vs. loss probability	0.94	—	—
Calmar ratio: Return relative to maximum drawdown	-0.37	—	—
Martin ratio: Return relative to average drawdown	-0.59	—	—

Drawdowns

JAPN vs. MJSC - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, which is greater than MJSC's maximum drawdown of -12.63%. Use the drawdown chart below to compare losses from any high point for JAPN and MJSC.

Drawdown Indicators

	JAPN	MJSC	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-12.63%	-11.31%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	—	—
Current Drawdown Current decline from peak	-13.01%	-4.28%	-8.73%
Average Drawdown Average peak-to-trough decline	-10.71%	-3.03%	-7.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.73%	—	—

Volatility

Volatility by Period

	JAPN	MJSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	21.16%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	21.16%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	21.16%	-1.35%

JAPN vs. MJSC - Expense Ratio Comparison

Both JAPN and MJSC have an expense ratio of 0.85%.

Dividends

JAPN vs. MJSC - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.25%, less than MJSC's 0.54% yield.

Position	TTM	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%
MJSC MUFG Japan Small Cap Active ETF	0.54%	0.66%

Frequently Asked Questions

Can I hold both JAPN and MJSC in my portfolio?

JAPN and MJSC have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JAPN or MJSC?

Both ETFs have the same 0.85% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JAPN or MJSC?

JAPN and MJSC have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, JAPN or MJSC?

MJSC has the higher dividend yield at 0.54%, compared with 0.25% for JAPN.

What is the main difference between JAPN and MJSC?

They also come from different issuers: Horizon and MUFG.