JPAN vs. CJP.NEO

Last updated Jun 4, 2026

JPAN (Matthews Japan Active ETF) and CJP.NEO (iShares Japan Fundamental Index ETF (CAD-Hedged)) are both Japan Equities funds. JPAN is actively managed, while CJP.NEO is passively managed. Over the past year, JPAN returned 30.43% vs 49.27% for CJP.NEO. A 0.74 correlation means they provide meaningful diversification when combined. JPAN charges 0.79%/yr vs 0.71%/yr for CJP.NEO.

Performance

JPAN vs. CJP.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Japan Active ETF (JPAN) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JPAN 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

The year-to-date returns for both investments are quite close, with JPAN having a 17.64% return and CJP.NEO slightly higher at 17.82%.

JPAN

• 1D: 0.52%
• 1M: 7.08%
• YTD: 17.64%
• 6M: 19.06%
• 1Y: 30.43%
• 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%

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

JPAN vs. CJP.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPAN Matthews Japan Active ETF	17.64%	22.96%	18.16%	5.77%
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged)	17.82%	36.93%	16.73%	0.16%

Correlation

The correlation between JPAN and CJP.NEO is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.74

The correlation between JPAN and CJP.NEO has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

Return for Risk

JPAN vs. CJP.NEO — Risk / Return Rank

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

JPAN

JPAN Risk / Return Rank: 45
JPAN Sharpe Ratio Rank: 45
JPAN Sortino Ratio Rank: 47
JPAN Omega Ratio Rank: 46
JPAN Calmar Ratio Rank: 42
JPAN Martin Ratio Rank: 45

CJP.NEO

CJP.NEO Risk / Return Rank: 86
CJP.NEO Sharpe Ratio Rank: 87
CJP.NEO Sortino Ratio Rank: 85
CJP.NEO Omega Ratio Rank: 86
CJP.NEO Calmar Ratio Rank: 85
CJP.NEO Martin Ratio Rank: 85

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.

JPAN vs. CJP.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Japan Active ETF (JPAN) 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.

	JPAN	CJP.NEO	Difference
Sharpe ratio Return per unit of total volatility	1.56	2.67	-1.11
Sortino ratio Return per unit of downside risk	2.30	3.62	-1.32
Omega ratio Gain probability vs. loss probability	1.29	1.48	-0.19
Calmar ratio Return relative to maximum drawdown	2.09	4.13	-2.03
Martin ratio Return relative to average drawdown	7.47	15.66	-8.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPAN vs. CJP.NEO - Sharpe Ratio Comparison

The current JPAN Sharpe Ratio is 1.56, which is lower than the CJP.NEO Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of JPAN and CJP.NEO, 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

	JPAN	CJP.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	2.67	-1.11
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	1.29	0.37	+0.92

Drawdowns

JPAN vs. CJP.NEO - Drawdown Comparison

The maximum JPAN drawdown since its inception was -15.24%, smaller than the maximum CJP.NEO drawdown of -45.01%. Use the drawdown chart below to compare losses from any high point for JPAN and CJP.NEO.

Drawdown Indicators

	JPAN	CJP.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-45.01%	+29.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-12.00%	-2.59%
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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.09%	-13.36%	+10.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	3.16%	+0.92%

Volatility

JPAN vs. CJP.NEO - Volatility Comparison

Matthews Japan Active ETF (JPAN) has a higher volatility of 4.59% compared to iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) at 3.29%. This indicates that JPAN'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.

Volatility by Period

	JPAN	CJP.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	3.29%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	15.68%	13.49%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	19.63%	18.53%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	20.70%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	22.36%	-3.10%

JPAN vs. CJP.NEO - Expense Ratio Comparison

JPAN has a 0.79% expense ratio, which is higher than CJP.NEO's 0.71% expense ratio.

Dividends

JPAN vs. CJP.NEO - Dividend Comparison

JPAN's dividend yield for the trailing twelve months is around 4.34%, more 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%
JPAN Matthews Japan Active ETF	4.34%	5.10%	1.53%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPAN and CJP.NEO in my portfolio?

JPAN and CJP.NEO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPAN or CJP.NEO?

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.

Which ETF is cheaper, JPAN or CJP.NEO?

CJP.NEO is cheaper with a 0.71% expense ratio, compared with 0.79% for JPAN.

What is the main difference between JPAN and CJP.NEO?

They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for JPAN and 0.71% for CJP.NEO.