JPAN vs. JAPN

Last updated Jun 24, 2026

JPAN (Matthews Japan Active ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both Japan Equities funds. Both are actively managed. Over the past year, JPAN returned 32.46% vs -19.28% for JAPN. A 0.64 correlation means they provide meaningful diversification when combined. JPAN charges 0.79%/yr vs 0.85%/yr for JAPN.

Performance

JPAN vs. JAPN - Performance Comparison

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

Returns By Period

In the year-to-date period, JPAN achieves a 17.24% return, which is significantly higher than JAPN's -14.01% return.

JPAN

• 1D: -3.95%
• 1M: 1.40%
• YTD: 17.24%
• 6M: 16.10%
• 1Y: 32.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAPN

• 1D: -1.93%
• 1M: -2.75%
• YTD: -14.01%
• 6M: -14.07%
• 1Y: -19.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPAN vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
JPAN Matthews Japan Active ETF	17.24%	14.24%
JAPN Horizon Kinetics Japan Owner Operator ETF	-14.01%	3.10%

Correlation

The correlation between JPAN and JAPN is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since May 13, 2025	0.64

The correlation between JPAN and JAPN has been stable across timeframes, ranging from 0.64 to 0.64 - a consistent structural relationship.

Return for Risk

JPAN vs. JAPN — Risk / Return Rank

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

JPAN

JPAN Risk / Return Rank: 49
JPAN Sharpe Ratio Rank: 50
JPAN Sortino Ratio Rank: 49
JPAN Omega Ratio Rank: 50
JPAN Calmar Ratio Rank: 49
JPAN Martin Ratio Rank: 50

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 1
JAPN Sortino Ratio Rank: 2
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 2
JAPN Martin Ratio Rank: 1

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. JAPN - Risk-Adjusted Trends Comparison

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

	JPAN	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	1.58	-0.99	+2.58
Sortino ratio: Return per unit of downside risk	2.26	-1.36	+3.61
Omega ratio: Gain probability vs. loss probability	1.29	0.84	+0.45
Calmar ratio: Return relative to maximum drawdown	2.23	-0.81	+3.04
Martin ratio: Return relative to average drawdown	7.90	-1.43	+9.33

JPAN vs. JAPN - Sharpe Ratio Comparison

The current JPAN Sharpe Ratio is 1.58, which is higher than the JAPN Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of JPAN and JAPN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JPAN vs. JAPN - Drawdown Comparison

The maximum JPAN drawdown since its inception was -15.24%, smaller than the maximum JAPN drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for JPAN and JAPN.

Drawdown Indicators

	JPAN	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-23.94%	+8.70%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-23.94%	+9.35%
Current Drawdown Current decline from peak	-3.95%	-23.51%	+19.56%
Average Drawdown Average peak-to-trough decline	-3.09%	-10.03%	+6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	13.52%	-9.40%

Volatility

JPAN vs. JAPN - Volatility Comparison

Matthews Japan Active ETF (JPAN) has a higher volatility of 7.60% compared to Horizon Kinetics Japan Owner Operator ETF (JAPN) at 6.67%. This indicates that JPAN's price experiences larger fluctuations and is considered to be riskier than JAPN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPAN	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	6.67%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	17.06%	16.17%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	20.60%	19.48%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	19.56%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.53%	19.56%	-0.03%

JPAN vs. JAPN - Expense Ratio Comparison

JPAN has a 0.79% expense ratio, which is lower than JAPN's 0.85% expense ratio.

Dividends

JPAN vs. JAPN - Dividend Comparison

JPAN's dividend yield for the trailing twelve months is around 4.35%, more than JAPN's 0.28% yield.

Position	TTM	2025	2024	2023
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%	0.00%	0.00%
JPAN Matthews Japan Active ETF	4.35%	5.10%	1.53%	0.51%

Frequently Asked Questions

Can I hold both JPAN and JAPN in my portfolio?

JPAN and JAPN have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPAN or JAPN?

JPAN has higher volatility (7.60%) compared to JAPN (6.67%). In terms of maximum drawdown, JPAN dropped -15.24% vs JAPN's -23.94%.

Which ETF is better, JPAN or JAPN?

On 1-year performance, JPAN leads with 32.46% vs -19.28% for JAPN. On fees, JPAN is cheaper at 0.79% per year. On volatility, JAPN has been the lower-risk option at 6.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPAN or JAPN?

Over the 1-year period, JPAN has performed better with a 32.46% return vs -19.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPAN or JAPN?

JPAN is cheaper with a 0.79% expense ratio, compared with 0.85% for JAPN.

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

JPAN has the higher dividend yield at 4.35%, compared with 0.28% for JAPN.

What is the main difference between JPAN and JAPN?

They also come from different issuers: Matthews and Horizon. Their fees differ too: 0.79% for JPAN and 0.85% for JAPN.

Which has better risk-adjusted returns?

JPAN currently has the higher Sharpe Ratio (1.58 vs -0.99), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.