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JPJP.L vs. ACWD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JPJP.L vs. ACWD.L

Last updated Jun 5, 2026

JPJP.L (SPDR MSCI Japan UCITS ETF) and ACWD.L (SPDR MSCI All Country World UCITS ETF) are both exchange-traded funds - JPJP.L is a Japan Equities fund tracking the TOPIX TR JPY, while ACWD.L is a Global Equities fund tracking the MSCI ACWI Index. Both are passively managed. Over the past 10 years, JPJP.L returned 10.23%/yr vs 13.49%/yr for ACWD.L. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.12% expense ratio.

Performance

JPJP.L vs. ACWD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Japan UCITS ETF (JPJP.L) and SPDR MSCI All Country World UCITS ETF (ACWD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

JPJP.L is traded in GBP, while ACWD.L is traded in USD. To make them comparable, the ACWD.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, JPJP.L achieves a 16.36% return, which is significantly higher than ACWD.L's 11.99% return. Over the past 10 years, JPJP.L has underperformed ACWD.L with an annualized return of 10.23%, while ACWD.L has yielded a comparatively higher 13.49% annualized return.

JPJP.L

1D
-0.43%
1M
6.24%
YTD
16.36%
6M
15.47%
1Y
34.12%
3Y*
15.59%
5Y*
10.18%
10Y*
10.23%

ACWD.L

1D
-0.03%
1M
5.27%
YTD
11.99%
6M
12.23%
1Y
30.23%
3Y*
18.19%
5Y*
12.52%
10Y*
13.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPJP.L vs. ACWD.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPJP.L
SPDR MSCI Japan UCITS ETF		16.36%17.50%9.02%13.95%-7.16%2.15%12.42%13.92%-8.48%13.12%
ACWD.L
SPDR MSCI All Country World UCITS ETF		11.99%14.08%19.81%16.16%-8.66%19.89%12.50%21.02%-4.51%13.36%

Correlation

The correlation between JPJP.L and ACWD.L is 0.58, 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

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.55

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (10Y)
Calculated over the trailing 10-year period

0.65

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2015

0.66

The correlation between JPJP.L and ACWD.L shifts across timeframes, from 0.55 (3 years) to 0.66 (all time), reflecting how their relationship changes across market environments.

JPJP.L vs. ACWD.L - Sectors Allocation Comparison

Sectors
JPJP.L
ACWD.L

Industrials

26.0%
10.9%

Technology

19.1%
29.2%

Financial Services

17.5%
16.5%

Consumer Cyclical

12.1%
9.3%

Communication Services

7.9%
9.0%

Healthcare

6.3%
8.0%

Consumer Defensive

3.6%
4.9%

Basic Materials

3.0%
3.6%

Real Estate

2.3%
1.7%

Utilities

1.1%
2.7%

Energy

1.1%
4.3%

Industrials

JPJP.L
26.0%
ACWD.L
10.9%

Technology

JPJP.L
19.1%
ACWD.L
29.2%

Financial Services

JPJP.L
17.5%
ACWD.L
16.5%

Consumer Cyclical

JPJP.L
12.1%
ACWD.L
9.3%

Communication Services

JPJP.L
7.9%
ACWD.L
9.0%

Healthcare

JPJP.L
6.3%
ACWD.L
8.0%

Consumer Defensive

JPJP.L
3.6%
ACWD.L
4.9%

Basic Materials

JPJP.L
3.0%
ACWD.L
3.6%

Real Estate

JPJP.L
2.3%
ACWD.L
1.7%

Utilities

JPJP.L
1.1%
ACWD.L
2.7%

Energy

JPJP.L
1.1%
ACWD.L
4.3%

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SPDR MSCI Japan UCITS ETF

SPDR MSCI All Country World UCITS ETF

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Often compared with ACWD.L:
ACWD.L vs. VWRA.LACWD.L vs. ACWIACWD.L vs. SWRD.LACWD.L vs. IWDA.LACWD.L vs. FWRA.LACWD.L vs. WEBN.DEACWD.L vs. IWQU.L

Return for Risk

JPJP.L vs. ACWD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JPJP.L
JPJP.L Risk / Return Rank: 5959
Overall Rank
JPJP.L Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
JPJP.L Sortino Ratio Rank: 5757
Sortino Ratio Rank
JPJP.L Omega Ratio Rank: 5959
Omega Ratio Rank
JPJP.L Calmar Ratio Rank: 6565
Calmar Ratio Rank
JPJP.L Martin Ratio Rank: 5858
Martin Ratio Rank
ACWD.L
ACWD.L Risk / Return Rank: 7373
Overall Rank
ACWD.L Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ACWD.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
ACWD.L Omega Ratio Rank: 7272
Omega Ratio Rank
ACWD.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
ACWD.L Martin Ratio Rank: 7474
Martin Ratio Rank
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.

JPJP.L vs. ACWD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Japan UCITS ETF (JPJP.L) and SPDR MSCI All Country World UCITS ETF (ACWD.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.

JPJP.LACWD.LDifference
Sharpe ratioReturn per unit of total volatility
1.86
2.50

-0.64

Sortino ratioReturn per unit of downside risk
2.66
3.47

-0.81

Omega ratioGain probability vs. loss probability

1.35

1.47

-0.12

Calmar ratioReturn relative to maximum drawdown

3.17

4.38

-1.21

Martin ratioReturn relative to average drawdown

10.20

16.69

-6.48

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPJP.L vs. ACWD.L - Sharpe Ratio Comparison

The current JPJP.L Sharpe Ratio is 1.86, which is comparable to the ACWD.L Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of JPJP.L and ACWD.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.

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Sharpe Ratios by Period

JPJP.LACWD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.86

2.50

-0.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.88

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.87

-0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.84

-0.25

Drawdowns

JPJP.L vs. ACWD.L - Drawdown Comparison

The maximum JPJP.L drawdown since its inception was -24.23%, smaller than the maximum ACWD.L drawdown of -25.57%. Use the drawdown chart below to compare losses from any high point for JPJP.L and ACWD.L.

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Drawdown Indicators

JPJP.LACWD.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.23%

-25.57%

+1.34%

Max Drawdown (1Y)

Largest decline over 1 year

-10.70%

-6.87%

-3.83%

Max Drawdown (3Y)

Largest decline over 3 years

-14.21%

-18.26%

+4.05%

Max Drawdown (5Y)

Largest decline over 5 years

-18.57%

-18.26%

-0.31%

Max Drawdown (10Y)

Largest decline over 10 years

-24.23%

-25.57%

+1.34%

Current Drawdown

Current decline from peak

-0.43%

-0.33%

-0.10%

Average Drawdown

Average peak-to-trough decline

-5.05%

-3.56%

-1.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

1.81%

+1.53%

Volatility

JPJP.L vs. ACWD.L - Volatility Comparison

SPDR MSCI Japan UCITS ETF (JPJP.L) has a higher volatility of 4.15% compared to SPDR MSCI All Country World UCITS ETF (ACWD.L) at 3.71%. This indicates that JPJP.L's price experiences larger fluctuations and is considered to be riskier than ACWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JPJP.LACWD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.15%

3.71%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

14.73%

9.35%

+5.38%

Volatility (1Y)

Calculated over the trailing 1-year period

18.27%

12.02%

+6.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.82%

14.27%

+1.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.94%

15.40%

+0.54%

JPJP.L vs. ACWD.L - Expense Ratio Comparison

Both JPJP.L and ACWD.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

JPJP.L vs. ACWD.L - Dividend Comparison

Neither JPJP.L nor ACWD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

JPJP.L and ACWD.L 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.

Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

JPJP.L and ACWD.L have the same expense ratio: 0.12% per year.

JPJP.L is categorized as Japan Equities, while ACWD.L is Global Equities. JPJP.L tracks TOPIX TR JPY, while ACWD.L tracks MSCI ACWI Index.

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