JPJP.L vs. CJPU.L
JPJP.L (SPDR MSCI Japan UCITS ETF) and CJPU.L (iShares MSCI Japan UCITS ETF USD (Acc)) are both Japan Equities funds - JPJP.L tracks the TOPIX TR JPY while CJPU.L tracks the MSCI Japan Index (Net). Both are passively managed. Over the past 10 years, JPJP.L returned 8.74%/yr vs 8.56%/yr for CJPU.L. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.
Performance
JPJP.L vs. CJPU.L - Performance Comparison
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Different Trading Currencies
JPJP.L is traded in GBP, while CJPU.L is traded in USD. To make them comparable, the CJPU.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with JPJP.L having a 12.46% return and CJPU.L slightly higher at 12.60%. Both investments have delivered pretty close results over the past 10 years, with JPJP.L having a 8.74% annualized return and CJPU.L not far behind at 8.56%.
JPJP.L
- 1D
- -2.10%
- 1M
- -5.97%
- 6M
- 5.59%
- YTD
- 12.46%
- 1Y
- 30.05%
- 3Y*
- 15.06%
- 5Y*
- 9.35%
- 10Y*
- 8.74%
CJPU.L
- 1D
- -2.34%
- 1M
- -6.86%
- 6M
- 5.58%
- YTD
- 12.60%
- 1Y
- 30.09%
- 3Y*
- 14.94%
- 5Y*
- 9.18%
- 10Y*
- 8.56%
JPJP.L vs. CJPU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPJP.L SPDR MSCI Japan UCITS ETF | 12.46% | 17.50% | 9.03% | 13.95% | -7.16% | 2.15% | 12.42% | 13.92% | -8.48% | 13.12% |
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 12.60% | 17.14% | 9.20% | 14.24% | -7.49% | 1.45% | 12.67% | 13.16% | -8.37% | 13.37% |
Correlation
The correlation between JPJP.L and CJPU.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015 | 0.86 |
The correlation between JPJP.L and CJPU.L has been stable across timeframes, ranging from 0.86 to 0.96 - a consistent structural relationship.
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Return for Risk
JPJP.L vs. CJPU.L — Risk / Return Rank
JPJP.L
CJPU.L
JPJP.L vs. CJPU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Japan UCITS ETF (JPJP.L) and iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.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.
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.
| JPJP.L | CJPU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.84 | -0.05 |
| Martin ratioReturn relative to average drawdown | 8.44 | 8.61 | -0.17 |
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Drawdowns
JPJP.L vs. CJPU.L - Drawdown Comparison
The maximum JPJP.L drawdown since its inception was -99.54%, which is greater than CJPU.L's maximum drawdown of -24.62%. Use the drawdown chart below to compare losses from any high point for JPJP.L and CJPU.L.
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Drawdown Indicators
| JPJP.L | CJPU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -24.62% | -74.92% |
Max Drawdown (1Y)Largest decline over 1 year | -10.71% | -10.54% | -0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -14.21% | -14.29% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -18.57% | -18.51% | -0.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.39% | -24.62% | -74.77% |
Current DrawdownCurrent decline from peak | -98.65% | -8.44% | -90.21% |
Average DrawdownAverage peak-to-trough decline | -99.01% | -6.35% | -92.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.55% | 3.49% | +0.06% |
Volatility
JPJP.L vs. CJPU.L - Volatility Comparison
SPDR MSCI Japan UCITS ETF (JPJP.L) and iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L) have volatilities of 6.65% and 6.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPJP.L | CJPU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.65% | 6.83% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 16.28% | 17.53% | -1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.63% | 20.79% | -1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 17.07% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4,446.36% | 16.77% | +4,429.59% |
JPJP.L vs. CJPU.L - Expense Ratio Comparison
Both JPJP.L and CJPU.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. CJPU.L - Dividend Comparison
Neither JPJP.L nor CJPU.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, JPJP.L and CJPU.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 CJPU.L have the same expense ratio: 0.12% per year.
JPJP.L tracks TOPIX TR JPY, while CJPU.L tracks MSCI Japan Index (Net). They also come from different issuers: State Street and iShares.
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