JPJP.L vs. HPJS.L

Last updated Jun 5, 2026

JPJP.L (SPDR MSCI Japan UCITS ETF) and HPJS.L (HSBC MSCI Japan Climate Paris Aligned UCITS ETF) are both Japan Equities funds tracking the TOPIX TR JPY, from State Street and HSBC respectively. Both are passively managed. Over the past 3 years, JPJP.L returned 15.59%/yr vs 7.09%/yr for HPJS.L. Their correlation of 0.92 suggests significant overlap in exposure. JPJP.L charges 0.12%/yr vs 0.18%/yr for HPJS.L.

Performance

JPJP.L vs. HPJS.L - Performance Comparison

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

Returns By Period

In the year-to-date period, JPJP.L achieves a 16.36% return, which is significantly higher than HPJS.L's 8.46% 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%

HPJS.L

• 1D: -1.17%
• 1M: 3.06%
• YTD: 8.46%
• 6M: 6.41%
• 1Y: 25.00%
• 3Y*: 7.09%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
JPJP.L SPDR MSCI Japan UCITS ETF	16.36%	17.50%	9.02%	13.95%	-7.16%	-3.02%
HPJS.L HSBC MSCI Japan Climate Paris Aligned UCITS ETF	8.46%	14.99%	-1.51%	9.90%	-15.00%	-3.14%

Correlation

The correlation between JPJP.L and HPJS.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 12, 2021	0.92

The correlation between JPJP.L and HPJS.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

JPJP.L vs. HPJS.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: 59
JPJP.L Sharpe Ratio Rank: 56
JPJP.L Sortino Ratio Rank: 57
JPJP.L Omega Ratio Rank: 59
JPJP.L Calmar Ratio Rank: 65
JPJP.L Martin Ratio Rank: 58

HPJS.L

HPJS.L Risk / Return Rank: 41
HPJS.L Sharpe Ratio Rank: 39
HPJS.L Sortino Ratio Rank: 42
HPJS.L Omega Ratio Rank: 40
HPJS.L Calmar Ratio Rank: 42
HPJS.L Martin Ratio Rank: 43

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. HPJS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Japan UCITS ETF (JPJP.L) and HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.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.L	HPJS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.35	+0.51
Sortino ratio: Return per unit of downside risk	2.66	2.09	+0.57
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	3.17	2.04	+1.14
Martin ratio: Return relative to average drawdown	10.20	6.70	+3.50
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. HPJS.L - Sharpe Ratio Comparison

The current JPJP.L Sharpe Ratio is 1.86, which is higher than the HPJS.L Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of JPJP.L and HPJS.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.

Sharpe Ratios by Period

	JPJP.L	HPJS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.35	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.15	+0.44

Drawdowns

JPJP.L vs. HPJS.L - Drawdown Comparison

The maximum JPJP.L drawdown since its inception was -24.23%, roughly equal to the maximum HPJS.L drawdown of -24.65%. Use the drawdown chart below to compare losses from any high point for JPJP.L and HPJS.L.

Drawdown Indicators

	JPJP.L	HPJS.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.23%	-24.65%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-12.22%	+1.52%
Max Drawdown (3Y) Largest decline over 3 years	-14.21%	-17.24%	+3.03%
Max Drawdown (5Y) Largest decline over 5 years	-18.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.23%	—	—
Current Drawdown Current decline from peak	-0.43%	-1.70%	+1.27%
Average Drawdown Average peak-to-trough decline	-5.05%	-11.45%	+6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.72%	-0.38%

Volatility

JPJP.L vs. HPJS.L - Volatility Comparison

The current volatility for SPDR MSCI Japan UCITS ETF (JPJP.L) is 4.15%, while HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.L) has a volatility of 4.72%. This indicates that JPJP.L experiences smaller price fluctuations and is considered to be less risky than HPJS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPJP.L	HPJS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	4.72%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	14.73%	14.68%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.27%	18.43%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	15.94%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	15.94%	0.00%

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

JPJP.L has a 0.12% expense ratio, which is lower than HPJS.L's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JPJP.L vs. HPJS.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JPJP.L and HPJS.L in my portfolio?

With a correlation of 0.90, JPJP.L and HPJS.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.

Which ETF is better, JPJP.L or HPJS.L?

On fees, JPJP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPJP.L or HPJS.L?

JPJP.L is cheaper with a 0.12% expense ratio, compared with 0.18% for HPJS.L.

What is the main difference between JPJP.L and HPJS.L?

Both ETFs track TOPIX TR JPY. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.12% for JPJP.L and 0.18% for HPJS.L.