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

JPJP.L vs. IJPA.L

Last updated Jun 5, 2026

JPJP.L (SPDR MSCI Japan UCITS ETF) and IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) are both Japan Equities funds - JPJP.L tracks the TOPIX TR JPY while IJPA.L tracks the MSCI Japan Investable Market Index (IMI). Both are passively managed. Over the past 10 years, JPJP.L returned 10.23%/yr vs 10.12%/yr for IJPA.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.

Performance

JPJP.L vs. IJPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Japan UCITS ETF (JPJP.L) and iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.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 IJPA.L is traded in USD. To make them comparable, the IJPA.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with JPJP.L having a 16.36% return and IJPA.L slightly lower at 16.15%. Both investments have delivered pretty close results over the past 10 years, with JPJP.L having a 10.23% annualized return and IJPA.L not far behind at 10.12%.

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%

IJPA.L

1D
-0.05%
1M
6.14%
YTD
16.15%
6M
15.80%
1Y
33.76%
3Y*
15.71%
5Y*
10.04%
10Y*
10.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPJP.L vs. IJPA.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%
IJPA.L
iShares Core MSCI Japan IMI UCITS ETF USD Acc		16.15%18.21%8.48%13.38%-6.19%1.11%11.60%13.95%-9.06%14.95%

Correlation

The correlation between JPJP.L and IJPA.L is 0.94, 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

0.94

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

0.95

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

0.93

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

0.92

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

0.92

The correlation between JPJP.L and IJPA.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

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

Sectors
JPJP.L
IJPA.L

Industrials

26.0%
25.2%

Technology

19.1%
19.8%

Financial Services

17.5%
15.7%

Consumer Cyclical

12.1%
12.2%

Communication Services

7.9%
5.7%

Healthcare

6.3%
5.8%

Consumer Defensive

3.6%
4.0%

Basic Materials

3.0%
5.1%

Real Estate

2.3%
3.0%

Utilities

1.1%
1.2%

Energy

1.1%
0.9%

Industrials

JPJP.L
26.0%
IJPA.L
25.2%

Technology

JPJP.L
19.1%
IJPA.L
19.8%

Financial Services

JPJP.L
17.5%
IJPA.L
15.7%

Consumer Cyclical

JPJP.L
12.1%
IJPA.L
12.2%

Communication Services

JPJP.L
7.9%
IJPA.L
5.7%

Healthcare

JPJP.L
6.3%
IJPA.L
5.8%

Consumer Defensive

JPJP.L
3.6%
IJPA.L
4.0%

Basic Materials

JPJP.L
3.0%
IJPA.L
5.1%

Real Estate

JPJP.L
2.3%
IJPA.L
3.0%

Utilities

JPJP.L
1.1%
IJPA.L
1.2%

Energy

JPJP.L
1.1%
IJPA.L
0.9%

Compare stocks, funds, or ETFs

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SPDR MSCI Japan UCITS ETF

iShares Core MSCI Japan IMI UCITS ETF USD Acc

Often compared with JPJP.L:
JPJP.L vs. LCJP.LJPJP.L vs. XDJP.LJPJP.L vs. ISJP.LJPJP.L vs. DXJG.LJPJP.L vs. IGUS.LJPJP.L vs. XMJP.LJPJP.L vs. IUSA.L
Often compared with IJPA.L:
IJPA.L vs. IJPE.LIJPA.L vs. VJPN.LIJPA.L vs. IJPD.LIJPA.L vs. GLDIJPA.L vs. IAUIJPA.L vs. VJPB.LIJPA.L vs. FBT.L

Return for Risk

JPJP.L vs. IJPA.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
IJPA.L
IJPA.L Risk / Return Rank: 5151
Overall Rank
IJPA.L Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IJPA.L Sortino Ratio Rank: 5151
Sortino Ratio Rank
IJPA.L Omega Ratio Rank: 5151
Omega Ratio Rank
IJPA.L Calmar Ratio Rank: 5555
Calmar Ratio Rank
IJPA.L Martin Ratio Rank: 5252
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. IJPA.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 Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.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.LIJPA.LDifference
Sharpe ratioReturn per unit of total volatility
1.86
1.81

+0.05

Sortino ratioReturn per unit of downside risk
2.66
2.62

+0.03

Omega ratioGain probability vs. loss probability

1.35

1.34

+0.01

Calmar ratioReturn relative to maximum drawdown

3.17

3.16

+0.01

Martin ratioReturn relative to average drawdown

10.20

10.36

-0.16

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. IJPA.L - Sharpe Ratio Comparison

The current JPJP.L Sharpe Ratio is 1.86, which is comparable to the IJPA.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of JPJP.L and IJPA.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.LIJPA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.86

1.81

+0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.62

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.61

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.54

+0.05

Drawdowns

JPJP.L vs. IJPA.L - Drawdown Comparison

The maximum JPJP.L drawdown since its inception was -24.23%, roughly equal to the maximum IJPA.L drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for JPJP.L and IJPA.L.

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Drawdown Indicators

JPJP.LIJPA.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.23%

-25.10%

+0.87%

Max Drawdown (1Y)

Largest decline over 1 year

-10.70%

-10.63%

-0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-14.21%

-13.21%

-1.00%

Max Drawdown (5Y)

Largest decline over 5 years

-18.57%

-18.93%

+0.36%

Max Drawdown (10Y)

Largest decline over 10 years

-24.23%

-25.10%

+0.87%

Current Drawdown

Current decline from peak

-0.43%

-0.05%

-0.38%

Average Drawdown

Average peak-to-trough decline

-5.05%

-6.35%

+1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.34%

3.25%

+0.09%

Volatility

JPJP.L vs. IJPA.L - Volatility Comparison

SPDR MSCI Japan UCITS ETF (JPJP.L) and iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) have volatilities of 4.15% and 4.11%, 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.LIJPA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.15%

4.11%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

14.73%

15.54%

-0.81%

Volatility (1Y)

Calculated over the trailing 1-year period

18.27%

18.61%

-0.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.82%

16.16%

-0.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.94%

16.58%

-0.64%

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

Both JPJP.L and IJPA.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. IJPA.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

With a correlation of 0.94, JPJP.L and IJPA.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 IJPA.L have the same expense ratio: 0.12% per year.

JPJP.L tracks TOPIX TR JPY, while IJPA.L tracks MSCI Japan Investable Market Index (IMI). They also come from different issuers: State Street and iShares.

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