JPJP.L vs. IJPH.L

Last updated Jun 5, 2026

JPJP.L (SPDR MSCI Japan UCITS ETF) and IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) are both Japan Equities funds - JPJP.L tracks the TOPIX TR JPY while IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index. Both are passively managed. Over the past 10 years, JPJP.L returned 10.23%/yr vs 14.77%/yr for IJPH.L. A 0.76 correlation means they provide meaningful diversification when combined. JPJP.L charges 0.12%/yr vs 0.64%/yr for IJPH.L.

Performance

JPJP.L vs. IJPH.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 MSCI Japan GBP Hedged UCITS ETF (IJPH.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 lower than IJPH.L's 19.91% return. Over the past 10 years, JPJP.L has underperformed IJPH.L with an annualized return of 10.23%, while IJPH.L has yielded a comparatively higher 14.77% 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%

IJPH.L

• 1D: -0.37%
• 1M: 6.95%
• YTD: 19.91%
• 6M: 21.68%
• 1Y: 52.45%
• 3Y*: 28.46%
• 5Y*: 20.45%
• 10Y*: 14.77%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IJPH.L iShares MSCI Japan GBP Hedged UCITS ETF	19.91%	29.38%	23.82%	34.19%	-4.30%	11.94%	9.27%	15.95%	-15.90%	19.46%

Correlation

The correlation between JPJP.L and IJPH.L is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015	0.76

The correlation between JPJP.L and IJPH.L shifts across timeframes, from 0.76 (10 years) to 0.86 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	JPJP.L	IJPH.L
Industrials	26.0%	26.0%
Technology	19.1%	19.1%
Financial Services	17.5%	17.5%
Consumer Cyclical	12.1%	12.2%
Communication Services	7.9%	7.9%
Healthcare	6.3%	6.3%
Consumer Defensive	3.6%	3.6%
Basic Materials	3.0%	3.0%
Real Estate	2.3%	2.3%
Utilities	1.1%	1.1%
Energy	1.1%	1.1%

Return for Risk

JPJP.L vs. IJPH.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

IJPH.L

IJPH.L Risk / Return Rank: 85
IJPH.L Sharpe Ratio Rank: 82
IJPH.L Sortino Ratio Rank: 84
IJPH.L Omega Ratio Rank: 82
IJPH.L Calmar Ratio Rank: 90
IJPH.L Martin Ratio Rank: 88

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. IJPH.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 GBP Hedged UCITS ETF (IJPH.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	IJPH.L	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.62	-0.75
Sortino ratio: Return per unit of downside risk	2.66	3.72	-1.06
Omega ratio: Gain probability vs. loss probability	1.35	1.49	-0.14
Calmar ratio: Return relative to maximum drawdown	3.17	5.41	-2.24
Martin ratio: Return relative to average drawdown	10.20	19.27	-9.06
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. IJPH.L - Sharpe Ratio Comparison

The current JPJP.L Sharpe Ratio is 1.86, which is comparable to the IJPH.L Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of JPJP.L and IJPH.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	IJPH.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.62	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	1.07	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.77	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.73	-0.15

Drawdowns

JPJP.L vs. IJPH.L - Drawdown Comparison

The maximum JPJP.L drawdown since its inception was -24.23%, smaller than the maximum IJPH.L drawdown of -34.55%. Use the drawdown chart below to compare losses from any high point for JPJP.L and IJPH.L.

Drawdown Indicators

	JPJP.L	IJPH.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.23%	-34.55%	+10.32%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-9.64%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.21%	-21.95%	+7.74%
Max Drawdown (5Y) Largest decline over 5 years	-18.57%	-21.95%	+3.38%
Max Drawdown (10Y) Largest decline over 10 years	-24.23%	-34.55%	+10.32%
Current Drawdown Current decline from peak	-0.43%	-0.37%	-0.06%
Average Drawdown Average peak-to-trough decline	-5.05%	-7.42%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	2.71%	+0.63%

Volatility

JPJP.L vs. IJPH.L - Volatility Comparison

SPDR MSCI Japan UCITS ETF (JPJP.L) has a higher volatility of 4.15% compared to iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) at 3.51%. This indicates that JPJP.L's price experiences larger fluctuations and is considered to be riskier than IJPH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPJP.L	IJPH.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	3.51%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	14.73%	15.39%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	18.27%	19.98%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	19.01%	-3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	19.24%	-3.30%

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

JPJP.L has a 0.12% expense ratio, which is lower than IJPH.L's 0.64% expense ratio.

Dividends

JPJP.L vs. IJPH.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

JPJP.L and IJPH.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

JPJP.L is cheaper with a 0.12% expense ratio, compared with 0.64% for IJPH.L.

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

JPJP.L tracks TOPIX TR JPY, while IJPH.L tracks MSCI Japan 100% Hedged to GBP Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for JPJP.L and 0.64% for IJPH.L.