JPNL.L vs. ^GSPC

Last updated Jun 5, 2026

JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) is Japan Equities fund tracking the TOPIX TR JPY, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, JPNL.L returned 9.84%/yr vs 14.50%/yr for ^GSPC. At a 0.38 correlation, their price movements are largely independent.

Performance

JPNL.L vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JPNL.L is traded in GBp, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, JPNL.L achieves a 14.78% return, which is significantly higher than ^GSPC's 11.24% return. Over the past 10 years, JPNL.L has underperformed ^GSPC with an annualized return of 9.84%, while ^GSPC has yielded a comparatively higher 14.50% annualized return.

JPNL.L

• 1D: -0.07%
• 1M: 5.50%
• YTD: 14.78%
• 6M: 14.36%
• 1Y: 31.62%
• 3Y*: 14.93%
• 5Y*: 9.61%
• 10Y*: 9.84%

^GSPC

• 1D: 0.41%
• 1M: 5.44%
• YTD: 11.24%
• 6M: 9.84%
• 1Y: 28.25%
• 3Y*: 18.03%
• 5Y*: 13.60%
• 10Y*: 14.50%

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

JPNL.L vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	14.78%	17.96%	7.74%	12.66%	-5.98%	1.37%	8.23%	15.36%	-9.97%	14.63%
^GSPC S&P 500 Index	11.24%	8.10%	25.46%	18.02%	-9.86%	28.09%	12.84%	23.98%	-0.68%	9.09%

Correlation

The correlation between JPNL.L and ^GSPC is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 19, 2012	0.38

The correlation between JPNL.L and ^GSPC shifts across timeframes, from 0.23 (5 years) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JPNL.L vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JPNL.L

JPNL.L Risk / Return Rank: 60
JPNL.L Sharpe Ratio Rank: 58
JPNL.L Sortino Ratio Rank: 58
JPNL.L Omega Ratio Rank: 61
JPNL.L Calmar Ratio Rank: 67
JPNL.L Martin Ratio Rank: 57

^GSPC

^GSPC Risk / Return Rank: 80
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 79
^GSPC Omega Ratio Rank: 79
^GSPC Calmar Ratio Rank: 76
^GSPC Martin Ratio Rank: 86

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.

JPNL.L vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) and S&P 500 Index (^GSPC). 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.

	JPNL.L	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.46	-0.54
Sortino ratio: Return per unit of downside risk	2.69	3.20	-0.51
Omega ratio: Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	3.26	3.53	-0.28
Martin ratio: Return relative to average drawdown	9.96	13.19	-3.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPNL.L vs. ^GSPC - Sharpe Ratio Comparison

The current JPNL.L Sharpe Ratio is 1.93, which is comparable to the ^GSPC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of JPNL.L and ^GSPC, 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

	JPNL.L	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.46	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.86	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.80	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.58	+0.15

Drawdowns

JPNL.L vs. ^GSPC - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -25.42%, smaller than the maximum ^GSPC drawdown of -37.07%. Use the drawdown chart below to compare losses from any high point for JPNL.L and ^GSPC.

Drawdown Indicators

	JPNL.L	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-37.07%	+11.65%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-8.03%	-2.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.44%	-22.15%	+8.71%
Max Drawdown (5Y) Largest decline over 5 years	-18.53%	-22.15%	+3.62%
Max Drawdown (10Y) Largest decline over 10 years	-25.42%	-26.01%	+0.59%
Current Drawdown Current decline from peak	-0.35%	0.00%	-0.35%
Average Drawdown Average peak-to-trough decline	-5.36%	-5.32%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	2.15%	+1.22%

Volatility

JPNL.L vs. ^GSPC - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) has a higher volatility of 3.61% compared to S&P 500 Index (^GSPC) at 2.60%. This indicates that JPNL.L's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPNL.L	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	2.60%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	8.20%	+6.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	11.52%	+6.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	15.85%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	18.15%	-0.31%

Frequently Asked Questions

Can I hold both JPNL.L and ^GSPC in my portfolio?

JPNL.L and ^GSPC have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.