JPNL.L vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) and S&P 500 Index (^GSPC).

JPNL.L is a passively managed fund by Amundi that tracks the performance of the TOPIX TR JPY. It was launched on Sep 19, 2018.

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.

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	9.03%	17.96%	7.74%	12.66%	-5.98%	1.37%	8.23%	15.36%	-9.97%	14.63%
^GSPC S&P 500 Index	-2.36%	8.10%	25.46%	18.02%	-9.86%	28.09%	12.84%	23.98%	-0.68%	9.09%

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 9.03% return, which is significantly higher than ^GSPC's -2.36% return. Over the past 10 years, JPNL.L has underperformed ^GSPC with an annualized return of 9.58%, while ^GSPC has yielded a comparatively higher 13.04% annualized return.

JPNL.L

• 1D: 4.35%
• 1M: -2.85%
• YTD: 9.03%
• 6M: 13.38%
• 1Y: 29.27%
• 3Y*: 14.47%
• 5Y*: 8.10%
• 10Y*: 9.58%

^GSPC

• 1D: 0.49%
• 1M: -3.37%
• YTD: -2.36%
• 6M: -0.37%
• 1Y: 13.80%
• 3Y*: 14.19%
• 5Y*: 11.28%
• 10Y*: 13.04%

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

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: 76
JPNL.L Sharpe Ratio Rank: 83
JPNL.L Sortino Ratio Rank: 83
JPNL.L Omega Ratio Rank: 81
JPNL.L Calmar Ratio Rank: 69
JPNL.L Martin Ratio Rank: 63

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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	1.69	0.74	+0.96
Sortino ratio Return per unit of downside risk	2.31	1.15	+1.16
Omega ratio Gain probability vs. loss probability	1.33	1.18	+0.15
Calmar ratio Return relative to maximum drawdown	1.95	1.22	+0.73
Martin ratio Return relative to average drawdown	6.92	4.79	+2.14
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 1.69, which is higher than the ^GSPC Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of JPNL.L and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JPNL.L	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	0.74	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.71	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.72	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.55	+0.16

Correlation

The correlation between JPNL.L and ^GSPC is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 -37.67%. 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%	-56.78%	+31.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-12.14%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	-18.53%	-25.43%	+6.90%
Max Drawdown (10Y) Largest decline over 10 years	-25.42%	-33.92%	+8.50%
Current Drawdown Current decline from peak	-5.34%	-5.78%	+0.44%
Average Drawdown Average peak-to-trough decline	-5.39%	-10.75%	+5.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	2.60%	+0.98%

Volatility

JPNL.L vs. ^GSPC - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) has a higher volatility of 8.39% compared to S&P 500 Index (^GSPC) at 4.58%. 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	8.39%	4.58%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	14.10%	9.50%	+4.60%
Volatility (1Y) Calculated over the trailing 1-year period	19.08%	18.75%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	15.90%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	18.17%	-0.28%