JPNL.L vs. ^N225

Last updated Apr 2, 2026

Compare and contrast key facts about Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) and Nikkei 225 (^N225).

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. ^N225 - 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 Nikkei 225 (^N225). The values are adjusted to include any dividend payments, if applicable.

JPNL.L vs. ^N225 - 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%
^N225 Nikkei 225	1.41%	17.94%	8.72%	13.25%	-11.23%	-5.05%	17.82%	15.96%	-4.44%	13.06%

Different Trading Currencies

JPNL.L is traded in GBp, while ^N225 is traded in JPY. To make them comparable, the ^N225 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 ^N225's 1.84% return. Both investments have delivered pretty close results over the past 10 years, with JPNL.L having a 9.58% annualized return and ^N225 not far behind at 9.13%.

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%

^N225

• 1D: 0.00%
• 1M: -11.60%
• YTD: 1.84%
• 6M: 8.26%
• 1Y: 32.09%
• 3Y*: 12.38%
• 5Y*: 4.52%
• 10Y*: 9.13%

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

Return for Risk

JPNL.L vs. ^N225 — 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

^N225

^N225 Risk / Return Rank: 92
^N225 Sharpe Ratio Rank: 94
^N225 Sortino Ratio Rank: 97
^N225 Omega Ratio Rank: 94
^N225 Calmar Ratio Rank: 87
^N225 Martin Ratio Rank: 87

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. ^N225 - 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 Nikkei 225 (^N225). 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	^N225	Difference
Sharpe ratio Return per unit of total volatility	1.69	1.26	+0.44
Sortino ratio Return per unit of downside risk	2.31	1.89	+0.41
Omega ratio Gain probability vs. loss probability	1.33	1.25	+0.07
Calmar ratio Return relative to maximum drawdown	1.95	1.66	+0.29
Martin ratio Return relative to average drawdown	6.92	5.26	+1.67
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. ^N225 - Sharpe Ratio Comparison

The current JPNL.L Sharpe Ratio is 1.69, which is higher than the ^N225 Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of JPNL.L and ^N225, 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	^N225	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.26	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.21	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.45	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.29	+0.42

Correlation

The correlation between JPNL.L and ^N225 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. ^N225 - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -25.42%, smaller than the maximum ^N225 drawdown of -36.70%. Use the drawdown chart below to compare losses from any high point for JPNL.L and ^N225.

Drawdown Indicators

	JPNL.L	^N225	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-81.87%	+56.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-13.23%	+2.60%
Max Drawdown (5Y) Largest decline over 5 years	-18.53%	-26.26%	+7.73%
Max Drawdown (10Y) Largest decline over 10 years	-25.42%	-31.80%	+6.38%
Current Drawdown Current decline from peak	-5.34%	-7.92%	+2.58%
Average Drawdown Average peak-to-trough decline	-5.39%	-34.31%	+28.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	4.61%	-1.03%

Volatility

JPNL.L vs. ^N225 - Volatility Comparison

The current volatility for Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) is 8.39%, while Nikkei 225 (^N225) has a volatility of 10.34%. This indicates that JPNL.L experiences smaller price fluctuations and is considered to be less risky than ^N225 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPNL.L	^N225	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	10.34%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	14.10%	18.15%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	19.08%	26.07%	-6.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	22.33%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	21.02%	-3.13%