JPNL.L vs. CJPU.L
JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) and CJPU.L (iShares MSCI Japan UCITS ETF USD (Acc)) are both Japan Equities funds - JPNL.L tracks the TOPIX TR JPY while CJPU.L tracks the MSCI Japan Index (Net). Both are passively managed. Over the past 10 years, JPNL.L returned 8.30%/yr vs 8.56%/yr for CJPU.L. A 0.72 correlation means they provide meaningful diversification when combined. JPNL.L charges 0.45%/yr vs 0.12%/yr for CJPU.L.
Performance
JPNL.L vs. CJPU.L - Performance Comparison
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Different Trading Currencies
JPNL.L is traded in GBp, while CJPU.L is traded in USD. To make them comparable, the CJPU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with JPNL.L having a 12.08% return and CJPU.L slightly higher at 12.60%. Both investments have delivered pretty close results over the past 10 years, with JPNL.L having a 8.30% annualized return and CJPU.L not far ahead at 8.56%.
JPNL.L
- 1D
- -1.88%
- 1M
- -4.36%
- 6M
- 5.39%
- YTD
- 12.08%
- 1Y
- 28.20%
- 3Y*
- 14.74%
- 5Y*
- 9.00%
- 10Y*
- 8.30%
CJPU.L
- 1D
- -2.34%
- 1M
- -6.86%
- 6M
- 5.58%
- YTD
- 12.60%
- 1Y
- 30.09%
- 3Y*
- 14.94%
- 5Y*
- 9.18%
- 10Y*
- 8.56%
JPNL.L vs. CJPU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR | 12.08% | 17.96% | 7.75% | 13.02% | -5.78% | 0.85% | 10.24% | 13.26% | -9.85% | 14.89% |
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 12.60% | 17.14% | 9.20% | 14.24% | -7.49% | 1.45% | 12.67% | 13.16% | -8.37% | 13.37% |
Correlation
The correlation between JPNL.L and CJPU.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 | 0.94 |
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 Jan 11, 2010 | 0.72 |
Over the past year, JPNL.L and CJPU.L have become more correlated (0.94) than their long-term average of 0.72, meaning their price movements have been converging.
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Return for Risk
JPNL.L vs. CJPU.L — Risk / Return Rank
JPNL.L
CJPU.L
JPNL.L vs. CJPU.L - 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 iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| JPNL.L | CJPU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.27 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.84 | -0.20 |
| Martin ratioReturn relative to average drawdown | 8.10 | 8.61 | -0.51 |
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Drawdowns
JPNL.L vs. CJPU.L - Drawdown Comparison
The maximum JPNL.L drawdown since its inception was -38.87%, which is greater than CJPU.L's maximum drawdown of -24.62%. Use the drawdown chart below to compare losses from any high point for JPNL.L and CJPU.L.
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Drawdown Indicators
| JPNL.L | CJPU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.87% | -24.62% | -14.25% |
Max Drawdown (1Y)Largest decline over 1 year | -10.63% | -10.54% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -13.44% | -14.29% | +0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -18.80% | -18.51% | -0.29% |
Max Drawdown (10Y)Largest decline over 10 years | -25.42% | -24.62% | -0.80% |
Current DrawdownCurrent decline from peak | -6.34% | -8.44% | +2.10% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -6.35% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 3.49% | -0.02% |
Volatility
JPNL.L vs. CJPU.L - Volatility Comparison
The current volatility for Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) is 5.79%, while iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L) has a volatility of 6.83%. This indicates that JPNL.L experiences smaller price fluctuations and is considered to be less risky than CJPU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPNL.L | CJPU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 6.83% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 15.28% | 17.53% | -2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.36% | 20.79% | -2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.58% | 17.07% | -1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.84% | 16.77% | -0.93% |
JPNL.L vs. CJPU.L - Expense Ratio Comparison
JPNL.L has a 0.45% expense ratio, which is higher than CJPU.L's 0.12% expense ratio.
Dividends
JPNL.L vs. CJPU.L - Dividend Comparison
JPNL.L's dividend yield for the trailing twelve months is around 0.64%, while CJPU.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR | 0.64% | 0.71% | 0.73% | 1.23% | 1.83% | 1.37% | 1.14% | 2.01% | 1.84% | 1.43% | 1.97% | 1.77% |
Frequently Asked Questions
With a correlation of 0.94, JPNL.L and CJPU.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.
On fees, CJPU.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CJPU.L is cheaper with a 0.12% expense ratio, compared with 0.45% for JPNL.L.
JPNL.L tracks TOPIX TR JPY, while CJPU.L tracks MSCI Japan Index (Net). They also come from different issuers: Amundi and iShares. Their fees differ too: 0.45% for JPNL.L and 0.12% for CJPU.L.
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