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JPNL.L vs. CW8G.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JPNL.L vs. CW8G.L

Last updated Jun 5, 2026

JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) and CW8G.L (Amundi MSCI World UCITS USD) are both exchange-traded funds - JPNL.L is a Japan Equities fund tracking the TOPIX TR JPY, while CW8G.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, JPNL.L returned 9.84%/yr vs 13.68%/yr for CW8G.L. A 0.57 correlation means they provide meaningful diversification when combined. JPNL.L charges 0.45%/yr vs 0.28%/yr for CW8G.L.

Performance

JPNL.L vs. CW8G.L - 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 Amundi MSCI World UCITS USD (CW8G.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JPNL.L achieves a 14.78% return, which is significantly higher than CW8G.L's 9.97% return. Over the past 10 years, JPNL.L has underperformed CW8G.L with an annualized return of 9.84%, while CW8G.L has yielded a comparatively higher 13.68% annualized return.

JPNL.L

1D
-0.07%
1M
3.10%
YTD
14.78%
6M
14.31%
1Y
31.62%
3Y*
14.93%
5Y*
9.61%
10Y*
9.84%

CW8G.L

1D
0.05%
1M
3.77%
YTD
9.97%
6M
9.69%
1Y
26.67%
3Y*
17.37%
5Y*
12.80%
10Y*
13.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPNL.L vs. CW8G.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
CW8G.L
Amundi MSCI World UCITS USD		9.97%12.11%20.95%17.29%-8.45%23.58%11.88%23.12%-4.09%11.70%

Correlation

The correlation between JPNL.L and CW8G.L is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.54

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2016

0.57

The correlation between JPNL.L and CW8G.L shifts across timeframes, from 0.43 (5 years) to 0.57 (all time), reflecting how their relationship changes across market environments.

JPNL.L vs. CW8G.L - Sectors Allocation Comparison

Sectors
JPNL.L
CW8G.L

Industrials

26.9%
11.4%

Technology

17.7%
28.3%

Financial Services

17.1%
15.7%

Consumer Cyclical

12.1%
9.3%

Communication Services

7.8%
9.3%

Healthcare

5.5%
8.8%

Basic Materials

4.7%
3.3%

Consumer Defensive

4.2%
5.2%

Real Estate

1.8%
1.9%

Utilities

1.3%
2.7%

Energy

0.9%
4.2%

Industrials

JPNL.L
26.9%
CW8G.L
11.4%

Technology

JPNL.L
17.7%
CW8G.L
28.3%

Financial Services

JPNL.L
17.1%
CW8G.L
15.7%

Consumer Cyclical

JPNL.L
12.1%
CW8G.L
9.3%

Communication Services

JPNL.L
7.8%
CW8G.L
9.3%

Healthcare

JPNL.L
5.5%
CW8G.L
8.8%

Basic Materials

JPNL.L
4.7%
CW8G.L
3.3%

Consumer Defensive

JPNL.L
4.2%
CW8G.L
5.2%

Real Estate

JPNL.L
1.8%
CW8G.L
1.9%

Utilities

JPNL.L
1.3%
CW8G.L
2.7%

Energy

JPNL.L
0.9%
CW8G.L
4.2%

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Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR

Amundi MSCI World UCITS USD

Often compared with JPNL.L:
JPNL.L vs. TPXG.LJPNL.L vs. JPXNJPNL.L vs. QQQJPNL.L vs. VOOJPNL.L vs. ^GSPCJPNL.L vs. VTJPNL.L vs. ^N225
Often compared with CW8G.L:
CW8G.L vs. BRK-BCW8G.L vs. ^FCHICW8G.L vs. PE500.PACW8G.L vs. SP5L.LCW8G.L vs. AUEG.LCW8G.L vs. BRK-ACW8G.L vs. VOO

Return for Risk

JPNL.L vs. CW8G.L — 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: 6060
Overall Rank
JPNL.L Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
JPNL.L Sortino Ratio Rank: 5858
Sortino Ratio Rank
JPNL.L Omega Ratio Rank: 6161
Omega Ratio Rank
JPNL.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
JPNL.L Martin Ratio Rank: 5757
Martin Ratio Rank
CW8G.L
CW8G.L Risk / Return Rank: 8383
Overall Rank
CW8G.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
CW8G.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
CW8G.L Omega Ratio Rank: 8585
Omega Ratio Rank
CW8G.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
CW8G.L Martin Ratio Rank: 8181
Martin Ratio Rank
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. CW8G.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 Amundi MSCI World UCITS USD (CW8G.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.

JPNL.LCW8G.LDifference
Sharpe ratioReturn per unit of total volatility
1.93
2.74

-0.81

Sortino ratioReturn per unit of downside risk
2.69
3.74

-1.05

Omega ratioGain probability vs. loss probability

1.37

1.51

-0.15

Calmar ratioReturn relative to maximum drawdown

3.26

4.00

-0.74

Martin ratioReturn relative to average drawdown

9.96

15.91

-5.95

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. CW8G.L - Sharpe Ratio Comparison

The current JPNL.L Sharpe Ratio is 1.93, which is comparable to the CW8G.L Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of JPNL.L and CW8G.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.

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Sharpe Ratios by Period

JPNL.LCW8G.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

2.74

-0.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.97

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.95

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.99

-0.26

Drawdowns

JPNL.L vs. CW8G.L - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -25.42%, roughly equal to the maximum CW8G.L drawdown of -25.60%. Use the drawdown chart below to compare losses from any high point for JPNL.L and CW8G.L.

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Drawdown Indicators

JPNL.LCW8G.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.42%

-25.60%

+0.18%

Max Drawdown (1Y)

Largest decline over 1 year

-10.63%

-6.67%

-3.96%

Max Drawdown (3Y)

Largest decline over 3 years

-13.44%

-18.88%

+5.44%

Max Drawdown (5Y)

Largest decline over 5 years

-18.53%

-18.88%

+0.35%

Max Drawdown (10Y)

Largest decline over 10 years

-25.42%

-25.60%

+0.18%

Current Drawdown

Current decline from peak

-0.35%

-0.15%

-0.20%

Average Drawdown

Average peak-to-trough decline

-5.36%

-3.10%

-2.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.37%

1.68%

+1.69%

Volatility

JPNL.L vs. CW8G.L - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) has a higher volatility of 3.61% compared to Amundi MSCI World UCITS USD (CW8G.L) at 2.55%. This indicates that JPNL.L's price experiences larger fluctuations and is considered to be riskier than CW8G.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.LCW8G.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

2.55%

+1.06%

Volatility (6M)

Calculated over the trailing 6-month period

14.26%

7.27%

+6.99%

Volatility (1Y)

Calculated over the trailing 1-year period

17.96%

9.75%

+8.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.30%

13.21%

+5.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.84%

14.45%

+3.39%

JPNL.L vs. CW8G.L - Expense Ratio Comparison

JPNL.L has a 0.45% expense ratio, which is higher than CW8G.L's 0.28% expense ratio.

Dividends

JPNL.L vs. CW8G.L - Dividend Comparison

JPNL.L's dividend yield for the trailing twelve months is around 0.62%, while CW8G.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CW8G.L
Amundi MSCI World UCITS USD		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		0.62%0.71%0.74%1.23%1.83%1.37%1.14%1.98%1.84%1.43%1.96%1.77%

Frequently Asked Questions

JPNL.L and CW8G.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CW8G.L is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CW8G.L is cheaper with a 0.28% expense ratio, compared with 0.45% for JPNL.L.

JPNL.L is categorized as Japan Equities, while CW8G.L is Global Equities. JPNL.L tracks TOPIX TR JPY, while CW8G.L tracks MSCI ACWI NR USD. Their fees differ too: 0.45% for JPNL.L and 0.28% for CW8G.L.

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