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

JPNL.L vs. EWJ

Last updated Jun 5, 2026

JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) and EWJ (iShares MSCI Japan ETF) are both Japan Equities funds - JPNL.L tracks the TOPIX TR JPY while EWJ tracks the MSCI Japan Index. Both are passively managed. Over the past 10 years, JPNL.L returned 9.84%/yr vs 9.75%/yr for EWJ. A 0.64 correlation means they provide meaningful diversification when combined. JPNL.L charges 0.45%/yr vs 0.49%/yr for EWJ.

Performance

JPNL.L vs. EWJ - 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 iShares MSCI Japan ETF (EWJ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

JPNL.L is traded in GBp, while EWJ is traded in USD. To make them comparable, the EWJ 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 EWJ's 13.49% return. Both investments have delivered pretty close results over the past 10 years, with JPNL.L having a 9.84% annualized return and EWJ not far behind at 9.75%.

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%

EWJ

1D
-3.02%
1M
0.83%
YTD
13.49%
6M
12.37%
1Y
31.54%
3Y*
13.55%
5Y*
9.33%
10Y*
9.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPNL.L vs. EWJ - 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%
EWJ
iShares MSCI Japan ETF		13.49%16.88%8.90%14.28%-7.94%2.11%12.01%14.80%-9.01%13.52%

Correlation

The correlation between JPNL.L and EWJ is 0.82, 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

0.82

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

0.69

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

0.61

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

0.65

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2012

0.64

The correlation between JPNL.L and EWJ shifts across timeframes, from 0.61 (5 years) to 0.82 (1 year), reflecting how their relationship changes across market environments.

JPNL.L vs. EWJ - Sectors Allocation Comparison

Sectors
JPNL.L
EWJ

Industrials

26.9%
26.0%

Technology

17.7%
19.1%

Financial Services

17.1%
17.5%

Consumer Cyclical

12.1%
12.2%

Communication Services

7.8%
7.9%

Healthcare

5.5%
6.3%

Basic Materials

4.7%
3.0%

Consumer Defensive

4.2%
3.6%

Real Estate

1.8%
2.3%

Utilities

1.3%
1.1%

Energy

0.9%
1.1%

Industrials

JPNL.L
26.9%
EWJ
26.0%

Technology

JPNL.L
17.7%
EWJ
19.1%

Financial Services

JPNL.L
17.1%
EWJ
17.5%

Consumer Cyclical

JPNL.L
12.1%
EWJ
12.2%

Communication Services

JPNL.L
7.8%
EWJ
7.9%

Healthcare

JPNL.L
5.5%
EWJ
6.3%

Basic Materials

JPNL.L
4.7%
EWJ
3.0%

Consumer Defensive

JPNL.L
4.2%
EWJ
3.6%

Real Estate

JPNL.L
1.8%
EWJ
2.3%

Utilities

JPNL.L
1.3%
EWJ
1.1%

Energy

JPNL.L
0.9%
EWJ
1.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

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

iShares MSCI Japan ETF

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 EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN

Return for Risk

JPNL.L vs. EWJ — 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
EWJ
EWJ Risk / Return Rank: 4545
Overall Rank
EWJ Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWJ Omega Ratio Rank: 4545
Omega Ratio Rank
EWJ Calmar Ratio Rank: 4545
Calmar Ratio Rank
EWJ Martin Ratio Rank: 4646
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. EWJ - 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 ETF (EWJ). 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.LEWJDifference
Sharpe ratioReturn per unit of total volatility
1.93
1.79

+0.14

Sortino ratioReturn per unit of downside risk
2.69
2.47

+0.22

Omega ratioGain probability vs. loss probability

1.37

1.33

+0.04

Calmar ratioReturn relative to maximum drawdown

3.26

2.70

+0.56

Martin ratioReturn relative to average drawdown

9.96

9.43

+0.53

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. EWJ - Sharpe Ratio Comparison

The current JPNL.L Sharpe Ratio is 1.93, which is comparable to the EWJ Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of JPNL.L and EWJ, 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.LEWJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

1.79

+0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.58

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.58

+0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.32

+0.41

Drawdowns

JPNL.L vs. EWJ - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -25.42%, smaller than the maximum EWJ drawdown of -34.48%. Use the drawdown chart below to compare losses from any high point for JPNL.L and EWJ.

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Drawdown Indicators

JPNL.LEWJDifference

Max Drawdown

Largest peak-to-trough decline

-25.42%

-34.48%

+9.06%

Max Drawdown (1Y)

Largest decline over 1 year

-10.63%

-11.74%

+1.11%

Max Drawdown (3Y)

Largest decline over 3 years

-13.44%

-14.50%

+1.06%

Max Drawdown (5Y)

Largest decline over 5 years

-18.53%

-18.72%

+0.19%

Max Drawdown (10Y)

Largest decline over 10 years

-25.42%

-24.17%

-1.25%

Current Drawdown

Current decline from peak

-0.35%

-3.02%

+2.67%

Average Drawdown

Average peak-to-trough decline

-5.36%

-7.95%

+2.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.37%

3.35%

+0.02%

Volatility

JPNL.L vs. EWJ - Volatility Comparison

The current volatility for Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) is 3.61%, while iShares MSCI Japan ETF (EWJ) has a volatility of 4.21%. This indicates that JPNL.L experiences smaller price fluctuations and is considered to be less risky than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JPNL.LEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

4.21%

-0.60%

Volatility (6M)

Calculated over the trailing 6-month period

14.26%

13.61%

+0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

17.96%

17.79%

+0.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.30%

16.26%

+2.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.84%

16.73%

+1.11%

JPNL.L vs. EWJ - Expense Ratio Comparison

JPNL.L has a 0.45% expense ratio, which is lower than EWJ's 0.49% expense ratio.

Dividends

JPNL.L vs. EWJ - Dividend Comparison

JPNL.L's dividend yield for the trailing twelve months is around 0.62%, less than EWJ's 4.03% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJ
iShares MSCI Japan ETF		4.03%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%
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 EWJ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, JPNL.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

JPNL.L is cheaper with a 0.45% expense ratio, compared with 0.49% for EWJ.

JPNL.L tracks TOPIX TR JPY, while EWJ tracks MSCI Japan Index. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.45% for JPNL.L and 0.49% for EWJ.

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