JPNL.L vs. HDV

Last updated Jun 5, 2026

JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - JPNL.L is a Japan Equities fund tracking the TOPIX TR JPY, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, JPNL.L returned 9.84%/yr vs 10.21%/yr for HDV. At a 0.32 correlation, their price movements are largely independent. JPNL.L charges 0.45%/yr vs 0.08%/yr for HDV.

Performance

JPNL.L vs. HDV - 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 Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JPNL.L is traded in GBp, while HDV is traded in USD. To make them comparable, the HDV 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 14.78% return and HDV slightly higher at 14.87%. Both investments have delivered pretty close results over the past 10 years, with JPNL.L having a 9.84% annualized return and HDV not far ahead at 10.21%.

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%

HDV

• 1D: 0.85%
• 1M: 3.29%
• YTD: 14.87%
• 6M: 14.21%
• 1Y: 24.80%
• 3Y*: 12.66%
• 5Y*: 11.85%
• 10Y*: 10.21%

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

JPNL.L vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
HDV iShares Core High Dividend ETF	14.87%	3.92%	16.15%	-3.37%	19.78%	20.58%	-9.23%	15.65%	2.74%	3.59%

Correlation

The correlation between JPNL.L and HDV is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Nov 19, 2012	0.32

Over the past year, the correlation between JPNL.L and HDV has dropped to 0.11 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

JPNL.L vs. HDV - Sectors Allocation Comparison

Sectors	JPNL.L	HDV
Industrials	26.9%	1.4%
Technology	17.7%	8.2%
Financial Services	17.1%	11.1%
Consumer Cyclical	12.1%	6.1%
Communication Services	7.8%	0.1%
Healthcare	5.5%	16.5%
Basic Materials	4.7%	1.2%
Consumer Defensive	4.2%	24.1%
Real Estate	1.8%	-
Utilities	1.3%	9.2%
Energy	0.9%	22.3%

Return for Risk

JPNL.L vs. HDV — 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: 60
JPNL.L Sharpe Ratio Rank: 58
JPNL.L Sortino Ratio Rank: 58
JPNL.L Omega Ratio Rank: 61
JPNL.L Calmar Ratio Rank: 67
JPNL.L Martin Ratio Rank: 57

HDV

HDV Risk / Return Rank: 75
HDV Sharpe Ratio Rank: 74
HDV Sortino Ratio Rank: 79
HDV Omega Ratio Rank: 69
HDV Calmar Ratio Rank: 84
HDV Martin Ratio Rank: 67

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. HDV - 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 Core High Dividend ETF (HDV). 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	HDV	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.33	-0.40
Sortino ratio: Return per unit of downside risk	2.69	3.42	-0.72
Omega ratio: Gain probability vs. loss probability	1.37	1.40	-0.03
Calmar ratio: Return relative to maximum drawdown	3.26	4.54	-1.28
Martin ratio: Return relative to average drawdown	9.96	12.31	-2.35
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. HDV - Sharpe Ratio Comparison

The current JPNL.L Sharpe Ratio is 1.93, which is comparable to the HDV Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of JPNL.L and HDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JPNL.L	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.33	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.93	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.62	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.78	-0.06

Drawdowns

JPNL.L vs. HDV - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -25.42%, smaller than the maximum HDV drawdown of -30.42%. Use the drawdown chart below to compare losses from any high point for JPNL.L and HDV.

Drawdown Indicators

	JPNL.L	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-30.42%	+5.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-5.49%	-5.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.44%	-12.65%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-18.53%	-13.32%	-5.21%
Max Drawdown (10Y) Largest decline over 10 years	-25.42%	-30.42%	+5.00%
Current Drawdown Current decline from peak	-0.35%	-0.96%	+0.61%
Average Drawdown Average peak-to-trough decline	-5.36%	-4.30%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	2.02%	+1.35%

Volatility

JPNL.L vs. HDV - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) and iShares Core High Dividend ETF (HDV) have volatilities of 3.61% and 3.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPNL.L	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	3.76%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	8.61%	+5.65%
Volatility (1Y) Calculated over the trailing 1-year period	17.96%	10.70%	+7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	12.76%	+5.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.84%	16.49%	+1.35%

JPNL.L vs. HDV - Expense Ratio Comparison

JPNL.L has a 0.45% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

JPNL.L vs. HDV - Dividend Comparison

JPNL.L's dividend yield for the trailing twelve months is around 0.62%, less than HDV's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.88%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
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

Can I hold both JPNL.L and HDV in my portfolio?

JPNL.L and HDV have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPNL.L or HDV?

On fees, HDV is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPNL.L or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.45% for JPNL.L.

What is the main difference between JPNL.L and HDV?

JPNL.L is categorized as Japan Equities, while HDV is Dividend. JPNL.L tracks TOPIX TR JPY, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.45% for JPNL.L and 0.08% for HDV.