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

JPNL.L vs. IJPD.L

Last updated Jun 5, 2026

JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) and IJPD.L (iShares MSCI Japan USD Hedged UCITS ETF Accumulating) are both Japan Equities funds - JPNL.L tracks the TOPIX TR JPY while IJPD.L tracks the MSCI Japan 100% Hedged to USD Net TR Index. Both are passively managed. Over the past 10 years, JPNL.L returned 9.84%/yr vs 16.90%/yr for IJPD.L. A 0.67 correlation means they provide meaningful diversification when combined. JPNL.L charges 0.45%/yr vs 0.64%/yr for IJPD.L.

Performance

JPNL.L vs. IJPD.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 iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L). 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 IJPD.L is traded in USD. To make them comparable, the IJPD.L 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 lower than IJPD.L's 20.60% return. Over the past 10 years, JPNL.L has underperformed IJPD.L with an annualized return of 9.84%, while IJPD.L has yielded a comparatively higher 16.90% 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%

IJPD.L

1D
-0.45%
1M
6.41%
YTD
20.60%
6M
21.07%
1Y
54.90%
3Y*
25.55%
5Y*
22.38%
10Y*
16.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPNL.L vs. IJPD.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%
IJPD.L
iShares MSCI Japan USD Hedged UCITS ETF Accumulating		20.60%19.85%26.31%28.81%8.45%13.28%7.55%14.22%-9.17%10.36%

Correlation

The correlation between JPNL.L and IJPD.L is 0.79, 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

0.79

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

0.71

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

0.62

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

0.68

Correlation (All Time)
Calculated using the full available price history since Oct 8, 2013

0.67

The correlation between JPNL.L and IJPD.L shifts across timeframes, from 0.62 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
JPNL.L
IJPD.L

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%
IJPD.L
26.0%

Technology

JPNL.L
17.7%
IJPD.L
19.1%

Financial Services

JPNL.L
17.1%
IJPD.L
17.5%

Consumer Cyclical

JPNL.L
12.1%
IJPD.L
12.2%

Communication Services

JPNL.L
7.8%
IJPD.L
7.9%

Healthcare

JPNL.L
5.5%
IJPD.L
6.3%

Basic Materials

JPNL.L
4.7%
IJPD.L
3.0%

Consumer Defensive

JPNL.L
4.2%
IJPD.L
3.6%

Real Estate

JPNL.L
1.8%
IJPD.L
2.3%

Utilities

JPNL.L
1.3%
IJPD.L
1.1%

Energy

JPNL.L
0.9%
IJPD.L
1.1%

Compare stocks, funds, or ETFs

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

iShares MSCI Japan USD Hedged UCITS ETF Accumulating

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 IJPD.L:
IJPD.L vs. IJPA.LIJPD.L vs. CSKR.LIJPD.L vs. IJPE.LIJPD.L vs. IUVL.LIJPD.L vs. GLDIJPD.L vs. EUNL.DEIJPD.L vs. EUNN.DE

Return for Risk

JPNL.L vs. IJPD.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
IJPD.L
IJPD.L Risk / Return Rank: 8787
Overall Rank
IJPD.L Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
IJPD.L Sortino Ratio Rank: 8686
Sortino Ratio Rank
IJPD.L Omega Ratio Rank: 8585
Omega Ratio Rank
IJPD.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
IJPD.L Martin Ratio Rank: 8989
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. IJPD.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 USD Hedged UCITS ETF Accumulating (IJPD.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.LIJPD.LDifference
Sharpe ratioReturn per unit of total volatility
1.93
2.74

-0.81

Sortino ratioReturn per unit of downside risk
2.69
3.67

-0.98

Omega ratioGain probability vs. loss probability

1.37

1.49

-0.13

Calmar ratioReturn relative to maximum drawdown

3.26

6.35

-3.09

Martin ratioReturn relative to average drawdown

9.96

20.83

-10.88

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. IJPD.L - Sharpe Ratio Comparison

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

1.17

-0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.86

-0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.73

0.00

Drawdowns

JPNL.L vs. IJPD.L - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -25.42%, smaller than the maximum IJPD.L drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for JPNL.L and IJPD.L.

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Drawdown Indicators

JPNL.LIJPD.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.42%

-28.78%

+3.36%

Max Drawdown (1Y)

Largest decline over 1 year

-10.63%

-8.52%

-2.11%

Max Drawdown (3Y)

Largest decline over 3 years

-13.44%

-21.36%

+7.92%

Max Drawdown (5Y)

Largest decline over 5 years

-18.53%

-21.36%

+2.83%

Max Drawdown (10Y)

Largest decline over 10 years

-25.42%

-28.78%

+3.36%

Current Drawdown

Current decline from peak

-0.35%

-0.45%

+0.10%

Average Drawdown

Average peak-to-trough decline

-5.36%

-5.38%

+0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.37%

2.60%

+0.77%

Volatility

JPNL.L vs. IJPD.L - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) and iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) have volatilities of 3.61% and 3.48%, 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.

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Volatility by Period

JPNL.LIJPD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

3.48%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

14.26%

15.28%

-1.02%

Volatility (1Y)

Calculated over the trailing 1-year period

17.96%

19.82%

-1.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.30%

19.18%

-0.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.84%

19.68%

-1.84%

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

JPNL.L has a 0.45% expense ratio, which is lower than IJPD.L's 0.64% expense ratio.

Dividends

JPNL.L vs. IJPD.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
IJPD.L
iShares MSCI Japan USD Hedged UCITS ETF Accumulating		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 IJPD.L have a correlation of 0.79, 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 0.64% for IJPD.L.

JPNL.L tracks TOPIX TR JPY, while IJPD.L tracks MSCI Japan 100% Hedged to USD Net TR Index. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.45% for JPNL.L and 0.64% for IJPD.L.

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