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

JPNL.L vs. LCJP.L

Last updated Jun 5, 2026

JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) and LCJP.L (Amundi MSCI Japan UCITS ETF Acc) are both Japan Equities funds from Amundi tracking the TOPIX TR JPY. Both are passively managed. Over the past 5 years, JPNL.L returned 9.61%/yr vs 10.26%/yr for LCJP.L. Their correlation of 0.81 suggests significant overlap in exposure. JPNL.L charges 0.45%/yr vs 0.12%/yr for LCJP.L.

Performance

JPNL.L vs. LCJP.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 Japan UCITS ETF Acc (LCJP.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 LCJP.L is traded in GBP. To make them comparable, the LCJP.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 LCJP.L's 16.47% 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%

LCJP.L

1D
-0.28%
1M
3.99%
YTD
16.47%
6M
15.75%
1Y
35.49%
3Y*
15.67%
5Y*
10.26%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
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%-5.54%
LCJP.L
Amundi MSCI Japan UCITS ETF Acc		16.47%17.61%8.90%14.05%-7.13%2.24%12.26%14.63%-4.50%

Correlation

The correlation between JPNL.L and LCJP.L is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.95

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

0.86

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

0.78

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2018

0.81

The correlation between JPNL.L and LCJP.L shifts across timeframes, from 0.78 (5 years) to 0.95 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
JPNL.L
LCJP.L

Industrials

26.9%
26.0%

Technology

17.7%
19.1%

Financial Services

17.1%
17.5%

Consumer Cyclical

12.1%
12.1%

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%
LCJP.L
26.0%

Technology

JPNL.L
17.7%
LCJP.L
19.1%

Financial Services

JPNL.L
17.1%
LCJP.L
17.5%

Consumer Cyclical

JPNL.L
12.1%
LCJP.L
12.1%

Communication Services

JPNL.L
7.8%
LCJP.L
7.9%

Healthcare

JPNL.L
5.5%
LCJP.L
6.3%

Basic Materials

JPNL.L
4.7%
LCJP.L
3.0%

Consumer Defensive

JPNL.L
4.2%
LCJP.L
3.6%

Real Estate

JPNL.L
1.8%
LCJP.L
2.3%

Utilities

JPNL.L
1.3%
LCJP.L
1.1%

Energy

JPNL.L
0.9%
LCJP.L
1.1%

Compare stocks, funds, or ETFs

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

Amundi MSCI Japan UCITS ETF Acc

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 LCJP.L:
LCJP.L vs. SJPA.LLCJP.L vs. CSJP.LLCJP.L vs. LGJG.LLCJP.L vs. VJPB.LLCJP.L vs. JPJP.LLCJP.L vs. CAJPYLCJP.L vs. DXJG.L

Return for Risk

JPNL.L vs. LCJP.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
LCJP.L
LCJP.L Risk / Return Rank: 5959
Overall Rank
LCJP.L Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
LCJP.L Sortino Ratio Rank: 5656
Sortino Ratio Rank
LCJP.L Omega Ratio Rank: 5858
Omega Ratio Rank
LCJP.L Calmar Ratio Rank: 6666
Calmar Ratio Rank
LCJP.L Martin Ratio Rank: 5858
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. LCJP.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 Japan UCITS ETF Acc (LCJP.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.LLCJP.LDifference
Sharpe ratioReturn per unit of total volatility
1.93
1.84

+0.09

Sortino ratioReturn per unit of downside risk
2.69
2.64

+0.05

Omega ratioGain probability vs. loss probability

1.37

1.35

+0.02

Calmar ratioReturn relative to maximum drawdown

3.26

3.21

+0.04

Martin ratioReturn relative to average drawdown

9.96

10.25

-0.29

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. LCJP.L - Sharpe Ratio Comparison

The current JPNL.L Sharpe Ratio is 1.93, which is comparable to the LCJP.L Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of JPNL.L and LCJP.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.LLCJP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.93

1.84

+0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.64

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.52

+0.21

Drawdowns

JPNL.L vs. LCJP.L - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -25.42%, roughly equal to the maximum LCJP.L drawdown of -26.61%. Use the drawdown chart below to compare losses from any high point for JPNL.L and LCJP.L.

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Drawdown Indicators

JPNL.LLCJP.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.42%

-26.61%

+1.19%

Max Drawdown (1Y)

Largest decline over 1 year

-10.63%

-10.64%

+0.01%

Max Drawdown (3Y)

Largest decline over 3 years

-13.44%

-14.62%

+1.18%

Max Drawdown (5Y)

Largest decline over 5 years

-18.53%

-18.58%

+0.05%

Max Drawdown (10Y)

Largest decline over 10 years

-25.42%

—

—

Current Drawdown

Current decline from peak

-0.35%

-0.28%

-0.07%

Average Drawdown

Average peak-to-trough decline

-5.36%

-5.49%

+0.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.37%

3.34%

+0.03%

Volatility

JPNL.L vs. LCJP.L - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) and Amundi MSCI Japan UCITS ETF Acc (LCJP.L) have volatilities of 3.61% and 3.73%, 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.LLCJP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

3.73%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

14.26%

15.10%

-0.84%

Volatility (1Y)

Calculated over the trailing 1-year period

17.96%

18.58%

-0.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.30%

15.97%

+2.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.84%

16.82%

+1.02%

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

JPNL.L has a 0.45% expense ratio, which is higher than LCJP.L's 0.12% expense ratio.

Dividends

JPNL.L vs. LCJP.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
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%
LCJP.L
Amundi MSCI Japan UCITS ETF 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%

Frequently Asked Questions

With a correlation of 0.95, JPNL.L and LCJP.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, LCJP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

LCJP.L is cheaper with a 0.12% expense ratio, compared with 0.45% for JPNL.L.

Both ETFs track TOPIX TR JPY. Their fees differ too: 0.45% for JPNL.L and 0.12% for LCJP.L.

Portfolio Optimizer

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