JPNL.L vs. MDY

Last updated Apr 2, 2026

Compare and contrast key facts about Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) and SPDR S&P MidCap 400 ETF (MDY).

JPNL.L and MDY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JPNL.L is a passively managed fund by Amundi that tracks the performance of the TOPIX TR JPY. It was launched on Sep 19, 2018. MDY is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Index. It was launched on May 4, 1995. Both JPNL.L and MDY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

JPNL.L vs. MDY - 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 SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

JPNL.L vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	9.03%	17.96%	7.74%	12.66%	-5.98%	1.37%	8.23%	15.36%	-9.97%	14.63%
MDY SPDR S&P MidCap 400 ETF	5.03%	-0.45%	15.62%	10.27%	-2.97%	25.71%	10.17%	21.00%	-6.03%	5.91%

Different Trading Currencies

JPNL.L is traded in GBp, while MDY is traded in USD. To make them comparable, the MDY 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 9.03% return, which is significantly higher than MDY's 5.03% return. Over the past 10 years, JPNL.L has underperformed MDY with an annualized return of 9.58%, while MDY has yielded a comparatively higher 11.12% annualized return.

JPNL.L

• 1D: 4.35%
• 1M: -2.85%
• YTD: 9.03%
• 6M: 13.38%
• 1Y: 29.27%
• 3Y*: 14.47%
• 5Y*: 8.10%
• 10Y*: 9.58%

MDY

• 1D: 0.58%
• 1M: -4.25%
• YTD: 5.03%
• 6M: 6.38%
• 1Y: 14.38%
• 3Y*: 9.41%
• 5Y*: 7.42%
• 10Y*: 11.12%

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

JPNL.L vs. MDY - Expense Ratio Comparison

JPNL.L has a 0.45% expense ratio, which is higher than MDY's 0.23% expense ratio.

JPNL.L

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

MDY

SPDR S&P MidCap 400 ETF

Return for Risk

JPNL.L vs. MDY — 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: 76
JPNL.L Sharpe Ratio Rank: 83
JPNL.L Sortino Ratio Rank: 83
JPNL.L Omega Ratio Rank: 81
JPNL.L Calmar Ratio Rank: 69
JPNL.L Martin Ratio Rank: 63

MDY

MDY Risk / Return Rank: 46
MDY Sharpe Ratio Rank: 43
MDY Sortino Ratio Rank: 45
MDY Omega Ratio Rank: 44
MDY Calmar Ratio Rank: 47
MDY Martin Ratio Rank: 54

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. MDY - 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 SPDR S&P MidCap 400 ETF (MDY). 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	MDY	Difference
Sharpe ratio Return per unit of total volatility	1.69	0.68	+1.02
Sortino ratio Return per unit of downside risk	2.31	1.07	+1.23
Omega ratio Gain probability vs. loss probability	1.33	1.15	+0.18
Calmar ratio Return relative to maximum drawdown	1.95	1.19	+0.76
Martin ratio Return relative to average drawdown	6.92	4.22	+2.71
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. MDY - Sharpe Ratio Comparison

The current JPNL.L Sharpe Ratio is 1.69, which is higher than the MDY Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of JPNL.L and MDY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JPNL.L	MDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	0.68	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.40	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.54	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.50	+0.21

Correlation

The correlation between JPNL.L and MDY is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

JPNL.L vs. MDY - Dividend Comparison

JPNL.L's dividend yield for the trailing twelve months is around 0.66%, less than MDY's 1.15% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	0.66%	0.71%	0.74%	1.23%	1.83%	1.37%	1.14%	1.98%	1.84%	1.43%	1.96%	1.77%
MDY SPDR S&P MidCap 400 ETF	1.15%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%

Drawdowns

JPNL.L vs. MDY - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -25.42%, smaller than the maximum MDY drawdown of -38.23%. Use the drawdown chart below to compare losses from any high point for JPNL.L and MDY.

Drawdown Indicators

	JPNL.L	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-25.42%	-55.33%	+29.91%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-14.07%	+3.44%
Max Drawdown (5Y) Largest decline over 5 years	-18.53%	-24.03%	+5.50%
Max Drawdown (10Y) Largest decline over 10 years	-25.42%	-42.22%	+16.80%
Current Drawdown Current decline from peak	-5.34%	-5.36%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.39%	-7.06%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	3.29%	+0.29%

Volatility

JPNL.L vs. MDY - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) has a higher volatility of 8.39% compared to SPDR S&P MidCap 400 ETF (MDY) at 5.68%. This indicates that JPNL.L's price experiences larger fluctuations and is considered to be riskier than MDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPNL.L	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	5.68%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	14.10%	11.86%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	19.08%	21.37%	-2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	18.56%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	20.82%	-2.93%