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JPNL.L vs. SP5L.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JPNL.L vs. SP5L.L

Last updated Jun 26, 2026

JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) and SP5L.L (Lyxor S&P 500 UCITS ETF - Acc) are both exchange-traded funds - JPNL.L is a Japan Equities fund tracking the TOPIX TR JPY, while SP5L.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, JPNL.L returned 9.32%/yr vs 13.61%/yr for SP5L.L. A 0.54 correlation means they provide meaningful diversification when combined. JPNL.L charges 0.45%/yr vs 0.07%/yr for SP5L.L.

Performance

JPNL.L vs. SP5L.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 Lyxor S&P 500 UCITS ETF - Acc (SP5L.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 SP5L.L is traded in GBP. To make them comparable, the SP5L.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 16.60% return, which is significantly higher than SP5L.L's 9.53% return. Over the past 10 years, JPNL.L has underperformed SP5L.L with an annualized return of 9.32%, while SP5L.L has yielded a comparatively higher 13.61% annualized return.

JPNL.L

1D
0.18%
1M
1.96%
YTD
16.60%
6M
16.78%
1Y
36.07%
3Y*
16.76%
5Y*
9.78%
10Y*
9.32%

SP5L.L

1D
-1.07%
1M
-0.10%
YTD
9.53%
6M
9.69%
1Y
26.05%
3Y*
19.28%
5Y*
14.16%
10Y*
13.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPNL.L vs. SP5L.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPNL.L
Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR		16.60%17.96%7.75%13.02%-5.78%0.85%10.24%13.26%-9.85%14.89%
SP5L.L
Lyxor S&P 500 UCITS ETF - Acc		9.53%9.50%27.60%19.99%-8.84%31.19%13.92%26.93%1.00%-5.12%

Correlation

The correlation between JPNL.L and SP5L.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

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

0.46

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

0.50

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

0.55

Correlation (All Time)
Calculated using the full available price history since Dec 9, 2014

0.54

The correlation between JPNL.L and SP5L.L has been stable across timeframes, ranging from 0.46 to 0.55 - a consistent structural relationship.

JPNL.L vs. SP5L.L - Sectors Allocation Comparison

Sectors
JPNL.L
SP5L.L

Industrials

25.4%
7.8%

Technology

18.7%
39.0%

Financial Services

17.8%
11.1%

Consumer Cyclical

12.1%
9.9%

Communication Services

8.0%
10.6%

Healthcare

5.4%
8.3%

Basic Materials

4.5%
1.7%

Consumer Defensive

4.2%
4.5%

Real Estate

1.9%
1.8%

Utilities

1.2%
2.1%

Energy

0.9%
3.1%

Industrials

JPNL.L
25.4%
SP5L.L
7.8%

Technology

JPNL.L
18.7%
SP5L.L
39.0%

Financial Services

JPNL.L
17.8%
SP5L.L
11.1%

Consumer Cyclical

JPNL.L
12.1%
SP5L.L
9.9%

Communication Services

JPNL.L
8.0%
SP5L.L
10.6%

Healthcare

JPNL.L
5.4%
SP5L.L
8.3%

Basic Materials

JPNL.L
4.5%
SP5L.L
1.7%

Consumer Defensive

JPNL.L
4.2%
SP5L.L
4.5%

Real Estate

JPNL.L
1.9%
SP5L.L
1.8%

Utilities

JPNL.L
1.2%
SP5L.L
2.1%

Energy

JPNL.L
0.9%
SP5L.L
3.1%

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

Lyxor S&P 500 UCITS ETF - Acc

Often compared with JPNL.L:
JPNL.L vs. TPXG.LJPNL.L vs. JPXNJPNL.L vs. QQQJPNL.L vs. VOOJPNL.L vs. VTJPNL.L vs. ^GSPCJPNL.L vs. ^N225
Often compared with SP5L.L:
SP5L.L vs. VWRP.LSP5L.L vs. WLDL.LSP5L.L vs. BRK-BSP5L.L vs. CW8G.LSP5L.L vs. SPYSP5L.L vs. SWDA.LSP5L.L vs. VOO

Return for Risk

JPNL.L vs. SP5L.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: 7171
Overall Rank
JPNL.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
JPNL.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
JPNL.L Omega Ratio Rank: 7373
Omega Ratio Rank
JPNL.L Calmar Ratio Rank: 7575
Calmar Ratio Rank
JPNL.L Martin Ratio Rank: 6767
Martin Ratio Rank
SP5L.L
SP5L.L Risk / Return Rank: 8181
Overall Rank
SP5L.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
SP5L.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
SP5L.L Omega Ratio Rank: 8484
Omega Ratio Rank
SP5L.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
SP5L.L Martin Ratio Rank: 7777
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. SP5L.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 Lyxor S&P 500 UCITS ETF - Acc (SP5L.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

JPNL.LSP5L.LDifference
Sharpe ratioReturn per unit of total volatility
2.00
2.36

-0.36

Sortino ratioReturn per unit of downside risk
2.75
3.19

-0.44

Omega ratioGain probability vs. loss probability

1.38

1.44

-0.06

Calmar ratioReturn relative to maximum drawdown

3.38

3.60

-0.22

Martin ratioReturn relative to average drawdown

10.63

12.74

-2.11

JPNL.L vs. SP5L.L - Sharpe Ratio Comparison

The current JPNL.L Sharpe Ratio is 2.00, which is comparable to the SP5L.L Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of JPNL.L and SP5L.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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Drawdowns

JPNL.L vs. SP5L.L - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -38.87%, which is greater than SP5L.L's maximum drawdown of -25.47%. Use the drawdown chart below to compare losses from any high point for JPNL.L and SP5L.L.

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Drawdown Indicators

JPNL.LSP5L.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.87%

-25.47%

-13.40%

Max Drawdown (1Y)

Largest decline over 1 year

-10.63%

-7.20%

-3.43%

Max Drawdown (3Y)

Largest decline over 3 years

-13.44%

-21.12%

+7.68%

Max Drawdown (5Y)

Largest decline over 5 years

-18.80%

-21.12%

+2.32%

Max Drawdown (10Y)

Largest decline over 10 years

-25.42%

-25.47%

+0.05%

Current Drawdown

Current decline from peak

-2.56%

-1.54%

-1.02%

Average Drawdown

Average peak-to-trough decline

-10.52%

-5.16%

-5.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.38%

2.04%

+1.34%

Volatility

JPNL.L vs. SP5L.L - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) has a higher volatility of 5.36% compared to Lyxor S&P 500 UCITS ETF - Acc (SP5L.L) at 3.75%. This indicates that JPNL.L's price experiences larger fluctuations and is considered to be riskier than SP5L.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JPNL.LSP5L.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.36%

3.75%

+1.61%

Volatility (6M)

Calculated over the trailing 6-month period

14.83%

7.80%

+7.03%

Volatility (1Y)

Calculated over the trailing 1-year period

17.93%

10.97%

+6.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.49%

18.80%

-3.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.81%

17.97%

-2.16%

JPNL.L vs. SP5L.L - Expense Ratio Comparison

JPNL.L has a 0.45% expense ratio, which is higher than SP5L.L's 0.07% expense ratio.

Dividends

JPNL.L vs. SP5L.L - Dividend Comparison

JPNL.L's dividend yield for the trailing twelve months is around 0.61%, while SP5L.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
JPNL.L
Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR		0.61%0.71%0.73%1.23%1.83%1.37%1.14%2.01%1.84%1.43%1.97%1.77%
SP5L.L
Lyxor S&P 500 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

JPNL.L and SP5L.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SP5L.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SP5L.L is cheaper with a 0.07% expense ratio, compared with 0.45% for JPNL.L.

JPNL.L is categorized as Japan Equities, while SP5L.L is S&P 500. JPNL.L tracks TOPIX TR JPY, while SP5L.L tracks S&P 500 Index. Their fees differ too: 0.45% for JPNL.L and 0.07% for SP5L.L.

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