JREI.L vs. JPNL.L
JREI.L (JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist)) and JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) are both Japan Equities funds. JREI.L is actively managed, while JPNL.L is passively managed. Over the past 3 years, JREI.L returned 15.87%/yr vs 15.93%/yr for JPNL.L. Their correlation of 0.91 suggests significant overlap in exposure. JREI.L charges 0.25%/yr vs 0.45%/yr for JPNL.L.
Performance
JREI.L vs. JPNL.L - Performance Comparison
Loading charts...
Different Trading Currencies
JREI.L is traded in USD, while JPNL.L is traded in GBp. To make them comparable, the JPNL.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with JREI.L having a 12.43% return and JPNL.L slightly lower at 12.02%.
JREI.L
- 1D
- -2.47%
- 1M
- -5.81%
- 6M
- 5.94%
- YTD
- 12.43%
- 1Y
- 29.18%
- 3Y*
- 15.87%
- 5Y*
- —
- 10Y*
- —
JPNL.L
- 1D
- -2.09%
- 1M
- -3.21%
- 6M
- 5.96%
- YTD
- 12.02%
- 1Y
- 28.52%
- 3Y*
- 15.93%
- 5Y*
- 8.51%
- 10Y*
- 8.58%
JREI.L vs. JPNL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JREI.L JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) | 12.43% | 24.16% | 7.95% | 20.04% | -10.89% |
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR | 12.02% | 26.86% | 5.96% | 18.99% | -9.03% |
Correlation
The correlation between JREI.L and JPNL.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 | 0.92 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2022 | 0.91 |
The correlation between JREI.L and JPNL.L has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JREI.L vs. JPNL.L — Risk / Return Rank
JREI.L
JPNL.L
JREI.L vs. JPNL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JREI.L) and Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.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.
| JREI.L | JPNL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.27 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.27 | +0.09 |
| Martin ratioReturn relative to average drawdown | 7.57 | 7.42 | +0.15 |
Loading charts...
Drawdowns
JREI.L vs. JPNL.L - Drawdown Comparison
The maximum JREI.L drawdown since its inception was -21.64%, smaller than the maximum JPNL.L drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for JREI.L and JPNL.L.
Loading charts...
Drawdown Indicators
| JREI.L | JPNL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.64% | -56.90% | +35.26% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -12.48% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -14.35% | -0.50% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.52% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.52% | — |
Current DrawdownCurrent decline from peak | -7.48% | -4.93% | -2.55% |
Average DrawdownAverage peak-to-trough decline | -5.13% | -20.69% | +15.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 3.83% | +0.01% |
Volatility
JREI.L vs. JPNL.L - Volatility Comparison
JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JREI.L) has a higher volatility of 7.31% compared to Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) at 6.17%. This indicates that JREI.L's price experiences larger fluctuations and is considered to be riskier than JPNL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JREI.L | JPNL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.31% | 6.17% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 18.19% | 16.49% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.73% | 19.93% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.59% | 17.69% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.59% | 16.89% | +1.70% |
JREI.L vs. JPNL.L - Expense Ratio Comparison
JREI.L has a 0.25% expense ratio, which is lower than JPNL.L's 0.45% expense ratio.
Dividends
JREI.L vs. JPNL.L - Dividend Comparison
JREI.L's dividend yield for the trailing twelve months is around 1.53%, more than JPNL.L's 0.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR | 0.64% | 0.71% | 0.73% | 1.23% | 1.83% | 1.37% | 1.14% | 2.01% | 1.84% | 1.43% | 1.97% | 1.77% |
JREI.L JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) | 1.53% | 1.76% | 1.58% | 1.66% | 2.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, JREI.L and JPNL.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, JREI.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JREI.L is cheaper with a 0.25% expense ratio, compared with 0.45% for JPNL.L.
They also come from different issuers: JPMorgan and Amundi. Their fees differ too: 0.25% for JREI.L and 0.45% for JPNL.L.
Find the right allocation for JREI.L and JPNL.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer