JREJ.L vs. JPNL.L
JREJ.L (JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Acc)) and JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) are both Japan Equities funds. JREJ.L is actively managed, while JPNL.L is passively managed. Over the past 3 years, JREJ.L returned 15.82%/yr vs 15.93%/yr for JPNL.L. Their correlation of 0.93 suggests significant overlap in exposure. JREJ.L charges 0.25%/yr vs 0.45%/yr for JPNL.L.
Performance
JREJ.L vs. JPNL.L - Performance Comparison
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Different Trading Currencies
JREJ.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 JREJ.L having a 12.38% return and JPNL.L slightly lower at 12.02%.
JREJ.L
- 1D
- -2.49%
- 1M
- -5.86%
- 6M
- 5.94%
- YTD
- 12.38%
- 1Y
- 29.08%
- 3Y*
- 15.82%
- 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%
JREJ.L vs. JPNL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JREJ.L JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Acc) | 12.38% | 24.21% | 7.80% | 20.39% | -10.13% |
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR | 12.02% | 26.86% | 5.96% | 18.99% | -9.02% |
Correlation
The correlation between JREJ.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 | 0.94 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2022 | 0.93 |
The correlation between JREJ.L and JPNL.L has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.
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Return for Risk
JREJ.L vs. JPNL.L — Risk / Return Rank
JREJ.L
JPNL.L
JREJ.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 (Acc) (JREJ.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.
| JREJ.L | JPNL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.27 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.27 | +0.12 |
| Martin ratioReturn relative to average drawdown | 7.56 | 7.42 | +0.14 |
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Drawdowns
JREJ.L vs. JPNL.L - Drawdown Comparison
The maximum JREJ.L drawdown since its inception was -20.61%, smaller than the maximum JPNL.L drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for JREJ.L and JPNL.L.
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Drawdown Indicators
| JREJ.L | JPNL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.61% | -56.90% | +36.29% |
Max Drawdown (1Y)Largest decline over 1 year | -12.09% | -12.48% | +0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -14.89% | -14.35% | -0.54% |
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 | -7.53% | -4.93% | -2.60% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -20.69% | +15.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 3.83% | +0.01% |
Volatility
JREJ.L vs. JPNL.L - Volatility Comparison
JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Acc) (JREJ.L) has a higher volatility of 7.17% compared to Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) at 6.17%. This indicates that JREJ.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.
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Volatility by Period
| JREJ.L | JPNL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.17% | 6.17% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 18.04% | 16.49% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.70% | 19.93% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.57% | 17.69% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.57% | 16.89% | +1.68% |
JREJ.L vs. JPNL.L - Expense Ratio Comparison
JREJ.L has a 0.25% expense ratio, which is lower than JPNL.L's 0.45% expense ratio.
Dividends
JREJ.L vs. JPNL.L - Dividend Comparison
JREJ.L has not paid dividends to shareholders, while JPNL.L's dividend yield for the trailing twelve months is around 0.64%.
| 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% |
JREJ.L JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (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, JREJ.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, JREJ.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JREJ.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 JREJ.L and 0.45% for JPNL.L.
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