JRJE.L vs. CJPU.L
JRJE.L (JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) and CJPU.L (iShares MSCI Japan UCITS ETF USD (Acc)) are both Japan Equities funds - JRJE.L tracks the TOPIX TR JPY while CJPU.L tracks the MSCI Japan Index (Net). Both are passively managed. Over the past 3 years, JRJE.L returned 14.72%/yr vs 14.94%/yr for CJPU.L. Their correlation of 0.92 suggests significant overlap in exposure. JRJE.L charges 0.25%/yr vs 0.12%/yr for CJPU.L.
Performance
JRJE.L vs. CJPU.L - Performance Comparison
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Different Trading Currencies
JRJE.L is traded in GBp, while CJPU.L is traded in USD. To make them comparable, the CJPU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with JRJE.L having a 12.27% return and CJPU.L slightly higher at 12.60%.
JRJE.L
- 1D
- -2.28%
- 1M
- -6.25%
- 6M
- 5.40%
- YTD
- 12.27%
- 1Y
- 28.96%
- 3Y*
- 14.72%
- 5Y*
- —
- 10Y*
- —
CJPU.L
- 1D
- -2.34%
- 1M
- -6.86%
- 6M
- 5.58%
- YTD
- 12.60%
- 1Y
- 30.09%
- 3Y*
- 14.94%
- 5Y*
- 9.18%
- 10Y*
- 8.56%
JRJE.L vs. CJPU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JRJE.L JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) | 12.27% | 15.91% | 9.56% | 13.90% | -0.96% |
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 12.60% | 17.14% | 9.20% | 14.24% | -3.92% |
Correlation
The correlation between JRJE.L and CJPU.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 | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.92 |
The correlation between JRJE.L and CJPU.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
JRJE.L vs. CJPU.L — Risk / Return Rank
JRJE.L
CJPU.L
JRJE.L vs. CJPU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRJE.L) and iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.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.
| JRJE.L | CJPU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.84 | -0.13 |
| Martin ratioReturn relative to average drawdown | 8.08 | 8.61 | -0.52 |
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Drawdowns
JRJE.L vs. CJPU.L - Drawdown Comparison
The maximum JRJE.L drawdown since its inception was -14.26%, smaller than the maximum CJPU.L drawdown of -24.62%. Use the drawdown chart below to compare losses from any high point for JRJE.L and CJPU.L.
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Drawdown Indicators
| JRJE.L | CJPU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.26% | -24.62% | +10.36% |
Max Drawdown (1Y)Largest decline over 1 year | -10.63% | -10.54% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -14.26% | -14.29% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.62% | — |
Current DrawdownCurrent decline from peak | -8.89% | -8.44% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -6.35% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 3.49% | +0.08% |
Volatility
JRJE.L vs. CJPU.L - Volatility Comparison
JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRJE.L) and iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L) have volatilities of 6.90% and 6.83%, 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
| JRJE.L | CJPU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.90% | 6.83% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 16.26% | 17.53% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.55% | 20.79% | -1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 17.07% | -0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.32% | 16.77% | -0.45% |
JRJE.L vs. CJPU.L - Expense Ratio Comparison
JRJE.L has a 0.25% expense ratio, which is higher than CJPU.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JRJE.L vs. CJPU.L - Dividend Comparison
Neither JRJE.L nor CJPU.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, JRJE.L and CJPU.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, CJPU.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CJPU.L is cheaper with a 0.12% expense ratio, compared with 0.25% for JRJE.L.
JRJE.L tracks TOPIX TR JPY, while CJPU.L tracks MSCI Japan Index (Net). They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.25% for JRJE.L and 0.12% for CJPU.L.
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