MKOR vs. JPAN

Last updated Jun 4, 2026

MKOR (Matthews Korea Active ETF) and JPAN (Matthews Japan Active ETF) are both exchange-traded funds - MKOR is a Asia Pacific Equities fund actively managed by Matthews, while JPAN is a Japan Equities fund actively managed by Matthews. Both are actively managed. Over the past year, MKOR returned 187.66% vs 30.43% for JPAN. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

MKOR vs. JPAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Korea Active ETF (MKOR) and Matthews Japan Active ETF (JPAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKOR achieves a 96.84% return, which is significantly higher than JPAN's 17.64% return.

MKOR

• 1D: -0.99%
• 1M: 16.82%
• YTD: 96.84%
• 6M: 107.34%
• 1Y: 187.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPAN

• 1D: 0.52%
• 1M: 7.08%
• YTD: 17.64%
• 6M: 19.06%
• 1Y: 30.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MKOR vs. JPAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MKOR Matthews Korea Active ETF	96.84%	70.33%	-15.76%	7.97%
JPAN Matthews Japan Active ETF	17.64%	22.96%	18.16%	5.77%

Correlation

The correlation between MKOR and JPAN is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.49

The correlation between MKOR and JPAN has been stable across timeframes, ranging from 0.49 to 0.53 - a consistent structural relationship.

MKOR vs. JPAN - Sectors Allocation Comparison

Sectors	MKOR	JPAN
Technology	56.1%	21.7%
Industrials	15.0%	25.5%
Financial Services	8.0%	19.2%
Consumer Cyclical	7.0%	12.4%
Communication Services	2.1%	6.8%
Consumer Defensive	1.7%	3.3%
Healthcare	1.5%	2.6%
Basic Materials	0.8%	3.2%
Energy	0.6%	0.7%
Utilities	0.6%	-
Real Estate	-	2.2%

Return for Risk

MKOR vs. JPAN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MKOR

MKOR Risk / Return Rank: 96
MKOR Sharpe Ratio Rank: 97
MKOR Sortino Ratio Rank: 94
MKOR Omega Ratio Rank: 94
MKOR Calmar Ratio Rank: 96
MKOR Martin Ratio Rank: 96

JPAN

JPAN Risk / Return Rank: 45
JPAN Sharpe Ratio Rank: 45
JPAN Sortino Ratio Rank: 47
JPAN Omega Ratio Rank: 46
JPAN Calmar Ratio Rank: 42
JPAN Martin Ratio Rank: 45

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.

MKOR vs. JPAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Korea Active ETF (MKOR) and Matthews Japan Active ETF (JPAN). 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.

	MKOR	JPAN	Difference
Sharpe ratio: Return per unit of total volatility	5.08	1.56	+3.52
Sortino ratio: Return per unit of downside risk	4.94	2.30	+2.64
Omega ratio: Gain probability vs. loss probability	1.70	1.29	+0.41
Calmar ratio: Return relative to maximum drawdown	9.16	2.09	+7.06
Martin ratio: Return relative to average drawdown	35.31	7.47	+27.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MKOR vs. JPAN - Sharpe Ratio Comparison

The current MKOR Sharpe Ratio is 5.08, which is higher than the JPAN Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MKOR and JPAN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MKOR	JPAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.08	1.56	+3.52
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	1.29	+0.29

Drawdowns

MKOR vs. JPAN - Drawdown Comparison

The maximum MKOR drawdown since its inception was -22.09%, which is greater than JPAN's maximum drawdown of -15.24%. Use the drawdown chart below to compare losses from any high point for MKOR and JPAN.

Drawdown Indicators

	MKOR	JPAN	Difference
Max Drawdown Largest peak-to-trough decline	-22.09%	-15.24%	-6.85%
Max Drawdown (1Y) Largest decline over 1 year	-20.62%	-14.59%	-6.03%
Current Drawdown Current decline from peak	-2.27%	0.00%	-2.27%
Average Drawdown Average peak-to-trough decline	-6.22%	-3.09%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	4.08%	+1.26%

Volatility

MKOR vs. JPAN - Volatility Comparison

Matthews Korea Active ETF (MKOR) has a higher volatility of 17.87% compared to Matthews Japan Active ETF (JPAN) at 4.59%. This indicates that MKOR's price experiences larger fluctuations and is considered to be riskier than JPAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MKOR	JPAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	4.59%	+13.28%
Volatility (6M) Calculated over the trailing 6-month period	33.29%	15.68%	+17.61%
Volatility (1Y) Calculated over the trailing 1-year period	37.15%	19.63%	+17.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.06%	19.26%	+7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.06%	19.26%	+7.80%

MKOR vs. JPAN - Expense Ratio Comparison

Both MKOR and JPAN have an expense ratio of 0.79%.

Dividends

MKOR vs. JPAN - Dividend Comparison

MKOR's dividend yield for the trailing twelve months is around 1.33%, less than JPAN's 4.34% yield.

Position	TTM	2025	2024	2023
JPAN Matthews Japan Active ETF	4.34%	5.10%	1.53%	0.51%
MKOR Matthews Korea Active ETF	1.33%	2.62%	5.28%	0.00%

Frequently Asked Questions

Can I hold both MKOR and JPAN in my portfolio?

MKOR and JPAN have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MKOR or JPAN?

MKOR has higher volatility (17.87%) compared to JPAN (4.59%). In terms of maximum drawdown, MKOR dropped -22.09% vs JPAN's -15.24%.

Which ETF is better, MKOR or JPAN?

On 1-year performance, MKOR leads with 187.66% vs 30.43% for JPAN. Both ETFs have the same 0.79% expense ratio. On volatility, JPAN has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MKOR or JPAN?

Over the 1-year period, MKOR has performed better with a 187.66% return vs 30.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MKOR or JPAN?

MKOR and JPAN have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, MKOR or JPAN?

JPAN has the higher dividend yield at 4.34%, compared with 1.33% for MKOR.

What is the main difference between MKOR and JPAN?

MKOR is categorized as Asia Pacific Equities, while JPAN is Japan Equities.

Which has better risk-adjusted returns?

MKOR currently has the higher Sharpe Ratio (5.08 vs 1.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.