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MXJP.L vs. IJPA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MXJP.L vs. IJPA.L

Last updated Jun 5, 2026

MXJP.L (Invesco MSCI Japan UCITS ETF) and IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) are both Japan Equities funds - MXJP.L tracks the TOPIX TR JPY while IJPA.L tracks the MSCI Japan Investable Market Index (IMI). Both are passively managed. Over the past 10 years, MXJP.L returned 9.38%/yr vs 9.30%/yr for IJPA.L. Their correlation of 0.94 suggests significant overlap in exposure. MXJP.L charges 0.19%/yr vs 0.12%/yr for IJPA.L.

Performance

MXJP.L vs. IJPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Japan UCITS ETF (MXJP.L) and iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with MXJP.L having a 16.21% return and IJPA.L slightly lower at 15.68%. Both investments have delivered pretty close results over the past 10 years, with MXJP.L having a 9.38% annualized return and IJPA.L not far behind at 9.30%.

MXJP.L

1D
-0.49%
1M
5.18%
YTD
16.21%
6M
16.14%
1Y
32.62%
3Y*
18.54%
5Y*
8.94%
10Y*
9.38%

IJPA.L

1D
-0.05%
1M
5.18%
YTD
15.68%
6M
16.60%
1Y
32.47%
3Y*
18.69%
5Y*
8.86%
10Y*
9.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MXJP.L vs. IJPA.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MXJP.L
Invesco MSCI Japan UCITS ETF		16.21%25.85%7.21%20.47%-17.12%0.75%16.23%18.11%-13.56%24.18%
IJPA.L
iShares Core MSCI Japan IMI UCITS ETF USD Acc		15.68%27.28%6.62%19.34%-16.16%0.16%14.98%18.46%-14.15%25.83%

Correlation

The correlation between MXJP.L and IJPA.L is 0.98 - 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

0.98

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

0.98

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

0.98

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

0.98

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2011

0.94

The correlation between MXJP.L and IJPA.L has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

MXJP.L vs. IJPA.L - Sectors Allocation Comparison

Sectors
MXJP.L
IJPA.L

Industrials

26.0%
25.2%

Technology

19.1%
19.8%

Financial Services

17.5%
15.7%

Consumer Cyclical

12.2%
12.2%

Communication Services

7.9%
5.7%

Healthcare

6.3%
5.8%

Consumer Defensive

3.6%
4.0%

Basic Materials

3.0%
5.1%

Real Estate

2.3%
3.0%

Utilities

1.1%
1.2%

Energy

1.1%
0.9%

Industrials

MXJP.L
26.0%
IJPA.L
25.2%

Technology

MXJP.L
19.1%
IJPA.L
19.8%

Financial Services

MXJP.L
17.5%
IJPA.L
15.7%

Consumer Cyclical

MXJP.L
12.2%
IJPA.L
12.2%

Communication Services

MXJP.L
7.9%
IJPA.L
5.7%

Healthcare

MXJP.L
6.3%
IJPA.L
5.8%

Consumer Defensive

MXJP.L
3.6%
IJPA.L
4.0%

Basic Materials

MXJP.L
3.0%
IJPA.L
5.1%

Real Estate

MXJP.L
2.3%
IJPA.L
3.0%

Utilities

MXJP.L
1.1%
IJPA.L
1.2%

Energy

MXJP.L
1.1%
IJPA.L
0.9%

Compare stocks, funds, or ETFs

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Invesco MSCI Japan UCITS ETF

iShares Core MSCI Japan IMI UCITS ETF USD Acc

Often compared with MXJP.L:
MXJP.L vs. LGJG.LMXJP.L vs. VJPA.LMXJP.L vs. IJPN.LMXJP.L vs. SJPA.LMXJP.L vs. LCJP.LMXJP.L vs. DXJP.LMXJP.L vs. DXJA.L
Often compared with IJPA.L:
IJPA.L vs. IJPE.LIJPA.L vs. VJPN.LIJPA.L vs. IJPD.LIJPA.L vs. GLDIJPA.L vs. IAUIJPA.L vs. VJPB.LIJPA.L vs. FBT.L

Return for Risk

MXJP.L vs. IJPA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MXJP.L
MXJP.L Risk / Return Rank: 4949
Overall Rank
MXJP.L Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
MXJP.L Sortino Ratio Rank: 4848
Sortino Ratio Rank
MXJP.L Omega Ratio Rank: 4848
Omega Ratio Rank
MXJP.L Calmar Ratio Rank: 5353
Calmar Ratio Rank
MXJP.L Martin Ratio Rank: 5050
Martin Ratio Rank
IJPA.L
IJPA.L Risk / Return Rank: 5151
Overall Rank
IJPA.L Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
IJPA.L Sortino Ratio Rank: 5151
Sortino Ratio Rank
IJPA.L Omega Ratio Rank: 5151
Omega Ratio Rank
IJPA.L Calmar Ratio Rank: 5555
Calmar Ratio Rank
IJPA.L Martin Ratio Rank: 5252
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.

MXJP.L vs. IJPA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Japan UCITS ETF (MXJP.L) and iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.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.

MXJP.LIJPA.LDifference
Sharpe ratioReturn per unit of total volatility
1.57
1.63

-0.06

Sortino ratioReturn per unit of downside risk
2.37
2.45

-0.09

Omega ratioGain probability vs. loss probability

1.30

1.31

-0.01

Calmar ratioReturn relative to maximum drawdown

2.56

2.66

-0.10

Martin ratioReturn relative to average drawdown

8.34

8.86

-0.52

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXJP.L vs. IJPA.L - Sharpe Ratio Comparison

The current MXJP.L Sharpe Ratio is 1.57, which is comparable to the IJPA.L Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of MXJP.L and IJPA.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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Sharpe Ratios by Period

MXJP.LIJPA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

1.63

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.50

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.55

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.46

+0.04

Drawdowns

MXJP.L vs. IJPA.L - Drawdown Comparison

The maximum MXJP.L drawdown since its inception was -32.48%, roughly equal to the maximum IJPA.L drawdown of -32.47%. Use the drawdown chart below to compare losses from any high point for MXJP.L and IJPA.L.

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Drawdown Indicators

MXJP.LIJPA.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.48%

-32.47%

-0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-12.69%

-12.15%

-0.54%

Max Drawdown (3Y)

Largest decline over 3 years

-13.80%

-13.96%

+0.16%

Max Drawdown (5Y)

Largest decline over 5 years

-32.48%

-32.47%

-0.01%

Max Drawdown (10Y)

Largest decline over 10 years

-32.48%

-32.47%

-0.01%

Current Drawdown

Current decline from peak

-0.49%

-0.05%

-0.44%

Average Drawdown

Average peak-to-trough decline

-7.80%

-8.06%

+0.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.90%

3.66%

+0.24%

Volatility

MXJP.L vs. IJPA.L - Volatility Comparison

Invesco MSCI Japan UCITS ETF (MXJP.L) and iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) have volatilities of 4.61% and 4.48%, 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

MXJP.LIJPA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.61%

4.48%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

16.69%

16.36%

+0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

20.68%

19.88%

+0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.18%

17.60%

+0.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.26%

16.86%

+0.40%

MXJP.L vs. IJPA.L - Expense Ratio Comparison

MXJP.L has a 0.19% expense ratio, which is higher than IJPA.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

MXJP.L vs. IJPA.L - Dividend Comparison

Neither MXJP.L nor IJPA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

With a correlation of 0.98, MXJP.L and IJPA.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, IJPA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IJPA.L is cheaper with a 0.12% expense ratio, compared with 0.19% for MXJP.L.

MXJP.L tracks TOPIX TR JPY, while IJPA.L tracks MSCI Japan Investable Market Index (IMI). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for MXJP.L and 0.12% for IJPA.L.

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