MXJP.L vs. IJPD.L

Last updated Jun 5, 2026

MXJP.L (Invesco MSCI Japan UCITS ETF) and IJPD.L (iShares MSCI Japan USD Hedged UCITS ETF Accumulating) are both Japan Equities funds - MXJP.L tracks the TOPIX TR JPY while IJPD.L tracks the MSCI Japan 100% Hedged to USD Net TR Index. Both are passively managed. Over the past 10 years, MXJP.L returned 9.38%/yr vs 16.03%/yr for IJPD.L. Their correlation of 0.85 suggests significant overlap in exposure. MXJP.L charges 0.19%/yr vs 0.64%/yr for IJPD.L.

Performance

MXJP.L vs. IJPD.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 MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXJP.L achieves a 16.21% return, which is significantly lower than IJPD.L's 20.15% return. Over the past 10 years, MXJP.L has underperformed IJPD.L with an annualized return of 9.38%, while IJPD.L has yielded a comparatively higher 16.03% annualized return.

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%

IJPD.L

• 1D: -0.42%
• 1M: 6.84%
• YTD: 20.15%
• 6M: 21.96%
• 1Y: 52.94%
• 3Y*: 28.80%
• 5Y*: 21.08%
• 10Y*: 16.03%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
IJPD.L iShares MSCI Japan USD Hedged UCITS ETF Accumulating	20.15%	29.04%	24.14%	35.59%	-3.08%	12.22%	10.80%	18.74%	-14.26%	20.81%

Correlation

The correlation between MXJP.L and IJPD.L is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 8, 2013	0.85

The correlation between MXJP.L and IJPD.L has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

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

Sectors	MXJP.L	IJPD.L
Industrials	26.0%	26.0%
Technology	19.1%	19.1%
Financial Services	17.5%	17.5%
Consumer Cyclical	12.2%	12.2%
Communication Services	7.9%	7.9%
Healthcare	6.3%	6.3%
Consumer Defensive	3.6%	3.6%
Basic Materials	3.0%	3.0%
Real Estate	2.3%	2.3%
Utilities	1.1%	1.1%
Energy	1.1%	1.1%

Return for Risk

MXJP.L vs. IJPD.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: 49
MXJP.L Sharpe Ratio Rank: 46
MXJP.L Sortino Ratio Rank: 48
MXJP.L Omega Ratio Rank: 48
MXJP.L Calmar Ratio Rank: 53
MXJP.L Martin Ratio Rank: 50

IJPD.L

IJPD.L Risk / Return Rank: 87
IJPD.L Sharpe Ratio Rank: 83
IJPD.L Sortino Ratio Rank: 86
IJPD.L Omega Ratio Rank: 85
IJPD.L Calmar Ratio Rank: 91
IJPD.L Martin Ratio Rank: 89

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. IJPD.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 MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.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.L	IJPD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.68	-1.11
Sortino ratio: Return per unit of downside risk	2.37	3.80	-1.43
Omega ratio: Gain probability vs. loss probability	1.30	1.51	-0.21
Calmar ratio: Return relative to maximum drawdown	2.56	5.65	-3.09
Martin ratio: Return relative to average drawdown	8.34	19.59	-11.25
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. IJPD.L - Sharpe Ratio Comparison

The current MXJP.L Sharpe Ratio is 1.57, which is lower than the IJPD.L Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of MXJP.L and IJPD.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.

Sharpe Ratios by Period

	MXJP.L	IJPD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.68	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	1.12	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.85	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.68	-0.18

Drawdowns

MXJP.L vs. IJPD.L - Drawdown Comparison

The maximum MXJP.L drawdown since its inception was -32.48%, roughly equal to the maximum IJPD.L drawdown of -31.09%. Use the drawdown chart below to compare losses from any high point for MXJP.L and IJPD.L.

Drawdown Indicators

	MXJP.L	IJPD.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.48%	-31.09%	-1.39%
Max Drawdown (1Y) Largest decline over 1 year	-12.69%	-9.32%	-3.37%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-21.80%	+8.00%
Max Drawdown (5Y) Largest decline over 5 years	-32.48%	-21.80%	-10.68%
Max Drawdown (10Y) Largest decline over 10 years	-32.48%	-31.09%	-1.39%
Current Drawdown Current decline from peak	-0.49%	-0.42%	-0.07%
Average Drawdown Average peak-to-trough decline	-7.80%	-6.71%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	2.69%	+1.21%

Volatility

MXJP.L vs. IJPD.L - Volatility Comparison

Invesco MSCI Japan UCITS ETF (MXJP.L) has a higher volatility of 4.61% compared to iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) at 3.69%. This indicates that MXJP.L's price experiences larger fluctuations and is considered to be riskier than IJPD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXJP.L	IJPD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	3.69%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	16.69%	15.31%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	20.68%	19.71%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	18.78%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	18.92%	-1.66%

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

MXJP.L has a 0.19% expense ratio, which is lower than IJPD.L's 0.64% expense ratio.

Dividends

MXJP.L vs. IJPD.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MXJP.L and IJPD.L in my portfolio?

MXJP.L and IJPD.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MXJP.L or IJPD.L?

On fees, MXJP.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MXJP.L or IJPD.L?

MXJP.L is cheaper with a 0.19% expense ratio, compared with 0.64% for IJPD.L.

What is the main difference between MXJP.L and IJPD.L?

MXJP.L tracks TOPIX TR JPY, while IJPD.L tracks MSCI Japan 100% Hedged to USD Net TR Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for MXJP.L and 0.64% for IJPD.L.