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

MXJP.L vs. IJPH.L

Last updated Jun 5, 2026

MXJP.L (Invesco MSCI Japan UCITS ETF) and IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) are both Japan Equities funds - MXJP.L tracks the TOPIX TR JPY while IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index. Both are passively managed. Over the past 10 years, MXJP.L returned 9.38%/yr vs 13.93%/yr for IJPH.L. Their correlation of 0.81 suggests significant overlap in exposure. MXJP.L charges 0.19%/yr vs 0.64%/yr for IJPH.L.

Performance

MXJP.L vs. IJPH.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 GBP Hedged UCITS ETF (IJPH.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

MXJP.L is traded in USD, while IJPH.L is traded in GBP. To make them comparable, the IJPH.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MXJP.L achieves a 16.21% return, which is significantly lower than IJPH.L's 19.62% return. Over the past 10 years, MXJP.L has underperformed IJPH.L with an annualized return of 9.38%, while IJPH.L has yielded a comparatively higher 13.93% 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%

IJPH.L

1D
-0.32%
1M
6.04%
YTD
19.62%
6M
22.58%
1Y
51.00%
3Y*
31.77%
5Y*
19.18%
10Y*
13.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MXJP.L vs. IJPH.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%
IJPH.L
iShares MSCI Japan GBP Hedged UCITS ETF		19.62%39.14%21.76%41.27%-14.53%10.92%12.62%20.60%-20.66%30.83%

Correlation

The correlation between MXJP.L and IJPH.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

0.84

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

0.83

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

0.82

Correlation (All Time)
Calculated using the full available price history since Aug 2, 2012

0.81

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

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

Sectors
MXJP.L
IJPH.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%

Industrials

MXJP.L
26.0%
IJPH.L
26.0%

Technology

MXJP.L
19.1%
IJPH.L
19.1%

Financial Services

MXJP.L
17.5%
IJPH.L
17.5%

Consumer Cyclical

MXJP.L
12.2%
IJPH.L
12.2%

Communication Services

MXJP.L
7.9%
IJPH.L
7.9%

Healthcare

MXJP.L
6.3%
IJPH.L
6.3%

Consumer Defensive

MXJP.L
3.6%
IJPH.L
3.6%

Basic Materials

MXJP.L
3.0%
IJPH.L
3.0%

Real Estate

MXJP.L
2.3%
IJPH.L
2.3%

Utilities

MXJP.L
1.1%
IJPH.L
1.1%

Energy

MXJP.L
1.1%
IJPH.L
1.1%

Compare stocks, funds, or ETFs

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Invesco MSCI Japan UCITS ETF

iShares MSCI Japan GBP Hedged UCITS ETF

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 IJPH.L:
IJPH.L vs. SUJA.LIJPH.L vs. XSTC.LIJPH.L vs. XDJP.DEIJPH.L vs. EWJIJPH.L vs. XM1D.DEIJPH.L vs. ^N225IJPH.L vs. BRK-B

Return for Risk

MXJP.L vs. IJPH.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
IJPH.L
IJPH.L Risk / Return Rank: 8585
Overall Rank
IJPH.L Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IJPH.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
IJPH.L Omega Ratio Rank: 8282
Omega Ratio Rank
IJPH.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
IJPH.L Martin Ratio Rank: 8888
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. IJPH.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 GBP Hedged UCITS ETF (IJPH.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.LIJPH.LDifference
Sharpe ratioReturn per unit of total volatility
1.57
2.32

-0.75

Sortino ratioReturn per unit of downside risk
2.37
3.35

-0.98

Omega ratioGain probability vs. loss probability

1.30

1.42

-0.13

Calmar ratioReturn relative to maximum drawdown

2.56

4.28

-1.72

Martin ratioReturn relative to average drawdown

8.34

15.45

-7.11

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. IJPH.L - Sharpe Ratio Comparison

The current MXJP.L Sharpe Ratio is 1.57, which is lower than the IJPH.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of MXJP.L and IJPH.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.LIJPH.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

2.32

-0.75

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.87

-0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.61

-0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.60

-0.10

Drawdowns

MXJP.L vs. IJPH.L - Drawdown Comparison

The maximum MXJP.L drawdown since its inception was -32.48%, smaller than the maximum IJPH.L drawdown of -45.23%. Use the drawdown chart below to compare losses from any high point for MXJP.L and IJPH.L.

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Drawdown Indicators

MXJP.LIJPH.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.48%

-45.23%

+12.75%

Max Drawdown (1Y)

Largest decline over 1 year

-12.69%

-11.86%

-0.83%

Max Drawdown (3Y)

Largest decline over 3 years

-13.80%

-22.90%

+9.10%

Max Drawdown (5Y)

Largest decline over 5 years

-32.48%

-30.30%

-2.18%

Max Drawdown (10Y)

Largest decline over 10 years

-32.48%

-44.24%

+11.76%

Current Drawdown

Current decline from peak

-0.49%

-0.32%

-0.17%

Average Drawdown

Average peak-to-trough decline

-7.80%

-12.10%

+4.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.90%

3.29%

+0.61%

Volatility

MXJP.L vs. IJPH.L - Volatility Comparison

Invesco MSCI Japan UCITS ETF (MXJP.L) has a higher volatility of 4.61% compared to iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) at 4.35%. This indicates that MXJP.L's price experiences larger fluctuations and is considered to be riskier than IJPH.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MXJP.LIJPH.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.61%

4.35%

+0.26%

Volatility (6M)

Calculated over the trailing 6-month period

16.69%

16.89%

-0.20%

Volatility (1Y)

Calculated over the trailing 1-year period

20.68%

21.92%

-1.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.18%

22.11%

-3.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.26%

22.74%

-5.48%

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

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

Dividends

MXJP.L vs. IJPH.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

MXJP.L and IJPH.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.

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.

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

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

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