MXJP.L vs. ISJP.L
MXJP.L (Invesco MSCI Japan UCITS ETF) and ISJP.L (iShares MSCI Japan Small Cap UCITS ETF (Dist)) are both Japan Equities funds - MXJP.L tracks the TOPIX TR JPY while ISJP.L tracks the MSCI Japan Small Cap NR JPY. Both are passively managed. Over the past 10 years, MXJP.L returned 9.38%/yr vs 7.79%/yr for ISJP.L. A 0.77 correlation means they provide meaningful diversification when combined. MXJP.L charges 0.19%/yr vs 0.58%/yr for ISJP.L.
Performance
MXJP.L vs. ISJP.L - Performance Comparison
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Different Trading Currencies
MXJP.L is traded in USD, while ISJP.L is traded in GBp. To make them comparable, the ISJP.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 higher than ISJP.L's 14.80% return. Over the past 10 years, MXJP.L has outperformed ISJP.L with an annualized return of 9.38%, while ISJP.L has yielded a comparatively lower 7.79% 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%
ISJP.L
- 1D
- 0.35%
- 1M
- 4.78%
- YTD
- 14.80%
- 6M
- 16.68%
- 1Y
- 30.24%
- 3Y*
- 17.96%
- 5Y*
- 7.50%
- 10Y*
- 7.79%
MXJP.L vs. ISJP.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% |
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 14.80% | 30.01% | 3.24% | 12.66% | -12.49% | -2.90% | 7.72% | 18.51% | -16.97% | 30.71% |
Correlation
The correlation between MXJP.L and ISJP.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
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 Oct 12, 2011 | 0.77 |
The correlation between MXJP.L and ISJP.L has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.
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Return for Risk
MXJP.L vs. ISJP.L — Risk / Return Rank
MXJP.L
ISJP.L
MXJP.L vs. ISJP.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 Small Cap UCITS ETF (Dist) (ISJP.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 | ISJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.33 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.55 | +0.01 |
| Martin ratioReturn relative to average drawdown | 8.34 | 8.29 | +0.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MXJP.L | ISJP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 1.80 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.46 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.47 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.35 | +0.15 |
Drawdowns
MXJP.L vs. ISJP.L - Drawdown Comparison
The maximum MXJP.L drawdown since its inception was -32.48%, smaller than the maximum ISJP.L drawdown of -41.35%. Use the drawdown chart below to compare losses from any high point for MXJP.L and ISJP.L.
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Drawdown Indicators
| MXJP.L | ISJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.48% | -41.35% | +8.87% |
Max Drawdown (1Y)Largest decline over 1 year | -12.69% | -11.79% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -13.80% | -12.58% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -32.48% | -33.09% | +0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -32.48% | -36.04% | +3.56% |
Current DrawdownCurrent decline from peak | -0.49% | -1.67% | +1.18% |
Average DrawdownAverage peak-to-trough decline | -7.80% | -9.60% | +1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.90% | 3.64% | +0.26% |
Volatility
MXJP.L vs. ISJP.L - Volatility Comparison
Invesco MSCI Japan UCITS ETF (MXJP.L) has a higher volatility of 4.61% compared to iShares MSCI Japan Small Cap UCITS ETF (Dist) (ISJP.L) at 3.95%. This indicates that MXJP.L's price experiences larger fluctuations and is considered to be riskier than ISJP.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.L | ISJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.61% | 3.95% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 16.69% | 14.23% | +2.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.68% | 16.68% | +4.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 16.31% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.26% | 16.54% | +0.72% |
MXJP.L vs. ISJP.L - Expense Ratio Comparison
MXJP.L has a 0.19% expense ratio, which is lower than ISJP.L's 0.58% expense ratio.
Dividends
MXJP.L vs. ISJP.L - Dividend Comparison
MXJP.L has not paid dividends to shareholders, while ISJP.L's dividend yield for the trailing twelve months is around 1.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 1.67% | 1.85% | 1.73% | 1.77% | 1.99% | 1.52% | 1.58% | 1.53% | 1.39% | 1.29% | 1.07% | 0.68% |
MXJP.L Invesco MSCI Japan UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MXJP.L and ISJP.L have a correlation of 0.79, 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 0.58% for ISJP.L.
MXJP.L tracks TOPIX TR JPY, while ISJP.L tracks MSCI Japan Small Cap NR JPY. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for MXJP.L and 0.58% for ISJP.L.
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