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SJPA.L vs. HMJP.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SJPA.L vs. HMJP.L

Last updated Jun 5, 2026

SJPA.L (iShares Core MSCI Japan IMI UCITS ETF) and HMJP.L (HSBC MSCI Japan UCITS ETF USD) are both Japan Equities funds tracking the TOPIX TR JPY, from iShares and HSBC respectively. Both are passively managed. Over the past 10 years, SJPA.L returned 10.10%/yr vs 10.30%/yr for HMJP.L. Their correlation of 0.92 suggests significant overlap in exposure. SJPA.L charges 0.15%/yr vs 0.19%/yr for HMJP.L.

Performance

SJPA.L vs. HMJP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) and HSBC MSCI Japan UCITS ETF USD (HMJP.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 investments are quite close, with SJPA.L having a 16.31% return and HMJP.L slightly higher at 16.35%. Both investments have delivered pretty close results over the past 10 years, with SJPA.L having a 10.10% annualized return and HMJP.L not far ahead at 10.30%.

SJPA.L

1D
-0.10%
1M
6.32%
YTD
16.31%
6M
15.92%
1Y
33.90%
3Y*
15.64%
5Y*
10.02%
10Y*
10.10%

HMJP.L

1D
-0.40%
1M
6.17%
YTD
16.35%
6M
15.48%
1Y
33.99%
3Y*
15.60%
5Y*
10.21%
10Y*
10.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SJPA.L vs. HMJP.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SJPA.L
iShares Core MSCI Japan IMI UCITS ETF		16.31%18.19%8.36%12.76%-6.21%1.62%11.03%14.68%-9.15%14.69%
HMJP.L
HSBC MSCI Japan UCITS ETF USD		16.35%17.44%9.05%14.01%-7.12%2.09%12.36%14.51%-8.64%13.37%

Correlation

The correlation between SJPA.L and HMJP.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

0.97

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

0.97

Correlation (All Time)
Calculated using the full available price history since Mar 25, 2010

0.92

The correlation between SJPA.L and HMJP.L has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.

SJPA.L vs. HMJP.L - Sectors Allocation Comparison

Sectors
SJPA.L
HMJP.L

Industrials

25.7%
24.7%

Technology

18.6%
20.8%

Financial Services

16.4%
17.6%

Consumer Cyclical

12.4%
12.0%

Communication Services

7.5%
8.8%

Healthcare

5.6%
5.8%

Basic Materials

4.5%
2.9%

Consumer Defensive

4.2%
3.5%

Real Estate

3.1%
1.9%

Utilities

1.2%
1.0%

Energy

0.9%
1.0%

Industrials

SJPA.L
25.7%
HMJP.L
24.7%

Technology

SJPA.L
18.6%
HMJP.L
20.8%

Financial Services

SJPA.L
16.4%
HMJP.L
17.6%

Consumer Cyclical

SJPA.L
12.4%
HMJP.L
12.0%

Communication Services

SJPA.L
7.5%
HMJP.L
8.8%

Healthcare

SJPA.L
5.6%
HMJP.L
5.8%

Basic Materials

SJPA.L
4.5%
HMJP.L
2.9%

Consumer Defensive

SJPA.L
4.2%
HMJP.L
3.5%

Real Estate

SJPA.L
3.1%
HMJP.L
1.9%

Utilities

SJPA.L
1.2%
HMJP.L
1.0%

Energy

SJPA.L
0.9%
HMJP.L
1.0%

Compare stocks, funds, or ETFs

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iShares Core MSCI Japan IMI UCITS ETF

HSBC MSCI Japan UCITS ETF USD

Often compared with SJPA.L:
SJPA.L vs. LCJP.LSJPA.L vs. CSJP.LSJPA.L vs. XAUUSD=XSJPA.L vs. CNKY.LSJPA.L vs. PRIJ.LSJPA.L vs. N1ES.DESJPA.L vs. PADV.L
Often compared with HMJP.L:
HMJP.L vs. VJPA.LHMJP.L vs. HPJS.LHMJP.L vs. JRIE.LHMJP.L vs. DXJA.LHMJP.L vs. S400.LHMJP.L vs. DXJP.LHMJP.L vs. JARI.L

Return for Risk

SJPA.L vs. HMJP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SJPA.L
SJPA.L Risk / Return Rank: 6060
Overall Rank
SJPA.L Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SJPA.L Sortino Ratio Rank: 5959
Sortino Ratio Rank
SJPA.L Omega Ratio Rank: 6262
Omega Ratio Rank
SJPA.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
SJPA.L Martin Ratio Rank: 5959
Martin Ratio Rank
HMJP.L
HMJP.L Risk / Return Rank: 5858
Overall Rank
HMJP.L Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
HMJP.L Sortino Ratio Rank: 5656
Sortino Ratio Rank
HMJP.L Omega Ratio Rank: 5858
Omega Ratio Rank
HMJP.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
HMJP.L Martin Ratio Rank: 5858
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.

SJPA.L vs. HMJP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) and HSBC MSCI Japan UCITS ETF USD (HMJP.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.

SJPA.LHMJP.LDifference
Sharpe ratioReturn per unit of total volatility
1.92
1.85

+0.07

Sortino ratioReturn per unit of downside risk
2.74
2.65

+0.10

Omega ratioGain probability vs. loss probability

1.37

1.35

+0.02

Calmar ratioReturn relative to maximum drawdown

3.15

3.13

+0.03

Martin ratioReturn relative to average drawdown

10.28

10.15

+0.13

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

SJPA.L vs. HMJP.L - Sharpe Ratio Comparison

The current SJPA.L Sharpe Ratio is 1.92, which is comparable to the HMJP.L Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SJPA.L and HMJP.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

SJPA.LHMJP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.92

1.85

+0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.65

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.65

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.48

+0.09

Drawdowns

SJPA.L vs. HMJP.L - Drawdown Comparison

The maximum SJPA.L drawdown since its inception was -24.73%, roughly equal to the maximum HMJP.L drawdown of -24.24%. Use the drawdown chart below to compare losses from any high point for SJPA.L and HMJP.L.

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Drawdown Indicators

SJPA.LHMJP.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.73%

-24.24%

-0.49%

Max Drawdown (1Y)

Largest decline over 1 year

-10.71%

-10.83%

+0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-13.45%

-14.29%

+0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-18.93%

-18.50%

-0.43%

Max Drawdown (10Y)

Largest decline over 10 years

-24.73%

-24.24%

-0.49%

Current Drawdown

Current decline from peak

-0.10%

-0.40%

+0.30%

Average Drawdown

Average peak-to-trough decline

-6.68%

-6.98%

+0.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.29%

3.34%

-0.05%

Volatility

SJPA.L vs. HMJP.L - Volatility Comparison

iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) and HSBC MSCI Japan UCITS ETF USD (HMJP.L) have volatilities of 3.82% and 3.74%, 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

SJPA.LHMJP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.82%

3.74%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

14.40%

14.72%

-0.32%

Volatility (1Y)

Calculated over the trailing 1-year period

17.60%

18.31%

-0.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.35%

15.93%

-0.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.69%

16.01%

-0.32%

SJPA.L vs. HMJP.L - Expense Ratio Comparison

SJPA.L has a 0.15% expense ratio, which is lower than HMJP.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SJPA.L vs. HMJP.L - Dividend Comparison

SJPA.L has not paid dividends to shareholders, while HMJP.L's dividend yield for the trailing twelve months is around 1.49%.

PositionTTM20252024202320222021202020192018201720162015
HMJP.L
HSBC MSCI Japan UCITS ETF USD		1.49%1.74%1.64%1.75%1.98%1.53%1.68%1.83%1.73%1.41%1.27%1.10%
SJPA.L
iShares Core MSCI Japan IMI 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

With a correlation of 0.98, SJPA.L and HMJP.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, SJPA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SJPA.L is cheaper with a 0.15% expense ratio, compared with 0.19% for HMJP.L.

Both ETFs track TOPIX TR JPY. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.15% for SJPA.L and 0.19% for HMJP.L.

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