SJPA.L vs. JPNL.L

Last updated Jun 27, 2026

SJPA.L (iShares Core MSCI Japan IMI UCITS ETF) and JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) are both Japan Equities funds tracking the TOPIX TR JPY, from iShares and Amundi respectively. Both are passively managed. Over the past 10 years, SJPA.L returned 9.77%/yr vs 9.23%/yr for JPNL.L. Their correlation of 0.84 suggests significant overlap in exposure. SJPA.L charges 0.15%/yr vs 0.45%/yr for JPNL.L.

Performance

SJPA.L vs. JPNL.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 Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SJPA.L achieves a 18.45% return, which is significantly higher than JPNL.L's 16.19% return. Over the past 10 years, SJPA.L has outperformed JPNL.L with an annualized return of 9.77%, while JPNL.L has yielded a comparatively lower 9.23% annualized return.

SJPA.L

• 1D: -0.51%
• 1M: 3.31%
• YTD: 18.45%
• 6M: 18.61%
• 1Y: 37.14%
• 3Y*: 17.65%
• 5Y*: 10.23%
• 10Y*: 9.77%

JPNL.L

• 1D: -0.35%
• 1M: 2.19%
• YTD: 16.19%
• 6M: 16.37%
• 1Y: 34.20%
• 3Y*: 16.67%
• 5Y*: 9.70%
• 10Y*: 9.23%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SJPA.L iShares Core MSCI Japan IMI UCITS ETF	18.45%	18.19%	8.36%	12.76%	-6.21%	1.62%	11.03%	14.68%	-9.15%	14.69%
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	16.19%	17.96%	7.75%	13.02%	-5.78%	0.85%	10.24%	13.26%	-9.85%	14.89%

Correlation

The correlation between SJPA.L and JPNL.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	0.99
Correlation (All Time) Calculated using the full available price history since Sep 25, 2009	0.84

The correlation between SJPA.L and JPNL.L shifts across timeframes, from 0.84 (all time) to 0.99 (10 years), reflecting how their relationship changes across market environments.

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

Sectors	SJPA.L	JPNL.L
Industrials	23.7%	25.4%
Technology	22.8%	18.7%
Financial Services	16.2%	17.8%
Consumer Cyclical	11.9%	12.1%
Communication Services	7.2%	8.0%
Healthcare	5.1%	5.4%
Basic Materials	4.4%	4.5%
Consumer Defensive	3.8%	4.2%
Real Estate	2.9%	1.9%
Utilities	1.1%	1.2%
Energy	0.8%	0.9%

Return for Risk

SJPA.L vs. JPNL.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: 73
SJPA.L Sharpe Ratio Rank: 73
SJPA.L Sortino Ratio Rank: 72
SJPA.L Omega Ratio Rank: 75
SJPA.L Calmar Ratio Rank: 77
SJPA.L Martin Ratio Rank: 70

JPNL.L

JPNL.L Risk / Return Rank: 68
JPNL.L Sharpe Ratio Rank: 68
JPNL.L Sortino Ratio Rank: 66
JPNL.L Omega Ratio Rank: 70
JPNL.L Calmar Ratio Rank: 73
JPNL.L Martin Ratio Rank: 64

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. JPNL.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 Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SJPA.L	JPNL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.90	+0.13
Sortino ratio: Return per unit of downside risk	2.83	2.63	+0.19
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	3.45	3.20	+0.25
Martin ratio: Return relative to average drawdown	11.16	10.07	+1.09

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

The current SJPA.L Sharpe Ratio is 2.03, which is comparable to the JPNL.L Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SJPA.L and JPNL.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.

Drawdowns

SJPA.L vs. JPNL.L - Drawdown Comparison

The maximum SJPA.L drawdown since its inception was -45.53%, which is greater than JPNL.L's maximum drawdown of -38.87%. Use the drawdown chart below to compare losses from any high point for SJPA.L and JPNL.L.

Drawdown Indicators

	SJPA.L	JPNL.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.53%	-38.87%	-6.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-10.63%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-19.68%	-13.44%	-6.24%
Max Drawdown (5Y) Largest decline over 5 years	-19.68%	-18.80%	-0.88%
Max Drawdown (10Y) Largest decline over 10 years	-24.73%	-25.42%	+0.69%
Current Drawdown Current decline from peak	-3.00%	-2.90%	-0.10%
Average Drawdown Average peak-to-trough decline	-15.69%	-10.52%	-5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.38%	-0.07%

Volatility

SJPA.L vs. JPNL.L - Volatility Comparison

iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) has a higher volatility of 5.65% compared to Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) at 5.37%. This indicates that SJPA.L's price experiences larger fluctuations and is considered to be riskier than JPNL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SJPA.L	JPNL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	5.37%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	15.13%	14.82%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	18.24%	17.93%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	15.49%	+5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	15.80%	+2.62%

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

SJPA.L has a 0.15% expense ratio, which is lower than JPNL.L's 0.45% expense ratio.

Dividends

SJPA.L vs. JPNL.L - Dividend Comparison

SJPA.L has not paid dividends to shareholders, while JPNL.L's dividend yield for the trailing twelve months is around 0.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	0.62%	0.71%	0.73%	1.23%	1.83%	1.37%	1.14%	2.01%	1.84%	1.43%	1.97%	1.77%
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

Can I hold both SJPA.L and JPNL.L in my portfolio?

With a correlation of 0.98, SJPA.L and JPNL.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.

Which ETF is better, SJPA.L or JPNL.L?

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.

Which ETF is cheaper, SJPA.L or JPNL.L?

SJPA.L is cheaper with a 0.15% expense ratio, compared with 0.45% for JPNL.L.

What is the main difference between SJPA.L and JPNL.L?

Both ETFs track TOPIX TR JPY. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.15% for SJPA.L and 0.45% for JPNL.L.