SJPA.L vs. LDEG.L

Last updated Jun 13, 2026

SJPA.L (iShares Core MSCI Japan IMI UCITS ETF) and LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both exchange-traded funds - SJPA.L is a Japan Equities fund tracking the TOPIX TR JPY, while LDEG.L is a Europe Equities fund tracking the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 5 years, SJPA.L returned 9.85%/yr vs 16.40%/yr for LDEG.L. At a 0.47 correlation, their price movements are largely independent. SJPA.L charges 0.15%/yr vs 0.25%/yr for LDEG.L.

Performance

SJPA.L vs. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.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 15.47% return, which is significantly higher than LDEG.L's 12.38% return.

SJPA.L

• 1D: 2.26%
• 1M: 0.53%
• YTD: 15.47%
• 6M: 14.66%
• 1Y: 32.71%
• 3Y*: 14.56%
• 5Y*: 9.85%
• 10Y*: 10.26%

LDEG.L

• 1D: 1.47%
• 1M: 2.68%
• YTD: 12.38%
• 6M: 14.78%
• 1Y: 31.37%
• 3Y*: 24.60%
• 5Y*: 16.40%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
SJPA.L iShares Core MSCI Japan IMI UCITS ETF	15.47%	18.19%	8.36%	12.76%	-6.21%	-0.94%
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	12.38%	44.91%	8.81%	14.31%	1.91%	-8.28%

Correlation

The correlation between SJPA.L and LDEG.L is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.47

The correlation between SJPA.L and LDEG.L has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

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

Sectors	SJPA.L	LDEG.L
Industrials	25.6%	15.8%
Technology	19.1%	2.0%
Financial Services	15.9%	41.5%
Consumer Cyclical	12.5%	3.3%
Communication Services	7.6%	5.2%
Healthcare	5.5%	3.4%
Basic Materials	4.6%	9.9%
Consumer Defensive	4.1%	3.1%
Real Estate	3.1%	-
Utilities	1.2%	8.2%
Energy	0.9%	7.7%

Return for Risk

SJPA.L vs. LDEG.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: 65
SJPA.L Sharpe Ratio Rank: 63
SJPA.L Sortino Ratio Rank: 65
SJPA.L Omega Ratio Rank: 67
SJPA.L Calmar Ratio Rank: 69
SJPA.L Martin Ratio Rank: 63

LDEG.L

LDEG.L Risk / Return Rank: 86
LDEG.L Sharpe Ratio Rank: 90
LDEG.L Sortino Ratio Rank: 89
LDEG.L Omega Ratio Rank: 88
LDEG.L Calmar Ratio Rank: 83
LDEG.L Martin Ratio Rank: 82

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. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.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	LDEG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.66	-0.84
Sortino ratio: Return per unit of downside risk	2.62	3.57	-0.95
Omega ratio: Gain probability vs. loss probability	1.35	1.48	-0.13
Calmar ratio: Return relative to maximum drawdown	3.04	3.89	-0.85
Martin ratio: Return relative to average drawdown	9.86	14.14	-4.28

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

The current SJPA.L Sharpe Ratio is 1.82, which is lower than the LDEG.L Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of SJPA.L and LDEG.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. LDEG.L - Drawdown Comparison

The maximum SJPA.L drawdown since its inception was -45.53%, which is greater than LDEG.L's maximum drawdown of -21.96%. Use the drawdown chart below to compare losses from any high point for SJPA.L and LDEG.L.

Drawdown Indicators

	SJPA.L	LDEG.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.53%	-21.96%	-23.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-8.04%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-19.68%	-12.05%	-7.63%
Max Drawdown (5Y) Largest decline over 5 years	-19.68%	-17.39%	-2.29%
Max Drawdown (10Y) Largest decline over 10 years	-24.73%	—	—
Current Drawdown Current decline from peak	-0.82%	0.00%	-0.82%
Average Drawdown Average peak-to-trough decline	-15.72%	-5.39%	-10.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.21%	+1.10%

Volatility

SJPA.L vs. LDEG.L - Volatility Comparison

iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) has a higher volatility of 4.41% compared to L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) at 3.50%. This indicates that SJPA.L's price experiences larger fluctuations and is considered to be riskier than LDEG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SJPA.L	LDEG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	3.50%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	9.36%	+5.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	11.73%	+6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.67%	14.21%	+6.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	15.22%	+3.25%

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

SJPA.L has a 0.15% expense ratio, which is lower than LDEG.L's 0.25% 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. LDEG.L - Dividend Comparison

SJPA.L has not paid dividends to shareholders, while LDEG.L's dividend yield for the trailing twelve months is around 3.56%.

Position	TTM	2025	2024	2023	2022	2021
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	3.56%	3.42%	4.20%	4.10%	3.69%	3.06%
SJPA.L iShares Core MSCI Japan IMI UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

SJPA.L and LDEG.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

SJPA.L is cheaper with a 0.15% expense ratio, compared with 0.25% for LDEG.L.

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

SJPA.L is categorized as Japan Equities, while LDEG.L is Europe Equities. SJPA.L tracks TOPIX TR JPY, while LDEG.L tracks MSCI Europe Ex UK NR EUR. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.15% for SJPA.L and 0.25% for LDEG.L.