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SPXJ.L vs. XMJP.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXJ.L vs. XMJP.L

Last updated Jun 5, 2026

SPXJ.L (iShares MSCI Pacific ex-Japan UCITS ETF (Dist)) and XMJP.L (Xtrackers MSCI Japan UCITS ETF 1C) are both exchange-traded funds - SPXJ.L is a Asia Pacific Equities fund tracking the MSCI Pacific Ex Japan NR USD, while XMJP.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. Over the past 10 years, SPXJ.L returned 8.40%/yr vs 10.26%/yr for XMJP.L. At a 0.48 correlation, their price movements are largely independent. SPXJ.L charges 0.60%/yr vs 0.20%/yr for XMJP.L.

Performance

SPXJ.L vs. XMJP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) and Xtrackers MSCI Japan UCITS ETF 1C (XMJP.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXJ.L achieves a 8.56% return, which is significantly lower than XMJP.L's 16.45% return. Over the past 10 years, SPXJ.L has underperformed XMJP.L with an annualized return of 8.40%, while XMJP.L has yielded a comparatively higher 10.26% annualized return.

SPXJ.L

1D
-0.92%
1M
0.58%
YTD
8.56%
6M
9.23%
1Y
16.64%
3Y*
10.06%
5Y*
5.56%
10Y*
8.40%

XMJP.L

1D
-0.26%
1M
6.26%
YTD
16.45%
6M
15.56%
1Y
34.15%
3Y*
15.63%
5Y*
10.23%
10Y*
10.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXJ.L vs. XMJP.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXJ.L
iShares MSCI Pacific ex-Japan UCITS ETF (Dist)		8.56%11.54%7.16%-1.01%4.28%5.67%1.82%15.19%-5.97%13.88%
XMJP.L
Xtrackers MSCI Japan UCITS ETF 1C		16.45%17.49%9.14%13.88%-7.09%2.11%12.34%14.37%-8.64%13.19%

Correlation

The correlation between SPXJ.L and XMJP.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

Correlation (3Y)
Calculated over the trailing 3-year period

0.44

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

0.46

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

0.52

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2009

0.48

The correlation between SPXJ.L and XMJP.L has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.

SPXJ.L vs. XMJP.L - Sectors Allocation Comparison

Sectors
SPXJ.L
XMJP.L

Financial Services

46.1%
17.5%

Basic Materials

14.6%
3.0%

Industrials

8.5%
26.0%

Real Estate

7.8%
2.3%

Consumer Cyclical

6.0%
12.2%

Healthcare

3.7%
6.3%

Utilities

3.6%
1.1%

Consumer Defensive

3.0%
3.6%

Energy

2.9%
1.1%

Communication Services

2.7%
7.9%

Technology

1.1%
19.1%

Financial Services

SPXJ.L
46.1%
XMJP.L
17.5%

Basic Materials

SPXJ.L
14.6%
XMJP.L
3.0%

Industrials

SPXJ.L
8.5%
XMJP.L
26.0%

Real Estate

SPXJ.L
7.8%
XMJP.L
2.3%

Consumer Cyclical

SPXJ.L
6.0%
XMJP.L
12.2%

Healthcare

SPXJ.L
3.7%
XMJP.L
6.3%

Utilities

SPXJ.L
3.6%
XMJP.L
1.1%

Consumer Defensive

SPXJ.L
3.0%
XMJP.L
3.6%

Energy

SPXJ.L
2.9%
XMJP.L
1.1%

Communication Services

SPXJ.L
2.7%
XMJP.L
7.9%

Technology

SPXJ.L
1.1%
XMJP.L
19.1%

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iShares MSCI Pacific ex-Japan UCITS ETF (Dist)

Xtrackers MSCI Japan UCITS ETF 1C

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Often compared with XMJP.L:
XMJP.L vs. ISJP.LXMJP.L vs. JPJP.LXMJP.L vs. DXJG.LXMJP.L vs. DXJXMJP.L vs. DBJPXMJP.L vs. CSJP.LXMJP.L vs. SXR8.DE

Return for Risk

SPXJ.L vs. XMJP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXJ.L
SPXJ.L Risk / Return Rank: 4545
Overall Rank
SPXJ.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
SPXJ.L Sortino Ratio Rank: 4646
Sortino Ratio Rank
SPXJ.L Omega Ratio Rank: 4343
Omega Ratio Rank
SPXJ.L Calmar Ratio Rank: 4747
Calmar Ratio Rank
SPXJ.L Martin Ratio Rank: 4343
Martin Ratio Rank
XMJP.L
XMJP.L Risk / Return Rank: 5959
Overall Rank
XMJP.L Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
XMJP.L Sortino Ratio Rank: 5858
Sortino Ratio Rank
XMJP.L Omega Ratio Rank: 5959
Omega Ratio Rank
XMJP.L Calmar Ratio Rank: 6565
Calmar Ratio Rank
XMJP.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.

SPXJ.L vs. XMJP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) and Xtrackers MSCI Japan UCITS ETF 1C (XMJP.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.

SPXJ.LXMJP.LDifference
Sharpe ratioReturn per unit of total volatility
1.52
1.88

-0.36

Sortino ratioReturn per unit of downside risk
2.23
2.71

-0.48

Omega ratioGain probability vs. loss probability

1.27

1.35

-0.08

Calmar ratioReturn relative to maximum drawdown

2.30

3.19

-0.89

Martin ratioReturn relative to average drawdown

6.86

10.22

-3.36

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

SPXJ.L vs. XMJP.L - Sharpe Ratio Comparison

The current SPXJ.L Sharpe Ratio is 1.52, which is comparable to the XMJP.L Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of SPXJ.L and XMJP.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

SPXJ.LXMJP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.52

1.88

-0.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.65

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.64

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.40

+0.16

Drawdowns

SPXJ.L vs. XMJP.L - Drawdown Comparison

The maximum SPXJ.L drawdown since its inception was -32.61%, which is greater than XMJP.L's maximum drawdown of -28.91%. Use the drawdown chart below to compare losses from any high point for SPXJ.L and XMJP.L.

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Drawdown Indicators

SPXJ.LXMJP.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.61%

-28.91%

-3.70%

Max Drawdown (1Y)

Largest decline over 1 year

-7.39%

-10.65%

+3.26%

Max Drawdown (3Y)

Largest decline over 3 years

-17.62%

-14.29%

-3.33%

Max Drawdown (5Y)

Largest decline over 5 years

-17.62%

-18.48%

+0.86%

Max Drawdown (10Y)

Largest decline over 10 years

-32.61%

-24.22%

-8.39%

Current Drawdown

Current decline from peak

-3.28%

-0.26%

-3.02%

Average Drawdown

Average peak-to-trough decline

-6.57%

-7.44%

+0.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

3.33%

-0.88%

Volatility

SPXJ.L vs. XMJP.L - Volatility Comparison

iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) and Xtrackers MSCI Japan UCITS ETF 1C (XMJP.L) have volatilities of 3.81% and 3.89%, 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

SPXJ.LXMJP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.81%

3.89%

-0.08%

Volatility (6M)

Calculated over the trailing 6-month period

8.59%

14.76%

-6.17%

Volatility (1Y)

Calculated over the trailing 1-year period

11.19%

18.08%

-6.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.93%

15.78%

-0.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.40%

15.90%

+1.50%

SPXJ.L vs. XMJP.L - Expense Ratio Comparison

SPXJ.L has a 0.60% expense ratio, which is higher than XMJP.L's 0.20% expense ratio.

Dividends

SPXJ.L vs. XMJP.L - Dividend Comparison

SPXJ.L's dividend yield for the trailing twelve months is around 2.80%, while XMJP.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPXJ.L
iShares MSCI Pacific ex-Japan UCITS ETF (Dist)		2.80%2.93%3.42%3.60%3.75%2.84%2.63%3.63%3.71%3.36%3.20%3.30%
XMJP.L
Xtrackers MSCI Japan UCITS ETF 1C		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

SPXJ.L and XMJP.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMJP.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMJP.L is cheaper with a 0.20% expense ratio, compared with 0.60% for SPXJ.L.

SPXJ.L is categorized as Asia Pacific Equities, while XMJP.L is Japan Equities. SPXJ.L tracks MSCI Pacific Ex Japan NR USD, while XMJP.L tracks TOPIX TR JPY. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.60% for SPXJ.L and 0.20% for XMJP.L.

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