TPXG.L vs. IJPN.L

Last updated Jun 27, 2026

TPXG.L (Amundi Japan Topix UCITS ETF JPY) and IJPN.L (iShares MSCI Japan UCITS ETF (Dist)) are both Japan Equities funds tracking the TOPIX TR JPY, from Amundi and iShares respectively. Both are passively managed. Over the past 10 years, TPXG.L returned 9.53%/yr vs 9.31%/yr for IJPN.L. With a 0.96 correlation, they move nearly in lockstep. TPXG.L charges 0.20%/yr vs 0.59%/yr for IJPN.L.

Performance

TPXG.L vs. IJPN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Japan Topix UCITS ETF JPY (TPXG.L) and iShares MSCI Japan UCITS ETF (Dist) (IJPN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPXG.L achieves a 16.63% return, which is significantly lower than IJPN.L's 18.29% return. Both investments have delivered pretty close results over the past 10 years, with TPXG.L having a 9.53% annualized return and IJPN.L not far behind at 9.31%.

TPXG.L

• 1D: -0.10%
• 1M: 2.38%
• YTD: 16.63%
• 6M: 16.83%
• 1Y: 34.94%
• 3Y*: 17.08%
• 5Y*: 10.10%
• 10Y*: 9.53%

IJPN.L

• 1D: -0.77%
• 1M: 3.31%
• YTD: 18.29%
• 6M: 18.43%
• 1Y: 37.48%
• 3Y*: 17.28%
• 5Y*: 9.88%
• 10Y*: 9.31%

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

TPXG.L vs. IJPN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPXG.L Amundi Japan Topix UCITS ETF JPY	16.63%	18.25%	8.19%	13.45%	-5.57%	1.08%	10.62%	15.26%	-11.01%	15.11%
IJPN.L iShares MSCI Japan UCITS ETF (Dist)	18.29%	17.49%	8.73%	13.10%	-7.90%	1.42%	11.56%	13.61%	-9.14%	12.52%

Correlation

The correlation between TPXG.L and IJPN.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	0.98
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.96

The correlation between TPXG.L and IJPN.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

TPXG.L vs. IJPN.L - Sectors Allocation Comparison

Sectors	TPXG.L	IJPN.L
Financial Services	20.0%	18.4%
Consumer Cyclical	19.2%	11.5%
Healthcare	15.1%	5.4%
Industrials	10.8%	23.3%
Technology	10.7%	22.2%
Communication Services	7.4%	8.8%
Consumer Defensive	4.7%	3.4%
Basic Materials	4.1%	3.0%
Energy	3.7%	0.9%
Utilities	3.0%	1.0%
Real Estate	1.5%	1.9%

Return for Risk

TPXG.L vs. IJPN.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TPXG.L

TPXG.L Risk / Return Rank: 70
TPXG.L Sharpe Ratio Rank: 69
TPXG.L Sortino Ratio Rank: 68
TPXG.L Omega Ratio Rank: 71
TPXG.L Calmar Ratio Rank: 74
TPXG.L Martin Ratio Rank: 66

IJPN.L

IJPN.L Risk / Return Rank: 71
IJPN.L Sharpe Ratio Rank: 68
IJPN.L Sortino Ratio Rank: 68
IJPN.L Omega Ratio Rank: 70
IJPN.L Calmar Ratio Rank: 77
IJPN.L Martin Ratio Rank: 70

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.

TPXG.L vs. IJPN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Japan Topix UCITS ETF JPY (TPXG.L) and iShares MSCI Japan UCITS ETF (Dist) (IJPN.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.

	TPXG.L	IJPN.L	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.93	+0.02
Sortino ratio: Return per unit of downside risk	2.69	2.70	-0.01
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	3.29	3.46	-0.16
Martin ratio: Return relative to average drawdown	10.47	11.12	-0.65

TPXG.L vs. IJPN.L - Sharpe Ratio Comparison

The current TPXG.L Sharpe Ratio is 1.95, which is comparable to the IJPN.L Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of TPXG.L and IJPN.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

TPXG.L vs. IJPN.L - Drawdown Comparison

The maximum TPXG.L drawdown since its inception was -59.09%, which is greater than IJPN.L's maximum drawdown of -36.06%. Use the drawdown chart below to compare losses from any high point for TPXG.L and IJPN.L.

Drawdown Indicators

	TPXG.L	IJPN.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.09%	-36.06%	-23.03%
Max Drawdown (1Y) Largest decline over 1 year	-10.57%	-10.80%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.59%	-14.09%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-18.63%	-18.87%	+0.24%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-24.34%	-25.45%
Current Drawdown Current decline from peak	-2.74%	-3.85%	+1.11%
Average Drawdown Average peak-to-trough decline	-17.33%	-9.91%	-7.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.35%	-0.03%

Volatility

TPXG.L vs. IJPN.L - Volatility Comparison

The current volatility for Amundi Japan Topix UCITS ETF JPY (TPXG.L) is 5.39%, while iShares MSCI Japan UCITS ETF (Dist) (IJPN.L) has a volatility of 6.67%. This indicates that TPXG.L experiences smaller price fluctuations and is considered to be less risky than IJPN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPXG.L	IJPN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	6.67%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	14.74%	16.02%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	19.37%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	16.09%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.40%	15.99%	+13.41%

TPXG.L vs. IJPN.L - Expense Ratio Comparison

TPXG.L has a 0.20% expense ratio, which is lower than IJPN.L's 0.59% expense ratio.

Dividends

TPXG.L vs. IJPN.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJPN.L iShares MSCI Japan UCITS ETF (Dist)	1.49%	1.76%	1.36%	1.06%	1.24%	0.89%	1.02%	1.11%	1.05%	0.90%	0.83%	0.41%
TPXG.L Amundi Japan Topix UCITS ETF JPY	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 TPXG.L and IJPN.L in my portfolio?

With a correlation of 0.98, TPXG.L and IJPN.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, TPXG.L or IJPN.L?

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

Which ETF is cheaper, TPXG.L or IJPN.L?

TPXG.L is cheaper with a 0.20% expense ratio, compared with 0.59% for IJPN.L.

What is the main difference between TPXG.L and IJPN.L?

Both ETFs track TOPIX TR JPY. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.20% for TPXG.L and 0.59% for IJPN.L.