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TPXG.L vs. JPXN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TPXG.L vs. JPXN

Last updated Jun 5, 2026

TPXG.L (Amundi Japan Topix UCITS ETF JPY) and JPXN (iShares JPX-Nikkei 400 ETF) are both Japan Equities funds - TPXG.L tracks the TOPIX TR JPY while JPXN tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 5 years, TPXG.L returned 10.97%/yr vs 9.90%/yr for JPXN. At a 0.37 correlation, their price movements are largely independent. TPXG.L charges 0.20%/yr vs 0.48%/yr for JPXN.

Performance

TPXG.L vs. JPXN - 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 JPX-Nikkei 400 ETF (JPXN). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

TPXG.L is traded in GBp, while JPXN is traded in USD. To make them comparable, the JPXN values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, TPXG.L achieves a 14.95% return, which is significantly lower than JPXN's 16.29% return.

TPXG.L

1D
-0.19%
1M
5.60%
YTD
14.95%
6M
14.59%
1Y
32.01%
3Y*
16.91%
5Y*
10.97%
10Y*
—

JPXN

1D
0.09%
1M
5.23%
YTD
16.29%
6M
15.26%
1Y
32.00%
3Y*
14.99%
5Y*
9.90%
10Y*
9.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TPXG.L vs. JPXN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TPXG.L
Amundi Japan Topix UCITS ETF JPY		14.95%18.33%8.12%13.45%-6.05%2.07%7.12%8.68%-2.90%7.54%
JPXN
iShares JPX-Nikkei 400 ETF		16.29%17.05%8.34%13.71%-6.34%1.11%11.74%14.86%-9.82%7.46%

Correlation

The correlation between TPXG.L and JPXN is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.85

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

0.64

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

0.52

Correlation (All Time)
Calculated using the full available price history since Sep 6, 2017

0.37

Over the past year, TPXG.L and JPXN have become more correlated (0.85) than their long-term average of 0.37, meaning their price movements have been converging.

TPXG.L vs. JPXN - Sectors Allocation Comparison

Sectors
TPXG.L
JPXN

Financial Services

20.0%
13.7%

Consumer Cyclical

19.2%
11.3%

Healthcare

15.1%
6.2%

Industrials

10.8%
28.3%

Technology

10.7%
17.3%

Communication Services

7.4%
7.8%

Consumer Defensive

4.7%
4.8%

Basic Materials

4.1%
5.0%

Energy

3.7%
1.4%

Utilities

3.0%
1.6%

Real Estate

1.5%
2.8%

Financial Services

TPXG.L
20.0%
JPXN
13.7%

Consumer Cyclical

TPXG.L
19.2%
JPXN
11.3%

Healthcare

TPXG.L
15.1%
JPXN
6.2%

Industrials

TPXG.L
10.8%
JPXN
28.3%

Technology

TPXG.L
10.7%
JPXN
17.3%

Communication Services

TPXG.L
7.4%
JPXN
7.8%

Consumer Defensive

TPXG.L
4.7%
JPXN
4.8%

Basic Materials

TPXG.L
4.1%
JPXN
5.0%

Energy

TPXG.L
3.7%
JPXN
1.4%

Utilities

TPXG.L
3.0%
JPXN
1.6%

Real Estate

TPXG.L
1.5%
JPXN
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Amundi Japan Topix UCITS ETF JPY

iShares JPX-Nikkei 400 ETF

Often compared with TPXG.L:
TPXG.L vs. EWJTPXG.L vs. VTTPXG.L vs. JPNL.LTPXG.L vs. VXUSTPXG.L vs. VOOTPXG.L vs. SPDWTPXG.L vs. SPY
Often compared with JPXN:
JPXN vs. EWJJPXN vs. DXJJPXN vs. FLJPJPXN vs. XDJP.DEJPXN vs. VOOJPXN vs. FJPNXJPXN vs. SCJ

Return for Risk

TPXG.L vs. JPXN — 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: 5757
Overall Rank
TPXG.L Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
TPXG.L Sortino Ratio Rank: 5555
Sortino Ratio Rank
TPXG.L Omega Ratio Rank: 5858
Omega Ratio Rank
TPXG.L Calmar Ratio Rank: 6262
Calmar Ratio Rank
TPXG.L Martin Ratio Rank: 5656
Martin Ratio Rank
JPXN
JPXN Risk / Return Rank: 4949
Overall Rank
JPXN Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
JPXN Sortino Ratio Rank: 5050
Sortino Ratio Rank
JPXN Omega Ratio Rank: 5050
Omega Ratio Rank
JPXN Calmar Ratio Rank: 4949
Calmar Ratio Rank
JPXN Martin Ratio Rank: 5050
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.

TPXG.L vs. JPXN - 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 JPX-Nikkei 400 ETF (JPXN). 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.

TPXG.LJPXNDifference
Sharpe ratioReturn per unit of total volatility
1.84
1.91

-0.07

Sortino ratioReturn per unit of downside risk
2.61
2.64

-0.03

Omega ratioGain probability vs. loss probability

1.35

1.35

0.00

Calmar ratioReturn relative to maximum drawdown

3.01

2.86

+0.16

Martin ratioReturn relative to average drawdown

9.66

10.48

-0.81

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

TPXG.L vs. JPXN - Sharpe Ratio Comparison

The current TPXG.L Sharpe Ratio is 1.84, which is comparable to the JPXN Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of TPXG.L and JPXN, 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

TPXG.LJPXNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.84

1.91

-0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.98

0.63

+0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.60

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.87

0.33

+0.54

Drawdowns

TPXG.L vs. JPXN - Drawdown Comparison

The maximum TPXG.L drawdown since its inception was -22.96%, smaller than the maximum JPXN drawdown of -33.58%. Use the drawdown chart below to compare losses from any high point for TPXG.L and JPXN.

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Drawdown Indicators

TPXG.LJPXNDifference

Max Drawdown

Largest peak-to-trough decline

-22.96%

-33.58%

+10.62%

Max Drawdown (1Y)

Largest decline over 1 year

-10.57%

-11.25%

+0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-12.96%

-13.04%

+0.08%

Max Drawdown (5Y)

Largest decline over 5 years

-18.00%

-19.29%

+1.29%

Max Drawdown (10Y)

Largest decline over 10 years

—

-24.42%

—

Current Drawdown

Current decline from peak

-0.19%

0.00%

-0.19%

Average Drawdown

Average peak-to-trough decline

-4.42%

-8.25%

+3.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.30%

3.06%

+0.24%

Volatility

TPXG.L vs. JPXN - Volatility Comparison

Amundi Japan Topix UCITS ETF JPY (TPXG.L) has a higher volatility of 3.74% compared to iShares JPX-Nikkei 400 ETF (JPXN) at 3.56%. This indicates that TPXG.L's price experiences larger fluctuations and is considered to be riskier than JPXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TPXG.LJPXNDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.74%

3.56%

+0.18%

Volatility (6M)

Calculated over the trailing 6-month period

14.16%

12.98%

+1.18%

Volatility (1Y)

Calculated over the trailing 1-year period

17.29%

16.83%

+0.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.10%

15.68%

+4.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.48%

16.55%

+7.93%

TPXG.L vs. JPXN - Expense Ratio Comparison

TPXG.L has a 0.20% expense ratio, which is lower than JPXN's 0.48% expense ratio.

Dividends

TPXG.L vs. JPXN - Dividend Comparison

TPXG.L has not paid dividends to shareholders, while JPXN's dividend yield for the trailing twelve months is around 2.71%.

PositionTTM20252024202320222021202020192018201720162015
JPXN
iShares JPX-Nikkei 400 ETF		2.71%3.14%2.29%2.57%1.47%2.63%1.27%1.92%1.60%1.50%2.07%1.32%
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

TPXG.L and JPXN have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

TPXG.L is cheaper with a 0.20% expense ratio, compared with 0.48% for JPXN.

TPXG.L tracks TOPIX TR JPY, while JPXN tracks JPX-Nikkei Index 400. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.20% for TPXG.L and 0.48% for JPXN.

Portfolio Optimizer

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