UB02.L vs. CJPU.L
UB02.L (UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis) and CJPU.L (iShares MSCI Japan UCITS ETF USD (Acc)) are both Japan Equities funds - UB02.L tracks the TOPIX TR JPY while CJPU.L tracks the MSCI Japan Index (Net). Both are passively managed. Over the past 10 years, UB02.L returned 8.76%/yr vs 8.56%/yr for CJPU.L. A 0.80 correlation means they provide meaningful diversification when combined. UB02.L charges 0.19%/yr vs 0.12%/yr for CJPU.L.
Performance
UB02.L vs. CJPU.L - Performance Comparison
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Different Trading Currencies
UB02.L is traded in GBp, while CJPU.L is traded in USD. To make them comparable, the CJPU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with UB02.L having a 12.50% return and CJPU.L slightly higher at 12.60%. Both investments have delivered pretty close results over the past 10 years, with UB02.L having a 8.76% annualized return and CJPU.L not far behind at 8.56%.
UB02.L
- 1D
- -2.05%
- 1M
- -5.96%
- 6M
- 5.62%
- YTD
- 12.50%
- 1Y
- 30.04%
- 3Y*
- 15.09%
- 5Y*
- 9.33%
- 10Y*
- 8.76%
CJPU.L
- 1D
- -2.34%
- 1M
- -6.86%
- 6M
- 5.58%
- YTD
- 12.60%
- 1Y
- 30.09%
- 3Y*
- 14.94%
- 5Y*
- 9.18%
- 10Y*
- 8.56%
UB02.L vs. CJPU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UB02.L UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis | 12.50% | 17.42% | 9.12% | 13.98% | -7.14% | 2.16% | 12.42% | 14.28% | -8.60% | 13.20% |
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 12.60% | 17.14% | 9.20% | 14.24% | -7.49% | 1.45% | 12.67% | 13.16% | -8.37% | 13.37% |
Correlation
The correlation between UB02.L and CJPU.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2012 | 0.80 |
The correlation between UB02.L and CJPU.L shifts across timeframes, from 0.80 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UB02.L vs. CJPU.L — Risk / Return Rank
UB02.L
CJPU.L
UB02.L vs. CJPU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis (UB02.L) and iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.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.
| UB02.L | CJPU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 2.84 | -0.04 |
| Martin ratioReturn relative to average drawdown | 8.41 | 8.61 | -0.19 |
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Drawdowns
UB02.L vs. CJPU.L - Drawdown Comparison
The maximum UB02.L drawdown since its inception was -23.08%, smaller than the maximum CJPU.L drawdown of -24.62%. Use the drawdown chart below to compare losses from any high point for UB02.L and CJPU.L.
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Drawdown Indicators
| UB02.L | CJPU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.08% | -24.62% | +1.54% |
Max Drawdown (1Y)Largest decline over 1 year | -10.68% | -10.54% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -14.15% | -14.29% | +0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -18.58% | -18.51% | -0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -23.08% | -24.62% | +1.54% |
Current DrawdownCurrent decline from peak | -8.47% | -8.44% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -5.87% | -6.35% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 3.49% | +0.07% |
Volatility
UB02.L vs. CJPU.L - Volatility Comparison
UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis (UB02.L) and iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L) have volatilities of 6.74% and 6.83%, 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
| UB02.L | CJPU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 6.83% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 16.22% | 17.53% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.60% | 20.79% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.11% | 17.07% | -0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.79% | 16.77% | -0.98% |
UB02.L vs. CJPU.L - Expense Ratio Comparison
UB02.L has a 0.19% expense ratio, which is higher than CJPU.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
UB02.L vs. CJPU.L - Dividend Comparison
UB02.L's dividend yield for the trailing twelve months is around 1.65%, while CJPU.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UB02.L UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis | 1.65% | 1.68% | 1.71% | 1.82% | 1.99% | 1.58% | 1.62% | 1.75% | 1.56% | 1.30% | 1.45% | 1.18% |
Frequently Asked Questions
With a correlation of 0.96, UB02.L and CJPU.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.
On fees, CJPU.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CJPU.L is cheaper with a 0.12% expense ratio, compared with 0.19% for UB02.L.
UB02.L tracks TOPIX TR JPY, while CJPU.L tracks MSCI Japan Index (Net). They also come from different issuers: UBS and iShares. Their fees differ too: 0.19% for UB02.L and 0.12% for CJPU.L.
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