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UB02.L vs. IJPA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UB02.L vs. IJPA.L

Last updated Jul 18, 2026
Documentation

UB02.L (UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis) and IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) are both Japan Equities funds - UB02.L tracks the TOPIX TR JPY while IJPA.L tracks the MSCI Japan Investable Market Index (IMI). Both are passively managed. Over the past 10 years, UB02.L returned 8.76%/yr vs 8.67%/yr for IJPA.L. Their correlation of 0.94 suggests significant overlap in exposure. UB02.L charges 0.19%/yr vs 0.12%/yr for IJPA.L.

Performance

UB02.L vs. IJPA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis (UB02.L) and iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UB02.L is traded in GBp, while IJPA.L is traded in USD. To make them comparable, the IJPA.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 IJPA.L slightly higher at 12.65%. Both investments have delivered pretty close results over the past 10 years, with UB02.L having a 8.76% annualized return and IJPA.L not far behind at 8.67%.

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%

IJPA.L

1D
-2.23%
1M
-6.21%
6M
6.13%
YTD
12.65%
1Y
29.60%
3Y*
15.16%
5Y*
9.19%
10Y*
8.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UB02.L vs. IJPA.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IJPA.L
iShares Core MSCI Japan IMI UCITS ETF USD Acc		12.65%18.21%8.48%13.38%-6.19%1.11%11.60%13.95%-9.06%14.95%

Correlation

The correlation between UB02.L and IJPA.L is 0.95 - 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

0.95

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

0.94

The correlation between UB02.L and IJPA.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

UB02.L vs. IJPA.L - Sectors Allocation Comparison

Sectors
UB02.L
IJPA.L

Technology

24.9%
20.1%

Industrials

22.8%
25.0%

Financial Services

17.6%
15.6%

Consumer Cyclical

11.2%
12.6%

Communication Services

8.1%
7.6%

Healthcare

5.3%
5.5%

Consumer Defensive

3.4%
3.9%

Basic Materials

3.1%
4.6%

Real Estate

1.9%
3.1%

Utilities

1.0%
1.2%

Energy

0.8%
0.9%

Technology

UB02.L
24.9%
IJPA.L
20.1%

Industrials

UB02.L
22.8%
IJPA.L
25.0%

Financial Services

UB02.L
17.6%
IJPA.L
15.6%

Consumer Cyclical

UB02.L
11.2%
IJPA.L
12.6%

Communication Services

UB02.L
8.1%
IJPA.L
7.6%

Healthcare

UB02.L
5.3%
IJPA.L
5.5%

Consumer Defensive

UB02.L
3.4%
IJPA.L
3.9%

Basic Materials

UB02.L
3.1%
IJPA.L
4.6%

Real Estate

UB02.L
1.9%
IJPA.L
3.1%

Utilities

UB02.L
1.0%
IJPA.L
1.2%

Energy

UB02.L
0.8%
IJPA.L
0.9%

Compare stocks, funds, or ETFs

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

UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis

iShares Core MSCI Japan IMI UCITS ETF USD Acc

Often compared with UB02.L:
UB02.L vs. CNKY.LUB02.L vs. IJPE.LUB02.L vs. 5ESG.LUB02.L vs. UC04.LUB02.L vs. UB01.LUB02.L vs. UC15.LUB02.L vs. XDJP.L
Often compared with IJPA.L:
IJPA.L vs. IJPE.LIJPA.L vs. VJPN.LIJPA.L vs. IJPD.LIJPA.L vs. GLDIJPA.L vs. IAUIJPA.L vs. VJPB.LIJPA.L vs. FBT.L

Return for Risk

UB02.L vs. IJPA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UB02.L
UB02.L Risk / Return Rank: 6464
Overall Rank
UB02.L Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
UB02.L Sortino Ratio Rank: 6060
Sortino Ratio Rank
UB02.L Omega Ratio Rank: 6161
Omega Ratio Rank
UB02.L Calmar Ratio Rank: 7474
Calmar Ratio Rank
UB02.L Martin Ratio Rank: 6464
Martin Ratio Rank
IJPA.L
IJPA.L Risk / Return Rank: 5858
Overall Rank
IJPA.L Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
IJPA.L Sortino Ratio Rank: 5656
Sortino Ratio Rank
IJPA.L Omega Ratio Rank: 5555
Omega Ratio Rank
IJPA.L Calmar Ratio Rank: 6565
Calmar Ratio Rank
IJPA.L Martin Ratio Rank: 6060
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.

UB02.L vs. IJPA.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 Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.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.LIJPA.LDifference
Sharpe ratioReturn per unit of total volatility
1.53
1.49

+0.04

Sortino ratioReturn per unit of downside risk
2.16
2.15

0.00

Omega ratioGain probability vs. loss probability

1.28

1.28

0.00

Calmar ratioReturn relative to maximum drawdown

2.80

2.77

+0.03

Martin ratioReturn relative to average drawdown

8.41

8.66

-0.25

UB02.L vs. IJPA.L - Sharpe Ratio Comparison

The current UB02.L Sharpe Ratio is 1.53, which is comparable to the IJPA.L Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of UB02.L and IJPA.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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Drawdowns

UB02.L vs. IJPA.L - Drawdown Comparison

The maximum UB02.L drawdown since its inception was -23.08%, smaller than the maximum IJPA.L drawdown of -41.68%. Use the drawdown chart below to compare losses from any high point for UB02.L and IJPA.L.

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Drawdown Indicators

UB02.LIJPA.LDifference

Max Drawdown

Largest peak-to-trough decline

-23.08%

-41.68%

+18.60%

Max Drawdown (1Y)

Largest decline over 1 year

-10.68%

-10.63%

-0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-14.15%

-13.21%

-0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-18.58%

-18.93%

+0.35%

Max Drawdown (10Y)

Largest decline over 10 years

-23.08%

-25.10%

+2.02%

Current Drawdown

Current decline from peak

-8.47%

-7.50%

-0.97%

Average Drawdown

Average peak-to-trough decline

-5.87%

-7.38%

+1.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.56%

3.41%

+0.15%

Volatility

UB02.L vs. IJPA.L - Volatility Comparison

UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis (UB02.L) has a higher volatility of 6.74% compared to iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) at 6.35%. This indicates that UB02.L's price experiences larger fluctuations and is considered to be riskier than IJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UB02.LIJPA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.74%

6.35%

+0.39%

Volatility (6M)

Calculated over the trailing 6-month period

16.22%

16.92%

-0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

19.60%

19.85%

-0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.11%

16.45%

-0.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.79%

16.54%

-0.75%

UB02.L vs. IJPA.L - Expense Ratio Comparison

UB02.L has a 0.19% expense ratio, which is higher than IJPA.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. IJPA.L - Dividend Comparison

UB02.L's dividend yield for the trailing twelve months is around 1.65%, while IJPA.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IJPA.L
iShares Core MSCI Japan IMI 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 0.95, UB02.L and IJPA.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, IJPA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IJPA.L is cheaper with a 0.12% expense ratio, compared with 0.19% for UB02.L.

UB02.L tracks TOPIX TR JPY, while IJPA.L tracks MSCI Japan Investable Market Index (IMI). They also come from different issuers: UBS and iShares. Their fees differ too: 0.19% for UB02.L and 0.12% for IJPA.L.

Portfolio Optimizer

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