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

UB02.L vs. IJPE.L

Last updated Jul 18, 2026
Documentation

UB02.L (UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis) and IJPE.L (iShares MSCI Japan EUR Hedged UCITS ETF Accumulating) are both Japan Equities funds - UB02.L tracks the TOPIX TR JPY while IJPE.L tracks the MSCI Japan Index. Both are passively managed. Over the past 10 years, UB02.L returned 8.76%/yr vs 13.85%/yr for IJPE.L. Their correlation of 0.83 suggests significant overlap in exposure. UB02.L charges 0.19%/yr vs 0.64%/yr for IJPE.L.

Performance

UB02.L vs. IJPE.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 MSCI Japan EUR Hedged UCITS ETF Accumulating (IJPE.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 IJPE.L is traded in EUR. To make them comparable, the IJPE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, UB02.L achieves a 12.50% return, which is significantly lower than IJPE.L's 13.97% return. Over the past 10 years, UB02.L has underperformed IJPE.L with an annualized return of 8.76%, while IJPE.L has yielded a comparatively higher 13.85% annualized return.

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%

IJPE.L

1D
-2.24%
1M
-5.98%
6M
7.08%
YTD
13.97%
1Y
40.92%
3Y*
24.18%
5Y*
18.71%
10Y*
13.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UB02.L vs. IJPE.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%
IJPE.L
iShares MSCI Japan EUR Hedged UCITS ETF Accumulating		13.97%34.15%16.53%30.17%-0.54%4.85%15.09%8.84%-16.11%23.82%

Correlation

The correlation between UB02.L and IJPE.L is 0.92, 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

0.92

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

0.85

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

0.80

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

0.82

Correlation (All Time)
Calculated using the full available price history since Jun 28, 2012

0.83

The correlation between UB02.L and IJPE.L shifts across timeframes, from 0.80 (5 years) to 0.92 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
UB02.L
IJPE.L

Technology

24.9%
21.7%

Industrials

22.8%
24.5%

Financial Services

17.6%
17.0%

Consumer Cyclical

11.2%
11.9%

Communication Services

8.1%
8.9%

Healthcare

5.3%
5.6%

Consumer Defensive

3.4%
3.3%

Basic Materials

3.1%
3.4%

Real Estate

1.9%
1.9%

Utilities

1.0%
1.0%

Energy

0.8%
0.9%

Technology

UB02.L
24.9%
IJPE.L
21.7%

Industrials

UB02.L
22.8%
IJPE.L
24.5%

Financial Services

UB02.L
17.6%
IJPE.L
17.0%

Consumer Cyclical

UB02.L
11.2%
IJPE.L
11.9%

Communication Services

UB02.L
8.1%
IJPE.L
8.9%

Healthcare

UB02.L
5.3%
IJPE.L
5.6%

Consumer Defensive

UB02.L
3.4%
IJPE.L
3.3%

Basic Materials

UB02.L
3.1%
IJPE.L
3.4%

Real Estate

UB02.L
1.9%
IJPE.L
1.9%

Utilities

UB02.L
1.0%
IJPE.L
1.0%

Energy

UB02.L
0.8%
IJPE.L
0.9%

Compare stocks, funds, or ETFs

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

iShares MSCI Japan EUR Hedged UCITS ETF Accumulating

Often compared with UB02.L:
UB02.L vs. CNKY.LUB02.L vs. 5ESG.LUB02.L vs. UC04.LUB02.L vs. UB01.LUB02.L vs. UC15.LUB02.L vs. XDJP.LUB02.L vs. IJPA.L
Often compared with IJPE.L:
IJPE.L vs. IJPA.LIJPE.L vs. EUNN.DEIJPE.L vs. IJPD.LIJPE.L vs. HPJS.LIJPE.L vs. PAJS.LIJPE.L vs. JARI.LIJPE.L vs. XDJP.L

Return for Risk

UB02.L vs. IJPE.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
IJPE.L
IJPE.L Risk / Return Rank: 8686
Overall Rank
IJPE.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
IJPE.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
IJPE.L Omega Ratio Rank: 8383
Omega Ratio Rank
IJPE.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
IJPE.L Martin Ratio Rank: 8888
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. IJPE.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 EUR Hedged UCITS ETF Accumulating (IJPE.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.LIJPE.LDifference
Sharpe ratioReturn per unit of total volatility
1.53
1.96

-0.44

Sortino ratioReturn per unit of downside risk
2.16
2.69

-0.53

Omega ratioGain probability vs. loss probability

1.28

1.36

-0.07

Calmar ratioReturn relative to maximum drawdown

2.80

3.84

-1.04

Martin ratioReturn relative to average drawdown

8.41

11.88

-3.47

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

The current UB02.L Sharpe Ratio is 1.53, which is comparable to the IJPE.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of UB02.L and IJPE.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. IJPE.L - Drawdown Comparison

The maximum UB02.L drawdown since its inception was -23.08%, smaller than the maximum IJPE.L drawdown of -33.89%. Use the drawdown chart below to compare losses from any high point for UB02.L and IJPE.L.

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Drawdown Indicators

UB02.LIJPE.LDifference

Max Drawdown

Largest peak-to-trough decline

-23.08%

-33.89%

+10.81%

Max Drawdown (1Y)

Largest decline over 1 year

-10.68%

-10.62%

-0.06%

Max Drawdown (3Y)

Largest decline over 3 years

-14.15%

-20.17%

+6.02%

Max Drawdown (5Y)

Largest decline over 5 years

-18.58%

-20.17%

+1.59%

Max Drawdown (10Y)

Largest decline over 10 years

-23.08%

-33.89%

+10.81%

Current Drawdown

Current decline from peak

-8.47%

-7.87%

-0.60%

Average Drawdown

Average peak-to-trough decline

-5.87%

-8.55%

+2.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.56%

3.44%

+0.12%

Volatility

UB02.L vs. IJPE.L - Volatility Comparison

The current volatility for UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis (UB02.L) is 6.74%, while iShares MSCI Japan EUR Hedged UCITS ETF Accumulating (IJPE.L) has a volatility of 7.22%. This indicates that UB02.L experiences smaller price fluctuations and is considered to be less risky than IJPE.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.LIJPE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.74%

7.22%

-0.48%

Volatility (6M)

Calculated over the trailing 6-month period

16.22%

16.67%

-0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

19.60%

20.78%

-1.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.11%

18.92%

-2.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.79%

18.81%

-3.02%

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

UB02.L has a 0.19% expense ratio, which is lower than IJPE.L's 0.64% expense ratio.

Dividends

UB02.L vs. IJPE.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
IJPE.L
iShares MSCI Japan EUR Hedged UCITS ETF Accumulating		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 0.92, UB02.L and IJPE.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, UB02.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UB02.L is cheaper with a 0.19% expense ratio, compared with 0.64% for IJPE.L.

UB02.L tracks TOPIX TR JPY, while IJPE.L tracks MSCI Japan Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.19% for UB02.L and 0.64% for IJPE.L.

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