- Issuer
- Invesco
- Inception Date
- Mar 10, 2015
- Category
- Global Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Invesco JPX-Nikkei 400 UCITS ETF
- Distribution Policy
- Accumulating
- Asset Class
- Equity
Share Price Chart
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Performance
N400.L Performance Chart
Invesco JPX-Nikkei 400 UCITS ETF (N400.L) is up 15.1% since the beginning of the year. N400.L is currently trading at $281 per share. Investors who bought $1,000 worth of N400.L shares 5 years ago would now be looking at an investment worth $1,562.
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Returns By Period
Invesco JPX-Nikkei 400 UCITS ETF (N400.L) has returned 15.10% so far this year and 32.85% over the past 12 months. Over the last ten years, N400.L has returned 9.05% per year, falling short of the S&P 500 Index benchmark, which averaged 13.36% annually.
Invesco JPX-Nikkei 400 UCITS ETF
- 1D
- -0.86%
- 1M
- -0.53%
- 6M
- 8.97%
- YTD
- 15.10%
- 1Y
- 32.85%
- 3Y*
- 17.42%
- 5Y*
- 9.33%
- 10Y*
- 9.05%
Benchmark (S&P 500 Index)
- 1D
- 0.38%
- 1M
- 0.24%
- 6M
- 9.32%
- YTD
- 10.62%
- 1Y
- 21.28%
- 3Y*
- 18.90%
- 5Y*
- 11.84%
- 10Y*
- 13.36%
N400.L Monthly Returns History
Based on dividend-adjusted daily data since Sep 15, 2014, N400.L's average daily return is +0.04%, while the average monthly return is +0.72%. At this rate, an investment would double in approximately 8.1 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2020 with a return of +11.5%, while the worst month was Mar 2026 at -10.9%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, N400.L closed higher 53% of trading days. The best single day was Mar 24, 2020 with a return of +8.0%, while the worst single day was Mar 12, 2020 at -12.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.04% | 9.28% | -10.86% | 7.21% | 4.52% | -0.34% | -0.21% | 15.10% | |||||
| 2025 | 2.50% | -0.42% | 0.46% | 4.37% | 3.81% | 2.41% | -1.54% | 5.66% | 1.80% | 3.50% | -0.06% | 1.00% | 25.87% |
| 2024 | 3.22% | 2.80% | 3.63% | -4.44% | 1.47% | 0.78% | 4.17% | 1.30% | 0.03% | -6.07% | 2.36% | -2.33% | 6.53% |
| 2023 | 6.46% | -3.64% | 4.50% | 0.01% | 0.61% | 5.23% | 3.11% | -2.78% | -2.20% | -3.04% | 6.54% | 4.62% | 20.26% |
| 2022 | -5.62% | 1.14% | -2.34% | -7.17% | -0.12% | -7.46% | 6.06% | -3.23% | -8.17% | 1.04% | 10.11% | 0.38% | -15.79% |
| 2021 | -0.70% | 1.27% | 0.92% | -2.15% | 2.14% | -1.68% | -0.43% | 2.29% | 2.75% | -3.27% | -3.84% | 2.64% | -0.37% |
Benchmark Metrics
Invesco JPX-Nikkei 400 UCITS ETF has an annualized alpha of 3.18%, beta of 0.47, and R2 of 0.23 versus S&P 500 Index. Calculated based on daily prices since September 15, 2014.
- This ETF participated in 73.33% of S&P 500 Index downside but only 64.84% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.47 may look defensive, but with R2 of 0.23 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.23 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.18%
- Beta
- 0.47
- R²
- 0.23
- Upside Capture
- 64.84%
- Downside Capture
- 73.33%
Expense Ratio
N400.L has an expense ratio of 0.19%, which is considered low.
Return for Risk
Risk / Return Rank
N400.L ranks 62 for risk / return — better than 62% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (N400.L) and compare them to S&P 500 Index.
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.
| N400.L | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.35 | +0.42 |
| Martin ratioReturn relative to average drawdown | 9.09 | 10.19 | -1.10 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco JPX-Nikkei 400 UCITS ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco JPX-Nikkei 400 UCITS ETF was 32.66%, occurring on Oct 19, 2022. Recovery took 348 trading sessions.
The current Invesco JPX-Nikkei 400 UCITS ETF drawdown is 3.32%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-32.66%Oct 2022 | 1y 1mo | 1y 4mo | 2y 5moSep 2021 - Mar 2024 | Bear market2022 |
-30.43%Mar 2020 | 2y 1mo | 7mo 28d | 2y 9moJan 2018 - Nov 2020 | COVID crash2020 |
-21.14%Feb 2016 | 9mo 20d | 11mo 18d | 1y 9moApr 2015 - Jan 2017 | — |
-14.55%Apr 2025 | 6mo 12d | 29d | 7mo 11dSep 2024 - May 2025 | 2025 selloff2025 |
-12.24%Aug 2024 | 19d | 17d | 1mo 6dJul 2024 - Aug 2024 | — |
Drawdown Indicators
| N400.L | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -56.78% | +24.12% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -9.10% | -2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -18.90% | +4.35% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -25.43% | -7.23% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | -33.92% | +1.26% |
Current DrawdownCurrent decline from peak | -3.32% | -0.49% | -2.83% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -10.70% | +2.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 2.09% | +1.51% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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