36B4.DE vs. NS4E.DE
36B4.DE (iShares MSCI Japan SRI UCITS ETF USD Dist) and NS4E.DE (Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)) are both Japan Equities funds - 36B4.DE tracks the MSCI Japan SRI Select Reduced Fossil Fuels while NS4E.DE tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 5 years, 36B4.DE returned 4.99%/yr vs 20.14%/yr for NS4E.DE. A 0.79 correlation means they provide meaningful diversification when combined. 36B4.DE charges 0.20%/yr vs 0.19%/yr for NS4E.DE.
Performance
36B4.DE vs. NS4E.DE - Performance Comparison
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Returns By Period
In the year-to-date period, 36B4.DE achieves a 9.48% return, which is significantly lower than NS4E.DE's 20.29% return.
36B4.DE
- 1D
- -1.25%
- 1M
- 5.00%
- 6M
- 5.52%
- YTD
- 9.48%
- 1Y
- 22.17%
- 3Y*
- 9.80%
- 5Y*
- 4.99%
- 10Y*
- —
NS4E.DE
- 1D
- -1.03%
- 1M
- 1.65%
- 6M
- 13.30%
- YTD
- 20.29%
- 1Y
- 47.35%
- 3Y*
- 26.88%
- 5Y*
- 20.14%
- 10Y*
- 14.29%
36B4.DE vs. NS4E.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
36B4.DE iShares MSCI Japan SRI UCITS ETF USD Dist | 9.48% | 6.64% | 9.02% | 9.56% | -13.77% | 9.87% | 6.38% | 16.82% |
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 20.29% | 27.33% | 22.81% | 33.35% | -4.26% | 10.90% | 7.50% | 7.89% |
Correlation
The correlation between 36B4.DE and NS4E.DE is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2019 | 0.79 |
The correlation between 36B4.DE and NS4E.DE has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
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Return for Risk
36B4.DE vs. NS4E.DE — Risk / Return Rank
36B4.DE
NS4E.DE
36B4.DE vs. NS4E.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan SRI UCITS ETF USD Dist (36B4.DE) and Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE). 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.
| 36B4.DE | NS4E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.44 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 4.91 | -2.88 |
| Martin ratioReturn relative to average drawdown | 5.90 | 16.90 | -11.00 |
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Drawdowns
36B4.DE vs. NS4E.DE - Drawdown Comparison
The maximum 36B4.DE drawdown since its inception was -26.98%, smaller than the maximum NS4E.DE drawdown of -35.32%. Use the drawdown chart below to compare losses from any high point for 36B4.DE and NS4E.DE.
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Drawdown Indicators
| 36B4.DE | NS4E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -35.32% | +8.34% |
Max Drawdown (1Y)Largest decline over 1 year | -10.82% | -9.59% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -15.67% | -20.96% | +5.29% |
Max Drawdown (5Y)Largest decline over 5 years | -21.57% | -20.96% | -0.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.32% | — |
Current DrawdownCurrent decline from peak | -1.25% | -2.02% | +0.77% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -8.00% | +0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.75% | 2.79% | +0.96% |
Volatility
36B4.DE vs. NS4E.DE - Volatility Comparison
The current volatility for iShares MSCI Japan SRI UCITS ETF USD Dist (36B4.DE) is 5.12%, while Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) has a volatility of 5.89%. This indicates that 36B4.DE experiences smaller price fluctuations and is considered to be less risky than NS4E.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 36B4.DE | NS4E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 5.89% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 14.23% | 15.50% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.43% | 19.46% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.34% | 18.19% | -1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.26% | 18.19% | -0.93% |
36B4.DE vs. NS4E.DE - Expense Ratio Comparison
36B4.DE has a 0.20% expense ratio, which is higher than NS4E.DE's 0.19% 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
36B4.DE vs. NS4E.DE - Dividend Comparison
36B4.DE's dividend yield for the trailing twelve months is around 1.47%, while NS4E.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
36B4.DE iShares MSCI Japan SRI UCITS ETF USD Dist | 1.47% | 1.46% | 1.38% | 1.81% | 2.45% | 1.54% | 1.60% | 0.81% |
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
36B4.DE and NS4E.DE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NS4E.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NS4E.DE is cheaper with a 0.19% expense ratio, compared with 0.20% for 36B4.DE.
36B4.DE tracks MSCI Japan SRI Select Reduced Fossil Fuels, while NS4E.DE tracks JPX-Nikkei Index 400. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for 36B4.DE and 0.19% for NS4E.DE.
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