CJPU.L vs. N4US.L
CJPU.L (iShares MSCI Japan UCITS ETF USD (Acc)) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - CJPU.L tracks the MSCI Japan Index (Net) while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 10 years, CJPU.L returned 8.85%/yr vs 16.34%/yr for N4US.L. A 0.76 correlation means they provide meaningful diversification when combined. CJPU.L charges 0.12%/yr vs 0.19%/yr for N4US.L.
Performance
CJPU.L vs. N4US.L - Performance Comparison
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Returns By Period
In the year-to-date period, CJPU.L achieves a 12.44% return, which is significantly lower than N4US.L's 18.80% return. Over the past 10 years, CJPU.L has underperformed N4US.L with an annualized return of 8.85%, while N4US.L has yielded a comparatively higher 16.34% annualized return.
CJPU.L
- 1D
- -2.51%
- 1M
- -5.70%
- 6M
- 6.20%
- YTD
- 12.44%
- 1Y
- 30.44%
- 3Y*
- 16.15%
- 5Y*
- 8.69%
- 10Y*
- 8.85%
N4US.L
- 1D
- -2.01%
- 1M
- -2.75%
- 6M
- 11.38%
- YTD
- 18.80%
- 1Y
- 45.47%
- 3Y*
- 27.49%
- 5Y*
- 21.88%
- 10Y*
- 16.34%
CJPU.L vs. N4US.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 12.44% | 26.13% | 7.33% | 20.25% | -17.32% | 0.50% | 16.08% | 17.64% | -13.50% | 24.10% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.80% | 30.25% | 23.77% | 35.97% | -1.05% | 11.18% | 10.79% | 19.49% | -15.75% | 22.99% |
Correlation
The correlation between CJPU.L and N4US.L is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.76 |
The correlation between CJPU.L and N4US.L shifts across timeframes, from 0.76 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CJPU.L vs. N4US.L — Risk / Return Rank
CJPU.L
N4US.L
CJPU.L vs. N4US.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.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.
| CJPU.L | N4US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.42 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 4.84 | -2.47 |
| Martin ratioReturn relative to average drawdown | 7.70 | 16.48 | -8.78 |
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Drawdowns
CJPU.L vs. N4US.L - Drawdown Comparison
The maximum CJPU.L drawdown since its inception was -32.64%, which is greater than N4US.L's maximum drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for CJPU.L and N4US.L.
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Drawdown Indicators
| CJPU.L | N4US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.64% | -30.94% | -1.70% |
Max Drawdown (1Y)Largest decline over 1 year | -12.79% | -9.35% | -3.44% |
Max Drawdown (3Y)Largest decline over 3 years | -14.74% | -21.38% | +6.64% |
Max Drawdown (5Y)Largest decline over 5 years | -32.64% | -21.38% | -11.26% |
Max Drawdown (10Y)Largest decline over 10 years | -32.64% | -30.94% | -1.70% |
Current DrawdownCurrent decline from peak | -7.07% | -4.48% | -2.59% |
Average DrawdownAverage peak-to-trough decline | -5.86% | -6.78% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 2.75% | +1.19% |
Volatility
CJPU.L vs. N4US.L - Volatility Comparison
iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L) has a higher volatility of 7.14% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.15%. This indicates that CJPU.L's price experiences larger fluctuations and is considered to be riskier than N4US.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CJPU.L | N4US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.14% | 6.15% | +0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 18.29% | 15.63% | +2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.85% | 19.57% | +2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.44% | 18.50% | -0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.12% | 18.38% | -1.26% |
CJPU.L vs. N4US.L - Expense Ratio Comparison
CJPU.L has a 0.12% expense ratio, which is lower than N4US.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CJPU.L vs. N4US.L - Dividend Comparison
Neither CJPU.L nor N4US.L has paid dividends to shareholders.
Frequently Asked Questions
CJPU.L and N4US.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 N4US.L.
CJPU.L tracks MSCI Japan Index (Net), while N4US.L tracks JPX-Nikkei 400 USD Hedged Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.12% for CJPU.L and 0.19% for N4US.L.
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