DXJA.L vs. N4US.L

Last updated Jul 18, 2026

DXJA.L (WisdomTree Japan Equity UCITS ETF USD Hedged Acc) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - DXJA.L tracks the WisdomTree Japan Hedged Equity UCITS Index while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 5 years, DXJA.L returned 26.73%/yr vs 21.88%/yr for N4US.L. Their correlation of 0.91 suggests significant overlap in exposure. DXJA.L charges 0.48%/yr vs 0.19%/yr for N4US.L.

Performance

DXJA.L vs. N4US.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan Equity UCITS ETF USD Hedged Acc (DXJA.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXJA.L achieves a 20.17% return, which is significantly higher than N4US.L's 18.80% return.

DXJA.L

• 1D: -2.34%
• 1M: -2.57%
• 6M: 11.14%
• YTD: 20.17%
• 1Y: 50.98%
• 3Y*: 31.14%
• 5Y*: 26.73%
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DXJA.L vs. N4US.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXJA.L WisdomTree Japan Equity UCITS ETF USD Hedged Acc	20.17%	33.46%	28.94%	41.24%	6.24%	17.35%	4.48%	17.49%	-18.94%	18.13%
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%	19.63%

Correlation

The correlation between DXJA.L and N4US.L is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.91

The correlation between DXJA.L and N4US.L has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

DXJA.L vs. N4US.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DXJA.L

DXJA.L Risk / Return Rank: 91
DXJA.L Sharpe Ratio Rank: 92
DXJA.L Sortino Ratio Rank: 90
DXJA.L Omega Ratio Rank: 90
DXJA.L Calmar Ratio Rank: 93
DXJA.L Martin Ratio Rank: 92

N4US.L

N4US.L Risk / Return Rank: 90
N4US.L Sharpe Ratio Rank: 90
N4US.L Sortino Ratio Rank: 89
N4US.L Omega Ratio Rank: 88
N4US.L Calmar Ratio Rank: 93
N4US.L Martin Ratio Rank: 92

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.

DXJA.L vs. N4US.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Equity UCITS ETF USD Hedged Acc (DXJA.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.

	DXJA.L	N4US.L	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.32	+0.19
Sortino ratio: Return per unit of downside risk	3.35	3.18	+0.17
Omega ratio: Gain probability vs. loss probability	1.45	1.42	+0.03
Calmar ratio: Return relative to maximum drawdown	5.02	4.84	+0.18
Martin ratio: Return relative to average drawdown	17.22	16.48	+0.74

DXJA.L vs. N4US.L - Sharpe Ratio Comparison

The current DXJA.L Sharpe Ratio is 2.51, which is comparable to the N4US.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DXJA.L and N4US.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.

Drawdowns

DXJA.L vs. N4US.L - Drawdown Comparison

The maximum DXJA.L drawdown since its inception was -37.51%, 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 DXJA.L and N4US.L.

Drawdown Indicators

	DXJA.L	N4US.L	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-30.94%	-6.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-9.35%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-23.01%	-21.38%	-1.63%
Max Drawdown (5Y) Largest decline over 5 years	-23.01%	-21.38%	-1.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.94%	—
Current Drawdown Current decline from peak	-4.25%	-4.48%	+0.23%
Average Drawdown Average peak-to-trough decline	-6.66%	-6.78%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.75%	+0.20%

Volatility

DXJA.L vs. N4US.L - Volatility Comparison

WisdomTree Japan Equity UCITS ETF USD Hedged Acc (DXJA.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) have volatilities of 6.13% and 6.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXJA.L	N4US.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	6.15%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	15.63%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	20.25%	19.57%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.42%	18.50%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	18.38%	+0.87%

DXJA.L vs. N4US.L - Expense Ratio Comparison

DXJA.L has a 0.48% expense ratio, which is higher than N4US.L's 0.19% expense ratio.

Dividends

DXJA.L vs. N4US.L - Dividend Comparison

Neither DXJA.L nor N4US.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DXJA.L and N4US.L in my portfolio?

With a correlation of 0.94, DXJA.L and N4US.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.

Which ETF is better, DXJA.L or N4US.L?

On fees, N4US.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXJA.L or N4US.L?

N4US.L is cheaper with a 0.19% expense ratio, compared with 0.48% for DXJA.L.

What is the main difference between DXJA.L and N4US.L?

DXJA.L tracks WisdomTree Japan Hedged Equity UCITS Index, while N4US.L tracks JPX-Nikkei 400 USD Hedged Index. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.48% for DXJA.L and 0.19% for N4US.L.