EMNJ.DE vs. NS4E.DE
EMNJ.DE (iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist)) and NS4E.DE (Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)) are both Japan Equities funds - EMNJ.DE tracks the MSCI Japan ESG Enhanced Focus CTB Index while NS4E.DE tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 5 years, EMNJ.DE returned 9.72%/yr vs 20.14%/yr for NS4E.DE. Their correlation of 0.83 suggests significant overlap in exposure. EMNJ.DE charges 0.15%/yr vs 0.19%/yr for NS4E.DE.
Performance
EMNJ.DE vs. NS4E.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with EMNJ.DE having a 19.97% return and NS4E.DE slightly higher at 20.29%.
EMNJ.DE
- 1D
- -0.76%
- 1M
- 1.81%
- 6M
- 13.73%
- YTD
- 19.97%
- 1Y
- 39.88%
- 3Y*
- 16.68%
- 5Y*
- 9.72%
- 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%
EMNJ.DE vs. NS4E.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMNJ.DE iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist) | 19.97% | 12.87% | 10.79% | 16.08% | -13.34% | 9.71% | 5.81% | 3.88% |
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 20.29% | 27.33% | 22.81% | 33.35% | -4.26% | 10.90% | 7.50% | 10.18% |
Correlation
The correlation between EMNJ.DE and NS4E.DE is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019 | 0.83 |
The correlation between EMNJ.DE and NS4E.DE has been stable across timeframes, ranging from 0.80 to 0.90 - a consistent structural relationship.
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Return for Risk
EMNJ.DE vs. NS4E.DE — Risk / Return Rank
EMNJ.DE
NS4E.DE
EMNJ.DE vs. NS4E.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist) (EMNJ.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.
| EMNJ.DE | NS4E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.44 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.71 | 4.91 | -1.20 |
| Martin ratioReturn relative to average drawdown | 12.48 | 16.90 | -4.41 |
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Drawdowns
EMNJ.DE vs. NS4E.DE - Drawdown Comparison
The maximum EMNJ.DE drawdown since its inception was -28.10%, smaller than the maximum NS4E.DE drawdown of -35.32%. Use the drawdown chart below to compare losses from any high point for EMNJ.DE and NS4E.DE.
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Drawdown Indicators
| EMNJ.DE | NS4E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.10% | -35.32% | +7.22% |
Max Drawdown (1Y)Largest decline over 1 year | -10.70% | -9.59% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -16.91% | -20.96% | +4.05% |
Max Drawdown (5Y)Largest decline over 5 years | -19.91% | -20.96% | +1.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.32% | — |
Current DrawdownCurrent decline from peak | -2.74% | -2.02% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -8.00% | +1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 2.79% | +0.40% |
Volatility
EMNJ.DE vs. NS4E.DE - Volatility Comparison
iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist) (EMNJ.DE) has a higher volatility of 6.67% compared to Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) at 5.89%. This indicates that EMNJ.DE's price experiences larger fluctuations and is considered to be riskier 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
| EMNJ.DE | NS4E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.67% | 5.89% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 16.64% | 15.50% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.49% | 19.46% | +1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.02% | 18.19% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.26% | 18.19% | +0.07% |
EMNJ.DE vs. NS4E.DE - Expense Ratio Comparison
EMNJ.DE has a 0.15% expense ratio, which is lower than NS4E.DE'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
EMNJ.DE vs. NS4E.DE - Dividend Comparison
EMNJ.DE's dividend yield for the trailing twelve months is around 1.42%, while NS4E.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EMNJ.DE iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist) | 1.42% | 1.58% | 1.80% | 1.75% | 2.16% | 1.66% | 1.63% | 1.72% |
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
EMNJ.DE and NS4E.DE have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMNJ.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMNJ.DE is cheaper with a 0.15% expense ratio, compared with 0.19% for NS4E.DE.
EMNJ.DE tracks MSCI Japan ESG Enhanced Focus CTB Index, while NS4E.DE tracks JPX-Nikkei Index 400. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for EMNJ.DE and 0.19% for NS4E.DE.
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