ESJS.L vs. S400.L

Last updated Jul 18, 2026

ESJS.L (Invesco MSCI Japan ESG Universal Screened UCITS ETF Acc) and S400.L (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds from Invesco tracking the TOPIX TR JPY. Both are passively managed. Over the past 5 years, ESJS.L returned 9.73%/yr vs 9.42%/yr for S400.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.19% expense ratio.

Performance

ESJS.L vs. S400.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Japan ESG Universal Screened UCITS ETF Acc (ESJS.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESJS.L achieves a 14.30% return, which is significantly higher than S400.L's 12.59% return.

ESJS.L

• 1D: -0.97%
• 1M: -3.72%
• 6M: 7.59%
• YTD: 14.30%
• 1Y: 32.76%
• 3Y*: 16.70%
• 5Y*: 9.73%
• 10Y*: —

S400.L

• 1D: -1.78%
• 1M: -4.59%
• 6M: 6.10%
• YTD: 12.59%
• 1Y: 28.57%
• 3Y*: 14.91%
• 5Y*: 9.42%
• 10Y*: 8.63%

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

ESJS.L vs. S400.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ESJS.L Invesco MSCI Japan ESG Universal Screened UCITS ETF Acc	14.30%	18.47%	9.64%	12.97%	-7.90%	-27.12%
S400.L Invesco JPX-Nikkei 400 UCITS ETF	12.59%	17.62%	8.31%	13.66%	-5.83%	-0.50%

Correlation

The correlation between ESJS.L and S400.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 8, 2021	0.98

The correlation between ESJS.L and S400.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

ESJS.L vs. S400.L - Sectors Allocation Comparison

Sectors	ESJS.L	S400.L
Technology	25.5%	23.3%
Industrials	23.2%	25.7%
Financial Services	18.6%	14.2%
Consumer Cyclical	10.2%	10.8%
Communication Services	9.1%	5.3%
Healthcare	6.0%	6.0%
Basic Materials	2.5%	5.1%
Consumer Defensive	2.0%	4.7%
Real Estate	1.8%	2.3%
Energy	0.7%	1.1%
Utilities	0.4%	1.4%

Return for Risk

ESJS.L vs. S400.L — Risk / Return Rank

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

ESJS.L

ESJS.L Risk / Return Rank: 74
ESJS.L Sharpe Ratio Rank: 73
ESJS.L Sortino Ratio Rank: 70
ESJS.L Omega Ratio Rank: 72
ESJS.L Calmar Ratio Rank: 81
ESJS.L Martin Ratio Rank: 72

S400.L

S400.L Risk / Return Rank: 61
S400.L Sharpe Ratio Rank: 59
S400.L Sortino Ratio Rank: 58
S400.L Omega Ratio Rank: 59
S400.L Calmar Ratio Rank: 69
S400.L Martin Ratio Rank: 62

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.

ESJS.L vs. S400.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Japan ESG Universal Screened UCITS ETF Acc (ESJS.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.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.

	ESJS.L	S400.L	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.55	+0.21
Sortino ratio: Return per unit of downside risk	2.43	2.18	+0.26
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	3.21	2.72	+0.49
Martin ratio: Return relative to average drawdown	9.71	8.44	+1.27

ESJS.L vs. S400.L - Sharpe Ratio Comparison

The current ESJS.L Sharpe Ratio is 1.76, which is comparable to the S400.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ESJS.L and S400.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

ESJS.L vs. S400.L - Drawdown Comparison

The maximum ESJS.L drawdown since its inception was -37.23%, smaller than the maximum S400.L drawdown of -46.21%. Use the drawdown chart below to compare losses from any high point for ESJS.L and S400.L.

Drawdown Indicators

	ESJS.L	S400.L	Difference
Max Drawdown Largest peak-to-trough decline	-37.23%	-46.21%	+8.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.62%	-10.45%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-14.59%	-12.83%	-1.76%
Max Drawdown (5Y) Largest decline over 5 years	-19.38%	-19.34%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.69%	—
Current Drawdown Current decline from peak	-6.10%	-6.64%	+0.54%
Average Drawdown Average peak-to-trough decline	-21.66%	-11.72%	-9.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	3.38%	+0.14%

Volatility

ESJS.L vs. S400.L - Volatility Comparison

Invesco MSCI Japan ESG Universal Screened UCITS ETF Acc (ESJS.L) has a higher volatility of 6.75% compared to Invesco JPX-Nikkei 400 UCITS ETF (S400.L) at 5.89%. This indicates that ESJS.L's price experiences larger fluctuations and is considered to be riskier than S400.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESJS.L	S400.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	5.89%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	15.89%	15.39%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	19.35%	18.39%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	15.67%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.00%	15.74%	+4.26%

ESJS.L vs. S400.L - Expense Ratio Comparison

Both ESJS.L and S400.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ESJS.L vs. S400.L - Dividend Comparison

Neither ESJS.L nor S400.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ESJS.L and S400.L in my portfolio?

With a correlation of 0.98, ESJS.L and S400.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, ESJS.L or S400.L?

Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESJS.L or S400.L?

ESJS.L and S400.L have the same expense ratio: 0.19% per year.

What is the main difference between ESJS.L and S400.L?

Both ETFs track TOPIX TR JPY.