FJP vs. JPXN

Last updated Jun 4, 2026

FJP (First Trust Japan AlphaDEX Fund) and JPXN (iShares JPX-Nikkei 400 ETF) are both Japan Equities funds - FJP tracks the NASDAQ AlphaDEX Japan Index while JPXN tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 10 years, FJP returned 7.48%/yr vs 9.18%/yr for JPXN. Their correlation of 0.80 suggests significant overlap in exposure. FJP charges 0.80%/yr vs 0.48%/yr for JPXN.

Performance

FJP vs. JPXN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) and iShares JPX-Nikkei 400 ETF (JPXN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FJP achieves a 14.28% return, which is significantly lower than JPXN's 15.72% return. Over the past 10 years, FJP has underperformed JPXN with an annualized return of 7.48%, while JPXN has yielded a comparatively higher 9.18% annualized return.

FJP

• 1D: 0.00%
• 1M: 2.90%
• YTD: 14.28%
• 6M: 15.85%
• 1Y: 33.53%
• 3Y*: 21.60%
• 5Y*: 10.81%
• 10Y*: 7.48%

JPXN

• 1D: 0.13%
• 1M: 5.12%
• YTD: 15.72%
• 6M: 17.28%
• 1Y: 30.49%
• 3Y*: 17.85%
• 5Y*: 8.70%
• 10Y*: 9.18%

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

FJP vs. JPXN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJP First Trust Japan AlphaDEX Fund	14.28%	33.60%	5.80%	23.00%	-12.83%	-1.13%	3.60%	7.72%	-18.60%	27.63%
JPXN iShares JPX-Nikkei 400 ETF	15.72%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%

Correlation

The correlation between FJP and JPXN is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 27, 2011	0.80

The correlation between FJP and JPXN has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

FJP vs. JPXN - Sectors Allocation Comparison

Sectors	FJP	JPXN
Industrials	45.0%	28.3%
Consumer Cyclical	12.0%	11.3%
Basic Materials	9.7%	5.0%
Technology	8.9%	17.3%
Utilities	6.1%	1.6%
Financial Services	5.6%	13.7%
Energy	4.2%	1.4%
Healthcare	3.6%	6.2%
Real Estate	3.5%	2.8%
Consumer Defensive	0.8%	4.8%
Communication Services	0.7%	7.8%

Return for Risk

FJP vs. JPXN — Risk / Return Rank

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

FJP

FJP Risk / Return Rank: 46
FJP Sharpe Ratio Rank: 47
FJP Sortino Ratio Rank: 46
FJP Omega Ratio Rank: 46
FJP Calmar Ratio Rank: 47
FJP Martin Ratio Rank: 44

JPXN

JPXN Risk / Return Rank: 47
JPXN Sharpe Ratio Rank: 46
JPXN Sortino Ratio Rank: 47
JPXN Omega Ratio Rank: 47
JPXN Calmar Ratio Rank: 47
JPXN Martin Ratio Rank: 48

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.

FJP vs. JPXN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) and iShares JPX-Nikkei 400 ETF (JPXN). 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.

	FJP	JPXN	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.63	0.00
Sortino ratio: Return per unit of downside risk	2.28	2.37	-0.09
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.33	2.34	0.00
Martin ratio: Return relative to average drawdown	7.20	8.14	-0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FJP vs. JPXN - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.63, which is comparable to the JPXN Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FJP and JPXN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FJP	JPXN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.63	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.49	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.54	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.27	+0.06

Drawdowns

FJP vs. JPXN - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, smaller than the maximum JPXN drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for FJP and JPXN.

Drawdown Indicators

	FJP	JPXN	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	-55.54%	+14.03%
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	-13.11%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-17.02%	-13.95%	-3.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	-33.21%	+1.33%
Max Drawdown (10Y) Largest decline over 10 years	-41.51%	-33.21%	-8.30%
Current Drawdown Current decline from peak	-6.34%	-0.93%	-5.41%
Average Drawdown Average peak-to-trough decline	-11.46%	-15.06%	+3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	3.76%	+0.91%

Volatility

FJP vs. JPXN - Volatility Comparison

First Trust Japan AlphaDEX Fund (FJP) has a higher volatility of 6.51% compared to iShares JPX-Nikkei 400 ETF (JPXN) at 4.31%. This indicates that FJP's price experiences larger fluctuations and is considered to be riskier than JPXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FJP	JPXN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	4.31%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	16.87%	14.69%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	20.70%	18.79%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.35%	17.70%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	17.06%	+1.82%

FJP vs. JPXN - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is higher than JPXN's 0.48% expense ratio.

Dividends

FJP vs. JPXN - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.49%, less than JPXN's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJP First Trust Japan AlphaDEX Fund	2.49%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%
JPXN iShares JPX-Nikkei 400 ETF	2.72%	3.14%	2.29%	2.57%	1.47%	2.63%	1.27%	1.92%	1.60%	1.50%	2.07%	1.32%

Frequently Asked Questions

Can I hold both FJP and JPXN in my portfolio?

FJP and JPXN have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJP or JPXN?

FJP has higher volatility (6.51%) compared to JPXN (4.31%). In terms of maximum drawdown, FJP dropped -41.51% vs JPXN's -55.54%.

Which ETF is better, FJP or JPXN?

On 10-year performance, JPXN leads with 9.18% vs 7.48% for FJP. On fees, JPXN is cheaper at 0.48% per year. On volatility, JPXN has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FJP or JPXN?

Over the 10-year period, JPXN has performed better with a 9.18% return vs 7.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FJP or JPXN?

JPXN is cheaper with a 0.48% expense ratio, compared with 0.80% for FJP.

Which ETF pays a higher dividend yield, FJP or JPXN?

JPXN has the higher dividend yield at 2.72%, compared with 2.49% for FJP.

What is the main difference between FJP and JPXN?

FJP tracks NASDAQ AlphaDEX Japan Index, while JPXN tracks JPX-Nikkei Index 400. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FJP and 0.48% for JPXN.

Which has better risk-adjusted returns?

FJP currently has the higher Sharpe Ratio (1.63 vs 1.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.