HMJP.L vs. S400.L

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC MSCI Japan UCITS ETF USD (HMJP.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L).

HMJP.L and S400.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HMJP.L is a passively managed fund by HSBC that tracks the performance of the TOPIX TR JPY. It was launched on Mar 23, 2010. S400.L is a passively managed fund by Invesco that tracks the performance of the TOPIX TR JPY. It was launched on Sep 10, 2014. Both HMJP.L and S400.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HMJP.L vs. S400.L - Performance Comparison

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMJP.L HSBC MSCI Japan UCITS ETF USD	8.79%	17.44%	9.05%	14.01%	-7.12%	2.09%	12.36%	14.51%	-8.64%	13.37%
S400.L Invesco JPX-Nikkei 400 UCITS ETF	9.32%	17.62%	8.31%	13.66%	-5.83%	0.91%	12.00%	14.33%	-9.33%	13.69%

Returns By Period

In the year-to-date period, HMJP.L achieves a 8.79% return, which is significantly lower than S400.L's 9.32% return. Both investments have delivered pretty close results over the past 10 years, with HMJP.L having a 10.02% annualized return and S400.L not far behind at 9.83%.

HMJP.L

• 1D: 4.40%
• 1M: -2.84%
• YTD: 8.79%
• 6M: 13.89%
• 1Y: 29.59%
• 3Y*: 14.92%
• 5Y*: 8.42%
• 10Y*: 10.02%

S400.L

• 1D: 3.87%
• 1M: -3.00%
• YTD: 9.32%
• 6M: 14.18%
• 1Y: 29.21%
• 3Y*: 14.84%
• 5Y*: 8.41%
• 10Y*: 9.83%

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

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

Both HMJP.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%.

HMJP.L

HSBC MSCI Japan UCITS ETF USD

S400.L

Invesco JPX-Nikkei 400 UCITS ETF

Return for Risk

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

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

HMJP.L

HMJP.L Risk / Return Rank: 79
HMJP.L Sharpe Ratio Rank: 77
HMJP.L Sortino Ratio Rank: 78
HMJP.L Omega Ratio Rank: 75
HMJP.L Calmar Ratio Rank: 85
HMJP.L Martin Ratio Rank: 82

S400.L

S400.L Risk / Return Rank: 83
S400.L Sharpe Ratio Rank: 81
S400.L Sortino Ratio Rank: 81
S400.L Omega Ratio Rank: 77
S400.L Calmar Ratio Rank: 88
S400.L Martin Ratio Rank: 86

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.

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

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Japan UCITS ETF USD (HMJP.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.

	HMJP.L	S400.L	Difference
Sharpe ratio Return per unit of total volatility	1.52	1.59	-0.07
Sortino ratio Return per unit of downside risk	2.13	2.20	-0.07
Omega ratio Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio Return relative to maximum drawdown	2.84	2.92	-0.08
Martin ratio Return relative to average drawdown	10.27	10.75	-0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HMJP.L Sharpe Ratio is 1.52, which is comparable to the S400.L Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of HMJP.L and S400.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HMJP.L	S400.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.59	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.55	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.62	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.58	-0.11

Correlation

The correlation between HMJP.L and S400.L is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HMJP.L vs. S400.L - Dividend Comparison

HMJP.L's dividend yield for the trailing twelve months is around 1.59%, while S400.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMJP.L HSBC MSCI Japan UCITS ETF USD	1.59%	1.74%	1.64%	1.75%	1.98%	1.53%	1.68%	1.83%	1.73%	1.41%	1.27%	1.10%
S400.L Invesco JPX-Nikkei 400 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HMJP.L vs. S400.L - Drawdown Comparison

The maximum HMJP.L drawdown since its inception was -24.24%, roughly equal to the maximum S400.L drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for HMJP.L and S400.L.

Drawdown Indicators

	HMJP.L	S400.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.24%	-24.69%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-10.45%	-0.38%
Max Drawdown (5Y) Largest decline over 5 years	-18.50%	-19.34%	+0.84%
Max Drawdown (10Y) Largest decline over 10 years	-24.24%	-24.69%	+0.45%
Current Drawdown Current decline from peak	-5.27%	-5.43%	+0.16%
Average Drawdown Average peak-to-trough decline	-7.02%	-5.15%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.84%	+0.16%

Volatility

HMJP.L vs. S400.L - Volatility Comparison

HSBC MSCI Japan UCITS ETF USD (HMJP.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L) have volatilities of 8.64% and 8.27%, 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

	HMJP.L	S400.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	8.27%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	14.63%	14.01%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	19.40%	18.33%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	15.32%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.02%	15.84%	+0.18%