IDJP.L vs. N400.L
IDJP.L (iShares MSCI Japan Small Cap UCITS ETF USD (Dist)) and N400.L (Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc)) are both Japan Equities funds - IDJP.L tracks the MSCI Japan Small Cap Index (Net) while N400.L tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 10 years, IDJP.L returned 7.71%/yr vs 8.89%/yr for N400.L. Their correlation of 0.90 suggests significant overlap in exposure. IDJP.L charges 0.58%/yr vs 0.19%/yr for N400.L.
Performance
IDJP.L vs. N400.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IDJP.L having a 12.62% return and N400.L slightly higher at 12.82%. Over the past 10 years, IDJP.L has underperformed N400.L with an annualized return of 7.71%, while N400.L has yielded a comparatively higher 8.89% annualized return.
IDJP.L
- 1D
- -2.38%
- 1M
- -2.94%
- 6M
- 8.01%
- YTD
- 12.62%
- 1Y
- 26.24%
- 3Y*
- 15.94%
- 5Y*
- 7.23%
- 10Y*
- 7.71%
N400.L
- 1D
- -1.96%
- 1M
- -4.21%
- 6M
- 6.64%
- YTD
- 12.82%
- 1Y
- 28.96%
- 3Y*
- 16.02%
- 5Y*
- 8.89%
- 10Y*
- 8.89%
IDJP.L vs. N400.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IDJP.L iShares MSCI Japan Small Cap UCITS ETF USD (Dist) | 12.62% | 29.69% | 3.33% | 13.53% | -12.68% | -3.28% | 8.14% | 17.67% | -16.75% | 31.70% |
N400.L Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) | 12.82% | 25.87% | 6.53% | 20.26% | -15.79% | -0.37% | 15.93% | 17.97% | -14.20% | 24.80% |
Correlation
The correlation between IDJP.L and N400.L is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2014 | 0.90 |
The correlation between IDJP.L and N400.L has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
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Return for Risk
IDJP.L vs. N400.L — Risk / Return Rank
IDJP.L
N400.L
IDJP.L vs. N400.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap UCITS ETF USD (Dist) (IDJP.L) and Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.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.
| IDJP.L | N400.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.26 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.45 | -0.36 |
| Martin ratioReturn relative to average drawdown | 6.67 | 8.00 | -1.33 |
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Drawdowns
IDJP.L vs. N400.L - Drawdown Comparison
The maximum IDJP.L drawdown since its inception was -39.64%, which is greater than N400.L's maximum drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for IDJP.L and N400.L.
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Drawdown Indicators
| IDJP.L | N400.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.64% | -32.66% | -6.98% |
Max Drawdown (1Y)Largest decline over 1 year | -12.50% | -11.77% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -12.50% | -14.55% | +2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -32.90% | -32.66% | -0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -36.78% | -32.66% | -4.12% |
Current DrawdownCurrent decline from peak | -4.95% | -5.24% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -10.76% | -8.10% | -2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.93% | 3.61% | +0.32% |
Volatility
IDJP.L vs. N400.L - Volatility Comparison
The current volatility for iShares MSCI Japan Small Cap UCITS ETF USD (Dist) (IDJP.L) is 5.64%, while Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.L) has a volatility of 6.36%. This indicates that IDJP.L experiences smaller price fluctuations and is considered to be less risky than N400.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IDJP.L | N400.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 6.36% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 15.91% | 17.44% | -1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.26% | 20.69% | -2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.36% | 17.96% | -1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.66% | 16.94% | -0.28% |
IDJP.L vs. N400.L - Expense Ratio Comparison
IDJP.L has a 0.58% expense ratio, which is higher than N400.L's 0.19% expense ratio.
Dividends
IDJP.L vs. N400.L - Dividend Comparison
IDJP.L's dividend yield for the trailing twelve months is around 1.00%, while N400.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDJP.L iShares MSCI Japan Small Cap UCITS ETF USD (Dist) | 1.00% | 1.77% | 1.77% | 1.77% | 2.08% | 1.55% | 1.48% | 1.47% | 1.45% | 1.21% | 1.20% | 0.72% |
N400.L Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IDJP.L and N400.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, N400.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
N400.L is cheaper with a 0.19% expense ratio, compared with 0.58% for IDJP.L.
IDJP.L tracks MSCI Japan Small Cap Index (Net), while N400.L tracks JPX-Nikkei Index 400. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.58% for IDJP.L and 0.19% for N400.L.
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