IJPA.L vs. N4US.L
IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - IJPA.L tracks the MSCI Japan Investable Market Index (IMI) while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 10 years, IJPA.L returned 8.96%/yr vs 16.34%/yr for N4US.L. Their correlation of 0.81 suggests significant overlap in exposure. IJPA.L charges 0.12%/yr vs 0.19%/yr for N4US.L.
Performance
IJPA.L vs. N4US.L - Performance Comparison
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Returns By Period
In the year-to-date period, IJPA.L achieves a 12.49% return, which is significantly lower than N4US.L's 18.80% return. Over the past 10 years, IJPA.L has underperformed N4US.L with an annualized return of 8.96%, while N4US.L has yielded a comparatively higher 16.34% annualized return.
IJPA.L
- 1D
- -2.39%
- 1M
- -5.04%
- 6M
- 6.75%
- YTD
- 12.49%
- 1Y
- 29.96%
- 3Y*
- 16.37%
- 5Y*
- 8.69%
- 10Y*
- 8.96%
N4US.L
- 1D
- -2.01%
- 1M
- -2.75%
- 6M
- 11.38%
- YTD
- 18.80%
- 1Y
- 45.47%
- 3Y*
- 27.49%
- 5Y*
- 21.88%
- 10Y*
- 16.34%
IJPA.L vs. N4US.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IJPA.L iShares Core MSCI Japan IMI UCITS ETF USD Acc | 12.49% | 27.28% | 6.62% | 19.34% | -16.16% | 0.16% | 14.98% | 18.46% | -14.15% | 25.83% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.80% | 30.25% | 23.77% | 35.97% | -1.05% | 11.18% | 10.79% | 19.49% | -15.75% | 22.99% |
Correlation
The correlation between IJPA.L and N4US.L is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.81 |
The correlation between IJPA.L and N4US.L has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
IJPA.L vs. N4US.L — Risk / Return Rank
IJPA.L
N4US.L
IJPA.L vs. N4US.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.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.
| IJPA.L | N4US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.42 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 4.84 | -2.39 |
| Martin ratioReturn relative to average drawdown | 8.06 | 16.48 | -8.43 |
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Drawdowns
IJPA.L vs. N4US.L - Drawdown Comparison
The maximum IJPA.L drawdown since its inception was -40.74%, which is greater than N4US.L's maximum drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for IJPA.L and N4US.L.
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Drawdown Indicators
| IJPA.L | N4US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.74% | -30.94% | -9.80% |
Max Drawdown (1Y)Largest decline over 1 year | -12.15% | -9.35% | -2.80% |
Max Drawdown (3Y)Largest decline over 3 years | -13.96% | -21.38% | +7.42% |
Max Drawdown (5Y)Largest decline over 5 years | -32.50% | -21.38% | -11.12% |
Max Drawdown (10Y)Largest decline over 10 years | -32.50% | -30.94% | -1.56% |
Current DrawdownCurrent decline from peak | -6.12% | -4.48% | -1.64% |
Average DrawdownAverage peak-to-trough decline | -8.92% | -6.78% | -2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 2.75% | +0.96% |
Volatility
IJPA.L vs. N4US.L - Volatility Comparison
iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) has a higher volatility of 6.61% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.15%. This indicates that IJPA.L's price experiences larger fluctuations and is considered to be riskier than N4US.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IJPA.L | N4US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.61% | 6.15% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 17.66% | 15.63% | +2.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.92% | 19.57% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.82% | 18.50% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.86% | 18.38% | -1.52% |
IJPA.L vs. N4US.L - Expense Ratio Comparison
IJPA.L has a 0.12% expense ratio, which is lower than N4US.L'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
IJPA.L vs. N4US.L - Dividend Comparison
Neither IJPA.L nor N4US.L has paid dividends to shareholders.
Frequently Asked Questions
IJPA.L and N4US.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IJPA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IJPA.L is cheaper with a 0.12% expense ratio, compared with 0.19% for N4US.L.
IJPA.L tracks MSCI Japan Investable Market Index (IMI), while N4US.L tracks JPX-Nikkei 400 USD Hedged Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.12% for IJPA.L and 0.19% for N4US.L.
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