IJPD.L vs. N4US.L
IJPD.L (iShares MSCI Japan USD Hedged UCITS ETF Accumulating) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - IJPD.L tracks the MSCI Japan 100% Hedged to USD Net TR Index while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 10 years, IJPD.L returned 15.96%/yr vs 16.34%/yr for N4US.L. With a 0.97 correlation, they move nearly in lockstep. IJPD.L charges 0.64%/yr vs 0.19%/yr for N4US.L.
Performance
IJPD.L vs. N4US.L - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with IJPD.L having a 18.28% return and N4US.L slightly higher at 18.80%. Both investments have delivered pretty close results over the past 10 years, with IJPD.L having a 15.96% annualized return and N4US.L not far ahead at 16.34%.
IJPD.L
- 1D
- -2.48%
- 1M
- -4.39%
- 6M
- 10.41%
- YTD
- 18.28%
- 1Y
- 46.30%
- 3Y*
- 26.92%
- 5Y*
- 21.11%
- 10Y*
- 15.96%
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%
IJPD.L vs. N4US.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IJPD.L iShares MSCI Japan USD Hedged UCITS ETF Accumulating | 18.28% | 29.04% | 24.14% | 35.59% | -3.08% | 12.22% | 10.80% | 18.74% | -14.26% | 20.81% |
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 IJPD.L and N4US.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 | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.97 |
The correlation between IJPD.L and N4US.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IJPD.L vs. N4US.L — Risk / Return Rank
IJPD.L
N4US.L
IJPD.L vs. N4US.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.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.
| IJPD.L | N4US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.42 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.95 | 4.84 | +0.10 |
| Martin ratioReturn relative to average drawdown | 16.11 | 16.48 | -0.37 |
Loading charts...
Drawdowns
IJPD.L vs. N4US.L - Drawdown Comparison
The maximum IJPD.L drawdown since its inception was -31.09%, roughly equal to the maximum N4US.L drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for IJPD.L and N4US.L.
Loading charts...
Drawdown Indicators
| IJPD.L | N4US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.09% | -30.94% | -0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -9.32% | -9.35% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -21.80% | -21.38% | -0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -21.80% | -21.38% | -0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -31.09% | -30.94% | -0.15% |
Current DrawdownCurrent decline from peak | -6.31% | -4.48% | -1.83% |
Average DrawdownAverage peak-to-trough decline | -6.71% | -6.78% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 2.75% | +0.12% |
Volatility
IJPD.L vs. N4US.L - Volatility Comparison
iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) has a higher volatility of 6.81% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.15%. This indicates that IJPD.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.
Loading charts...
Volatility by Period
| IJPD.L | N4US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.81% | 6.15% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 16.69% | 15.63% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.90% | 19.57% | +1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.00% | 18.50% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.66% | 18.38% | +0.28% |
IJPD.L vs. N4US.L - Expense Ratio Comparison
IJPD.L has a 0.64% expense ratio, which is higher than N4US.L's 0.19% expense ratio.
Dividends
IJPD.L vs. N4US.L - Dividend Comparison
Neither IJPD.L nor N4US.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, IJPD.L and N4US.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.
On fees, N4US.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
N4US.L is cheaper with a 0.19% expense ratio, compared with 0.64% for IJPD.L.
IJPD.L tracks MSCI Japan 100% Hedged to USD Net TR Index, while N4US.L tracks JPX-Nikkei 400 USD Hedged Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.64% for IJPD.L and 0.19% for N4US.L.
Find the right allocation for IJPD.L and N4US.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer