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IJPH.L vs. S400.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJPH.L vs. S400.L

Last updated Jun 5, 2026

IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) and S400.L (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds - IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index while S400.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, IJPH.L returned 14.77%/yr vs 9.95%/yr for S400.L. A 0.77 correlation means they provide meaningful diversification when combined. IJPH.L charges 0.64%/yr vs 0.19%/yr for S400.L.

Performance

IJPH.L vs. S400.L - Performance Comparison

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

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Different Trading Currencies

IJPH.L is traded in GBP, while S400.L is traded in GBp. To make them comparable, the S400.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, IJPH.L achieves a 19.91% return, which is significantly higher than S400.L's 15.40% return. Over the past 10 years, IJPH.L has outperformed S400.L with an annualized return of 14.77%, while S400.L has yielded a comparatively lower 9.95% annualized return.

IJPH.L

1D
-0.37%
1M
6.95%
YTD
19.91%
6M
21.68%
1Y
52.45%
3Y*
28.46%
5Y*
20.45%
10Y*
14.77%

S400.L

1D
-0.43%
1M
5.05%
YTD
15.40%
6M
14.83%
1Y
31.77%
3Y*
15.05%
5Y*
9.97%
10Y*
9.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IJPH.L
iShares MSCI Japan GBP Hedged UCITS ETF		19.91%29.38%23.82%34.19%-4.30%11.94%9.27%15.95%-15.90%19.46%
S400.L
Invesco JPX-Nikkei 400 UCITS ETF		15.40%17.62%8.31%13.66%-5.83%0.91%12.00%14.33%-9.33%13.69%

Correlation

The correlation between IJPH.L and S400.L is 0.84, 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

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.81

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2014

0.77

The correlation between IJPH.L and S400.L has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

IJPH.L vs. S400.L - Sectors Allocation Comparison

Sectors
IJPH.L
S400.L

Industrials

26.0%
27.6%

Technology

19.1%
19.6%

Financial Services

17.5%
13.9%

Consumer Cyclical

12.2%
10.9%

Communication Services

7.9%
6.7%

Healthcare

6.3%
6.3%

Consumer Defensive

3.6%
4.6%

Basic Materials

3.0%
5.3%

Real Estate

2.3%
2.4%

Utilities

1.1%
1.5%

Energy

1.1%
1.2%

Industrials

IJPH.L
26.0%
S400.L
27.6%

Technology

IJPH.L
19.1%
S400.L
19.6%

Financial Services

IJPH.L
17.5%
S400.L
13.9%

Consumer Cyclical

IJPH.L
12.2%
S400.L
10.9%

Communication Services

IJPH.L
7.9%
S400.L
6.7%

Healthcare

IJPH.L
6.3%
S400.L
6.3%

Consumer Defensive

IJPH.L
3.6%
S400.L
4.6%

Basic Materials

IJPH.L
3.0%
S400.L
5.3%

Real Estate

IJPH.L
2.3%
S400.L
2.4%

Utilities

IJPH.L
1.1%
S400.L
1.5%

Energy

IJPH.L
1.1%
S400.L
1.2%

Compare stocks, funds, or ETFs

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iShares MSCI Japan GBP Hedged UCITS ETF

Invesco JPX-Nikkei 400 UCITS ETF

Often compared with IJPH.L:
IJPH.L vs. SUJA.LIJPH.L vs. XSTC.LIJPH.L vs. XDJP.DEIJPH.L vs. EWJIJPH.L vs. XM1D.DEIJPH.L vs. ^N225IJPH.L vs. BRK-B
Often compared with S400.L:
S400.L vs. ^N225S400.L vs. CNKY.LS400.L vs. EXX7.DES400.L vs. JPXNS400.L vs. DXJG.LS400.L vs. SPYS400.L vs. HMJP.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IJPH.L
IJPH.L Risk / Return Rank: 8585
Overall Rank
IJPH.L Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IJPH.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
IJPH.L Omega Ratio Rank: 8282
Omega Ratio Rank
IJPH.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
IJPH.L Martin Ratio Rank: 8888
Martin Ratio Rank
S400.L
S400.L Risk / Return Rank: 5757
Overall Rank
S400.L Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
S400.L Sortino Ratio Rank: 5555
Sortino Ratio Rank
S400.L Omega Ratio Rank: 5858
Omega Ratio Rank
S400.L Calmar Ratio Rank: 6262
Calmar Ratio Rank
S400.L Martin Ratio Rank: 5656
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.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.

IJPH.LS400.LDifference
Sharpe ratioReturn per unit of total volatility
2.62
1.83

+0.79

Sortino ratioReturn per unit of downside risk
3.72
2.60

+1.12

Omega ratioGain probability vs. loss probability

1.49

1.35

+0.14

Calmar ratioReturn relative to maximum drawdown

5.41

3.03

+2.39

Martin ratioReturn relative to average drawdown

19.27

9.75

+9.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IJPH.L Sharpe Ratio is 2.62, which is higher than the S400.L Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of IJPH.L and S400.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IJPH.LS400.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

1.83

+0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.07

0.65

+0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

0.63

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.60

+0.14

Drawdowns

IJPH.L vs. S400.L - Drawdown Comparison

The maximum IJPH.L drawdown since its inception was -34.55%, which is greater than S400.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for IJPH.L and S400.L.

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Drawdown Indicators

IJPH.LS400.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.55%

-24.69%

-9.86%

Max Drawdown (1Y)

Largest decline over 1 year

-9.64%

-10.45%

+0.81%

Max Drawdown (3Y)

Largest decline over 3 years

-21.95%

-12.83%

-9.12%

Max Drawdown (5Y)

Largest decline over 5 years

-21.95%

-19.34%

-2.61%

Max Drawdown (10Y)

Largest decline over 10 years

-34.55%

-24.69%

-9.86%

Current Drawdown

Current decline from peak

-0.37%

-0.43%

+0.06%

Average Drawdown

Average peak-to-trough decline

-7.42%

-5.13%

-2.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

3.25%

-0.54%

Volatility

IJPH.L vs. S400.L - Volatility Comparison

The current volatility for iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) is 3.51%, while Invesco JPX-Nikkei 400 UCITS ETF (S400.L) has a volatility of 3.99%. This indicates that IJPH.L experiences smaller price fluctuations and is considered to be less risky than S400.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IJPH.LS400.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

3.99%

-0.48%

Volatility (6M)

Calculated over the trailing 6-month period

15.39%

14.23%

+1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

19.98%

17.33%

+2.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.01%

15.38%

+3.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.24%

15.80%

+3.44%

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

IJPH.L has a 0.64% expense ratio, which is higher than S400.L's 0.19% expense ratio.

Dividends

IJPH.L vs. S400.L - Dividend Comparison

Neither IJPH.L nor S400.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

IJPH.L and S400.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, S400.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

S400.L is cheaper with a 0.19% expense ratio, compared with 0.64% for IJPH.L.

IJPH.L tracks MSCI Japan 100% Hedged to GBP Index, while S400.L tracks TOPIX TR JPY. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.64% for IJPH.L and 0.19% for S400.L.

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