ISJP.L vs. S400.L
ISJP.L (iShares MSCI Japan Small Cap UCITS ETF (Dist)) and S400.L (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds - ISJP.L tracks the MSCI Japan Small Cap NR JPY while S400.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, ISJP.L returned 8.58%/yr vs 9.95%/yr for S400.L. Their correlation of 0.89 suggests significant overlap in exposure. ISJP.L charges 0.58%/yr vs 0.19%/yr for S400.L.
Performance
ISJP.L vs. S400.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ISJP.L having a 15.08% return and S400.L slightly higher at 15.40%. Over the past 10 years, ISJP.L has underperformed S400.L with an annualized return of 8.58%, while S400.L has yielded a comparatively higher 9.95% annualized return.
ISJP.L
- 1D
- 0.31%
- 1M
- 5.68%
- YTD
- 15.08%
- 6M
- 15.82%
- 1Y
- 31.49%
- 3Y*
- 14.99%
- 5Y*
- 8.64%
- 10Y*
- 8.58%
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%
ISJP.L vs. S400.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 15.08% | 20.89% | 4.99% | 7.01% | -2.01% | -2.01% | 4.51% | 13.94% | -11.99% | 19.35% |
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 ISJP.L and S400.L is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2014 | 0.89 |
The correlation between ISJP.L and S400.L has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
ISJP.L vs. S400.L — Risk / Return Rank
ISJP.L
S400.L
ISJP.L vs. S400.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap UCITS ETF (Dist) (ISJP.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.
| ISJP.L | S400.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 3.03 | -0.14 |
| Martin ratioReturn relative to average drawdown | 9.66 | 9.75 | -0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ISJP.L | S400.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 1.83 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.65 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.63 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.60 | -0.11 |
Drawdowns
ISJP.L vs. S400.L - Drawdown Comparison
The maximum ISJP.L drawdown since its inception was -32.93%, 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 ISJP.L and S400.L.
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Drawdown Indicators
| ISJP.L | S400.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.93% | -24.69% | -8.24% |
Max Drawdown (1Y)Largest decline over 1 year | -10.84% | -10.45% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -11.23% | -12.83% | +1.60% |
Max Drawdown (5Y)Largest decline over 5 years | -21.01% | -19.34% | -1.67% |
Max Drawdown (10Y)Largest decline over 10 years | -28.98% | -24.69% | -4.29% |
Current DrawdownCurrent decline from peak | -1.25% | -0.43% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -6.22% | -5.13% | -1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 3.25% | 0.00% |
Volatility
ISJP.L vs. S400.L - Volatility Comparison
iShares MSCI Japan Small Cap UCITS ETF (Dist) (ISJP.L) has a higher volatility of 4.25% compared to Invesco JPX-Nikkei 400 UCITS ETF (S400.L) at 3.99%. This indicates that ISJP.L's price experiences larger fluctuations and is considered to be riskier 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
| ISJP.L | S400.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 3.99% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.34% | 14.23% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.17% | 17.33% | -2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.22% | 15.38% | -1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.62% | 15.80% | -0.18% |
ISJP.L vs. S400.L - Expense Ratio Comparison
ISJP.L has a 0.58% expense ratio, which is higher than S400.L's 0.19% expense ratio.
Dividends
ISJP.L vs. S400.L - Dividend Comparison
ISJP.L's dividend yield for the trailing twelve months is around 1.67%, while S400.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 1.67% | 1.85% | 1.73% | 1.77% | 1.99% | 1.52% | 1.58% | 1.53% | 1.39% | 1.29% | 1.07% | 0.68% |
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% |
Frequently Asked Questions
ISJP.L and S400.L have a correlation of 0.83, 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 0.58% for ISJP.L.
ISJP.L tracks MSCI Japan Small Cap NR JPY, while S400.L tracks TOPIX TR JPY. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.58% for ISJP.L and 0.19% for S400.L.
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