IUS4.DE vs. NS4E.DE
IUS4.DE (iShares MSCI Japan Small Cap UCITS ETF (Dist)) and NS4E.DE (Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)) are both Japan Equities funds - IUS4.DE tracks the MSCI Japan Small Cap while NS4E.DE tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 10 years, IUS4.DE returned 7.62%/yr vs 14.29%/yr for NS4E.DE. A 0.72 correlation means they provide meaningful diversification when combined. IUS4.DE charges 0.58%/yr vs 0.19%/yr for NS4E.DE.
Performance
IUS4.DE vs. NS4E.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IUS4.DE achieves a 18.57% return, which is significantly lower than NS4E.DE's 20.29% return. Over the past 10 years, IUS4.DE has underperformed NS4E.DE with an annualized return of 7.62%, while NS4E.DE has yielded a comparatively higher 14.29% annualized return.
IUS4.DE
- 1D
- -0.77%
- 1M
- 2.81%
- 6M
- 13.89%
- YTD
- 18.57%
- 1Y
- 33.19%
- 3Y*
- 16.91%
- 5Y*
- 8.56%
- 10Y*
- 7.62%
NS4E.DE
- 1D
- -1.03%
- 1M
- 1.65%
- 6M
- 13.30%
- YTD
- 20.29%
- 1Y
- 47.35%
- 3Y*
- 26.88%
- 5Y*
- 20.14%
- 10Y*
- 14.29%
IUS4.DE vs. NS4E.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IUS4.DE iShares MSCI Japan Small Cap UCITS ETF (Dist) | 18.57% | 15.97% | 9.46% | 9.42% | -7.68% | 5.35% | -2.08% | 21.73% | -13.13% | 15.52% |
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 20.29% | 27.33% | 22.81% | 33.35% | -4.26% | 10.90% | 7.50% | 17.31% | -17.52% | 19.58% |
Correlation
The correlation between IUS4.DE and NS4E.DE is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.72 |
The correlation between IUS4.DE and NS4E.DE has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
IUS4.DE vs. NS4E.DE — Risk / Return Rank
IUS4.DE
NS4E.DE
IUS4.DE vs. NS4E.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap UCITS ETF (Dist) (IUS4.DE) and Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE). 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.
| IUS4.DE | NS4E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.44 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | 4.91 | -1.65 |
| Martin ratioReturn relative to average drawdown | 11.26 | 16.90 | -5.64 |
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Drawdowns
IUS4.DE vs. NS4E.DE - Drawdown Comparison
The maximum IUS4.DE drawdown since its inception was -51.61%, which is greater than NS4E.DE's maximum drawdown of -35.32%. Use the drawdown chart below to compare losses from any high point for IUS4.DE and NS4E.DE.
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Drawdown Indicators
| IUS4.DE | NS4E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.61% | -35.32% | -16.29% |
Max Drawdown (1Y)Largest decline over 1 year | -10.11% | -9.59% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -12.92% | -20.96% | +8.04% |
Max Drawdown (5Y)Largest decline over 5 years | -21.46% | -20.96% | -0.50% |
Max Drawdown (10Y)Largest decline over 10 years | -32.62% | -35.32% | +2.70% |
Current DrawdownCurrent decline from peak | -2.30% | -2.02% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -15.02% | -8.00% | -7.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 2.79% | +0.15% |
Volatility
IUS4.DE vs. NS4E.DE - Volatility Comparison
The current volatility for iShares MSCI Japan Small Cap UCITS ETF (Dist) (IUS4.DE) is 4.62%, while Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) has a volatility of 5.89%. This indicates that IUS4.DE experiences smaller price fluctuations and is considered to be less risky than NS4E.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IUS4.DE | NS4E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 5.89% | -1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 15.50% | -1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.56% | 19.46% | -2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 18.19% | -3.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 18.19% | -2.25% |
IUS4.DE vs. NS4E.DE - Expense Ratio Comparison
IUS4.DE has a 0.58% expense ratio, which is higher than NS4E.DE's 0.19% expense ratio.
Dividends
IUS4.DE vs. NS4E.DE - Dividend Comparison
IUS4.DE's dividend yield for the trailing twelve months is around 0.85%, while NS4E.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IUS4.DE iShares MSCI Japan Small Cap UCITS ETF (Dist) | 0.85% | 1.88% | 1.70% | 1.77% | 2.10% | 1.47% | 1.60% | 1.45% | 1.41% | 1.31% | 1.15% | 0.70% |
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 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
IUS4.DE and NS4E.DE have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NS4E.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NS4E.DE is cheaper with a 0.19% expense ratio, compared with 0.58% for IUS4.DE.
IUS4.DE tracks MSCI Japan Small Cap, while NS4E.DE tracks JPX-Nikkei Index 400. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.58% for IUS4.DE and 0.19% for NS4E.DE.
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