JPNH.DE vs. SMLN.DE

Last updated Jul 4, 2026

JPNH.DE (Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist)) and SMLN.DE (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds - JPNH.DE tracks the TOPIX Index (EUR Hedged) while SMLN.DE tracks the JPX-Nikkei 400. Both are passively managed. Over the past 10 years, JPNH.DE returned 14.52%/yr vs 9.18%/yr for SMLN.DE. Their correlation of 0.84 suggests significant overlap in exposure. JPNH.DE charges 0.45%/yr vs 0.19%/yr for SMLN.DE.

Performance

JPNH.DE vs. SMLN.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.DE) and Invesco JPX-Nikkei 400 UCITS ETF (SMLN.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JPNH.DE having a 20.19% return and SMLN.DE slightly lower at 19.62%. Over the past 10 years, JPNH.DE has outperformed SMLN.DE with an annualized return of 14.52%, while SMLN.DE has yielded a comparatively lower 9.18% annualized return.

JPNH.DE

• 1D: 0.95%
• 1M: 2.38%
• 6M: 19.98%
• YTD: 20.19%
• 1Y: 46.43%
• 3Y*: 25.43%
• 5Y*: 19.09%
• 10Y*: 14.52%

SMLN.DE

• 1D: 0.50%
• 1M: 2.73%
• 6M: 19.74%
• YTD: 19.62%
• 1Y: 34.04%
• 3Y*: 16.73%
• 5Y*: 10.46%
• 10Y*: 9.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JPNH.DE vs. SMLN.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPNH.DE Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist)	20.19%	27.75%	21.23%	32.08%	-4.87%	10.85%	5.84%	15.91%	-17.82%	20.38%
SMLN.DE Invesco JPX-Nikkei 400 UCITS ETF	19.62%	12.69%	12.93%	16.15%	-11.17%	8.51%	4.78%	22.29%	-10.60%	9.59%

Correlation

The correlation between JPNH.DE and SMLN.DE is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.84

The correlation between JPNH.DE and SMLN.DE shifts across timeframes, from 0.81 (5 years) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JPNH.DE vs. SMLN.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JPNH.DE

JPNH.DE Risk / Return Rank: 89
JPNH.DE Sharpe Ratio Rank: 89
JPNH.DE Sortino Ratio Rank: 89
JPNH.DE Omega Ratio Rank: 88
JPNH.DE Calmar Ratio Rank: 90
JPNH.DE Martin Ratio Rank: 90

SMLN.DE

SMLN.DE Risk / Return Rank: 75
SMLN.DE Sharpe Ratio Rank: 69
SMLN.DE Sortino Ratio Rank: 72
SMLN.DE Omega Ratio Rank: 72
SMLN.DE Calmar Ratio Rank: 83
SMLN.DE Martin Ratio Rank: 78

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.

JPNH.DE vs. SMLN.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.DE) and Invesco JPX-Nikkei 400 UCITS ETF (SMLN.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.

	JPNH.DE	SMLN.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.83	+0.58
Sortino ratio: Return per unit of downside risk	3.37	2.65	+0.72
Omega ratio: Gain probability vs. loss probability	1.45	1.35	+0.10
Calmar ratio: Return relative to maximum drawdown	4.58	3.60	+0.99
Martin ratio: Return relative to average drawdown	16.33	12.11	+4.21

JPNH.DE vs. SMLN.DE - Sharpe Ratio Comparison

The current JPNH.DE Sharpe Ratio is 2.41, which is higher than the SMLN.DE Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of JPNH.DE and SMLN.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JPNH.DE vs. SMLN.DE - Drawdown Comparison

The maximum JPNH.DE drawdown since its inception was -36.52%, smaller than the maximum SMLN.DE drawdown of -99.33%. Use the drawdown chart below to compare losses from any high point for JPNH.DE and SMLN.DE.

Drawdown Indicators

	JPNH.DE	SMLN.DE	Difference
Max Drawdown Largest peak-to-trough decline	-36.52%	-99.33%	+62.81%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-9.43%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-20.72%	-15.55%	-5.17%
Max Drawdown (5Y) Largest decline over 5 years	-20.72%	-19.85%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	-36.52%	-99.33%	+62.81%
Current Drawdown Current decline from peak	-1.24%	-98.37%	+97.13%
Average Drawdown Average peak-to-trough decline	-7.97%	-77.99%	+70.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.79%	+0.05%

Volatility

JPNH.DE vs. SMLN.DE - Volatility Comparison

Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.DE) and Invesco JPX-Nikkei 400 UCITS ETF (SMLN.DE) have volatilities of 5.58% and 5.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPNH.DE	SMLN.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	5.52%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	15.21%	15.27%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	19.17%	18.50%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	16.24%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	4,014.90%	-3,996.67%

JPNH.DE vs. SMLN.DE - Expense Ratio Comparison

JPNH.DE has a 0.45% expense ratio, which is higher than SMLN.DE's 0.19% expense ratio.

Dividends

JPNH.DE vs. SMLN.DE - Dividend Comparison

JPNH.DE's dividend yield for the trailing twelve months is around 0.74%, while SMLN.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPNH.DE Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist)	0.74%	0.89%	1.52%	1.29%	1.66%	1.33%	1.09%	1.93%	1.89%	1.36%	1.96%	1.84%
SMLN.DE 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

Can I hold both JPNH.DE and SMLN.DE in my portfolio?

With a correlation of 0.91, JPNH.DE and SMLN.DE 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.

Which ETF is better, JPNH.DE or SMLN.DE?

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

Which ETF is cheaper, JPNH.DE or SMLN.DE?

SMLN.DE is cheaper with a 0.19% expense ratio, compared with 0.45% for JPNH.DE.

What is the main difference between JPNH.DE and SMLN.DE?

JPNH.DE tracks TOPIX Index (EUR Hedged), while SMLN.DE tracks JPX-Nikkei 400. They also come from different issuers: Amundi and Invesco. Their fees differ too: 0.45% for JPNH.DE and 0.19% for SMLN.DE.