JPXN vs. ^N225

Last updated Apr 2, 2026

Compare and contrast key facts about iShares JPX-Nikkei 400 ETF (JPXN) and Nikkei 225 (^N225).

JPXN is a passively managed fund by iShares that tracks the performance of the JPX-Nikkei Index 400. It was launched on Oct 26, 2001.

Performance

JPXN vs. ^N225 - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares JPX-Nikkei 400 ETF (JPXN) and Nikkei 225 (^N225). The values are adjusted to include any dividend payments, if applicable.

JPXN vs. ^N225 - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPXN iShares JPX-Nikkei 400 ETF	8.03%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%
^N225 Nikkei 225	-0.20%	26.56%	7.17%	19.21%	-20.48%	-5.90%	22.42%	19.73%	-10.20%	23.76%

Different Trading Currencies

JPXN is traded in USD, while ^N225 is traded in JPY. To make them comparable, the ^N225 values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, JPXN achieves a 8.03% return, which is significantly higher than ^N225's -0.06% return. Over the past 10 years, JPXN has outperformed ^N225 with an annualized return of 8.96%, while ^N225 has yielded a comparatively lower 8.30% annualized return.

JPXN

• 1D: 2.18%
• 1M: -4.41%
• YTD: 8.03%
• 6M: 12.46%
• 1Y: 32.64%
• 3Y*: 17.31%
• 5Y*: 7.27%
• 10Y*: 8.96%

^N225

• 1D: 0.00%
• 1M: -12.84%
• YTD: -0.06%
• 6M: 6.16%
• 1Y: 35.11%
• 3Y*: 14.74%
• 5Y*: 3.57%
• 10Y*: 8.30%

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

Return for Risk

JPXN vs. ^N225 — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 81
JPXN Sharpe Ratio Rank: 81
JPXN Sortino Ratio Rank: 82
JPXN Omega Ratio Rank: 78
JPXN Calmar Ratio Rank: 82
JPXN Martin Ratio Rank: 81

^N225

^N225 Risk / Return Rank: 92
^N225 Sharpe Ratio Rank: 94
^N225 Sortino Ratio Rank: 97
^N225 Omega Ratio Rank: 94
^N225 Calmar Ratio Rank: 87
^N225 Martin Ratio Rank: 87

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.

JPXN vs. ^N225 - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) and Nikkei 225 (^N225). 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.

	JPXN	^N225	Difference
Sharpe ratio Return per unit of total volatility	1.59	1.25	+0.34
Sortino ratio Return per unit of downside risk	2.24	1.91	+0.32
Omega ratio Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio Return relative to maximum drawdown	2.45	1.74	+0.71
Martin ratio Return relative to average drawdown	9.35	6.12	+3.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPXN vs. ^N225 - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.59, which is comparable to the ^N225 Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of JPXN and ^N225, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JPXN	^N225	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.25	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.16	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.40	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.19	+0.07

Correlation

The correlation between JPXN and ^N225 is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

JPXN vs. ^N225 - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, which is greater than ^N225's maximum drawdown of -52.37%. Use the drawdown chart below to compare losses from any high point for JPXN and ^N225.

Drawdown Indicators

	JPXN	^N225	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-81.87%	+26.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-13.23%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-26.26%	-6.95%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-31.80%	-1.41%
Current Drawdown Current decline from peak	-7.51%	-7.92%	+0.41%
Average Drawdown Average peak-to-trough decline	-15.14%	-34.31%	+19.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	4.61%	-1.18%

Volatility

JPXN vs. ^N225 - Volatility Comparison

The current volatility for iShares JPX-Nikkei 400 ETF (JPXN) is 8.66%, while Nikkei 225 (^N225) has a volatility of 9.66%. This indicates that JPXN experiences smaller price fluctuations and is considered to be less risky than ^N225 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPXN	^N225	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.66%	9.66%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	14.41%	18.72%	-4.31%
Volatility (1Y) Calculated over the trailing 1-year period	20.68%	28.11%	-7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.59%	23.18%	-5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	21.27%	-4.20%