JPXN vs. FJP

Last updated Jun 26, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and FJP (First Trust Japan AlphaDEX Fund) are both Japan Equities funds - JPXN tracks the JPX-Nikkei Index 400 while FJP tracks the NASDAQ AlphaDEX Japan Index. Both are passively managed. Over the past 10 years, JPXN returned 9.40%/yr vs 7.92%/yr for FJP. Their correlation of 0.80 suggests significant overlap in exposure. JPXN charges 0.48%/yr vs 0.80%/yr for FJP.

Performance

JPXN vs. FJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares JPX-Nikkei 400 ETF (JPXN) and First Trust Japan AlphaDEX Fund (FJP). 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 JPXN having a 15.09% return and FJP slightly lower at 14.67%. Over the past 10 years, JPXN has outperformed FJP with an annualized return of 9.40%, while FJP has yielded a comparatively lower 7.92% annualized return.

JPXN

• 1D: 0.45%
• 1M: -0.28%
• YTD: 15.09%
• 6M: 14.66%
• 1Y: 31.44%
• 3Y*: 18.03%
• 5Y*: 8.83%
• 10Y*: 9.40%

FJP

• 1D: -0.08%
• 1M: -1.93%
• YTD: 14.67%
• 6M: 13.91%
• 1Y: 35.86%
• 3Y*: 21.20%
• 5Y*: 11.09%
• 10Y*: 7.92%

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

JPXN vs. FJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPXN iShares JPX-Nikkei 400 ETF	15.09%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%
FJP First Trust Japan AlphaDEX Fund	14.67%	33.60%	5.80%	23.00%	-12.83%	-1.13%	3.60%	7.72%	-18.60%	27.63%

Correlation

The correlation between JPXN and FJP is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 26, 2011	0.80

The correlation between JPXN and FJP has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

JPXN vs. FJP - Sectors Allocation Comparison

Sectors	JPXN	FJP
Industrials	25.4%	43.7%
Technology	20.9%	10.7%
Financial Services	16.6%	5.5%
Consumer Cyclical	9.7%	12.4%
Communication Services	7.3%	1.0%
Healthcare	6.1%	3.4%
Basic Materials	4.3%	10.4%
Consumer Defensive	4.1%	0.8%
Real Estate	2.2%	3.1%
Utilities	1.4%	5.7%
Energy	1.1%	3.4%

Return for Risk

JPXN vs. FJP — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 55
JPXN Sharpe Ratio Rank: 54
JPXN Sortino Ratio Rank: 54
JPXN Omega Ratio Rank: 55
JPXN Calmar Ratio Rank: 56
JPXN Martin Ratio Rank: 54

FJP

FJP Risk / Return Rank: 55
FJP Sharpe Ratio Rank: 57
FJP Sortino Ratio Rank: 55
FJP Omega Ratio Rank: 55
FJP Calmar Ratio Rank: 58
FJP Martin Ratio Rank: 48

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. FJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) and First Trust Japan AlphaDEX Fund (FJP). 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.

	JPXN	FJP	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.70	-0.09
Sortino ratio: Return per unit of downside risk	2.28	2.34	-0.05
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.41	2.50	-0.09
Martin ratio: Return relative to average drawdown	8.27	7.25	+1.02

JPXN vs. FJP - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.61, which is comparable to the FJP Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of JPXN and FJP, 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

JPXN vs. FJP - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, which is greater than FJP's maximum drawdown of -41.51%. Use the drawdown chart below to compare losses from any high point for JPXN and FJP.

Drawdown Indicators

	JPXN	FJP	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-41.51%	-14.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-14.43%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-17.02%	+3.07%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-31.88%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-41.51%	+8.30%
Current Drawdown Current decline from peak	-3.20%	-6.02%	+2.82%
Average Drawdown Average peak-to-trough decline	-15.03%	-11.44%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	4.96%	-1.15%

Volatility

JPXN vs. FJP - Volatility Comparison

The current volatility for iShares JPX-Nikkei 400 ETF (JPXN) is 6.78%, while First Trust Japan AlphaDEX Fund (FJP) has a volatility of 7.56%. This indicates that JPXN experiences smaller price fluctuations and is considered to be less risky than FJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPXN	FJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	7.56%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	15.85%	17.94%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.62%	21.19%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	20.54%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	18.91%	-1.87%

JPXN vs. FJP - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is lower than FJP's 0.80% expense ratio.

Dividends

JPXN vs. FJP - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.78%, less than FJP's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJP First Trust Japan AlphaDEX Fund	3.14%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%
JPXN iShares JPX-Nikkei 400 ETF	2.78%	3.14%	2.29%	2.57%	1.47%	2.63%	1.27%	1.92%	1.60%	1.50%	2.07%	1.32%

Frequently Asked Questions

Can I hold both JPXN and FJP in my portfolio?

JPXN and FJP have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPXN or FJP?

FJP has higher volatility (7.56%) compared to JPXN (6.78%). In terms of maximum drawdown, JPXN dropped -55.54% vs FJP's -41.51%.

Which ETF is better, JPXN or FJP?

On 10-year performance, JPXN leads with 9.40% vs 7.92% for FJP. On fees, JPXN is cheaper at 0.48% per year. On volatility, JPXN has been the lower-risk option at 6.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPXN or FJP?

Over the 10-year period, JPXN has performed better with a 9.40% return vs 7.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPXN or FJP?

JPXN is cheaper with a 0.48% expense ratio, compared with 0.80% for FJP.

Which ETF pays a higher dividend yield, JPXN or FJP?

FJP has the higher dividend yield at 3.14%, compared with 2.78% for JPXN.

What is the main difference between JPXN and FJP?

JPXN tracks JPX-Nikkei Index 400, while FJP tracks NASDAQ AlphaDEX Japan Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.48% for JPXN and 0.80% for FJP.

Which has better risk-adjusted returns?

FJP currently has the higher Sharpe Ratio (1.70 vs 1.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.