JPXN vs. FJPNX

Last updated Jun 4, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and FJPNX (Fidelity Japan Fund) are both Japan Equities funds. Over the past 10 years, JPXN returned 9.18%/yr vs 11.47%/yr for FJPNX. Their correlation of 0.86 suggests significant overlap in exposure. JPXN charges 0.48%/yr vs 1.09%/yr for FJPNX.

Performance

JPXN vs. FJPNX - Performance Comparison

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

Returns By Period

In the year-to-date period, JPXN achieves a 15.72% return, which is significantly lower than FJPNX's 24.48% return. Over the past 10 years, JPXN has underperformed FJPNX with an annualized return of 9.18%, while FJPNX has yielded a comparatively higher 11.47% annualized return.

JPXN

• 1D: 0.13%
• 1M: 5.12%
• YTD: 15.72%
• 6M: 17.28%
• 1Y: 30.49%
• 3Y*: 17.85%
• 5Y*: 8.70%
• 10Y*: 9.18%

FJPNX

• 1D: -0.12%
• 1M: 7.42%
• YTD: 24.48%
• 6M: 24.89%
• 1Y: 43.98%
• 3Y*: 21.85%
• 5Y*: 10.27%
• 10Y*: 11.47%

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

JPXN vs. FJPNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPXN iShares JPX-Nikkei 400 ETF	15.72%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%
FJPNX Fidelity Japan Fund	24.48%	31.66%	7.37%	15.86%	-22.23%	3.11%	25.42%	25.74%	-14.84%	29.26%

Correlation

The correlation between JPXN and FJPNX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 29, 2001	0.86

The correlation between JPXN and FJPNX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

JPXN vs. FJPNX — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 47
JPXN Sharpe Ratio Rank: 46
JPXN Sortino Ratio Rank: 47
JPXN Omega Ratio Rank: 47
JPXN Calmar Ratio Rank: 47
JPXN Martin Ratio Rank: 48

FJPNX

FJPNX Risk / Return Rank: 55
FJPNX Sharpe Ratio Rank: 47
FJPNX Sortino Ratio Rank: 43
FJPNX Omega Ratio Rank: 44
FJPNX Calmar Ratio Rank: 74
FJPNX Martin Ratio Rank: 66

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. FJPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) and Fidelity Japan Fund (FJPNX). 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	FJPNX	Difference
Sharpe ratio Return per unit of total volatility	1.63	2.02	-0.39
Sortino ratio Return per unit of downside risk	2.37	2.76	-0.38
Omega ratio Gain probability vs. loss probability	1.30	1.36	-0.05
Calmar ratio Return relative to maximum drawdown	2.34	3.36	-1.03
Martin ratio Return relative to average drawdown	8.14	12.83	-4.69
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. FJPNX - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.63, which is comparable to the FJPNX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of JPXN and FJPNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JPXN	FJPNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	2.02	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.52	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.63	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.27	0.00

Drawdowns

JPXN vs. FJPNX - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, smaller than the maximum FJPNX drawdown of -64.83%. Use the drawdown chart below to compare losses from any high point for JPXN and FJPNX.

Drawdown Indicators

	JPXN	FJPNX	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-64.83%	+9.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-12.74%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-19.19%	+5.24%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-36.23%	+3.02%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-36.23%	+3.02%
Current Drawdown Current decline from peak	-0.93%	-1.64%	+0.71%
Average Drawdown Average peak-to-trough decline	-15.06%	-24.90%	+9.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.34%	+0.42%

Volatility

JPXN vs. FJPNX - Volatility Comparison

The current volatility for iShares JPX-Nikkei 400 ETF (JPXN) is 4.31%, while Fidelity Japan Fund (FJPNX) has a volatility of 5.07%. This indicates that JPXN experiences smaller price fluctuations and is considered to be less risky than FJPNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPXN	FJPNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	5.07%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	14.69%	16.41%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	21.25%	-2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	19.97%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	18.28%	-1.22%

JPXN vs. FJPNX - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is lower than FJPNX's 1.09% expense ratio.

Dividends

JPXN vs. FJPNX - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.72%, less than FJPNX's 8.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJPNX Fidelity Japan Fund	8.00%	9.95%	4.85%	3.71%	0.00%	11.58%	1.79%	1.18%	0.38%	0.23%	1.22%	0.64%
JPXN iShares JPX-Nikkei 400 ETF	2.72%	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 FJPNX in my portfolio?

With a correlation of 0.90, JPXN and FJPNX 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 is riskier, JPXN or FJPNX?

FJPNX has higher volatility (5.07%) compared to JPXN (4.31%). In terms of maximum drawdown, JPXN dropped -55.54% vs FJPNX's -64.83%.

Which has better risk-adjusted returns?

FJPNX currently has the higher Sharpe Ratio (2.02 vs 1.63), 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.