JPXN vs. GSJY

Last updated Jun 5, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) are both Japan Equities funds - JPXN tracks the JPX-Nikkei Index 400 while GSJY tracks the Goldman Sachs ActiveBeta Japan Equity Index. Both are passively managed. Over the past 10 years, JPXN returned 9.05%/yr vs 9.19%/yr for GSJY. Their correlation of 0.94 suggests significant overlap in exposure. JPXN charges 0.48%/yr vs 0.25%/yr for GSJY.

Performance

JPXN vs. GSJY - Performance Comparison

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

Returns By Period

In the year-to-date period, JPXN achieves a 15.82% return, which is significantly higher than GSJY's 13.71% return. Both investments have delivered pretty close results over the past 10 years, with JPXN having a 9.05% annualized return and GSJY not far ahead at 9.19%.

JPXN

• 1D: 0.09%
• 1M: 4.27%
• YTD: 15.82%
• 6M: 16.06%
• 1Y: 30.74%
• 3Y*: 17.95%
• 5Y*: 8.72%
• 10Y*: 9.05%

GSJY

• 1D: 0.37%
• 1M: 4.21%
• YTD: 13.71%
• 6M: 14.30%
• 1Y: 30.26%
• 3Y*: 18.24%
• 5Y*: 8.87%
• 10Y*: 9.19%

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

JPXN vs. GSJY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPXN iShares JPX-Nikkei 400 ETF	15.82%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	13.71%	26.22%	8.89%	19.18%	-16.15%	0.41%	13.81%	18.29%	-11.56%	25.50%

Correlation

The correlation between JPXN and GSJY is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 7, 2016	0.94

The correlation between JPXN and GSJY has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.

JPXN vs. GSJY - Sectors Allocation Comparison

Sectors	JPXN	GSJY
Industrials	28.3%	26.3%
Technology	17.3%	17.5%
Financial Services	13.7%	18.1%
Consumer Cyclical	11.3%	13.4%
Communication Services	7.8%	6.0%
Healthcare	6.2%	5.8%
Basic Materials	5.0%	3.4%
Consumer Defensive	4.8%	3.3%
Real Estate	2.8%	1.5%
Utilities	1.6%	1.4%
Energy	1.4%	3.4%

Return for Risk

JPXN vs. GSJY — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 49
JPXN Sharpe Ratio Rank: 49
JPXN Sortino Ratio Rank: 50
JPXN Omega Ratio Rank: 50
JPXN Calmar Ratio Rank: 49
JPXN Martin Ratio Rank: 50

GSJY

GSJY Risk / Return Rank: 46
GSJY Sharpe Ratio Rank: 45
GSJY Sortino Ratio Rank: 46
GSJY Omega Ratio Rank: 47
GSJY Calmar Ratio Rank: 44
GSJY Martin Ratio Rank: 45

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. GSJY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY). 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	GSJY	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.56	+0.08
Sortino ratio: Return per unit of downside risk	2.39	2.27	+0.12
Omega ratio: Gain probability vs. loss probability	1.31	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.36	2.16	+0.20
Martin ratio: Return relative to average drawdown	8.20	7.21	+1.00
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. GSJY - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.65, which is comparable to the GSJY Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of JPXN and GSJY, 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	GSJY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.56	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.49	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.54	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.55	-0.28

Drawdowns

JPXN vs. GSJY - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, which is greater than GSJY's maximum drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for JPXN and GSJY.

Drawdown Indicators

	JPXN	GSJY	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-32.53%	-23.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-14.08%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-14.96%	+1.01%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-32.53%	-0.68%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-32.53%	-0.68%
Current Drawdown Current decline from peak	-0.84%	-2.26%	+1.42%
Average Drawdown Average peak-to-trough decline	-15.06%	-7.58%	-7.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	4.21%	-0.45%

Volatility

JPXN vs. GSJY - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) have volatilities of 4.26% and 4.11%, 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

	JPXN	GSJY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.11%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	14.68%	15.17%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	19.44%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	18.06%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	17.04%	+0.02%

JPXN vs. GSJY - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is higher than GSJY's 0.25% expense ratio.

Dividends

JPXN vs. GSJY - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.71%, more than GSJY's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	1.75%	1.99%	1.64%	2.11%	2.13%	1.73%	1.22%	2.79%	3.28%	1.70%	2.09%	0.00%
JPXN iShares JPX-Nikkei 400 ETF	2.71%	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 GSJY in my portfolio?

With a correlation of 0.98, JPXN and GSJY 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 GSJY?

JPXN has higher volatility (4.26%) compared to GSJY (4.11%). In terms of maximum drawdown, JPXN dropped -55.54% vs GSJY's -32.53%.

Which ETF is better, JPXN or GSJY?

On 10-year performance, GSJY leads with 9.19% vs 9.05% for JPXN. On fees, GSJY is cheaper at 0.25% per year. On volatility, GSJY has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPXN or GSJY?

Over the 10-year period, GSJY has performed better with a 9.19% return vs 9.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPXN or GSJY?

GSJY is cheaper with a 0.25% expense ratio, compared with 0.48% for JPXN.

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

JPXN has the higher dividend yield at 2.71%, compared with 1.75% for GSJY.

What is the main difference between JPXN and GSJY?

JPXN tracks JPX-Nikkei Index 400, while GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.48% for JPXN and 0.25% for GSJY.

Which has better risk-adjusted returns?

JPXN currently has the higher Sharpe Ratio (1.65 vs 1.56), 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.