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JPXN vs. PEP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JPXN vs. PEP

Last updated Jun 25, 2026

JPXN (iShares JPX-Nikkei 400 ETF) is Japan Equities fund tracking the JPX-Nikkei Index 400, while PEP (PepsiCo, Inc.) is a stock. Over the past 10 years, JPXN returned 9.33%/yr vs 6.60%/yr for PEP. At a 0.29 correlation, their price movements are largely independent.

Performance

JPXN vs. PEP - Performance Comparison

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

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Returns By Period

In the year-to-date period, JPXN achieves a 14.58% return, which is significantly higher than PEP's 1.07% return. Over the past 10 years, JPXN has outperformed PEP with an annualized return of 9.33%, while PEP has yielded a comparatively lower 6.60% annualized return.

JPXN

1D
-0.05%
1M
0.59%
YTD
14.58%
6M
14.15%
1Y
30.40%
3Y*
17.85%
5Y*
8.74%
10Y*
9.33%

PEP

1D
0.15%
1M
-4.52%
YTD
1.07%
6M
0.91%
1Y
12.86%
3Y*
-5.31%
5Y*
2.63%
10Y*
6.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPXN vs. PEP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPXN
iShares JPX-Nikkei 400 ETF		14.58%26.03%6.48%19.69%-16.29%0.16%15.12%19.40%-14.87%24.41%
PEP
PepsiCo, Inc.		1.07%-1.85%-7.60%-3.29%6.78%20.56%11.67%27.38%-4.81%17.82%

Correlation

The correlation between JPXN and PEP is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.05

Correlation (3Y)
Calculated over the trailing 3-year period

0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2001

0.29

Over the past year, the correlation between JPXN and PEP has dropped to 0.05 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

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iShares JPX-Nikkei 400 ETF

PepsiCo, Inc.

Often compared with JPXN:
JPXN vs. EWJJPXN vs. DXJJPXN vs. FLJPJPXN vs. XDJP.DEJPXN vs. VOOJPXN vs. FJPNXJPXN vs. SCJ
Often compared with PEP:
PEP vs. KOPEP vs. MCDPEP vs. MDLZPEP vs. COKEPEP vs. KDPPEP vs. VOOPEP vs. SCHD

Return for Risk

JPXN vs. PEP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JPXN
JPXN Risk / Return Rank: 5151
Overall Rank
JPXN Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
JPXN Sortino Ratio Rank: 5050
Sortino Ratio Rank
JPXN Omega Ratio Rank: 5151
Omega Ratio Rank
JPXN Calmar Ratio Rank: 5151
Calmar Ratio Rank
JPXN Martin Ratio Rank: 5151
Martin Ratio Rank
PEP
PEP Risk / Return Rank: 5959
Overall Rank
PEP Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
PEP Sortino Ratio Rank: 5858
Sortino Ratio Rank
PEP Omega Ratio Rank: 5454
Omega Ratio Rank
PEP Calmar Ratio Rank: 6060
Calmar Ratio Rank
PEP Martin Ratio Rank: 6262
Martin Ratio Rank
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. PEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) and PepsiCo, Inc. (PEP). 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.

JPXNPEPDifference
Sharpe ratioReturn per unit of total volatility
1.56
0.59

+0.96

Sortino ratioReturn per unit of downside risk
2.22
1.06

+1.16

Omega ratioGain probability vs. loss probability

1.29

1.12

+0.17

Calmar ratioReturn relative to maximum drawdown

2.33

0.79

+1.53

Martin ratioReturn relative to average drawdown

8.01

1.90

+6.11

JPXN vs. PEP - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.56, which is higher than the PEP Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of JPXN and PEP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

JPXN vs. PEP - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, smaller than the maximum PEP drawdown of -73.92%. Use the drawdown chart below to compare losses from any high point for JPXN and PEP.

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Drawdown Indicators

JPXNPEPDifference

Max Drawdown

Largest peak-to-trough decline

-55.54%

-73.92%

+18.38%

Max Drawdown (1Y)

Largest decline over 1 year

-13.11%

-16.25%

+3.14%

Max Drawdown (3Y)

Largest decline over 3 years

-13.95%

-29.17%

+15.22%

Max Drawdown (5Y)

Largest decline over 5 years

-33.21%

-30.32%

-2.89%

Max Drawdown (10Y)

Largest decline over 10 years

-33.21%

-30.32%

-2.89%

Current Drawdown

Current decline from peak

-3.63%

-18.89%

+15.26%

Average Drawdown

Average peak-to-trough decline

-15.03%

-13.65%

-1.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

6.80%

-2.99%

Volatility

JPXN vs. PEP - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) has a higher volatility of 6.89% compared to PepsiCo, Inc. (PEP) at 6.28%. This indicates that JPXN's price experiences larger fluctuations and is considered to be riskier than PEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JPXNPEPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.89%

6.28%

+0.61%

Volatility (6M)

Calculated over the trailing 6-month period

15.85%

14.99%

+0.86%

Volatility (1Y)

Calculated over the trailing 1-year period

19.63%

21.85%

-2.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.88%

18.42%

-0.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.04%

19.69%

-2.65%

Dividends

JPXN vs. PEP - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.79%, less than PEP's 4.04% yield.

PositionTTM20252024202320222021202020192018201720162015
JPXN
iShares JPX-Nikkei 400 ETF		2.79%3.14%2.29%2.57%1.47%2.63%1.27%1.92%1.60%1.50%2.07%1.32%
PEP
PepsiCo, Inc.		4.04%3.92%3.51%2.91%2.50%2.45%2.71%2.77%3.25%2.64%2.83%2.76%

Frequently Asked Questions

JPXN and PEP have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JPXN has higher volatility (6.89%) compared to PEP (6.28%). In terms of maximum drawdown, JPXN dropped -55.54% vs PEP's -73.92%.

JPXN currently has the higher Sharpe Ratio (1.56 vs 0.59), 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.

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