JPXN vs. S400.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares JPX-Nikkei 400 ETF (JPXN) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L).

JPXN and S400.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. S400.L is a passively managed fund by Invesco that tracks the performance of the TOPIX TR JPY. It was launched on Sep 10, 2014. Both JPXN and S400.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

JPXN vs. S400.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares JPX-Nikkei 400 ETF (JPXN) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L). The values are adjusted to include any dividend payments, if applicable.

JPXN vs. S400.L - 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%
S400.L Invesco JPX-Nikkei 400 UCITS ETF	8.09%	26.49%	6.51%	19.66%	-15.90%	-0.00%	15.44%	18.92%	-14.46%	24.52%

Different Trading Currencies

JPXN is traded in USD, while S400.L is traded in GBp. To make them comparable, the S400.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with JPXN having a 8.03% return and S400.L slightly higher at 8.09%. Both investments have delivered pretty close results over the past 10 years, with JPXN having a 8.96% annualized return and S400.L not far ahead at 9.10%.

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%

S400.L

• 1D: 4.56%
• 1M: -3.73%
• YTD: 8.09%
• 6M: 12.73%
• 1Y: 33.03%
• 3Y*: 17.79%
• 5Y*: 7.58%
• 10Y*: 9.10%

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

JPXN vs. S400.L - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is higher than S400.L's 0.19% expense ratio.

JPXN

iShares JPX-Nikkei 400 ETF

S400.L

Invesco JPX-Nikkei 400 UCITS ETF

Return for Risk

JPXN vs. S400.L — 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

S400.L

S400.L Risk / Return Rank: 83
S400.L Sharpe Ratio Rank: 81
S400.L Sortino Ratio Rank: 81
S400.L Omega Ratio Rank: 77
S400.L Calmar Ratio Rank: 88
S400.L Martin Ratio Rank: 86

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. S400.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L). 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	S400.L	Difference
Sharpe ratio Return per unit of total volatility	1.59	1.62	-0.04
Sortino ratio Return per unit of downside risk	2.24	2.27	-0.04
Omega ratio Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio Return relative to maximum drawdown	2.45	2.76	-0.31
Martin ratio Return relative to average drawdown	9.35	10.34	-0.99
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. S400.L - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.59, which is comparable to the S400.L Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of JPXN and S400.L, 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	S400.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.62	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.43	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.54	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.44	-0.19

Correlation

The correlation between JPXN and S400.L is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JPXN vs. S400.L - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.91%, while S400.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPXN iShares JPX-Nikkei 400 ETF	2.91%	3.14%	2.29%	2.57%	1.47%	2.63%	1.27%	1.92%	1.60%	1.50%	2.07%	1.32%
S400.L Invesco JPX-Nikkei 400 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

JPXN vs. S400.L - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, which is greater than S400.L's maximum drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for JPXN and S400.L.

Drawdown Indicators

	JPXN	S400.L	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-24.69%	-30.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-10.45%	-2.66%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-19.34%	-13.87%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-24.69%	-8.52%
Current Drawdown Current decline from peak	-7.51%	-5.43%	-2.08%
Average Drawdown Average peak-to-trough decline	-15.14%	-5.15%	-9.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.84%	+0.59%

Volatility

JPXN vs. S400.L - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L) have volatilities of 8.66% and 8.72%, 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	S400.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.66%	8.72%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	14.41%	14.87%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	20.68%	20.26%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.59%	17.48%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	16.87%	+0.20%