JPXN vs. SPY

Last updated Jun 4, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - JPXN is a Japan Equities fund tracking the JPX-Nikkei Index 400, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, JPXN returned 9.18%/yr vs 15.49%/yr for SPY. A 0.61 correlation means they provide meaningful diversification when combined. JPXN charges 0.48%/yr vs 0.09%/yr for SPY.

Performance

JPXN vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares JPX-Nikkei 400 ETF (JPXN) and State Street SPDR S&P 500 ETF (SPY). 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 higher than SPY's 10.91% return. Over the past 10 years, JPXN has underperformed SPY with an annualized return of 9.18%, while SPY has yielded a comparatively higher 15.49% 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%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

JPXN vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between JPXN and SPY is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 29, 2001	0.61

The correlation between JPXN and SPY has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.

JPXN vs. SPY - Sectors Allocation Comparison

Sectors	JPXN	SPY
Industrials	28.3%	7.8%
Technology	17.3%	35.9%
Financial Services	13.7%	11.8%
Consumer Cyclical	11.3%	10.3%
Communication Services	7.8%	11.3%
Healthcare	6.2%	8.4%
Basic Materials	5.0%	1.8%
Consumer Defensive	4.8%	4.8%
Real Estate	2.8%	1.9%
Utilities	1.6%	2.4%
Energy	1.4%	3.6%

Return for Risk

JPXN vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.38	-0.75
Sortino ratio: Return per unit of downside risk	2.37	3.24	-0.87
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	2.34	3.16	-0.83
Martin ratio: Return relative to average drawdown	8.14	14.72	-6.58
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. SPY - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.63, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of JPXN and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	2.38	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.82	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.87	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.59	-0.32

Drawdowns

JPXN vs. SPY - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for JPXN and SPY.

Drawdown Indicators

	JPXN	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-55.19%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-8.88%	-4.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-18.76%	+4.81%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-24.50%	-8.71%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-33.72%	+0.51%
Current Drawdown Current decline from peak	-0.93%	-0.70%	-0.23%
Average Drawdown Average peak-to-trough decline	-15.06%	-9.05%	-6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	1.91%	+1.85%

Volatility

JPXN vs. SPY - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) has a higher volatility of 4.31% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that JPXN's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPXN	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	2.84%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	14.69%	8.90%	+5.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	11.83%	+6.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	17.05%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	17.94%	-0.88%

JPXN vs. SPY - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

JPXN vs. SPY - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.72%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both JPXN and SPY in my portfolio?

JPXN and SPY have a correlation of 0.62, 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 SPY?

JPXN has higher volatility (4.31%) compared to SPY (2.84%). In terms of maximum drawdown, JPXN dropped -55.54% vs SPY's -55.19%.

Which ETF is better, JPXN or SPY?

On 10-year performance, SPY leads with 15.49% vs 9.18% for JPXN. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPXN or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 9.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPXN or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.48% for JPXN.

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

JPXN has the higher dividend yield at 2.72%, compared with 0.98% for SPY.

What is the main difference between JPXN and SPY?

JPXN is categorized as Japan Equities, while SPY is S&P 500. JPXN tracks JPX-Nikkei Index 400, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.48% for JPXN and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 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.