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JPXN vs. SPYD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JPXN vs. SPYD

Last updated Aug 5, 2026
Documentation

JPXN (iShares JPX-Nikkei 400 ETF) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - JPXN is a Japan Equities fund tracking the JPX-Nikkei Index 400, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, JPXN returned 9.04%/yr vs 8.88%/yr for SPYD. Their 0.50 correlation means they have sometimes moved together and sometimes differently. JPXN charges 0.48%/yr vs 0.07%/yr for SPYD.

Performance

JPXN vs. SPYD - 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 Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with JPXN having a 18.10% return and SPYD slightly higher at 18.58%. Both investments have delivered pretty close results over the past 10 years, with JPXN having a 9.04% annualized return and SPYD not far behind at 8.88%.

JPXN

1D
1.72%
1M
1.78%
6M
9.98%
YTD
18.10%
1Y
29.79%
3Y*
18.64%
5Y*
9.64%
10Y*
9.04%
ALL TIME*
5.48%

SPYD

1D
0.72%
1M
3.66%
6M
12.30%
YTD
18.58%
1Y
22.62%
3Y*
14.85%
5Y*
9.57%
10Y*
8.88%
ALL TIME*
9.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

JPXN

iShares JPX-Nikkei 400 ETF
$766.97K$881.82K$1.31M

SPYD

State Street SPDR Portfolio S&P 500 High Dividend ETF
$57.66M$49.81M$55.93M

JPXN vs. SPYD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPXN
iShares JPX-Nikkei 400 ETF		18.10%26.03%6.48%19.69%-16.29%0.16%15.12%19.40%-14.87%24.41%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		18.58%4.65%15.34%3.91%-1.17%32.73%-11.64%21.20%-4.89%12.67%

Correlation

The correlation between JPXN and SPYD is 0.26, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.26

Correlation (3Y)
Balances recent behavior with more history.

0.37

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.46

Correlation (10Y)
Provides a long-term view across more market conditions.

0.49

Correlation (All Time)
Calculated using the full available price history since Oct 22, 2015

0.50

Over the past year, the correlation between JPXN and SPYD has dropped to 0.26 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

JPXN vs. SPYD - Sectors Allocation Comparison

Sectors
JPXN
SPYD

Industrials

27.3%
2.5%

Technology

19.7%
2.7%

Financial Services

16.0%
12.6%

Consumer Cyclical

10.2%
6.4%

Healthcare

6.2%
5.4%

Communication Services

5.3%
4.6%

Basic Materials

5.1%
3.7%

Consumer Defensive

4.8%
14.6%

Real Estate

2.4%
26.5%

Utilities

1.5%
11.6%

Energy

1.2%
8.9%

Industrials

JPXN
27.3%
SPYD
2.5%

Technology

JPXN
19.7%
SPYD
2.7%

Financial Services

JPXN
16.0%
SPYD
12.6%

Consumer Cyclical

JPXN
10.2%
SPYD
6.4%

Healthcare

JPXN
6.2%
SPYD
5.4%

Communication Services

JPXN
5.3%
SPYD
4.6%

Basic Materials

JPXN
5.1%
SPYD
3.7%

Consumer Defensive

JPXN
4.8%
SPYD
14.6%

Real Estate

JPXN
2.4%
SPYD
26.5%

Utilities

JPXN
1.5%
SPYD
11.6%

Energy

JPXN
1.2%
SPYD
8.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares JPX-Nikkei 400 ETF

State Street SPDR Portfolio S&P 500 High Dividend ETF

Often compared with JPXN:
JPXN vs. EWJJPXN vs. DXJJPXN vs. FLJPJPXN vs. FJPNXJPXN vs. XDJP.DEJPXN vs. VOOJPXN vs. SCJ
Often compared with SPYD:
SPYD vs. SCHDSPYD vs. SPYSPYD vs. VYMSPYD vs. SPYISPYD vs. HDVSPYD vs. JEPISPYD vs. SPHD

Return for Risk

JPXN vs. SPYD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
JPXN
JPXN Risk / Return Rank: 5656
Overall Rank
JPXN Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
JPXN Sortino Ratio Rank: 5555
Sortino Ratio Rank
JPXN Omega Ratio Rank: 5656
Omega Ratio Rank
JPXN Calmar Ratio Rank: 5757
Calmar Ratio Rank
JPXN Martin Ratio Rank: 5858
Martin Ratio Rank
SPYD
SPYD Risk / Return Rank: 7575
Overall Rank
SPYD Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPYD Sortino Ratio Rank: 8080
Sortino Ratio Rank
SPYD Omega Ratio Rank: 7070
Omega Ratio Rank
SPYD Calmar Ratio Rank: 8080
Calmar Ratio Rank
SPYD Martin Ratio Rank: 7070
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JPXN vs. SPYD - 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 Portfolio S&P 500 High Dividend ETF (SPYD). 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.

JPXNSPYDDifference
Sharpe ratioReturn per unit of total volatility
1.51
1.92

-0.41

Sortino ratioReturn per unit of downside risk
2.16
2.86

-0.71

Omega ratioGain probability vs. loss probability

1.28

1.33

-0.05

Calmar ratioReturn relative to maximum drawdown

2.28

3.22

-0.94

Martin ratioReturn relative to average drawdown

7.72

9.55

-1.83

JPXN vs. SPYD - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.51, which is comparable to the SPYD Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of JPXN and SPYD, 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. SPYD - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, which is greater than SPYD's maximum drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for JPXN and SPYD.

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Drawdown Indicators

JPXNSPYDDifference

Max Drawdown

Largest peak-to-trough decline

-55.54%

-46.42%

-9.12%

Max Drawdown (1Y)

Largest decline over 1 year

-13.11%

-7.05%

-6.06%

Max Drawdown (3Y)

Largest decline over 3 years

-13.95%

-16.13%

+2.18%

Max Drawdown (5Y)

Largest decline over 5 years

-33.21%

-22.25%

-10.96%

Max Drawdown (10Y)

Largest decline over 10 years

-33.21%

-46.42%

+13.21%

Current Drawdown

Current decline from peak

-0.67%

-0.69%

+0.02%

Average Drawdown

Average peak-to-trough decline

-14.97%

-6.09%

-8.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.87%

2.37%

+1.50%

Volatility

JPXN vs. SPYD - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) has a higher volatility of 6.75% compared to State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) at 3.88%. This indicates that JPXN's price experiences larger fluctuations and is considered to be riskier than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JPXNSPYDDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.75%

3.88%

+2.87%

Volatility (6M)

Calculated over the trailing 6-month period

16.72%

8.41%

+8.31%

Volatility (1Y)

Calculated over the trailing 1-year period

19.84%

11.88%

+7.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.01%

15.97%

+2.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.12%

19.77%

-2.65%

JPXN vs. SPYD - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

JPXN vs. SPYD - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.71%, less than SPYD's 4.05% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		4.05%4.52%4.31%4.66%5.01%3.68%4.95%4.42%4.75%4.63%4.34%1.13%

Frequently Asked Questions

JPXN and SPYD have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JPXN has higher volatility (6.75%) compared to SPYD (3.88%). In terms of maximum drawdown, JPXN dropped -55.54% vs SPYD's -46.42%.

On 10-year performance, JPXN leads with 9.04% vs 8.88% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, JPXN has performed better with a 9.04% return vs 8.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYD is cheaper with a 0.07% expense ratio, compared with 0.48% for JPXN.

SPYD has the higher dividend yield at 4.05%, compared with 2.71% for JPXN.

JPXN is categorized as Japan Equities, while SPYD is S&P 500. JPXN tracks JPX-Nikkei Index 400, while SPYD tracks S&P 500 High Dividend Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.48% for JPXN and 0.07% for SPYD.

SPYD currently has the higher Sharpe Ratio (1.92 vs 1.51), 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.

Portfolio Optimizer

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