JPXN vs. TOK

Last updated Jun 14, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and TOK (iShares MSCI Kokusai ETF) are both exchange-traded funds - JPXN is a Japan Equities fund tracking the JPX-Nikkei Index 400, while TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index. Both are passively managed. Over the past 10 years, JPXN returned 9.45%/yr vs 13.63%/yr for TOK. A 0.63 correlation means they provide meaningful diversification when combined. JPXN charges 0.48%/yr vs 0.25%/yr for TOK.

Performance

JPXN vs. TOK - Performance Comparison

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

Returns By Period

In the year-to-date period, JPXN achieves a 14.07% return, which is significantly higher than TOK's 8.52% return. Over the past 10 years, JPXN has underperformed TOK with an annualized return of 9.45%, while TOK has yielded a comparatively higher 13.63% annualized return.

JPXN

• 1D: 0.64%
• 1M: -1.32%
• YTD: 14.07%
• 6M: 13.60%
• 1Y: 29.50%
• 3Y*: 16.06%
• 5Y*: 8.45%
• 10Y*: 9.45%

TOK

• 1D: 0.34%
• 1M: -0.22%
• YTD: 8.52%
• 6M: 9.29%
• 1Y: 24.16%
• 3Y*: 19.82%
• 5Y*: 11.77%
• 10Y*: 13.63%

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

JPXN vs. TOK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPXN iShares JPX-Nikkei 400 ETF	14.07%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%
TOK iShares MSCI Kokusai ETF	8.52%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	22.09%

Correlation

The correlation between JPXN and TOK is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 12, 2007	0.63

The correlation between JPXN and TOK has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

JPXN vs. TOK - Sectors Allocation Comparison

Sectors	JPXN	TOK
Industrials	26.2%	10.1%
Technology	20.4%	31.4%
Financial Services	14.1%	14.9%
Consumer Cyclical	10.9%	9.1%
Communication Services	6.7%	9.1%
Healthcare	6.2%	8.8%
Basic Materials	5.1%	3.3%
Consumer Defensive	4.5%	5.1%
Real Estate	2.3%	1.7%
Utilities	1.5%	2.5%
Energy	1.2%	4.0%

Return for Risk

JPXN vs. TOK — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 50
JPXN Sharpe Ratio Rank: 48
JPXN Sortino Ratio Rank: 50
JPXN Omega Ratio Rank: 49
JPXN Calmar Ratio Rank: 50
JPXN Martin Ratio Rank: 50

TOK

TOK Risk / Return Rank: 63
TOK Sharpe Ratio Rank: 63
TOK Sortino Ratio Rank: 63
TOK Omega Ratio Rank: 62
TOK Calmar Ratio Rank: 57
TOK Martin Ratio Rank: 69

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. TOK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) and iShares MSCI Kokusai ETF (TOK). 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.

	JPXN	TOK	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.84	-0.36
Sortino ratio: Return per unit of downside risk	2.15	2.56	-0.42
Omega ratio: Gain probability vs. loss probability	1.27	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.18	2.51	-0.33
Martin ratio: Return relative to average drawdown	7.51	11.28	-3.78

JPXN vs. TOK - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.48, which is comparable to the TOK Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of JPXN and TOK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JPXN vs. TOK - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, roughly equal to the maximum TOK drawdown of -56.18%. Use the drawdown chart below to compare losses from any high point for JPXN and TOK.

Drawdown Indicators

	JPXN	TOK	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-56.18%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-9.07%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-16.23%	+2.28%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-25.86%	-7.35%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-34.82%	+1.61%
Current Drawdown Current decline from peak	-2.34%	-1.90%	-0.44%
Average Drawdown Average peak-to-trough decline	-15.04%	-8.51%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	2.02%	+1.78%

Volatility

JPXN vs. TOK - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) has a higher volatility of 5.70% compared to iShares MSCI Kokusai ETF (TOK) at 4.34%. This indicates that JPXN's price experiences larger fluctuations and is considered to be riskier than TOK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPXN	TOK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	4.34%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	15.42%	9.96%	+5.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.35%	12.40%	+6.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	15.99%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.10%	17.16%	-0.06%

JPXN vs. TOK - Expense Ratio Comparison

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

Dividends

JPXN vs. TOK - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.76%, more than TOK's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPXN iShares JPX-Nikkei 400 ETF	2.76%	3.14%	2.29%	2.57%	1.47%	2.63%	1.27%	1.92%	1.60%	1.50%	2.07%	1.32%
TOK iShares MSCI Kokusai ETF	1.27%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both JPXN and TOK in my portfolio?

JPXN and TOK have a correlation of 0.66, 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 TOK?

JPXN has higher volatility (5.70%) compared to TOK (4.34%). In terms of maximum drawdown, JPXN dropped -55.54% vs TOK's -56.18%.

Which ETF is better, JPXN or TOK?

On 10-year performance, TOK leads with 13.63% vs 9.45% for JPXN. On fees, TOK is cheaper at 0.25% per year. On volatility, TOK has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPXN or TOK?

Over the 10-year period, TOK has performed better with a 13.63% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPXN or TOK?

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

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

JPXN has the higher dividend yield at 2.76%, compared with 1.27% for TOK.

What is the main difference between JPXN and TOK?

JPXN is categorized as Japan Equities, while TOK is Large Cap Growth Equities. JPXN tracks JPX-Nikkei Index 400, while TOK tracks MSCI Kokusai Index. Their fees differ too: 0.48% for JPXN and 0.25% for TOK.

Which has better risk-adjusted returns?

TOK currently has the higher Sharpe Ratio (1.84 vs 1.48), 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.