JREI.L vs. N4US.L
JREI.L (JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist)) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds. JREI.L is actively managed, while N4US.L is passively managed. Over the past 3 years, JREI.L returned 15.87%/yr vs 27.49%/yr for N4US.L. A 0.78 correlation means they provide meaningful diversification when combined. JREI.L charges 0.25%/yr vs 0.19%/yr for N4US.L.
Performance
JREI.L vs. N4US.L - Performance Comparison
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Returns By Period
In the year-to-date period, JREI.L achieves a 12.43% return, which is significantly lower than N4US.L's 18.80% return.
JREI.L
- 1D
- -2.47%
- 1M
- -5.81%
- 6M
- 5.94%
- YTD
- 12.43%
- 1Y
- 29.18%
- 3Y*
- 15.87%
- 5Y*
- —
- 10Y*
- —
N4US.L
- 1D
- -2.01%
- 1M
- -2.75%
- 6M
- 11.38%
- YTD
- 18.80%
- 1Y
- 45.47%
- 3Y*
- 27.49%
- 5Y*
- 21.88%
- 10Y*
- 16.34%
JREI.L vs. N4US.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JREI.L JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) | 12.43% | 24.16% | 7.95% | 20.04% | -10.89% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.80% | 30.25% | 23.77% | 35.97% | -0.35% |
Correlation
The correlation between JREI.L and N4US.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2022 | 0.78 |
The correlation between JREI.L and N4US.L shifts across timeframes, from 0.78 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JREI.L vs. N4US.L — Risk / Return Rank
JREI.L
N4US.L
JREI.L vs. N4US.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JREI.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.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.
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.
| JREI.L | N4US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.42 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 4.84 | -2.47 |
| Martin ratioReturn relative to average drawdown | 7.57 | 16.48 | -8.91 |
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Drawdowns
JREI.L vs. N4US.L - Drawdown Comparison
The maximum JREI.L drawdown since its inception was -21.64%, smaller than the maximum N4US.L drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for JREI.L and N4US.L.
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Drawdown Indicators
| JREI.L | N4US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.64% | -30.94% | +9.30% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -9.35% | -2.91% |
Max Drawdown (3Y)Largest decline over 3 years | -14.85% | -21.38% | +6.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.38% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.94% | — |
Current DrawdownCurrent decline from peak | -7.48% | -4.48% | -3.00% |
Average DrawdownAverage peak-to-trough decline | -5.13% | -6.78% | +1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 2.75% | +1.09% |
Volatility
JREI.L vs. N4US.L - Volatility Comparison
JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JREI.L) has a higher volatility of 7.31% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.15%. This indicates that JREI.L's price experiences larger fluctuations and is considered to be riskier than N4US.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JREI.L | N4US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.31% | 6.15% | +1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 18.19% | 15.63% | +2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.73% | 19.57% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.59% | 18.50% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.59% | 18.38% | +0.21% |
JREI.L vs. N4US.L - Expense Ratio Comparison
JREI.L has a 0.25% expense ratio, which is higher than N4US.L's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JREI.L vs. N4US.L - Dividend Comparison
JREI.L's dividend yield for the trailing twelve months is around 1.53%, while N4US.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
JREI.L JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) | 1.53% | 1.76% | 1.58% | 1.66% | 2.01% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JREI.L and N4US.L have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, N4US.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
N4US.L is cheaper with a 0.19% expense ratio, compared with 0.25% for JREI.L.
They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.25% for JREI.L and 0.19% for N4US.L.
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