JRIE.L vs. N4US.L

Last updated Jul 18, 2026

JRIE.L (JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - JRIE.L tracks the TOPIX TR JPY while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 3 years, JRIE.L returned 181.82%/yr vs 26.16%/yr for N4US.L. At a 0.45 correlation, their price movements are largely independent. JRIE.L charges 0.25%/yr vs 0.19%/yr for N4US.L.

Performance

JRIE.L vs. N4US.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRIE.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JRIE.L is traded in GBp, while N4US.L is traded in USD. To make them comparable, the N4US.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, JRIE.L achieves a 15.03% return, which is significantly lower than N4US.L's 18.97% return.

JRIE.L

• 1D: -1.25%
• 1M: -4.03%
• 6M: 7.85%
• YTD: 15.03%
• 1Y: 13,073.56%
• 3Y*: 181.82%
• 5Y*: —
• 10Y*: —

N4US.L

• 1D: -1.85%
• 1M: -3.94%
• 6M: 10.74%
• YTD: 18.97%
• 1Y: 45.07%
• 3Y*: 26.16%
• 5Y*: 22.44%
• 10Y*: 16.03%

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

JRIE.L vs. N4US.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JRIE.L JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	15.03%	2,061.67%	-14.14%	20.15%	-11.36%
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)	18.97%	20.97%	25.93%	29.18%	7.87%

Correlation

The correlation between JRIE.L and N4US.L is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 29, 2022	0.45

Over the past year, JRIE.L and N4US.L have become more correlated (0.70) than their long-term average of 0.45, meaning their price movements have been converging.

Return for Risk

JRIE.L vs. N4US.L — Risk / Return Rank

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

JRIE.L

JRIE.L Risk / Return Rank: 84
JRIE.L Sharpe Ratio Rank: 18
JRIE.L Sortino Ratio Rank: 100
JRIE.L Omega Ratio Rank: 100
JRIE.L Calmar Ratio Rank: 100
JRIE.L Martin Ratio Rank: 100

N4US.L

N4US.L Risk / Return Rank: 90
N4US.L Sharpe Ratio Rank: 90
N4US.L Sortino Ratio Rank: 89
N4US.L Omega Ratio Rank: 88
N4US.L Calmar Ratio Rank: 93
N4US.L Martin Ratio Rank: 92

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.

JRIE.L vs. N4US.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRIE.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.

	JRIE.L	N4US.L	Difference
Sharpe ratio: Return per unit of total volatility	0.45	2.28	-1.83
Sortino ratio: Return per unit of downside risk	330.42	3.02	+327.40
Omega ratio: Gain probability vs. loss probability	101.08	1.40	+99.68
Calmar ratio: Return relative to maximum drawdown	138.87	5.23	+133.65
Martin ratio: Return relative to average drawdown	313.13	16.75	+296.38

JRIE.L vs. N4US.L - Sharpe Ratio Comparison

The current JRIE.L Sharpe Ratio is 0.45, which is lower than the N4US.L Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of JRIE.L and N4US.L, 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

JRIE.L vs. N4US.L - Drawdown Comparison

The maximum JRIE.L drawdown since its inception was -99.22%, which is greater than N4US.L's maximum drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for JRIE.L and N4US.L.

Drawdown Indicators

	JRIE.L	N4US.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.22%	-28.61%	-70.61%
Max Drawdown (1Y) Largest decline over 1 year	-99.08%	-8.58%	-90.50%
Max Drawdown (3Y) Largest decline over 3 years	-99.22%	-20.94%	-78.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.61%	—
Current Drawdown Current decline from peak	-6.74%	-5.90%	-0.84%
Average Drawdown Average peak-to-trough decline	-28.21%	-5.12%	-23.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.77%	2.68%	+41.09%

Volatility

JRIE.L vs. N4US.L - Volatility Comparison

JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRIE.L) has a higher volatility of 7.10% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.00%. This indicates that JRIE.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.

Volatility by Period

	JRIE.L	N4US.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.10%	6.00%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	1,307.86%	15.65%	+1,292.21%
Volatility (1Y) Calculated over the trailing 1-year period	30,715.37%	19.76%	+30,695.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22,260.16%	19.07%	+22,241.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22,260.16%	19.47%	+22,240.69%

JRIE.L vs. N4US.L - Expense Ratio Comparison

JRIE.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

JRIE.L vs. N4US.L - Dividend Comparison

JRIE.L's dividend yield for the trailing twelve months is around 1.51%, while N4US.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
JRIE.L JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	1.51%	1.81%	1.55%	1.34%	1.74%
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JRIE.L and N4US.L in my portfolio?

JRIE.L and N4US.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JRIE.L or N4US.L?

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.

Which ETF is cheaper, JRIE.L or N4US.L?

N4US.L is cheaper with a 0.19% expense ratio, compared with 0.25% for JRIE.L.

What is the main difference between JRIE.L and N4US.L?

JRIE.L tracks TOPIX TR JPY, while N4US.L tracks JPX-Nikkei 400 USD Hedged Index. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.25% for JRIE.L and 0.19% for N4US.L.