JRJE.L vs. N4US.L

Last updated Jul 18, 2026

JRJE.L (JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - JRJE.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, JRJE.L returned 14.72%/yr vs 26.16%/yr for N4US.L. A 0.74 correlation means they provide meaningful diversification when combined. JRJE.L charges 0.25%/yr vs 0.19%/yr for N4US.L.

Performance

JRJE.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 (acc) (JRJE.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

JRJE.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, JRJE.L achieves a 12.27% return, which is significantly lower than N4US.L's 18.97% return.

JRJE.L

• 1D: -2.28%
• 1M: -6.25%
• 6M: 5.40%
• YTD: 12.27%
• 1Y: 28.96%
• 3Y*: 14.72%
• 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)

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

	2026 (YTD)	2025	2024	2023	2022
JRJE.L JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	12.27%	15.91%	9.56%	13.90%	-0.96%
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)	18.97%	20.97%	25.93%	29.18%	7.54%

Correlation

The correlation between JRJE.L and N4US.L is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.74

The correlation between JRJE.L and N4US.L shifts across timeframes, from 0.74 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

JRJE.L

JRJE.L Risk / Return Rank: 61
JRJE.L Sharpe Ratio Rank: 58
JRJE.L Sortino Ratio Rank: 57
JRJE.L Omega Ratio Rank: 58
JRJE.L Calmar Ratio Rank: 72
JRJE.L Martin Ratio Rank: 62

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.

JRJE.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 (acc) (JRJE.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.

	JRJE.L	N4US.L	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.28	-0.80
Sortino ratio: Return per unit of downside risk	2.09	3.02	-0.93
Omega ratio: Gain probability vs. loss probability	1.27	1.40	-0.13
Calmar ratio: Return relative to maximum drawdown	2.71	5.23	-2.51
Martin ratio: Return relative to average drawdown	8.08	16.75	-8.67

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

The current JRJE.L Sharpe Ratio is 1.48, which is lower than the N4US.L Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of JRJE.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

JRJE.L vs. N4US.L - Drawdown Comparison

The maximum JRJE.L drawdown since its inception was -14.26%, smaller than the maximum N4US.L drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for JRJE.L and N4US.L.

Drawdown Indicators

	JRJE.L	N4US.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.26%	-28.61%	+14.35%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-8.58%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.26%	-20.94%	+6.68%
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	-8.89%	-5.90%	-2.99%
Average Drawdown Average peak-to-trough decline	-3.28%	-5.12%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.68%	+0.89%

Volatility

JRJE.L vs. N4US.L - Volatility Comparison

JPMorgan Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc) (JRJE.L) has a higher volatility of 6.90% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.00%. This indicates that JRJE.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

	JRJE.L	N4US.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	6.00%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	16.26%	15.65%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	19.76%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	19.07%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.32%	19.47%	-3.15%

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

JRJE.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

JRJE.L vs. N4US.L - Dividend Comparison

Neither JRJE.L nor N4US.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

JRJE.L and N4US.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

JRJE.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 JRJE.L and 0.19% for N4US.L.