MXJP.L vs. S400.L

Last updated Jun 5, 2026

MXJP.L (Invesco MSCI Japan UCITS ETF) and S400.L (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds from Invesco tracking the TOPIX TR JPY. Both are passively managed. Over the past 10 years, MXJP.L returned 9.38%/yr vs 9.15%/yr for S400.L. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.

Performance

MXJP.L vs. S400.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Japan UCITS ETF (MXJP.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MXJP.L is traded in USD, while S400.L is traded in GBp. To make them comparable, the S400.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MXJP.L achieves a 16.21% return, which is significantly higher than S400.L's 15.12% return. Both investments have delivered pretty close results over the past 10 years, with MXJP.L having a 9.38% annualized return and S400.L not far behind at 9.15%.

MXJP.L

• 1D: -0.49%
• 1M: 5.18%
• YTD: 16.21%
• 6M: 16.14%
• 1Y: 32.62%
• 3Y*: 18.54%
• 5Y*: 8.94%
• 10Y*: 9.38%

S400.L

• 1D: -0.38%
• 1M: 4.16%
• YTD: 15.12%
• 6M: 15.68%
• 1Y: 30.52%
• 3Y*: 18.01%
• 5Y*: 8.82%
• 10Y*: 9.15%

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

MXJP.L vs. S400.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXJP.L Invesco MSCI Japan UCITS ETF	16.21%	25.85%	7.21%	20.47%	-17.12%	0.75%	16.23%	18.11%	-13.56%	24.18%
S400.L Invesco JPX-Nikkei 400 UCITS ETF	15.12%	26.49%	6.51%	19.66%	-15.90%	-0.00%	15.44%	18.92%	-14.46%	24.52%

Correlation

The correlation between MXJP.L and S400.L is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 16, 2014	0.93

The correlation between MXJP.L and S400.L has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

MXJP.L vs. S400.L - Sectors Allocation Comparison

Sectors	MXJP.L	S400.L
Industrials	26.0%	27.6%
Technology	19.1%	19.6%
Financial Services	17.5%	13.9%
Consumer Cyclical	12.2%	10.9%
Communication Services	7.9%	6.7%
Healthcare	6.3%	6.3%
Consumer Defensive	3.6%	4.6%
Basic Materials	3.0%	5.3%
Real Estate	2.3%	2.4%
Utilities	1.1%	1.5%
Energy	1.1%	1.2%

Return for Risk

MXJP.L vs. S400.L — Risk / Return Rank

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

MXJP.L

MXJP.L Risk / Return Rank: 49
MXJP.L Sharpe Ratio Rank: 46
MXJP.L Sortino Ratio Rank: 48
MXJP.L Omega Ratio Rank: 48
MXJP.L Calmar Ratio Rank: 53
MXJP.L Martin Ratio Rank: 50

S400.L

S400.L Risk / Return Rank: 57
S400.L Sharpe Ratio Rank: 54
S400.L Sortino Ratio Rank: 55
S400.L Omega Ratio Rank: 58
S400.L Calmar Ratio Rank: 62
S400.L Martin Ratio Rank: 56

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.

MXJP.L vs. S400.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Japan UCITS ETF (MXJP.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.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.

	MXJP.L	S400.L	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.59	-0.02
Sortino ratio: Return per unit of downside risk	2.37	2.34	+0.03
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.56	2.50	+0.06
Martin ratio: Return relative to average drawdown	8.34	8.38	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXJP.L vs. S400.L - Sharpe Ratio Comparison

The current MXJP.L Sharpe Ratio is 1.57, which is comparable to the S400.L Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of MXJP.L and S400.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.

Sharpe Ratios by Period

	MXJP.L	S400.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.59	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.50	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.54	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.47	+0.03

Drawdowns

MXJP.L vs. S400.L - Drawdown Comparison

The maximum MXJP.L drawdown since its inception was -32.48%, roughly equal to the maximum S400.L drawdown of -32.91%. Use the drawdown chart below to compare losses from any high point for MXJP.L and S400.L.

Drawdown Indicators

	MXJP.L	S400.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.48%	-32.91%	+0.43%
Max Drawdown (1Y) Largest decline over 1 year	-12.69%	-12.17%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-14.70%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-32.48%	-32.91%	+0.43%
Max Drawdown (10Y) Largest decline over 10 years	-32.48%	-32.91%	+0.43%
Current Drawdown Current decline from peak	-0.49%	-0.86%	+0.37%
Average Drawdown Average peak-to-trough decline	-7.80%	-8.22%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	3.63%	+0.27%

Volatility

MXJP.L vs. S400.L - Volatility Comparison

Invesco MSCI Japan UCITS ETF (MXJP.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L) have volatilities of 4.61% and 4.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXJP.L	S400.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.55%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	16.69%	15.51%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	20.68%	19.10%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	17.60%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	16.90%	+0.36%

MXJP.L vs. S400.L - Expense Ratio Comparison

Both MXJP.L and S400.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MXJP.L vs. S400.L - Dividend Comparison

Neither MXJP.L nor S400.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MXJP.L and S400.L in my portfolio?

With a correlation of 0.95, MXJP.L and S400.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, MXJP.L or S400.L?

Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MXJP.L or S400.L?

MXJP.L and S400.L have the same expense ratio: 0.19% per year.

What is the main difference between MXJP.L and S400.L?

Both ETFs track TOPIX TR JPY.