N400.L vs. CJPU.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc)) and CJPU.L (iShares MSCI Japan UCITS ETF USD (Acc)) are both Japan Equities funds - N400.L tracks the JPX-Nikkei Index 400 while CJPU.L tracks the MSCI Japan Index (Net). Both are passively managed. Over the past 10 years, N400.L returned 8.89%/yr vs 8.85%/yr for CJPU.L. Their correlation of 0.91 suggests significant overlap in exposure. N400.L charges 0.19%/yr vs 0.12%/yr for CJPU.L.
Performance
N400.L vs. CJPU.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with N400.L having a 12.82% return and CJPU.L slightly lower at 12.44%. Both investments have delivered pretty close results over the past 10 years, with N400.L having a 8.89% annualized return and CJPU.L not far behind at 8.85%.
N400.L
- 1D
- -1.96%
- 1M
- -4.21%
- 6M
- 6.64%
- YTD
- 12.82%
- 1Y
- 28.96%
- 3Y*
- 16.02%
- 5Y*
- 8.89%
- 10Y*
- 8.89%
CJPU.L
- 1D
- -2.51%
- 1M
- -5.70%
- 6M
- 6.20%
- YTD
- 12.44%
- 1Y
- 30.44%
- 3Y*
- 16.15%
- 5Y*
- 8.69%
- 10Y*
- 8.85%
N400.L vs. CJPU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
N400.L Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) | 12.82% | 25.87% | 6.53% | 20.26% | -15.79% | -0.37% | 15.93% | 17.97% | -14.20% | 24.80% |
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 12.44% | 26.13% | 7.33% | 20.25% | -17.32% | 0.50% | 16.08% | 17.64% | -13.50% | 24.10% |
Correlation
The correlation between N400.L and CJPU.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2014 | 0.91 |
The correlation between N400.L and CJPU.L has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
N400.L vs. CJPU.L — Risk / Return Rank
N400.L
CJPU.L
N400.L vs. CJPU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.L) and iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.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.
| N400.L | CJPU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.26 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.37 | +0.08 |
| Martin ratioReturn relative to average drawdown | 8.00 | 7.70 | +0.30 |
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Drawdowns
N400.L vs. CJPU.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, roughly equal to the maximum CJPU.L drawdown of -32.64%. Use the drawdown chart below to compare losses from any high point for N400.L and CJPU.L.
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Drawdown Indicators
| N400.L | CJPU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -32.64% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -12.79% | +1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -14.74% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -32.64% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | -32.64% | -0.02% |
Current DrawdownCurrent decline from peak | -5.24% | -7.07% | +1.83% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -5.86% | -2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 3.94% | -0.33% |
Volatility
N400.L vs. CJPU.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.L) is 6.36%, while iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L) has a volatility of 7.14%. This indicates that N400.L experiences smaller price fluctuations and is considered to be less risky than CJPU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| N400.L | CJPU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 7.14% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 17.44% | 18.29% | -0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.69% | 21.85% | -1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 18.44% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 17.12% | -0.18% |
N400.L vs. CJPU.L - Expense Ratio Comparison
N400.L has a 0.19% expense ratio, which is higher than CJPU.L's 0.12% 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
N400.L vs. CJPU.L - Dividend Comparison
Neither N400.L nor CJPU.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, N400.L and CJPU.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.
On fees, CJPU.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CJPU.L is cheaper with a 0.12% expense ratio, compared with 0.19% for N400.L.
N400.L tracks JPX-Nikkei Index 400, while CJPU.L tracks MSCI Japan Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for N400.L and 0.12% for CJPU.L.
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