N400.L vs. FWRA.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF) and FWRA.L (Invesco FTSE All-World UCITS ETF USD Accumulation) are both Global Equities funds from Invesco - N400.L tracks the Invesco JPX-Nikkei 400 UCITS ETF while FWRA.L tracks the FTSE All-World Index. Both are passively managed. Over the past 3 years, N400.L returned 17.42%/yr vs 19.09%/yr for FWRA.L. A 0.66 correlation means they provide meaningful diversification when combined. N400.L charges 0.19%/yr vs 0.15%/yr for FWRA.L.
Performance
N400.L vs. FWRA.L - Performance Comparison
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Returns By Period
In the year-to-date period, N400.L achieves a 15.10% return, which is significantly higher than FWRA.L's 11.06% return.
N400.L
- 1D
- -0.86%
- 1M
- -0.53%
- 6M
- 8.97%
- YTD
- 15.10%
- 1Y
- 32.85%
- 3Y*
- 17.42%
- 5Y*
- 9.33%
- 10Y*
- 9.05%
FWRA.L
- 1D
- 0.11%
- 1M
- -0.64%
- 6M
- 9.50%
- YTD
- 11.06%
- 1Y
- 23.54%
- 3Y*
- 19.09%
- 5Y*
- —
- 10Y*
- —
N400.L vs. FWRA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
N400.L Invesco JPX-Nikkei 400 UCITS ETF | 15.10% | 25.87% | 6.53% | 7.32% |
FWRA.L Invesco FTSE All-World UCITS ETF USD Accumulation | 11.06% | 22.42% | 18.04% | 10.02% |
Correlation
The correlation between N400.L and FWRA.L is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.66 |
The correlation between N400.L and FWRA.L has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.
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Return for Risk
N400.L vs. FWRA.L — Risk / Return Rank
N400.L
FWRA.L
N400.L vs. FWRA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (N400.L) and Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.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 | FWRA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.34 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.68 | +0.09 |
| Martin ratioReturn relative to average drawdown | 9.09 | 10.70 | -1.61 |
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Drawdowns
N400.L vs. FWRA.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, which is greater than FWRA.L's maximum drawdown of -16.50%. Use the drawdown chart below to compare losses from any high point for N400.L and FWRA.L.
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Drawdown Indicators
| N400.L | FWRA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -16.50% | -16.16% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -8.78% | -2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -16.50% | +1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | — | — |
Current DrawdownCurrent decline from peak | -3.32% | -1.16% | -2.16% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -1.92% | -6.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 2.20% | +1.40% |
Volatility
N400.L vs. FWRA.L - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF (N400.L) has a higher volatility of 6.14% compared to Invesco FTSE All-World UCITS ETF USD Accumulation (FWRA.L) at 3.20%. This indicates that N400.L's price experiences larger fluctuations and is considered to be riskier than FWRA.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 | FWRA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.14% | 3.20% | +2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 17.32% | 10.60% | +6.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.58% | 12.88% | +7.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.95% | 13.61% | +4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 13.61% | +3.32% |
N400.L vs. FWRA.L - Expense Ratio Comparison
N400.L has a 0.19% expense ratio, which is higher than FWRA.L's 0.15% 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. FWRA.L - Dividend Comparison
Neither N400.L nor FWRA.L has paid dividends to shareholders.
Frequently Asked Questions
N400.L and FWRA.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FWRA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FWRA.L is cheaper with a 0.15% expense ratio, compared with 0.19% for N400.L.
N400.L tracks Invesco JPX-Nikkei 400 UCITS ETF, while FWRA.L tracks FTSE All-World Index. Their fees differ too: 0.19% for N400.L and 0.15% for FWRA.L.
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