N400.L vs. FWRG.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF) and FWRG.L (Invesco FTSE All-World UCITS ETF Acc) are both Global Equities funds from Invesco - N400.L tracks the Invesco JPX-Nikkei 400 UCITS ETF while FWRG.L tracks the FTSE All-World Index. Both are passively managed. Over the past 3 years, N400.L returned 17.42%/yr vs 17.95%/yr for FWRG.L. At a 0.48 correlation, their price movements are largely independent. N400.L charges 0.19%/yr vs 0.15%/yr for FWRG.L.
Performance
N400.L vs. FWRG.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 FWRG.L's 10.88% 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%
FWRG.L
- 1D
- -0.63%
- 1M
- -1.13%
- 6M
- 9.15%
- YTD
- 10.88%
- 1Y
- 22.81%
- 3Y*
- 17.95%
- 5Y*
- —
- 10Y*
- —
N400.L vs. FWRG.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% |
FWRG.L Invesco FTSE All-World UCITS ETF Acc | 10.88% | 13.84% | 20.11% | 8,531.38% |
Correlation
The correlation between N400.L and FWRG.L is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.48 |
The correlation between N400.L and FWRG.L has been stable across timeframes, ranging from 0.48 to 0.58 - a consistent structural relationship.
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Return for Risk
N400.L vs. FWRG.L — Risk / Return Rank
N400.L
FWRG.L
N400.L vs. FWRG.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 Acc (FWRG.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 | FWRG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.39 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 3.18 | -0.41 |
| Martin ratioReturn relative to average drawdown | 9.09 | 12.26 | -3.17 |
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Drawdowns
N400.L vs. FWRG.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, which is greater than FWRG.L's maximum drawdown of -18.87%. Use the drawdown chart below to compare losses from any high point for N400.L and FWRG.L.
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Drawdown Indicators
| N400.L | FWRG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -18.87% | -13.79% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -7.14% | -4.63% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -18.87% | +4.32% |
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% | -2.11% | -1.21% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -2.23% | -5.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 1.86% | +1.74% |
Volatility
N400.L vs. FWRG.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 Acc (FWRG.L) at 3.13%. This indicates that N400.L's price experiences larger fluctuations and is considered to be riskier than FWRG.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 | FWRG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.14% | 3.13% | +3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 17.32% | 8.52% | +8.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.58% | 10.92% | +9.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.95% | 4,417.24% | -4,399.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 4,417.24% | -4,400.31% |
N400.L vs. FWRG.L - Expense Ratio Comparison
N400.L has a 0.19% expense ratio, which is higher than FWRG.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. FWRG.L - Dividend Comparison
Neither N400.L nor FWRG.L has paid dividends to shareholders.
Frequently Asked Questions
N400.L and FWRG.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FWRG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FWRG.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 FWRG.L tracks FTSE All-World Index. Their fees differ too: 0.19% for N400.L and 0.15% for FWRG.L.
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