N400.L vs. IDJP.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc)) and IDJP.L (iShares MSCI Japan Small Cap UCITS ETF USD (Dist)) are both Japan Equities funds - N400.L tracks the JPX-Nikkei Index 400 while IDJP.L tracks the MSCI Japan Small Cap Index (Net). Both are passively managed. Over the past 10 years, N400.L returned 8.89%/yr vs 7.71%/yr for IDJP.L. Their correlation of 0.90 suggests significant overlap in exposure. N400.L charges 0.19%/yr vs 0.58%/yr for IDJP.L.
Performance
N400.L vs. IDJP.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 IDJP.L slightly lower at 12.62%. Over the past 10 years, N400.L has outperformed IDJP.L with an annualized return of 8.89%, while IDJP.L has yielded a comparatively lower 7.71% annualized return.
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%
IDJP.L
- 1D
- -2.38%
- 1M
- -2.94%
- 6M
- 8.01%
- YTD
- 12.62%
- 1Y
- 26.24%
- 3Y*
- 15.94%
- 5Y*
- 7.23%
- 10Y*
- 7.71%
N400.L vs. IDJP.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% |
IDJP.L iShares MSCI Japan Small Cap UCITS ETF USD (Dist) | 12.62% | 29.69% | 3.33% | 13.53% | -12.68% | -3.28% | 8.14% | 17.67% | -16.75% | 31.70% |
Correlation
The correlation between N400.L and IDJP.L is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2014 | 0.90 |
The correlation between N400.L and IDJP.L has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
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Return for Risk
N400.L vs. IDJP.L — Risk / Return Rank
N400.L
IDJP.L
N400.L vs. IDJP.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 Small Cap UCITS ETF USD (Dist) (IDJP.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 | IDJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| 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 | 2.09 | +0.36 |
| Martin ratioReturn relative to average drawdown | 8.00 | 6.67 | +1.33 |
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Drawdowns
N400.L vs. IDJP.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, smaller than the maximum IDJP.L drawdown of -39.64%. Use the drawdown chart below to compare losses from any high point for N400.L and IDJP.L.
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Drawdown Indicators
| N400.L | IDJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -39.64% | +6.98% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -12.50% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -12.50% | -2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -32.90% | +0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | -36.78% | +4.12% |
Current DrawdownCurrent decline from peak | -5.24% | -4.95% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -10.76% | +2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 3.93% | -0.32% |
Volatility
N400.L vs. IDJP.L - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.L) has a higher volatility of 6.36% compared to iShares MSCI Japan Small Cap UCITS ETF USD (Dist) (IDJP.L) at 5.64%. This indicates that N400.L's price experiences larger fluctuations and is considered to be riskier than IDJP.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 | IDJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 5.64% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 17.44% | 15.91% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.69% | 18.26% | +2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 16.36% | +1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 16.66% | +0.28% |
N400.L vs. IDJP.L - Expense Ratio Comparison
N400.L has a 0.19% expense ratio, which is lower than IDJP.L's 0.58% expense ratio.
Dividends
N400.L vs. IDJP.L - Dividend Comparison
N400.L has not paid dividends to shareholders, while IDJP.L's dividend yield for the trailing twelve months is around 1.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDJP.L iShares MSCI Japan Small Cap UCITS ETF USD (Dist) | 1.00% | 1.77% | 1.77% | 1.77% | 2.08% | 1.55% | 1.48% | 1.47% | 1.45% | 1.21% | 1.20% | 0.72% |
N400.L Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
N400.L and IDJP.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, N400.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
N400.L is cheaper with a 0.19% expense ratio, compared with 0.58% for IDJP.L.
N400.L tracks JPX-Nikkei Index 400, while IDJP.L tracks MSCI Japan Small Cap Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for N400.L and 0.58% for IDJP.L.
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