N400.L vs. IJPD.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc)) and IJPD.L (iShares MSCI Japan USD Hedged UCITS ETF Accumulating) are both Japan Equities funds - N400.L tracks the JPX-Nikkei Index 400 while IJPD.L tracks the MSCI Japan 100% Hedged to USD Net TR Index. Both are passively managed. Over the past 10 years, N400.L returned 8.89%/yr vs 15.96%/yr for IJPD.L. Their correlation of 0.84 suggests significant overlap in exposure. N400.L charges 0.19%/yr vs 0.64%/yr for IJPD.L.
Performance
N400.L vs. IJPD.L - Performance Comparison
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Returns By Period
In the year-to-date period, N400.L achieves a 12.82% return, which is significantly lower than IJPD.L's 18.28% return. Over the past 10 years, N400.L has underperformed IJPD.L with an annualized return of 8.89%, while IJPD.L has yielded a comparatively higher 15.96% 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%
IJPD.L
- 1D
- -2.48%
- 1M
- -4.39%
- 6M
- 10.41%
- YTD
- 18.28%
- 1Y
- 46.30%
- 3Y*
- 26.92%
- 5Y*
- 21.11%
- 10Y*
- 15.96%
N400.L vs. IJPD.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% |
IJPD.L iShares MSCI Japan USD Hedged UCITS ETF Accumulating | 18.28% | 29.04% | 24.14% | 35.59% | -3.08% | 12.22% | 10.80% | 18.74% | -14.26% | 20.81% |
Correlation
The correlation between N400.L and IJPD.L is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2014 | 0.84 |
The correlation between N400.L and IJPD.L has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
N400.L vs. IJPD.L — Risk / Return Rank
N400.L
IJPD.L
N400.L vs. IJPD.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 USD Hedged UCITS ETF Accumulating (IJPD.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 | IJPD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.40 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 4.95 | -2.50 |
| Martin ratioReturn relative to average drawdown | 8.00 | 16.11 | -8.11 |
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Drawdowns
N400.L vs. IJPD.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, which is greater than IJPD.L's maximum drawdown of -31.09%. Use the drawdown chart below to compare losses from any high point for N400.L and IJPD.L.
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Drawdown Indicators
| N400.L | IJPD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -31.09% | -1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -9.32% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -21.80% | +7.25% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -21.80% | -10.86% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | -31.09% | -1.57% |
Current DrawdownCurrent decline from peak | -5.24% | -6.31% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -6.71% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 2.87% | +0.74% |
Volatility
N400.L vs. IJPD.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.L) is 6.36%, while iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) has a volatility of 6.81%. This indicates that N400.L experiences smaller price fluctuations and is considered to be less risky than IJPD.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 | IJPD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 6.81% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 17.44% | 16.69% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.69% | 20.90% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 19.00% | -1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 18.66% | -1.72% |
N400.L vs. IJPD.L - Expense Ratio Comparison
N400.L has a 0.19% expense ratio, which is lower than IJPD.L's 0.64% expense ratio.
Dividends
N400.L vs. IJPD.L - Dividend Comparison
Neither N400.L nor IJPD.L has paid dividends to shareholders.
Frequently Asked Questions
N400.L and IJPD.L have a correlation of 0.88, 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 0.64% for IJPD.L.
N400.L tracks JPX-Nikkei Index 400, while IJPD.L tracks MSCI Japan 100% Hedged to USD Net TR Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for N400.L and 0.64% for IJPD.L.
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