N400.L vs. ISJP.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc)) and ISJP.L (iShares MSCI Japan Small Cap UCITS ETF (Dist)) are both Japan Equities funds - N400.L tracks the JPX-Nikkei Index 400 while ISJP.L tracks the MSCI Japan Small Cap NR JPY. Both are passively managed. Over the past 10 years, N400.L returned 8.89%/yr vs 7.74%/yr for ISJP.L. Their correlation of 0.84 suggests significant overlap in exposure. N400.L charges 0.19%/yr vs 0.58%/yr for ISJP.L.
Performance
N400.L vs. ISJP.L - Performance Comparison
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Different Trading Currencies
N400.L is traded in USD, while ISJP.L is traded in GBp. To make them comparable, the ISJP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with N400.L having a 12.82% return and ISJP.L slightly lower at 12.76%. Over the past 10 years, N400.L has outperformed ISJP.L with an annualized return of 8.89%, while ISJP.L has yielded a comparatively lower 7.74% 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%
ISJP.L
- 1D
- -2.30%
- 1M
- -2.02%
- 6M
- 8.49%
- YTD
- 12.76%
- 1Y
- 26.20%
- 3Y*
- 16.08%
- 5Y*
- 7.21%
- 10Y*
- 7.74%
N400.L vs. ISJP.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% |
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 12.76% | 30.01% | 3.24% | 12.66% | -12.49% | -2.90% | 7.72% | 18.51% | -16.97% | 30.71% |
Correlation
The correlation between N400.L and ISJP.L is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2014 | 0.84 |
The correlation between N400.L and ISJP.L has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.
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Return for Risk
N400.L vs. ISJP.L — Risk / Return Rank
N400.L
ISJP.L
N400.L vs. ISJP.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 (Dist) (ISJP.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 | ISJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.21 | +0.24 |
| Martin ratioReturn relative to average drawdown | 8.00 | 7.08 | +0.92 |
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Drawdowns
N400.L vs. ISJP.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, smaller than the maximum ISJP.L drawdown of -69.60%. Use the drawdown chart below to compare losses from any high point for N400.L and ISJP.L.
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Drawdown Indicators
| N400.L | ISJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -69.60% | +36.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -11.79% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -12.58% | -1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -33.09% | +0.43% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | -36.04% | +3.38% |
Current DrawdownCurrent decline from peak | -5.24% | -5.15% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -30.30% | +22.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 3.69% | -0.08% |
Volatility
N400.L vs. ISJP.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 (Dist) (ISJP.L) at 5.61%. This indicates that N400.L's price experiences larger fluctuations and is considered to be riskier than ISJP.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 | ISJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 5.61% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 17.44% | 15.03% | +2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.69% | 17.46% | +3.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 16.34% | +1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 16.52% | +0.42% |
N400.L vs. ISJP.L - Expense Ratio Comparison
N400.L has a 0.19% expense ratio, which is lower than ISJP.L's 0.58% expense ratio.
Dividends
N400.L vs. ISJP.L - Dividend Comparison
N400.L has not paid dividends to shareholders, while ISJP.L's dividend yield for the trailing twelve months is around 0.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISJP.L iShares MSCI Japan Small Cap UCITS ETF (Dist) | 0.99% | 1.85% | 1.73% | 1.77% | 1.99% | 1.52% | 1.58% | 1.53% | 1.39% | 1.29% | 1.07% | 0.67% |
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 ISJP.L have a correlation of 0.83, 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 ISJP.L.
N400.L tracks JPX-Nikkei Index 400, while ISJP.L tracks MSCI Japan Small Cap NR JPY. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for N400.L and 0.58% for ISJP.L.
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