N400.L vs. N4US.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc)) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds from Invesco - N400.L tracks the JPX-Nikkei Index 400 while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 10 years, N400.L returned 8.89%/yr vs 16.34%/yr for N4US.L. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.
Performance
N400.L vs. N4US.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 N4US.L's 18.80% return. Over the past 10 years, N400.L has underperformed N4US.L with an annualized return of 8.89%, while N4US.L has yielded a comparatively higher 16.34% 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%
N4US.L
- 1D
- -2.01%
- 1M
- -2.75%
- 6M
- 11.38%
- YTD
- 18.80%
- 1Y
- 45.47%
- 3Y*
- 27.49%
- 5Y*
- 21.88%
- 10Y*
- 16.34%
N400.L vs. N4US.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% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.80% | 30.25% | 23.77% | 35.97% | -1.05% | 11.18% | 10.79% | 19.49% | -15.75% | 22.99% |
Correlation
The correlation between N400.L and N4US.L is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.83 |
The correlation between N400.L and N4US.L has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.
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Return for Risk
N400.L vs. N4US.L — Risk / Return Rank
N400.L
N4US.L
N400.L vs. N4US.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 Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.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 | N4US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.42 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 4.84 | -2.39 |
| Martin ratioReturn relative to average drawdown | 8.00 | 16.48 | -8.48 |
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Drawdowns
N400.L vs. N4US.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, which is greater than N4US.L's maximum drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for N400.L and N4US.L.
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Drawdown Indicators
| N400.L | N4US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -30.94% | -1.72% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -9.35% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -21.38% | +6.83% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -21.38% | -11.28% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | -30.94% | -1.72% |
Current DrawdownCurrent decline from peak | -5.24% | -4.48% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -6.78% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 2.75% | +0.86% |
Volatility
N400.L vs. N4US.L - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) have volatilities of 6.36% and 6.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| N400.L | N4US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 6.15% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 17.44% | 15.63% | +1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.69% | 19.57% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 18.50% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 18.38% | -1.44% |
N400.L vs. N4US.L - Expense Ratio Comparison
Both N400.L and N4US.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
N400.L vs. N4US.L - Dividend Comparison
Neither N400.L nor N4US.L has paid dividends to shareholders.
Frequently Asked Questions
N400.L and N4US.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
N400.L and N4US.L have the same expense ratio: 0.19% per year.
N400.L tracks JPX-Nikkei Index 400, while N4US.L tracks JPX-Nikkei 400 USD Hedged Index.
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