N400.L vs. SGLP.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - N400.L is a Global Equities fund tracking the Invesco JPX-Nikkei 400 UCITS ETF, while SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 10 years, N400.L returned 9.05%/yr vs 11.66%/yr for SGLP.L. At a 0.08 correlation, their price movements are largely independent. N400.L charges 0.19%/yr vs 0.12%/yr for SGLP.L.
Performance
N400.L vs. SGLP.L - Performance Comparison
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Different Trading Currencies
N400.L is traded in USD, while SGLP.L is traded in GBp. To make them comparable, the SGLP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, N400.L achieves a 15.10% return, which is significantly higher than SGLP.L's -5.78% return. Over the past 10 years, N400.L has underperformed SGLP.L with an annualized return of 9.05%, while SGLP.L has yielded a comparatively higher 11.66% annualized 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%
SGLP.L
- 1D
- -0.48%
- 1M
- -6.63%
- 6M
- -12.10%
- YTD
- -5.78%
- 1Y
- 21.95%
- 3Y*
- 27.42%
- 5Y*
- 17.42%
- 10Y*
- 11.66%
N400.L vs. SGLP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
N400.L Invesco JPX-Nikkei 400 UCITS ETF | 15.10% | 25.87% | 6.53% | 20.26% | -15.79% | -0.37% | 15.93% | 17.97% | -14.20% | 24.80% |
SGLP.L Invesco Physical Gold A | -5.78% | 65.19% | 26.00% | 12.92% | -0.12% | -3.76% | 23.67% | 19.25% | -1.60% | 11.32% |
Correlation
The correlation between N400.L and SGLP.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2014 | 0.08 |
Over the past year, N400.L and SGLP.L have become more correlated (0.36) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
N400.L vs. SGLP.L — Risk / Return Rank
N400.L
SGLP.L
N400.L vs. SGLP.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 Physical Gold A (SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.17 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 0.89 | +1.88 |
| Martin ratioReturn relative to average drawdown | 9.09 | 2.17 | +6.91 |
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Drawdowns
N400.L vs. SGLP.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, smaller than the maximum SGLP.L drawdown of -66.38%. Use the drawdown chart below to compare losses from any high point for N400.L and SGLP.L.
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Drawdown Indicators
| N400.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -66.38% | +33.72% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -24.56% | +12.79% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -24.56% | +10.01% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -24.56% | -8.10% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | -24.56% | -8.10% |
Current DrawdownCurrent decline from peak | -3.32% | -23.56% | +20.24% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -39.67% | +31.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 10.07% | -6.47% |
Volatility
N400.L vs. SGLP.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (N400.L) is 6.14%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.96%. This indicates that N400.L experiences smaller price fluctuations and is considered to be less risky than SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.14% | 6.96% | -0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 17.32% | 21.96% | -4.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.58% | 25.49% | -4.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.95% | 22.80% | -4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 18.84% | -1.91% |
N400.L vs. SGLP.L - Expense Ratio Comparison
N400.L has a 0.19% expense ratio, which is higher than SGLP.L's 0.12% 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. SGLP.L - Dividend Comparison
Neither N400.L nor SGLP.L has paid dividends to shareholders.
Frequently Asked Questions
N400.L and SGLP.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.19% for N400.L.
N400.L is categorized as Global Equities, while SGLP.L is Gold. N400.L tracks Invesco JPX-Nikkei 400 UCITS ETF, while SGLP.L tracks Gold. Their fees differ too: 0.19% for N400.L and 0.12% for SGLP.L.
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