N400.L vs. VPAC.L
N400.L (Invesco JPX-Nikkei 400 UCITS ETF) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds from Invesco - N400.L tracks the Invesco JPX-Nikkei 400 UCITS ETF while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, N400.L returned 9.33%/yr vs 3.51%/yr for VPAC.L. At a 0.44 correlation, their price movements are largely independent. N400.L charges 0.19%/yr vs 0.50%/yr for VPAC.L.
Performance
N400.L vs. VPAC.L - Performance Comparison
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Returns By Period
In the year-to-date period, N400.L achieves a 15.10% return, which is significantly higher than VPAC.L's 2.04% 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%
VPAC.L
- 1D
- -0.12%
- 1M
- 0.03%
- 6M
- 1.83%
- YTD
- 2.04%
- 1Y
- 5.32%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
N400.L vs. VPAC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
N400.L Invesco JPX-Nikkei 400 UCITS ETF | 15.10% | 25.87% | 6.53% | 20.26% | -15.79% | -0.37% | 15.93% | 17.97% | -3.79% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD | 2.04% | 6.34% | 10.84% | 9.27% | -9.70% | 3.64% | 4.81% | 17.14% | -1.27% |
Correlation
The correlation between N400.L and VPAC.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.44 |
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Return for Risk
N400.L vs. VPAC.L — Risk / Return Rank
N400.L
VPAC.L
N400.L vs. VPAC.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 Variable Rate Preferred Shares UCITS ETF USD (VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.32 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.54 | +0.23 |
| Martin ratioReturn relative to average drawdown | 9.09 | 9.98 | -0.90 |
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Drawdowns
N400.L vs. VPAC.L - Drawdown Comparison
The maximum N400.L drawdown since its inception was -32.66%, roughly equal to the maximum VPAC.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for N400.L and VPAC.L.
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Drawdown Indicators
| N400.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.66% | -34.25% | +1.59% |
Max Drawdown (1Y)Largest decline over 1 year | -11.77% | -2.02% | -9.75% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -3.40% | -11.15% |
Max Drawdown (5Y)Largest decline over 5 years | -32.66% | -13.89% | -18.77% |
Max Drawdown (10Y)Largest decline over 10 years | -32.66% | — | — |
Current DrawdownCurrent decline from peak | -3.32% | -0.33% | -2.99% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -3.14% | -4.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 0.52% | +3.08% |
Volatility
N400.L vs. VPAC.L - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF (N400.L) has a higher volatility of 6.14% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that N400.L's price experiences larger fluctuations and is considered to be riskier than VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.14% | 0.74% | +5.40% |
Volatility (6M)Calculated over the trailing 6-month period | 17.32% | 2.28% | +15.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.58% | 3.17% | +17.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.95% | 5.30% | +12.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 11.00% | +5.93% |
N400.L vs. VPAC.L - Expense Ratio Comparison
N400.L has a 0.19% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.
Dividends
N400.L vs. VPAC.L - Dividend Comparison
Neither N400.L nor VPAC.L has paid dividends to shareholders.
Frequently Asked Questions
N400.L and VPAC.L have a correlation of 0.39, 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 0.50% for VPAC.L.
N400.L tracks Invesco JPX-Nikkei 400 UCITS ETF, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. Their fees differ too: 0.19% for N400.L and 0.50% for VPAC.L.
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