N4US.L vs. CNKY.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and CNKY.L (iShares Nikkei 225 UCITS ETF (Acc)) are both Japan Equities funds - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while CNKY.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, N4US.L returned 16.34%/yr vs 11.10%/yr for CNKY.L. A 0.76 correlation means they provide meaningful diversification when combined. N4US.L charges 0.19%/yr vs 0.48%/yr for CNKY.L.
Performance
N4US.L vs. CNKY.L - Performance Comparison
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Different Trading Currencies
N4US.L is traded in USD, while CNKY.L is traded in GBp. To make them comparable, the CNKY.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, N4US.L achieves a 18.80% return, which is significantly lower than CNKY.L's 24.21% return. Over the past 10 years, N4US.L has outperformed CNKY.L with an annualized return of 16.34%, while CNKY.L has yielded a comparatively lower 11.10% annualized return.
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%
CNKY.L
- 1D
- -2.79%
- 1M
- -9.03%
- 6M
- 17.67%
- YTD
- 24.21%
- 1Y
- 49.18%
- 3Y*
- 20.49%
- 5Y*
- 10.77%
- 10Y*
- 11.10%
N4US.L vs. CNKY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
CNKY.L iShares Nikkei 225 UCITS ETF (Acc) | 24.21% | 29.74% | 7.33% | 21.09% | -20.09% | -5.05% | 24.90% | 21.05% | -9.42% | 25.06% |
Correlation
The correlation between N4US.L and CNKY.L is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.76 |
The correlation between N4US.L and CNKY.L has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
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Return for Risk
N4US.L vs. CNKY.L — Risk / Return Rank
N4US.L
CNKY.L
N4US.L vs. CNKY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) and iShares Nikkei 225 UCITS ETF (Acc) (CNKY.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.
| N4US.L | CNKY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.30 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 3.20 | +1.64 |
| Martin ratioReturn relative to average drawdown | 16.48 | 9.83 | +6.66 |
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Drawdowns
N4US.L vs. CNKY.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum CNKY.L drawdown of -99.39%. Use the drawdown chart below to compare losses from any high point for N4US.L and CNKY.L.
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Drawdown Indicators
| N4US.L | CNKY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -99.39% | +68.45% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -15.28% | +5.93% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -19.43% | -1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -34.29% | +12.91% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | -36.20% | +5.26% |
Current DrawdownCurrent decline from peak | -4.48% | -97.25% | +92.77% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -95.37% | +88.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 4.99% | -2.24% |
Volatility
N4US.L vs. CNKY.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) is 6.15%, while iShares Nikkei 225 UCITS ETF (Acc) (CNKY.L) has a volatility of 10.07%. This indicates that N4US.L experiences smaller price fluctuations and is considered to be less risky than CNKY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| N4US.L | CNKY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 10.07% | -3.92% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 22.32% | -6.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 27.09% | -7.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 20.61% | -2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 18.76% | -0.38% |
N4US.L vs. CNKY.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is lower than CNKY.L's 0.48% expense ratio.
Dividends
N4US.L vs. CNKY.L - Dividend Comparison
Neither N4US.L nor CNKY.L has paid dividends to shareholders.
Frequently Asked Questions
N4US.L and CNKY.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, N4US.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
N4US.L is cheaper with a 0.19% expense ratio, compared with 0.48% for CNKY.L.
N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while CNKY.L tracks TOPIX TR JPY. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for N4US.L and 0.48% for CNKY.L.
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