N4US.L vs. DXJA.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and DXJA.L (WisdomTree Japan Equity UCITS ETF USD Hedged Acc) are both Japan Equities funds - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while DXJA.L tracks the WisdomTree Japan Hedged Equity UCITS Index. Both are passively managed. Over the past 5 years, N4US.L returned 21.88%/yr vs 26.73%/yr for DXJA.L. Their correlation of 0.91 suggests significant overlap in exposure. N4US.L charges 0.19%/yr vs 0.48%/yr for DXJA.L.
Performance
N4US.L vs. DXJA.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, N4US.L achieves a 18.80% return, which is significantly lower than DXJA.L's 20.17% 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%
DXJA.L
- 1D
- -2.34%
- 1M
- -2.57%
- 6M
- 11.14%
- YTD
- 20.17%
- 1Y
- 50.98%
- 3Y*
- 31.14%
- 5Y*
- 26.73%
- 10Y*
- —
N4US.L vs. DXJA.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% | 19.63% |
DXJA.L WisdomTree Japan Equity UCITS ETF USD Hedged Acc | 20.17% | 33.46% | 28.94% | 41.24% | 6.24% | 17.35% | 4.48% | 17.49% | -18.94% | 18.13% |
Correlation
The correlation between N4US.L and DXJA.L is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017 | 0.91 |
The correlation between N4US.L and DXJA.L has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
N4US.L vs. DXJA.L — Risk / Return Rank
N4US.L
DXJA.L
N4US.L vs. DXJA.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 WisdomTree Japan Equity UCITS ETF USD Hedged Acc (DXJA.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 | DXJA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.45 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 5.02 | -0.18 |
| Martin ratioReturn relative to average drawdown | 16.48 | 17.22 | -0.74 |
Loading charts...
Drawdowns
N4US.L vs. DXJA.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum DXJA.L drawdown of -37.51%. Use the drawdown chart below to compare losses from any high point for N4US.L and DXJA.L.
Loading charts...
Drawdown Indicators
| N4US.L | DXJA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -37.51% | +6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -10.10% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -23.01% | +1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -23.01% | +1.63% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | — | — |
Current DrawdownCurrent decline from peak | -4.48% | -4.25% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -6.66% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.95% | -0.20% |
Volatility
N4US.L vs. DXJA.L - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) and WisdomTree Japan Equity UCITS ETF USD Hedged Acc (DXJA.L) have volatilities of 6.15% and 6.13%, 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.
Loading charts...
Volatility by Period
| N4US.L | DXJA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 6.13% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 16.33% | -0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 20.25% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 19.42% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 19.25% | -0.87% |
N4US.L vs. DXJA.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is lower than DXJA.L's 0.48% expense ratio.
Dividends
N4US.L vs. DXJA.L - Dividend Comparison
Neither N4US.L nor DXJA.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, N4US.L and DXJA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 DXJA.L.
N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while DXJA.L tracks WisdomTree Japan Hedged Equity UCITS Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.19% for N4US.L and 0.48% for DXJA.L.
Find the right allocation for N4US.L and DXJA.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer