N4US.L vs. IDJP.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and IDJP.L (iShares MSCI Japan Small Cap UCITS ETF USD (Dist)) are both Japan Equities funds - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while IDJP.L tracks the MSCI Japan Small Cap Index (Net). Both are passively managed. Over the past 10 years, N4US.L returned 16.34%/yr vs 7.71%/yr for IDJP.L. A 0.71 correlation means they provide meaningful diversification when combined. N4US.L charges 0.19%/yr vs 0.58%/yr for IDJP.L.
Performance
N4US.L vs. IDJP.L - Performance Comparison
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Returns By Period
In the year-to-date period, N4US.L achieves a 18.80% return, which is significantly higher than IDJP.L's 12.62% return. Over the past 10 years, N4US.L has outperformed IDJP.L with an annualized return of 16.34%, while IDJP.L has yielded a comparatively lower 7.71% 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%
IDJP.L
- 1D
- -2.38%
- 1M
- -2.94%
- 6M
- 8.01%
- YTD
- 12.62%
- 1Y
- 26.24%
- 3Y*
- 15.94%
- 5Y*
- 7.23%
- 10Y*
- 7.71%
N4US.L vs. IDJP.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% |
IDJP.L iShares MSCI Japan Small Cap UCITS ETF USD (Dist) | 12.62% | 29.69% | 3.33% | 13.53% | -12.68% | -3.28% | 8.14% | 17.67% | -16.75% | 31.70% |
Correlation
The correlation between N4US.L and IDJP.L is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.71 |
The correlation between N4US.L and IDJP.L has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.
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Return for Risk
N4US.L vs. IDJP.L — Risk / Return Rank
N4US.L
IDJP.L
N4US.L vs. IDJP.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 MSCI Japan Small Cap UCITS ETF USD (Dist) (IDJP.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 | IDJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.26 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 2.09 | +2.75 |
| Martin ratioReturn relative to average drawdown | 16.48 | 6.67 | +9.82 |
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Drawdowns
N4US.L vs. IDJP.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum IDJP.L drawdown of -39.64%. Use the drawdown chart below to compare losses from any high point for N4US.L and IDJP.L.
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Drawdown Indicators
| N4US.L | IDJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -39.64% | +8.70% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -12.50% | +3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -12.50% | -8.88% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -32.90% | +11.52% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | -36.78% | +5.84% |
Current DrawdownCurrent decline from peak | -4.48% | -4.95% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -10.76% | +3.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 3.93% | -1.18% |
Volatility
N4US.L vs. IDJP.L - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) has a higher volatility of 6.15% compared to iShares MSCI Japan Small Cap UCITS ETF USD (Dist) (IDJP.L) at 5.64%. This indicates that N4US.L's price experiences larger fluctuations and is considered to be riskier than IDJP.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 | IDJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 5.64% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 15.91% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 18.26% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 16.36% | +2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 16.66% | +1.72% |
N4US.L vs. IDJP.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is lower than IDJP.L's 0.58% expense ratio.
Dividends
N4US.L vs. IDJP.L - Dividend Comparison
N4US.L has not paid dividends to shareholders, while IDJP.L's dividend yield for the trailing twelve months is around 1.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDJP.L iShares MSCI Japan Small Cap UCITS ETF USD (Dist) | 1.00% | 1.77% | 1.77% | 1.77% | 2.08% | 1.55% | 1.48% | 1.47% | 1.45% | 1.21% | 1.20% | 0.72% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
N4US.L and IDJP.L have a correlation of 0.73, 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 0.58% for IDJP.L.
N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while IDJP.L tracks MSCI Japan Small Cap Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for N4US.L and 0.58% for IDJP.L.
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