N4US.L vs. IGDA.L

Last updated Jul 16, 2026

N4US.L (Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg)) and IGDA.L (Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc) are both Global Equities funds from Invesco - N4US.L tracks the Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) while IGDA.L tracks the Dow Jones Islamic Market Developed Markets Index. Both are passively managed. Over the past 3 years, N4US.L returned 29.24%/yr vs 18.23%/yr for IGDA.L. A 0.63 correlation means they provide meaningful diversification when combined. N4US.L charges 0.19%/yr vs 0.40%/yr for IGDA.L.

Performance

N4US.L vs. IGDA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.L) and Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, N4US.L achieves a 22.05% return, which is significantly higher than IGDA.L's 12.26% return.

N4US.L

• 1D: -0.97%
• 1M: 1.76%
• 6M: 14.49%
• YTD: 22.05%
• 1Y: 50.55%
• 3Y*: 29.24%
• 5Y*: 22.54%
• 10Y*: 16.63%

IGDA.L

• 1D: -0.23%
• 1M: -1.78%
• 6M: 10.83%
• YTD: 12.26%
• 1Y: 25.93%
• 3Y*: 18.23%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

N4US.L vs. IGDA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
N4US.L Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg)	22.05%	30.25%	23.77%	35.97%	-2.04%
IGDA.L Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc	12.26%	18.76%	17.94%	29.70%	-20.97%

Correlation

The correlation between N4US.L and IGDA.L is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 7, 2022	0.63

The correlation between N4US.L and IGDA.L has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

Return for Risk

N4US.L vs. IGDA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

N4US.L

N4US.L Risk / Return Rank: 92
N4US.L Sharpe Ratio Rank: 92
N4US.L Sortino Ratio Rank: 91
N4US.L Omega Ratio Rank: 90
N4US.L Calmar Ratio Rank: 94
N4US.L Martin Ratio Rank: 93

IGDA.L

IGDA.L Risk / Return Rank: 67
IGDA.L Sharpe Ratio Rank: 67
IGDA.L Sortino Ratio Rank: 70
IGDA.L Omega Ratio Rank: 63
IGDA.L Calmar Ratio Rank: 66
IGDA.L Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

N4US.L vs. IGDA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.L) and Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.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	IGDA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.75	+0.84
Sortino ratio: Return per unit of downside risk	3.50	2.54	+0.95
Omega ratio: Gain probability vs. loss probability	1.46	1.31	+0.16
Calmar ratio: Return relative to maximum drawdown	5.38	2.66	+2.72
Martin ratio: Return relative to average drawdown	18.45	10.04	+8.41

N4US.L vs. IGDA.L - Sharpe Ratio Comparison

The current N4US.L Sharpe Ratio is 2.58, which is higher than the IGDA.L Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of N4US.L and IGDA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

N4US.L vs. IGDA.L - Drawdown Comparison

The maximum N4US.L drawdown since its inception was -30.94%, which is greater than IGDA.L's maximum drawdown of -27.14%. Use the drawdown chart below to compare losses from any high point for N4US.L and IGDA.L.

Drawdown Indicators

	N4US.L	IGDA.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.94%	-27.14%	-3.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-9.69%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-21.38%	-20.14%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-21.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.94%	—	—
Current Drawdown Current decline from peak	-1.87%	-3.55%	+1.68%
Average Drawdown Average peak-to-trough decline	-6.78%	-6.96%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.58%	+0.15%

Volatility

N4US.L vs. IGDA.L - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.L) has a higher volatility of 6.06% compared to Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.L) at 4.17%. This indicates that N4US.L's price experiences larger fluctuations and is considered to be riskier than IGDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	N4US.L	IGDA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	4.17%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	11.86%	+3.61%
Volatility (1Y) Calculated over the trailing 1-year period	19.47%	14.79%	+4.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.48%	17.67%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	17.67%	+0.70%

N4US.L vs. IGDA.L - Expense Ratio Comparison

N4US.L has a 0.19% expense ratio, which is lower than IGDA.L's 0.40% expense ratio.

Dividends

N4US.L vs. IGDA.L - Dividend Comparison

Neither N4US.L nor IGDA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both N4US.L and IGDA.L in my portfolio?

N4US.L and IGDA.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, N4US.L or IGDA.L?

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.

Which ETF is cheaper, N4US.L or IGDA.L?

N4US.L is cheaper with a 0.19% expense ratio, compared with 0.40% for IGDA.L.

What is the main difference between N4US.L and IGDA.L?

N4US.L tracks Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg), while IGDA.L tracks Dow Jones Islamic Market Developed Markets Index. Their fees differ too: 0.19% for N4US.L and 0.40% for IGDA.L.