N4US.L vs. IJPD.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and IJPD.L (iShares MSCI Japan USD Hedged UCITS ETF Accumulating) are both Japan Equities funds - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while IJPD.L tracks the MSCI Japan 100% Hedged to USD Net TR Index. Both are passively managed. Over the past 10 years, N4US.L returned 16.34%/yr vs 15.96%/yr for IJPD.L. With a 0.97 correlation, they move nearly in lockstep. N4US.L charges 0.19%/yr vs 0.64%/yr for IJPD.L.
Performance
N4US.L vs. IJPD.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with N4US.L having a 18.80% return and IJPD.L slightly lower at 18.28%. Both investments have delivered pretty close results over the past 10 years, with N4US.L having a 16.34% annualized return and IJPD.L not far behind at 15.96%.
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%
IJPD.L
- 1D
- -2.48%
- 1M
- -4.39%
- 6M
- 10.41%
- YTD
- 18.28%
- 1Y
- 46.30%
- 3Y*
- 26.92%
- 5Y*
- 21.11%
- 10Y*
- 15.96%
N4US.L vs. IJPD.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% |
IJPD.L iShares MSCI Japan USD Hedged UCITS ETF Accumulating | 18.28% | 29.04% | 24.14% | 35.59% | -3.08% | 12.22% | 10.80% | 18.74% | -14.26% | 20.81% |
Correlation
The correlation between N4US.L and IJPD.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.97 |
The correlation between N4US.L and IJPD.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
N4US.L vs. IJPD.L — Risk / Return Rank
N4US.L
IJPD.L
N4US.L vs. IJPD.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 USD Hedged UCITS ETF Accumulating (IJPD.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 | IJPD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.40 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 4.95 | -0.10 |
| Martin ratioReturn relative to average drawdown | 16.48 | 16.11 | +0.37 |
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Drawdowns
N4US.L vs. IJPD.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, roughly equal to the maximum IJPD.L drawdown of -31.09%. Use the drawdown chart below to compare losses from any high point for N4US.L and IJPD.L.
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Drawdown Indicators
| N4US.L | IJPD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -31.09% | +0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -9.32% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -21.80% | +0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -21.80% | +0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | -31.09% | +0.15% |
Current DrawdownCurrent decline from peak | -4.48% | -6.31% | +1.83% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -6.71% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.87% | -0.12% |
Volatility
N4US.L vs. IJPD.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) is 6.15%, while iShares MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) has a volatility of 6.81%. This indicates that N4US.L experiences smaller price fluctuations and is considered to be less risky than IJPD.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 | IJPD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 6.81% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 16.69% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 20.90% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 19.00% | -0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 18.66% | -0.28% |
N4US.L vs. IJPD.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is lower than IJPD.L's 0.64% expense ratio.
Dividends
N4US.L vs. IJPD.L - Dividend Comparison
Neither N4US.L nor IJPD.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, N4US.L and IJPD.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 0.64% for IJPD.L.
N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while IJPD.L tracks MSCI Japan 100% Hedged to USD Net TR Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for N4US.L and 0.64% for IJPD.L.
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