N4US.L vs. IJPE.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and IJPE.L (iShares MSCI Japan EUR Hedged UCITS ETF Accumulating) are both Japan Equities funds - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while IJPE.L tracks the MSCI Japan Index. Both are passively managed. Over the past 10 years, N4US.L returned 16.34%/yr vs 14.15%/yr for IJPE.L. Their correlation of 0.88 suggests significant overlap in exposure. N4US.L charges 0.19%/yr vs 0.64%/yr for IJPE.L.
Performance
N4US.L vs. IJPE.L - Performance Comparison
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Different Trading Currencies
N4US.L is traded in USD, while IJPE.L is traded in EUR. To make them comparable, the IJPE.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 higher than IJPE.L's 13.81% return. Over the past 10 years, N4US.L has outperformed IJPE.L with an annualized return of 16.34%, while IJPE.L has yielded a comparatively lower 14.15% 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%
IJPE.L
- 1D
- -2.41%
- 1M
- -4.81%
- 6M
- 7.70%
- YTD
- 13.81%
- 1Y
- 41.31%
- 3Y*
- 25.49%
- 5Y*
- 18.17%
- 10Y*
- 14.15%
N4US.L vs. IJPE.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% |
IJPE.L iShares MSCI Japan EUR Hedged UCITS ETF Accumulating | 13.81% | 44.44% | 14.53% | 37.02% | -11.11% | 3.87% | 18.57% | 13.15% | -20.81% | 35.54% |
Correlation
The correlation between N4US.L and IJPE.L is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.88 |
The correlation between N4US.L and IJPE.L has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
N4US.L vs. IJPE.L — Risk / Return Rank
N4US.L
IJPE.L
N4US.L vs. IJPE.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 EUR Hedged UCITS ETF Accumulating (IJPE.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 | IJPE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.34 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 3.44 | +1.41 |
| Martin ratioReturn relative to average drawdown | 16.48 | 11.26 | +5.22 |
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Drawdowns
N4US.L vs. IJPE.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum IJPE.L drawdown of -40.48%. Use the drawdown chart below to compare losses from any high point for N4US.L and IJPE.L.
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Drawdown Indicators
| N4US.L | IJPE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -40.48% | +9.54% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -11.96% | +2.61% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -20.61% | -0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -27.70% | +6.32% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | -40.48% | +9.54% |
Current DrawdownCurrent decline from peak | -4.48% | -6.49% | +2.01% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -11.56% | +4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 3.66% | -0.91% |
Volatility
N4US.L vs. IJPE.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 EUR Hedged UCITS ETF Accumulating (IJPE.L) has a volatility of 7.63%. This indicates that N4US.L experiences smaller price fluctuations and is considered to be less risky than IJPE.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 | IJPE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 7.63% | -1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 17.88% | -2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 22.21% | -2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 20.97% | -2.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 19.99% | -1.61% |
N4US.L vs. IJPE.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is lower than IJPE.L's 0.64% expense ratio.
Dividends
N4US.L vs. IJPE.L - Dividend Comparison
Neither N4US.L nor IJPE.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, N4US.L and IJPE.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 IJPE.L.
N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while IJPE.L tracks MSCI Japan Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for N4US.L and 0.64% for IJPE.L.
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