N4US.L vs. JPNL.L

Last updated Jul 18, 2026

N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) are both Japan Equities funds - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while JPNL.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, N4US.L returned 16.34%/yr vs 8.58%/yr for JPNL.L. A 0.79 correlation means they provide meaningful diversification when combined. N4US.L charges 0.19%/yr vs 0.45%/yr for JPNL.L.

Performance

N4US.L vs. JPNL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) and Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

N4US.L is traded in USD, while JPNL.L is traded in GBp. To make them comparable, the JPNL.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 JPNL.L's 12.02% return. Over the past 10 years, N4US.L has outperformed JPNL.L with an annualized return of 16.34%, while JPNL.L has yielded a comparatively lower 8.58% 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%

JPNL.L

• 1D: -2.09%
• 1M: -3.21%
• 6M: 5.96%
• YTD: 12.02%
• 1Y: 28.52%
• 3Y*: 15.93%
• 5Y*: 8.51%
• 10Y*: 8.58%

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

N4US.L vs. JPNL.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%
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	12.02%	26.86%	5.96%	18.99%	-15.85%	-0.07%	13.62%	17.80%	-14.95%	25.83%

Correlation

The correlation between N4US.L and JPNL.L is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015	0.79

The correlation between N4US.L and JPNL.L has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.

Return for Risk

N4US.L vs. JPNL.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: 90
N4US.L Sharpe Ratio Rank: 90
N4US.L Sortino Ratio Rank: 89
N4US.L Omega Ratio Rank: 88
N4US.L Calmar Ratio Rank: 93
N4US.L Martin Ratio Rank: 92

JPNL.L

JPNL.L Risk / Return Rank: 61
JPNL.L Sharpe Ratio Rank: 59
JPNL.L Sortino Ratio Rank: 58
JPNL.L Omega Ratio Rank: 60
JPNL.L Calmar Ratio Rank: 69
JPNL.L Martin Ratio Rank: 60

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. JPNL.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 Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.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	JPNL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.43	+0.89
Sortino ratio: Return per unit of downside risk	3.18	2.07	+1.11
Omega ratio: Gain probability vs. loss probability	1.42	1.27	+0.15
Calmar ratio: Return relative to maximum drawdown	4.84	2.27	+2.57
Martin ratio: Return relative to average drawdown	16.48	7.42	+9.06

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

The current N4US.L Sharpe Ratio is 2.32, which is higher than the JPNL.L Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of N4US.L and JPNL.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. JPNL.L - Drawdown Comparison

The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum JPNL.L drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for N4US.L and JPNL.L.

Drawdown Indicators

	N4US.L	JPNL.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.94%	-56.90%	+25.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-12.48%	+3.13%
Max Drawdown (3Y) Largest decline over 3 years	-21.38%	-14.35%	-7.03%
Max Drawdown (5Y) Largest decline over 5 years	-21.38%	-32.52%	+11.14%
Max Drawdown (10Y) Largest decline over 10 years	-30.94%	-32.52%	+1.58%
Current Drawdown Current decline from peak	-4.48%	-4.93%	+0.45%
Average Drawdown Average peak-to-trough decline	-6.78%	-20.69%	+13.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.83%	-1.08%

Volatility

N4US.L vs. JPNL.L - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) and Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) have volatilities of 6.15% and 6.17%, 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.

Volatility by Period

	N4US.L	JPNL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	6.17%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	16.49%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	19.57%	19.93%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	17.69%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	16.89%	+1.49%

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

N4US.L has a 0.19% expense ratio, which is lower than JPNL.L's 0.45% expense ratio.

Dividends

N4US.L vs. JPNL.L - Dividend Comparison

N4US.L has not paid dividends to shareholders, while JPNL.L's dividend yield for the trailing twelve months is around 0.64%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	0.64%	0.71%	0.73%	1.23%	1.83%	1.37%	1.14%	2.01%	1.84%	1.43%	1.97%	1.77%
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

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

N4US.L and JPNL.L have a correlation of 0.87, 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 JPNL.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 JPNL.L?

N4US.L is cheaper with a 0.19% expense ratio, compared with 0.45% for JPNL.L.

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

N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while JPNL.L tracks TOPIX TR JPY. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.19% for N4US.L and 0.45% for JPNL.L.