N4US.L vs. JREI.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and JREI.L (JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist)) are both Japan Equities funds. N4US.L is passively managed, while JREI.L is actively managed. Over the past 3 years, N4US.L returned 27.49%/yr vs 15.87%/yr for JREI.L. A 0.78 correlation means they provide meaningful diversification when combined. N4US.L charges 0.19%/yr vs 0.25%/yr for JREI.L.
Performance
N4US.L vs. JREI.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 JREI.L's 12.43% 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%
JREI.L
- 1D
- -2.47%
- 1M
- -5.81%
- 6M
- 5.94%
- YTD
- 12.43%
- 1Y
- 29.18%
- 3Y*
- 15.87%
- 5Y*
- —
- 10Y*
- —
N4US.L vs. JREI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.80% | 30.25% | 23.77% | 35.97% | -0.35% |
JREI.L JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) | 12.43% | 24.16% | 7.95% | 20.04% | -10.89% |
Correlation
The correlation between N4US.L and JREI.L is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2022 | 0.78 |
The correlation between N4US.L and JREI.L shifts across timeframes, from 0.78 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
N4US.L vs. JREI.L — Risk / Return Rank
N4US.L
JREI.L
N4US.L vs. JREI.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 JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JREI.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 | JREI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.25 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 2.37 | +2.47 |
| Martin ratioReturn relative to average drawdown | 16.48 | 7.57 | +8.91 |
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Drawdowns
N4US.L vs. JREI.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, which is greater than JREI.L's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for N4US.L and JREI.L.
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Drawdown Indicators
| N4US.L | JREI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -21.64% | -9.30% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -12.26% | +2.91% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -14.85% | -6.53% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | — | — |
Current DrawdownCurrent decline from peak | -4.48% | -7.48% | +3.00% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -5.13% | -1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 3.84% | -1.09% |
Volatility
N4US.L vs. JREI.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) is 6.15%, while JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JREI.L) has a volatility of 7.31%. This indicates that N4US.L experiences smaller price fluctuations and is considered to be less risky than JREI.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 | JREI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 7.31% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 18.19% | -2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 21.73% | -2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 18.59% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 18.59% | -0.21% |
N4US.L vs. JREI.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is lower than JREI.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
N4US.L vs. JREI.L - Dividend Comparison
N4US.L has not paid dividends to shareholders, while JREI.L's dividend yield for the trailing twelve months is around 1.53%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
JREI.L JPM Japan Research Enhanced Index Equity Active UCITS ETF USD (Dist) | 1.53% | 1.76% | 1.58% | 1.66% | 2.01% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
N4US.L and JREI.L have a correlation of 0.90, 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 0.25% for JREI.L.
They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.19% for N4US.L and 0.25% for JREI.L.
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