N4US.L vs. MWOZ.L

Last updated Jul 16, 2026

N4US.L (Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg)) and MWOZ.L (Amundi Prime Global UCITS ETF Dist) are both Global Equities funds - N4US.L tracks the Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) while MWOZ.L tracks the Solactive GBS Developed Markets Large & Mid Cap Index. Both are passively managed. Over the past year, N4US.L returned 50.55% vs 22.34% for MWOZ.L. A 0.66 correlation means they provide meaningful diversification when combined. N4US.L charges 0.19%/yr vs 0.05%/yr for MWOZ.L.

Performance

N4US.L vs. MWOZ.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 Amundi Prime Global UCITS ETF Dist (MWOZ.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

N4US.L is traded in USD, while MWOZ.L is traded in GBP. To make them comparable, the MWOZ.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 22.05% return, which is significantly higher than MWOZ.L's 10.18% 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%

MWOZ.L

• 1D: 0.00%
• 1M: 0.21%
• 6M: 9.01%
• YTD: 10.18%
• 1Y: 22.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
N4US.L Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg)	22.05%	30.40%
MWOZ.L Amundi Prime Global UCITS ETF Dist	10.18%	17.37%

Correlation

The correlation between N4US.L and MWOZ.L is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.66

The correlation between N4US.L and MWOZ.L has been stable across timeframes, ranging from 0.66 to 0.66 - a consistent structural relationship.

Return for Risk

N4US.L vs. MWOZ.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

MWOZ.L

MWOZ.L Risk / Return Rank: 81
MWOZ.L Sharpe Ratio Rank: 81
MWOZ.L Sortino Ratio Rank: 80
MWOZ.L Omega Ratio Rank: 82
MWOZ.L Calmar Ratio Rank: 80
MWOZ.L Martin Ratio Rank: 84

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. MWOZ.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 Amundi Prime Global UCITS ETF Dist (MWOZ.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	MWOZ.L	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.87	+0.71
Sortino ratio: Return per unit of downside risk	3.50	2.77	+0.73
Omega ratio: Gain probability vs. loss probability	1.46	1.33	+0.13
Calmar ratio: Return relative to maximum drawdown	5.38	2.55	+2.84
Martin ratio: Return relative to average drawdown	18.45	10.83	+7.62

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

The current N4US.L Sharpe Ratio is 2.58, which is higher than the MWOZ.L Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of N4US.L and MWOZ.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. MWOZ.L - Drawdown Comparison

The maximum N4US.L drawdown since its inception was -30.94%, which is greater than MWOZ.L's maximum drawdown of -17.73%. Use the drawdown chart below to compare losses from any high point for N4US.L and MWOZ.L.

Drawdown Indicators

	N4US.L	MWOZ.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.94%	-17.73%	-13.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-8.81%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-21.38%	—	—
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%	-0.23%	-1.64%
Average Drawdown Average peak-to-trough decline	-6.78%	-2.00%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.07%	+0.66%

Volatility

N4US.L vs. MWOZ.L - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.L) has a higher volatility of 6.06% compared to Amundi Prime Global UCITS ETF Dist (MWOZ.L) at 3.05%. This indicates that N4US.L's price experiences larger fluctuations and is considered to be riskier than MWOZ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	N4US.L	MWOZ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	3.05%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	9.24%	+6.23%
Volatility (1Y) Calculated over the trailing 1-year period	19.47%	11.99%	+7.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.48%	15.10%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	15.10%	+3.27%

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

N4US.L has a 0.19% expense ratio, which is higher than MWOZ.L's 0.05% expense ratio. However, 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. MWOZ.L - Dividend Comparison

N4US.L has not paid dividends to shareholders, while MWOZ.L's dividend yield for the trailing twelve months is around 1.19%.

Position	TTM	2025
MWOZ.L Amundi Prime Global UCITS ETF Dist	1.19%	1.60%
N4US.L Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg)	0.00%	0.00%

Frequently Asked Questions

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

N4US.L and MWOZ.L have a correlation of 0.66, 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 MWOZ.L?

On fees, MWOZ.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

MWOZ.L is cheaper with a 0.05% expense ratio, compared with 0.19% for N4US.L.

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

N4US.L tracks Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg), while MWOZ.L tracks Solactive GBS Developed Markets Large & Mid Cap Index. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.19% for N4US.L and 0.05% for MWOZ.L.