N4US.L vs. N400.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and N400.L (Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc)) are both Japan Equities funds from Invesco - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while N400.L tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 10 years, N4US.L returned 16.34%/yr vs 8.89%/yr for N400.L. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.
Performance
N4US.L vs. N400.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 N400.L's 12.82% return. Over the past 10 years, N4US.L has outperformed N400.L with an annualized return of 16.34%, while N400.L has yielded a comparatively lower 8.89% 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%
N400.L
- 1D
- -1.96%
- 1M
- -4.21%
- 6M
- 6.64%
- YTD
- 12.82%
- 1Y
- 28.96%
- 3Y*
- 16.02%
- 5Y*
- 8.89%
- 10Y*
- 8.89%
N4US.L vs. N400.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% |
N400.L Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) | 12.82% | 25.87% | 6.53% | 20.26% | -15.79% | -0.37% | 15.93% | 17.97% | -14.20% | 24.80% |
Correlation
The correlation between N4US.L and N400.L is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.83 |
The correlation between N4US.L and N400.L has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.
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Return for Risk
N4US.L vs. N400.L — Risk / Return Rank
N4US.L
N400.L
N4US.L vs. N400.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 Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.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 | N400.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.26 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 2.45 | +2.39 |
| Martin ratioReturn relative to average drawdown | 16.48 | 8.00 | +8.48 |
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Drawdowns
N4US.L vs. N400.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum N400.L drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for N4US.L and N400.L.
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Drawdown Indicators
| N4US.L | N400.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -32.66% | +1.72% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -11.77% | +2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -14.55% | -6.83% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -32.66% | +11.28% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | -32.66% | +1.72% |
Current DrawdownCurrent decline from peak | -4.48% | -5.24% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -8.10% | +1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 3.61% | -0.86% |
Volatility
N4US.L vs. N400.L - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) and Invesco JPX-Nikkei 400 UCITS ETF JPY (Acc) (N400.L) have volatilities of 6.15% and 6.36%, 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.
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Volatility by Period
| N4US.L | N400.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 6.36% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 17.44% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 20.69% | -1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 17.96% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 16.94% | +1.44% |
N4US.L vs. N400.L - Expense Ratio Comparison
Both N4US.L and N400.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
N4US.L vs. N400.L - Dividend Comparison
Neither N4US.L nor N400.L has paid dividends to shareholders.
Frequently Asked Questions
N4US.L and N400.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
N4US.L and N400.L have the same expense ratio: 0.19% per year.
N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while N400.L tracks JPX-Nikkei Index 400.
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