N4US.L vs. SGLP.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg)) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - N4US.L is a Global Equities fund tracking the Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg), while SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 10 years, N4US.L returned 16.63%/yr vs 11.66%/yr for SGLP.L. At a correlation of -0.12, they often move in opposite directions. N4US.L charges 0.19%/yr vs 0.12%/yr for SGLP.L.
Performance
N4US.L vs. SGLP.L - Performance Comparison
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Different Trading Currencies
N4US.L is traded in USD, while SGLP.L is traded in GBp. To make them comparable, the SGLP.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 SGLP.L's -5.78% return. Over the past 10 years, N4US.L has outperformed SGLP.L with an annualized return of 16.63%, while SGLP.L has yielded a comparatively lower 11.66% annualized 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%
SGLP.L
- 1D
- -0.48%
- 1M
- -6.63%
- 6M
- -12.10%
- YTD
- -5.78%
- 1Y
- 21.95%
- 3Y*
- 27.42%
- 5Y*
- 17.42%
- 10Y*
- 11.66%
N4US.L vs. SGLP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
N4US.L Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) | 22.05% | 30.25% | 23.77% | 35.97% | -1.05% | 11.18% | 10.79% | 19.49% | -15.75% | 22.99% |
SGLP.L Invesco Physical Gold A | -5.78% | 65.19% | 26.00% | 12.92% | -0.12% | -3.76% | 23.67% | 19.25% | -1.60% | 11.32% |
Correlation
The correlation between N4US.L and SGLP.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | -0.12 |
The correlation between N4US.L and SGLP.L shifts across timeframes, from -0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
N4US.L vs. SGLP.L — Risk / Return Rank
N4US.L
SGLP.L
N4US.L vs. SGLP.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 Invesco Physical Gold A (SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.17 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 5.38 | 0.89 | +4.49 |
| Martin ratioReturn relative to average drawdown | 18.45 | 2.17 | +16.28 |
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Drawdowns
N4US.L vs. SGLP.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum SGLP.L drawdown of -66.38%. Use the drawdown chart below to compare losses from any high point for N4US.L and SGLP.L.
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Drawdown Indicators
| N4US.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -66.38% | +35.44% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -24.56% | +15.21% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -24.56% | +3.18% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -24.56% | +3.18% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | -24.56% | -6.38% |
Current DrawdownCurrent decline from peak | -1.87% | -23.56% | +21.69% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -39.67% | +32.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 10.07% | -7.34% |
Volatility
N4US.L vs. SGLP.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg) (N4US.L) is 6.06%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.96%. This indicates that N4US.L experiences smaller price fluctuations and is considered to be less risky than SGLP.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 | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.06% | 6.96% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 15.47% | 21.96% | -6.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.47% | 25.49% | -6.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.48% | 22.80% | -4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 18.84% | -0.47% |
N4US.L vs. SGLP.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is higher than SGLP.L's 0.12% 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. SGLP.L - Dividend Comparison
Neither N4US.L nor SGLP.L has paid dividends to shareholders.
Frequently Asked Questions
N4US.L and SGLP.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.19% for N4US.L.
N4US.L is categorized as Global Equities, while SGLP.L is Gold. N4US.L tracks Invesco JPX-Nikkei 400 UCITS ETF (USD Hdg), while SGLP.L tracks Gold. Their fees differ too: 0.19% for N4US.L and 0.12% for SGLP.L.
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