N4US.L vs. VJPU.L

Last updated Jul 18, 2026

N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and VJPU.L (Vanguard FTSE Japan UCITS ETF USD Hedged Acc) are both Japan Equities funds - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while VJPU.L tracks the FTSE Japan (USD Hedged). Both are passively managed. Over the past 5 years, N4US.L returned 21.88%/yr vs 21.55%/yr for VJPU.L. With a 0.98 correlation, they move nearly in lockstep. N4US.L charges 0.19%/yr vs 0.20%/yr for VJPU.L.

Performance

N4US.L vs. VJPU.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 Vanguard FTSE Japan UCITS ETF USD Hedged Acc (VJPU.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with N4US.L having a 18.80% return and VJPU.L slightly lower at 18.13%.

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%

VJPU.L

• 1D: -2.11%
• 1M: -3.69%
• 6M: 10.66%
• YTD: 18.13%
• 1Y: 46.51%
• 3Y*: 27.54%
• 5Y*: 21.55%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)	18.80%	30.25%	23.77%	35.97%	-1.05%	11.18%	12.08%
VJPU.L Vanguard FTSE Japan UCITS ETF USD Hedged Acc	18.13%	31.51%	23.81%	35.67%	-2.33%	12.22%	11.64%

Correlation

The correlation between N4US.L and VJPU.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 31, 2020	0.98

The correlation between N4US.L and VJPU.L has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

N4US.L vs. VJPU.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

VJPU.L

VJPU.L Risk / Return Rank: 89
VJPU.L Sharpe Ratio Rank: 89
VJPU.L Sortino Ratio Rank: 87
VJPU.L Omega Ratio Rank: 86
VJPU.L Calmar Ratio Rank: 93
VJPU.L Martin Ratio Rank: 91

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. VJPU.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 Vanguard FTSE Japan UCITS ETF USD Hedged Acc (VJPU.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	VJPU.L	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.32	0.00
Sortino ratio: Return per unit of downside risk	3.18	3.19	-0.01
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	4.84	4.84	0.00
Martin ratio: Return relative to average drawdown	16.48	16.40	+0.09

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

The current N4US.L Sharpe Ratio is 2.32, which is comparable to the VJPU.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of N4US.L and VJPU.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. VJPU.L - Drawdown Comparison

The maximum N4US.L drawdown since its inception was -30.94%, which is greater than VJPU.L's maximum drawdown of -27.53%. Use the drawdown chart below to compare losses from any high point for N4US.L and VJPU.L.

Drawdown Indicators

	N4US.L	VJPU.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.94%	-27.53%	-3.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-9.57%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-21.38%	-21.44%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-21.38%	-21.44%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	-30.94%	—	—
Current Drawdown Current decline from peak	-4.48%	-5.55%	+1.07%
Average Drawdown Average peak-to-trough decline	-6.78%	-4.11%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.83%	-0.08%

Volatility

N4US.L vs. VJPU.L - Volatility Comparison

The current volatility for Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) is 6.15%, while Vanguard FTSE Japan UCITS ETF USD Hedged Acc (VJPU.L) has a volatility of 6.52%. This indicates that N4US.L experiences smaller price fluctuations and is considered to be less risky than VJPU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	N4US.L	VJPU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	6.52%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	16.00%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	19.57%	20.00%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	18.53%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	19.60%	-1.22%

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

N4US.L has a 0.19% expense ratio, which is lower than VJPU.L's 0.20% 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. VJPU.L - Dividend Comparison

Neither N4US.L nor VJPU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.98, N4US.L and VJPU.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, N4US.L or VJPU.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 VJPU.L?

N4US.L is cheaper with a 0.19% expense ratio, compared with 0.20% for VJPU.L.

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

N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while VJPU.L tracks FTSE Japan (USD Hedged). They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.19% for N4US.L and 0.20% for VJPU.L.