N4US.L vs. XDJP.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and XDJP.L (Xtrackers Nikkei 225 UCITS ETF 1D) are both Japan Equities funds - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while XDJP.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, N4US.L returned 16.34%/yr vs 11.53%/yr for XDJP.L. A 0.77 correlation means they provide meaningful diversification when combined. N4US.L charges 0.19%/yr vs 0.09%/yr for XDJP.L.
Performance
N4US.L vs. XDJP.L - Performance Comparison
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Different Trading Currencies
N4US.L is traded in USD, while XDJP.L is traded in GBp. To make them comparable, the XDJP.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 18.80% return, which is significantly lower than XDJP.L's 24.35% return. Over the past 10 years, N4US.L has outperformed XDJP.L with an annualized return of 16.34%, while XDJP.L has yielded a comparatively lower 11.53% 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%
XDJP.L
- 1D
- -2.88%
- 1M
- -9.01%
- 6M
- 17.56%
- YTD
- 24.35%
- 1Y
- 49.42%
- 3Y*
- 20.91%
- 5Y*
- 11.18%
- 10Y*
- 11.53%
N4US.L vs. XDJP.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% |
XDJP.L Xtrackers Nikkei 225 UCITS ETF 1D | 24.35% | 30.18% | 7.85% | 21.61% | -19.86% | -4.66% | 25.50% | 21.26% | -8.99% | 25.66% |
Correlation
The correlation between N4US.L and XDJP.L is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.77 |
The correlation between N4US.L and XDJP.L has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.
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Return for Risk
N4US.L vs. XDJP.L — Risk / Return Rank
N4US.L
XDJP.L
N4US.L vs. XDJP.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 Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.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 | XDJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.31 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 3.20 | +1.64 |
| Martin ratioReturn relative to average drawdown | 16.48 | 9.84 | +6.64 |
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Drawdowns
N4US.L vs. XDJP.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum XDJP.L drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for N4US.L and XDJP.L.
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Drawdown Indicators
| N4US.L | XDJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -99.99% | +69.05% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -15.36% | +6.01% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -19.06% | -2.32% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | -33.97% | +12.59% |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | -35.79% | +4.85% |
Current DrawdownCurrent decline from peak | -4.48% | -99.97% | +95.49% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -99.41% | +92.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 5.01% | -2.26% |
Volatility
N4US.L vs. XDJP.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) is 6.15%, while Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.L) has a volatility of 10.29%. This indicates that N4US.L experiences smaller price fluctuations and is considered to be less risky than XDJP.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 | XDJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 10.29% | -4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 22.14% | -6.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 26.92% | -7.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 20.58% | -2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 18.77% | -0.39% |
N4US.L vs. XDJP.L - Expense Ratio Comparison
N4US.L has a 0.19% expense ratio, which is higher than XDJP.L's 0.09% 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. XDJP.L - Dividend Comparison
N4US.L has not paid dividends to shareholders, while XDJP.L's dividend yield for the trailing twelve months is around 1.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XDJP.L Xtrackers Nikkei 225 UCITS ETF 1D | 1.10% | 1.33% | 1.41% | 1.60% | 2.47% | 1.20% | 1.11% | 1.13% | 1.24% | 0.72% | 0.83% | 0.16% |
Frequently Asked Questions
N4US.L and XDJP.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XDJP.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XDJP.L is cheaper with a 0.09% expense ratio, compared with 0.19% for N4US.L.
N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while XDJP.L tracks TOPIX TR JPY. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.19% for N4US.L and 0.09% for XDJP.L.
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