NS4E.DE vs. D500.DE

Last updated Jul 4, 2026

NS4E.DE (Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)) and D500.DE (Invesco S&P 500 UCITS ETF Dist) are both exchange-traded funds - NS4E.DE is a Japan Equities fund tracking the JPX-Nikkei Index 400, while D500.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, NS4E.DE returned 15.07%/yr vs 15.08%/yr for D500.DE. A 0.62 correlation means they provide meaningful diversification when combined. NS4E.DE charges 0.19%/yr vs 0.05%/yr for D500.DE.

Performance

NS4E.DE vs. D500.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) and Invesco S&P 500 UCITS ETF Dist (D500.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NS4E.DE achieves a 20.94% return, which is significantly higher than D500.DE's 12.32% return. Both investments have delivered pretty close results over the past 10 years, with NS4E.DE having a 15.07% annualized return and D500.DE not far ahead at 15.08%.

NS4E.DE

• 1D: 0.76%
• 1M: 2.16%
• 6M: 19.66%
• YTD: 20.94%
• 1Y: 46.51%
• 3Y*: 26.09%
• 5Y*: 20.00%
• 10Y*: 15.07%

D500.DE

• 1D: 0.25%
• 1M: 0.66%
• 6M: 13.11%
• YTD: 12.32%
• 1Y: 24.23%
• 3Y*: 18.56%
• 5Y*: 13.91%
• 10Y*: 15.08%

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

NS4E.DE vs. D500.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)	20.94%	27.33%	22.81%	33.35%	-4.26%	10.90%	7.50%	17.31%	-17.52%	19.58%
D500.DE Invesco S&P 500 UCITS ETF Dist	12.32%	4.86%	32.60%	22.69%	-14.08%	41.07%	7.00%	34.87%	-0.84%	6.72%

Correlation

The correlation between NS4E.DE and D500.DE is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 3, 2015	0.62

The correlation between NS4E.DE and D500.DE shifts across timeframes, from 0.51 (3 years) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NS4E.DE vs. D500.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NS4E.DE

NS4E.DE Risk / Return Rank: 90
NS4E.DE Sharpe Ratio Rank: 89
NS4E.DE Sortino Ratio Rank: 89
NS4E.DE Omega Ratio Rank: 88
NS4E.DE Calmar Ratio Rank: 91
NS4E.DE Martin Ratio Rank: 90

D500.DE

D500.DE Risk / Return Rank: 78
D500.DE Sharpe Ratio Rank: 78
D500.DE Sortino Ratio Rank: 77
D500.DE Omega Ratio Rank: 77
D500.DE Calmar Ratio Rank: 79
D500.DE Martin Ratio Rank: 78

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.

NS4E.DE vs. D500.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) and Invesco S&P 500 UCITS ETF Dist (D500.DE). 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.

	NS4E.DE	D500.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.04	+0.38
Sortino ratio: Return per unit of downside risk	3.38	2.81	+0.57
Omega ratio: Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio: Return relative to maximum drawdown	4.83	3.38	+1.45
Martin ratio: Return relative to average drawdown	16.73	11.93	+4.80

NS4E.DE vs. D500.DE - Sharpe Ratio Comparison

The current NS4E.DE Sharpe Ratio is 2.42, which is comparable to the D500.DE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of NS4E.DE and D500.DE, 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

NS4E.DE vs. D500.DE - Drawdown Comparison

The maximum NS4E.DE drawdown since its inception was -35.32%, which is greater than D500.DE's maximum drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for NS4E.DE and D500.DE.

Drawdown Indicators

	NS4E.DE	D500.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.32%	-33.62%	-1.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-7.14%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-20.96%	-23.28%	+2.32%
Max Drawdown (5Y) Largest decline over 5 years	-20.96%	-23.28%	+2.32%
Max Drawdown (10Y) Largest decline over 10 years	-35.32%	-33.62%	-1.70%
Current Drawdown Current decline from peak	-1.49%	-0.64%	-0.85%
Average Drawdown Average peak-to-trough decline	-8.02%	-4.87%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.02%	+0.75%

Volatility

NS4E.DE vs. D500.DE - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) has a higher volatility of 5.77% compared to Invesco S&P 500 UCITS ETF Dist (D500.DE) at 3.67%. This indicates that NS4E.DE's price experiences larger fluctuations and is considered to be riskier than D500.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NS4E.DE	D500.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	3.67%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	15.28%	8.00%	+7.28%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	11.88%	+7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	15.22%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	16.92%	+1.33%

NS4E.DE vs. D500.DE - Expense Ratio Comparison

NS4E.DE has a 0.19% expense ratio, which is higher than D500.DE'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

NS4E.DE vs. D500.DE - Dividend Comparison

NS4E.DE has not paid dividends to shareholders, while D500.DE'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
D500.DE Invesco S&P 500 UCITS ETF Dist	1.10%	1.18%	1.27%	1.54%	1.70%	1.25%	1.62%	1.85%	2.08%	1.67%	1.69%	0.29%
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NS4E.DE and D500.DE in my portfolio?

NS4E.DE and D500.DE have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NS4E.DE or D500.DE?

On fees, D500.DE 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, NS4E.DE or D500.DE?

D500.DE is cheaper with a 0.05% expense ratio, compared with 0.19% for NS4E.DE.

What is the main difference between NS4E.DE and D500.DE?

NS4E.DE is categorized as Japan Equities, while D500.DE is S&P 500. NS4E.DE tracks JPX-Nikkei Index 400, while D500.DE tracks S&P 500 Index. Their fees differ too: 0.19% for NS4E.DE and 0.05% for D500.DE.