S400.L vs. ^N225
S400.L (Invesco JPX-Nikkei 400 UCITS ETF) is Japan Equities fund tracking the TOPIX TR JPY, while ^N225 (Nikkei 225) is an index. Over the past 10 years, S400.L returned 8.63%/yr vs 9.77%/yr for ^N225. At a 0.45 correlation, their price movements are largely independent.
Performance
S400.L vs. ^N225 - Performance Comparison
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Different Trading Currencies
S400.L is traded in GBp, while ^N225 is traded in JPY. To make them comparable, the ^N225 values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, S400.L achieves a 12.59% return, which is significantly lower than ^N225's 27.83% return. Over the past 10 years, S400.L has underperformed ^N225 with an annualized return of 8.63%, while ^N225 has yielded a comparatively higher 9.77% annualized return.
S400.L
- 1D
- -1.78%
- 1M
- -4.59%
- 6M
- 6.10%
- YTD
- 12.59%
- 1Y
- 28.57%
- 3Y*
- 14.91%
- 5Y*
- 9.42%
- 10Y*
- 8.63%
^N225
- 1D
- 0.00%
- 1M
- -6.75%
- 6M
- 19.73%
- YTD
- 27.83%
- 1Y
- 52.59%
- 3Y*
- 19.37%
- 5Y*
- 10.57%
- 10Y*
- 9.77%
S400.L vs. ^N225 - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
S400.L Invesco JPX-Nikkei 400 UCITS ETF | 12.59% | 17.62% | 8.31% | 13.66% | -5.83% | 0.91% | 12.00% | 14.33% | -9.83% | 14.32% |
^N225 Nikkei 225 | 27.83% | 17.94% | 8.72% | 13.25% | -11.23% | -5.05% | 17.82% | 15.96% | -4.44% | 13.06% |
Correlation
The correlation between S400.L and ^N225 is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2014 | 0.45 |
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Return for Risk
S400.L vs. ^N225 — Risk / Return Rank
S400.L
^N225
S400.L vs. ^N225 - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and Nikkei 225 (^N225). 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.
| S400.L | ^N225 | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.36 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 4.09 | -1.37 |
| Martin ratioReturn relative to average drawdown | 8.44 | 11.19 | -2.75 |
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Drawdowns
S400.L vs. ^N225 - Drawdown Comparison
The maximum S400.L drawdown since its inception was -46.21%, which is greater than ^N225's maximum drawdown of -34.68%. Use the drawdown chart below to compare losses from any high point for S400.L and ^N225.
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Drawdown Indicators
| S400.L | ^N225 | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.21% | -34.68% | -11.53% |
Max Drawdown (1Y)Largest decline over 1 year | -10.45% | -13.44% | +2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -12.83% | -22.75% | +9.92% |
Max Drawdown (5Y)Largest decline over 5 years | -19.34% | -23.10% | +3.76% |
Max Drawdown (10Y)Largest decline over 10 years | -24.69% | -24.67% | -0.02% |
Current DrawdownCurrent decline from peak | -6.64% | -9.90% | +3.26% |
Average DrawdownAverage peak-to-trough decline | -11.72% | -8.54% | -3.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 4.83% | -1.45% |
Volatility
S400.L vs. ^N225 - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) is 5.89%, while Nikkei 225 (^N225) has a volatility of 9.11%. This indicates that S400.L experiences smaller price fluctuations and is considered to be less risky than ^N225 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| S400.L | ^N225 | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.89% | 9.11% | -3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 15.39% | 21.96% | -6.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.39% | 26.36% | -7.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.67% | 23.23% | -7.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.74% | 21.24% | -5.50% |
Frequently Asked Questions
S400.L and ^N225 have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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