S400.L vs. ^N225

Last updated Apr 3, 2026

Compare and contrast key facts about Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and Nikkei 225 (^N225).

S400.L is a passively managed fund by Invesco that tracks the performance of the TOPIX TR JPY. It was launched on Sep 10, 2014.

Performance

S400.L vs. ^N225 - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and Nikkei 225 (^N225). The values are adjusted to include any dividend payments, if applicable.

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	7.84%	17.62%	8.31%	13.66%	-5.83%	0.91%	12.00%	14.33%	-9.33%	13.69%
^N225 Nikkei 225	4.06%	17.94%	8.72%	13.25%	-11.23%	-5.05%	17.82%	15.96%	-4.44%	13.06%

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 7.84% return, which is significantly higher than ^N225's 6.95% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: S400.L at 9.76% and ^N225 at 9.76%.

S400.L

• 1D: -1.35%
• 1M: 0.55%
• YTD: 7.84%
• 6M: 12.32%
• 1Y: 28.76%
• 3Y*: 14.34%
• 5Y*: 8.12%
• 10Y*: 9.76%

^N225

• 1D: 0.00%
• 1M: -4.37%
• YTD: 6.95%
• 6M: 12.48%
• 1Y: 38.37%
• 3Y*: 14.17%
• 5Y*: 5.55%
• 10Y*: 9.76%

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

Return for Risk

S400.L vs. ^N225 — Risk / Return Rank

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

S400.L

S400.L Risk / Return Rank: 82
S400.L Sharpe Ratio Rank: 79
S400.L Sortino Ratio Rank: 80
S400.L Omega Ratio Rank: 76
S400.L Calmar Ratio Rank: 88
S400.L Martin Ratio Rank: 87

^N225

^N225 Risk / Return Rank: 90
^N225 Sharpe Ratio Rank: 93
^N225 Sortino Ratio Rank: 97
^N225 Omega Ratio Rank: 93
^N225 Calmar Ratio Rank: 81
^N225 Martin Ratio Rank: 84

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.

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.

	S400.L	^N225	Difference
Sharpe ratio Return per unit of total volatility	1.56	1.59	-0.03
Sortino ratio Return per unit of downside risk	2.17	2.32	-0.14
Omega ratio Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio Return relative to maximum drawdown	3.29	2.00	+1.28
Martin ratio Return relative to average drawdown	12.03	6.39	+5.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

S400.L vs. ^N225 - Sharpe Ratio Comparison

The current S400.L Sharpe Ratio is 1.56, which is comparable to the ^N225 Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of S400.L and ^N225, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	S400.L	^N225	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	1.59	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.25	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.48	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.30	+0.27

Correlation

The correlation between S400.L and ^N225 is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

S400.L vs. ^N225 - Drawdown Comparison

The maximum S400.L drawdown since its inception was -24.69%, smaller than the maximum ^N225 drawdown of -36.70%. Use the drawdown chart below to compare losses from any high point for S400.L and ^N225.

Drawdown Indicators

	S400.L	^N225	Difference
Max Drawdown Largest peak-to-trough decline	-24.69%	-81.87%	+57.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.45%	-13.23%	+2.78%
Max Drawdown (5Y) Largest decline over 5 years	-19.34%	-26.26%	+6.92%
Max Drawdown (10Y) Largest decline over 10 years	-24.69%	-31.80%	+7.11%
Current Drawdown Current decline from peak	-6.71%	-9.73%	+3.02%
Average Drawdown Average peak-to-trough decline	-5.15%	-34.31%	+29.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	4.63%	-1.78%

Volatility

S400.L vs. ^N225 - Volatility Comparison

The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) is 7.85%, while Nikkei 225 (^N225) has a volatility of 11.16%. 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.

Volatility by Period

	S400.L	^N225	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.85%	11.16%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	18.75%	-4.75%
Volatility (1Y) Calculated over the trailing 1-year period	18.38%	26.54%	-8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	22.44%	-7.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	21.08%	-5.23%