S400.L vs. ^N225

Last updated Jun 5, 2026

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 9.95%/yr vs 11.40%/yr for ^N225. At a 0.46 correlation, their price movements are largely independent.

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.

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 15.40% return, which is significantly lower than ^N225's 31.65% return. Over the past 10 years, S400.L has underperformed ^N225 with an annualized return of 9.95%, while ^N225 has yielded a comparatively higher 11.40% annualized return.

S400.L

• 1D: -0.43%
• 1M: 5.05%
• YTD: 15.40%
• 6M: 14.83%
• 1Y: 31.77%
• 3Y*: 15.05%
• 5Y*: 9.97%
• 10Y*: 9.95%

^N225

• 1D: 0.00%
• 1M: 12.70%
• YTD: 31.65%
• 6M: 27.40%
• 1Y: 61.15%
• 3Y*: 18.83%
• 5Y*: 11.00%
• 10Y*: 11.40%

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

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	15.40%	17.62%	8.31%	13.66%	-5.83%	0.91%	12.00%	14.33%	-9.33%	13.69%
^N225 Nikkei 225	31.65%	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 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 16, 2014	0.46

The correlation between S400.L and ^N225 shifts across timeframes, from 0.33 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

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: 57
S400.L Sharpe Ratio Rank: 54
S400.L Sortino Ratio Rank: 55
S400.L Omega Ratio Rank: 58
S400.L Calmar Ratio Rank: 62
S400.L Martin Ratio Rank: 56

^N225

^N225 Risk / Return Rank: 96
^N225 Sharpe Ratio Rank: 95
^N225 Sortino Ratio Rank: 97
^N225 Omega Ratio Rank: 95
^N225 Calmar Ratio Rank: 97
^N225 Martin Ratio Rank: 96

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	1.83	2.77	-0.94
Sortino ratio: Return per unit of downside risk	2.60	3.76	-1.16
Omega ratio: Gain probability vs. loss probability	1.35	1.47	-0.13
Calmar ratio: Return relative to maximum drawdown	3.03	4.90	-1.87
Martin ratio: Return relative to average drawdown	9.75	14.52	-4.76
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 1.83, which is lower than the ^N225 Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of S400.L and ^N225, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	S400.L	^N225	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.77	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.50	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.56	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.35	+0.25

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 -35.55%. 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%	-35.55%	+10.86%
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 Drawdown Current decline from peak	-0.43%	-1.26%	+0.83%
Average Drawdown Average peak-to-trough decline	-5.13%	-8.69%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	4.48%	-1.23%

Volatility

S400.L vs. ^N225 - Volatility Comparison

The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) is 3.99%, while Nikkei 225 (^N225) has a volatility of 6.97%. 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	3.99%	6.97%	-2.98%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	19.36%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.33%	23.82%	-6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	22.77%	-7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	21.18%	-5.38%

Frequently Asked Questions

Can I hold both S400.L and ^N225 in my portfolio?

S400.L and ^N225 have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.