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 9.64%/yr vs 11.25%/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 17.50% return, which is significantly lower than ^N225's 35.93% return. Over the past 10 years, S400.L has underperformed ^N225 with an annualized return of 9.64%, while ^N225 has yielded a comparatively higher 11.25% annualized return.
S400.L
- 1D
- 0.14%
- 1M
- 2.02%
- YTD
- 17.50%
- 6M
- 17.67%
- 1Y
- 36.23%
- 3Y*
- 16.98%
- 5Y*
- 10.22%
- 10Y*
- 9.64%
^N225
- 1D
- 0.00%
- 1M
- 7.00%
- YTD
- 35.93%
- 6M
- 35.64%
- 1Y
- 65.43%
- 3Y*
- 22.38%
- 5Y*
- 11.43%
- 10Y*
- 11.25%
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 | 17.50% | 17.62% | 8.31% | 13.66% | -5.83% | 0.91% | 12.00% | 14.33% | -9.83% | 14.32% |
^N225 Nikkei 225 | 35.93% | 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 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
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 | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.45 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.45 | 4.90 | -1.45 |
| Martin ratioReturn relative to average drawdown | 11.03 | 14.26 | -3.23 |
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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 -35.07%. 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% | -35.07% | -11.14% |
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 | -2.57% | -3.89% | +1.32% |
Average DrawdownAverage peak-to-trough decline | -11.76% | -8.61% | -3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 4.54% | -1.26% |
Volatility
S400.L vs. ^N225 - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) is 5.57%, while Nikkei 225 (^N225) has a volatility of 9.44%. 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 | 5.57% | 9.44% | -3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 14.91% | 20.68% | -5.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.93% | 25.14% | -7.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.58% | 22.99% | -7.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.71% | 21.15% | -5.44% |
Frequently Asked Questions
S400.L and ^N225 have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for S400.L and ^N225
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