S400.L vs. CJPU.L
S400.L (Invesco JPX-Nikkei 400 UCITS ETF) and CJPU.L (iShares MSCI Japan UCITS ETF USD (Acc)) are both Japan Equities funds - S400.L tracks the TOPIX TR JPY while CJPU.L tracks the MSCI Japan Index (Net). Both are passively managed. Over the past 10 years, S400.L returned 8.63%/yr vs 8.56%/yr for CJPU.L. Their correlation of 0.84 suggests significant overlap in exposure. S400.L charges 0.19%/yr vs 0.12%/yr for CJPU.L.
Performance
S400.L vs. CJPU.L - Performance Comparison
Loading charts...
Different Trading Currencies
S400.L is traded in GBp, while CJPU.L is traded in USD. To make them comparable, the CJPU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with S400.L having a 12.59% return and CJPU.L slightly higher at 12.60%. Both investments have delivered pretty close results over the past 10 years, with S400.L having a 8.63% annualized return and CJPU.L not far behind at 8.56%.
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%
CJPU.L
- 1D
- -2.34%
- 1M
- -6.86%
- 6M
- 5.58%
- YTD
- 12.60%
- 1Y
- 30.09%
- 3Y*
- 14.94%
- 5Y*
- 9.18%
- 10Y*
- 8.56%
S400.L vs. CJPU.L - 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% |
CJPU.L iShares MSCI Japan UCITS ETF USD (Acc) | 12.60% | 17.14% | 9.20% | 14.24% | -7.49% | 1.45% | 12.67% | 13.16% | -8.37% | 13.37% |
Correlation
The correlation between S400.L and CJPU.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2014 | 0.84 |
The correlation between S400.L and CJPU.L shifts across timeframes, from 0.84 (all time) to 0.95 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
S400.L vs. CJPU.L — Risk / Return Rank
S400.L
CJPU.L
S400.L vs. CJPU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L). 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 | CJPU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.27 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.84 | -0.12 |
| Martin ratioReturn relative to average drawdown | 8.44 | 8.61 | -0.17 |
Loading charts...
Drawdowns
S400.L vs. CJPU.L - Drawdown Comparison
The maximum S400.L drawdown since its inception was -46.21%, which is greater than CJPU.L's maximum drawdown of -24.62%. Use the drawdown chart below to compare losses from any high point for S400.L and CJPU.L.
Loading charts...
Drawdown Indicators
| S400.L | CJPU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.21% | -24.62% | -21.59% |
Max Drawdown (1Y)Largest decline over 1 year | -10.45% | -10.54% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -12.83% | -14.29% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -19.34% | -18.51% | -0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -24.69% | -24.62% | -0.07% |
Current DrawdownCurrent decline from peak | -6.64% | -8.44% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -11.72% | -6.35% | -5.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 3.49% | -0.11% |
Volatility
S400.L vs. CJPU.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) is 5.89%, while iShares MSCI Japan UCITS ETF USD (Acc) (CJPU.L) has a volatility of 6.83%. This indicates that S400.L experiences smaller price fluctuations and is considered to be less risky than CJPU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| S400.L | CJPU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.89% | 6.83% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 15.39% | 17.53% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.39% | 20.79% | -2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.67% | 17.07% | -1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.74% | 16.77% | -1.03% |
S400.L vs. CJPU.L - Expense Ratio Comparison
S400.L has a 0.19% expense ratio, which is higher than CJPU.L's 0.12% 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
S400.L vs. CJPU.L - Dividend Comparison
Neither S400.L nor CJPU.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, S400.L and CJPU.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, CJPU.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CJPU.L is cheaper with a 0.12% expense ratio, compared with 0.19% for S400.L.
S400.L tracks TOPIX TR JPY, while CJPU.L tracks MSCI Japan Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for S400.L and 0.12% for CJPU.L.
Find the right allocation for S400.L and CJPU.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer