S400.L vs. CSJP.L

Last updated Jun 5, 2026

S400.L (Invesco JPX-Nikkei 400 UCITS ETF) and CSJP.L (iShares MSCI Japan UCITS ETF USD (Acc)) are both Japan Equities funds tracking the TOPIX TR JPY, from Invesco and iShares respectively. Both are passively managed. Over the past 10 years, S400.L returned 9.95%/yr vs 10.09%/yr for CSJP.L. With a 0.98 correlation, they move nearly in lockstep. S400.L charges 0.19%/yr vs 0.48%/yr for CSJP.L.

Performance

S400.L vs. CSJP.L - Performance Comparison

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

Returns By Period

In the year-to-date period, S400.L achieves a 15.40% return, which is significantly lower than CSJP.L's 16.41% return. Both investments have delivered pretty close results over the past 10 years, with S400.L having a 9.95% annualized return and CSJP.L not far ahead at 10.09%.

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%

CSJP.L

• 1D: -0.24%
• 1M: 6.26%
• YTD: 16.41%
• 6M: 15.60%
• 1Y: 34.17%
• 3Y*: 15.57%
• 5Y*: 10.06%
• 10Y*: 10.09%

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

S400.L vs. CSJP.L - 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%
CSJP.L iShares MSCI Japan UCITS ETF USD (Acc)	16.41%	17.48%	9.01%	13.68%	-7.33%	1.76%	12.16%	13.94%	-8.52%	13.00%

Correlation

The correlation between S400.L and CSJP.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 16, 2014	0.98

The correlation between S400.L and CSJP.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

S400.L vs. CSJP.L - Sectors Allocation Comparison

Sectors	S400.L	CSJP.L
Industrials	27.6%	24.5%
Technology	19.6%	20.8%
Financial Services	13.9%	17.8%
Consumer Cyclical	10.9%	11.9%
Communication Services	6.7%	8.8%
Healthcare	6.3%	5.9%
Basic Materials	5.3%	3.0%
Consumer Defensive	4.6%	3.5%
Real Estate	2.4%	1.9%
Utilities	1.5%	1.0%
Energy	1.2%	1.0%

Return for Risk

S400.L vs. CSJP.L — 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

CSJP.L

CSJP.L Risk / Return Rank: 59
CSJP.L Sharpe Ratio Rank: 55
CSJP.L Sortino Ratio Rank: 57
CSJP.L Omega Ratio Rank: 59
CSJP.L Calmar Ratio Rank: 66
CSJP.L Martin Ratio Rank: 59

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. CSJP.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) (CSJP.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.

	S400.L	CSJP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.85	-0.03
Sortino ratio: Return per unit of downside risk	2.60	2.66	-0.06
Omega ratio: Gain probability vs. loss probability	1.35	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	3.03	3.24	-0.22
Martin ratio: Return relative to average drawdown	9.75	10.33	-0.57
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. CSJP.L - Sharpe Ratio Comparison

The current S400.L Sharpe Ratio is 1.83, which is comparable to the CSJP.L Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of S400.L and CSJP.L, 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	CSJP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.85	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.63	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.63	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.63	-0.03

Drawdowns

S400.L vs. CSJP.L - Drawdown Comparison

The maximum S400.L drawdown since its inception was -24.69%, roughly equal to the maximum CSJP.L drawdown of -24.31%. Use the drawdown chart below to compare losses from any high point for S400.L and CSJP.L.

Drawdown Indicators

	S400.L	CSJP.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.69%	-24.31%	-0.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.45%	-10.49%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-12.83%	-14.32%	+1.49%
Max Drawdown (5Y) Largest decline over 5 years	-19.34%	-18.68%	-0.66%
Max Drawdown (10Y) Largest decline over 10 years	-24.69%	-24.31%	-0.38%
Current Drawdown Current decline from peak	-0.43%	-0.24%	-0.19%
Average Drawdown Average peak-to-trough decline	-5.13%	-6.10%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.30%	-0.05%

Volatility

S400.L vs. CSJP.L - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (S400.L) has a higher volatility of 3.99% compared to iShares MSCI Japan UCITS ETF USD (Acc) (CSJP.L) at 3.77%. This indicates that S400.L's price experiences larger fluctuations and is considered to be riskier than CSJP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	S400.L	CSJP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	3.77%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	14.90%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.33%	18.35%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	15.88%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	15.96%	-0.16%

S400.L vs. CSJP.L - Expense Ratio Comparison

S400.L has a 0.19% expense ratio, which is lower than CSJP.L's 0.48% expense ratio.

Dividends

S400.L vs. CSJP.L - Dividend Comparison

Neither S400.L nor CSJP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.98, S400.L and CSJP.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.

Which ETF is better, S400.L or CSJP.L?

On fees, S400.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, S400.L or CSJP.L?

S400.L is cheaper with a 0.19% expense ratio, compared with 0.48% for CSJP.L.

What is the main difference between S400.L and CSJP.L?

Both ETFs track TOPIX TR JPY. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for S400.L and 0.48% for CSJP.L.