S400.L vs. IDJP.L
S400.L (Invesco JPX-Nikkei 400 UCITS ETF) and IDJP.L (iShares MSCI Japan Small Cap UCITS ETF USD (Dist)) are both Japan Equities funds - S400.L tracks the TOPIX TR JPY while IDJP.L tracks the MSCI Japan Small Cap Index (Net). Both are passively managed. Over the past 10 years, S400.L returned 8.63%/yr vs 7.42%/yr for IDJP.L. Their correlation of 0.83 suggests significant overlap in exposure. S400.L charges 0.19%/yr vs 0.58%/yr for IDJP.L.
Performance
S400.L vs. IDJP.L - Performance Comparison
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Different Trading Currencies
S400.L is traded in GBp, while IDJP.L is traded in USD. To make them comparable, the IDJP.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 IDJP.L slightly higher at 12.78%. Over the past 10 years, S400.L has outperformed IDJP.L with an annualized return of 8.63%, while IDJP.L has yielded a comparatively lower 7.42% annualized return.
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%
IDJP.L
- 1D
- -2.22%
- 1M
- -4.14%
- 6M
- 7.39%
- YTD
- 12.78%
- 1Y
- 25.89%
- 3Y*
- 14.74%
- 5Y*
- 7.72%
- 10Y*
- 7.42%
S400.L vs. IDJP.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% |
IDJP.L iShares MSCI Japan Small Cap UCITS ETF USD (Dist) | 12.78% | 20.45% | 5.13% | 7.85% | -2.29% | -2.37% | 4.96% | 13.19% | -11.81% | 20.31% |
Correlation
The correlation between S400.L and IDJP.L is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2014 | 0.83 |
The correlation between S400.L and IDJP.L has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.
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Return for Risk
S400.L vs. IDJP.L — Risk / Return Rank
S400.L
IDJP.L
S400.L vs. IDJP.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 Small Cap UCITS ETF USD (Dist) (IDJP.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 | IDJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.22 | +0.50 |
| Martin ratioReturn relative to average drawdown | 8.44 | 7.18 | +1.26 |
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Drawdowns
S400.L vs. IDJP.L - Drawdown Comparison
The maximum S400.L drawdown since its inception was -46.21%, which is greater than IDJP.L's maximum drawdown of -31.52%. Use the drawdown chart below to compare losses from any high point for S400.L and IDJP.L.
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Drawdown Indicators
| S400.L | IDJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.21% | -31.52% | -14.69% |
Max Drawdown (1Y)Largest decline over 1 year | -10.45% | -11.59% | +1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -12.83% | -11.59% | -1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -19.34% | -21.29% | +1.95% |
Max Drawdown (10Y)Largest decline over 10 years | -24.69% | -30.85% | +6.16% |
Current DrawdownCurrent decline from peak | -6.64% | -5.69% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -11.72% | -6.72% | -5.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 3.60% | -0.22% |
Volatility
S400.L vs. IDJP.L - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF (S400.L) has a higher volatility of 5.89% compared to iShares MSCI Japan Small Cap UCITS ETF USD (Dist) (IDJP.L) at 5.53%. This indicates that S400.L's price experiences larger fluctuations and is considered to be riskier than IDJP.L 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 | IDJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.89% | 5.53% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 15.39% | 15.50% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.39% | 17.53% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.67% | 15.17% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.74% | 16.47% | -0.73% |
S400.L vs. IDJP.L - Expense Ratio Comparison
S400.L has a 0.19% expense ratio, which is lower than IDJP.L's 0.58% expense ratio.
Dividends
S400.L vs. IDJP.L - Dividend Comparison
S400.L has not paid dividends to shareholders, while IDJP.L's dividend yield for the trailing twelve months is around 1.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDJP.L iShares MSCI Japan Small Cap UCITS ETF USD (Dist) | 1.00% | 1.77% | 1.77% | 1.77% | 2.08% | 1.55% | 1.48% | 1.47% | 1.45% | 1.21% | 1.20% | 0.72% |
S400.L Invesco JPX-Nikkei 400 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
S400.L and IDJP.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
S400.L is cheaper with a 0.19% expense ratio, compared with 0.58% for IDJP.L.
S400.L tracks TOPIX TR JPY, while IDJP.L tracks MSCI Japan Small Cap Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for S400.L and 0.58% for IDJP.L.
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