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S400.L vs. IJPH.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

S400.L vs. IJPH.L

Last updated Jun 5, 2026

S400.L (Invesco JPX-Nikkei 400 UCITS ETF) and IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) are both Japan Equities funds - S400.L tracks the TOPIX TR JPY while IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index. Both are passively managed. Over the past 10 years, S400.L returned 9.95%/yr vs 14.77%/yr for IJPH.L. A 0.77 correlation means they provide meaningful diversification when combined. S400.L charges 0.19%/yr vs 0.64%/yr for IJPH.L.

Performance

S400.L vs. IJPH.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 GBP Hedged UCITS ETF (IJPH.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

S400.L is traded in GBp, while IJPH.L is traded in GBP. To make them comparable, the IJPH.L 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 IJPH.L's 19.91% return. Over the past 10 years, S400.L has underperformed IJPH.L with an annualized return of 9.95%, while IJPH.L has yielded a comparatively higher 14.77% 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%

IJPH.L

1D
-0.37%
1M
6.95%
YTD
19.91%
6M
21.68%
1Y
52.45%
3Y*
28.46%
5Y*
20.45%
10Y*
14.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

S400.L vs. IJPH.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IJPH.L
iShares MSCI Japan GBP Hedged UCITS ETF		19.91%29.38%23.82%34.19%-4.30%11.94%9.27%15.95%-15.90%19.46%

Correlation

The correlation between S400.L and IJPH.L is 0.84, 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

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.81

Correlation (5Y)
Calculated over the trailing 5-year period

0.77

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2014

0.77

The correlation between S400.L and IJPH.L has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

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

Sectors
S400.L
IJPH.L

Industrials

27.6%
26.0%

Technology

19.6%
19.1%

Financial Services

13.9%
17.5%

Consumer Cyclical

10.9%
12.2%

Communication Services

6.7%
7.9%

Healthcare

6.3%
6.3%

Basic Materials

5.3%
3.0%

Consumer Defensive

4.6%
3.6%

Real Estate

2.4%
2.3%

Utilities

1.5%
1.1%

Energy

1.2%
1.1%

Industrials

S400.L
27.6%
IJPH.L
26.0%

Technology

S400.L
19.6%
IJPH.L
19.1%

Financial Services

S400.L
13.9%
IJPH.L
17.5%

Consumer Cyclical

S400.L
10.9%
IJPH.L
12.2%

Communication Services

S400.L
6.7%
IJPH.L
7.9%

Healthcare

S400.L
6.3%
IJPH.L
6.3%

Basic Materials

S400.L
5.3%
IJPH.L
3.0%

Consumer Defensive

S400.L
4.6%
IJPH.L
3.6%

Real Estate

S400.L
2.4%
IJPH.L
2.3%

Utilities

S400.L
1.5%
IJPH.L
1.1%

Energy

S400.L
1.2%
IJPH.L
1.1%

Compare stocks, funds, or ETFs

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Invesco JPX-Nikkei 400 UCITS ETF

iShares MSCI Japan GBP Hedged UCITS ETF

Often compared with S400.L:
S400.L vs. ^N225S400.L vs. CNKY.LS400.L vs. EXX7.DES400.L vs. JPXNS400.L vs. DXJG.LS400.L vs. SPYS400.L vs. HMJP.L
Often compared with IJPH.L:
IJPH.L vs. SUJA.LIJPH.L vs. XSTC.LIJPH.L vs. XDJP.DEIJPH.L vs. EWJIJPH.L vs. XM1D.DEIJPH.L vs. ^N225IJPH.L vs. BRK-B

Return for Risk

S400.L vs. IJPH.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: 5757
Overall Rank
S400.L Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
S400.L Sortino Ratio Rank: 5555
Sortino Ratio Rank
S400.L Omega Ratio Rank: 5858
Omega Ratio Rank
S400.L Calmar Ratio Rank: 6262
Calmar Ratio Rank
S400.L Martin Ratio Rank: 5656
Martin Ratio Rank
IJPH.L
IJPH.L Risk / Return Rank: 8585
Overall Rank
IJPH.L Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IJPH.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
IJPH.L Omega Ratio Rank: 8282
Omega Ratio Rank
IJPH.L Calmar Ratio Rank: 9090
Calmar Ratio Rank
IJPH.L Martin Ratio Rank: 8888
Martin Ratio Rank
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. IJPH.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 GBP Hedged UCITS ETF (IJPH.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.LIJPH.LDifference
Sharpe ratioReturn per unit of total volatility
1.83
2.62

-0.79

Sortino ratioReturn per unit of downside risk
2.60
3.72

-1.12

Omega ratioGain probability vs. loss probability

1.35

1.49

-0.14

Calmar ratioReturn relative to maximum drawdown

3.03

5.41

-2.39

Martin ratioReturn relative to average drawdown

9.75

19.27

-9.51

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. IJPH.L - Sharpe Ratio Comparison

The current S400.L Sharpe Ratio is 1.83, which is lower than the IJPH.L Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of S400.L and IJPH.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.

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Sharpe Ratios by Period

S400.LIJPH.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

2.62

-0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

1.07

-0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.77

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.73

-0.14

Drawdowns

S400.L vs. IJPH.L - Drawdown Comparison

The maximum S400.L drawdown since its inception was -24.69%, smaller than the maximum IJPH.L drawdown of -34.55%. Use the drawdown chart below to compare losses from any high point for S400.L and IJPH.L.

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Drawdown Indicators

S400.LIJPH.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.69%

-34.55%

+9.86%

Max Drawdown (1Y)

Largest decline over 1 year

-10.45%

-9.64%

-0.81%

Max Drawdown (3Y)

Largest decline over 3 years

-12.83%

-21.95%

+9.12%

Max Drawdown (5Y)

Largest decline over 5 years

-19.34%

-21.95%

+2.61%

Max Drawdown (10Y)

Largest decline over 10 years

-24.69%

-34.55%

+9.86%

Current Drawdown

Current decline from peak

-0.43%

-0.37%

-0.06%

Average Drawdown

Average peak-to-trough decline

-5.13%

-7.42%

+2.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.25%

2.71%

+0.54%

Volatility

S400.L vs. IJPH.L - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (S400.L) has a higher volatility of 3.99% compared to iShares MSCI Japan GBP Hedged UCITS ETF (IJPH.L) at 3.51%. This indicates that S400.L's price experiences larger fluctuations and is considered to be riskier than IJPH.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.LIJPH.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

3.51%

+0.48%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

15.39%

-1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

17.33%

19.98%

-2.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.38%

19.01%

-3.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.80%

19.24%

-3.44%

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

S400.L has a 0.19% expense ratio, which is lower than IJPH.L's 0.64% expense ratio.

Dividends

S400.L vs. IJPH.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

S400.L and IJPH.L have a correlation of 0.84, 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 0.64% for IJPH.L.

S400.L tracks TOPIX TR JPY, while IJPH.L tracks MSCI Japan 100% Hedged to GBP Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for S400.L and 0.64% for IJPH.L.

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