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

S400.L vs. IJPN.L

Last updated Jun 5, 2026

S400.L (Invesco JPX-Nikkei 400 UCITS ETF) and IJPN.L (iShares MSCI Japan UCITS ETF (Dist)) 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 10.48%/yr for IJPN.L. With a 0.98 correlation, they move nearly in lockstep. S400.L charges 0.19%/yr vs 0.59%/yr for IJPN.L.

Performance

S400.L vs. IJPN.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 (Dist) (IJPN.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, S400.L achieves a 15.40% return, which is significantly lower than IJPN.L's 16.83% return. Over the past 10 years, S400.L has underperformed IJPN.L with an annualized return of 9.95%, while IJPN.L has yielded a comparatively higher 10.48% 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%

IJPN.L

1D
-0.35%
1M
6.24%
YTD
16.83%
6M
16.02%
1Y
34.98%
3Y*
16.17%
5Y*
10.52%
10Y*
10.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

S400.L vs. IJPN.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%
IJPN.L
iShares MSCI Japan UCITS ETF (Dist)		16.83%18.18%9.39%14.03%-7.13%2.20%12.46%14.55%-8.45%13.27%

Correlation

The correlation between S400.L and IJPN.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

0.97

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

0.98

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

0.98

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

0.98

The correlation between S400.L and IJPN.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

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

Sectors
S400.L
IJPN.L

Industrials

27.6%
24.8%

Technology

19.6%
20.3%

Financial Services

13.9%
18.2%

Consumer Cyclical

10.9%
11.9%

Communication Services

6.7%
8.7%

Healthcare

6.3%
5.9%

Basic Materials

5.3%
2.9%

Consumer Defensive

4.6%
3.5%

Real Estate

2.4%
1.9%

Utilities

1.5%
1.0%

Energy

1.2%
1.0%

Industrials

S400.L
27.6%
IJPN.L
24.8%

Technology

S400.L
19.6%
IJPN.L
20.3%

Financial Services

S400.L
13.9%
IJPN.L
18.2%

Consumer Cyclical

S400.L
10.9%
IJPN.L
11.9%

Communication Services

S400.L
6.7%
IJPN.L
8.7%

Healthcare

S400.L
6.3%
IJPN.L
5.9%

Basic Materials

S400.L
5.3%
IJPN.L
2.9%

Consumer Defensive

S400.L
4.6%
IJPN.L
3.5%

Real Estate

S400.L
2.4%
IJPN.L
1.9%

Utilities

S400.L
1.5%
IJPN.L
1.0%

Energy

S400.L
1.2%
IJPN.L
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco JPX-Nikkei 400 UCITS ETF

iShares MSCI Japan UCITS ETF (Dist)

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 IJPN.L:
IJPN.L vs. EWJIJPN.L vs. CSJP.LIJPN.L vs. VJPU.LIJPN.L vs. ICHN.ASIJPN.L vs. WLDL.LIJPN.L vs. IWRD.ASIJPN.L vs. XESC.DE

Return for Risk

S400.L vs. IJPN.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
IJPN.L
IJPN.L Risk / Return Rank: 6060
Overall Rank
IJPN.L Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IJPN.L Sortino Ratio Rank: 5858
Sortino Ratio Rank
IJPN.L Omega Ratio Rank: 5959
Omega Ratio Rank
IJPN.L Calmar Ratio Rank: 6666
Calmar Ratio Rank
IJPN.L Martin Ratio Rank: 6060
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. IJPN.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 (Dist) (IJPN.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.LIJPN.LDifference
Sharpe ratioReturn per unit of total volatility
1.83
1.88

-0.05

Sortino ratioReturn per unit of downside risk
2.60
2.71

-0.12

Omega ratioGain probability vs. loss probability

1.35

1.36

-0.01

Calmar ratioReturn relative to maximum drawdown

3.03

3.22

-0.20

Martin ratioReturn relative to average drawdown

9.75

10.52

-0.76

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. IJPN.L - Sharpe Ratio Comparison

The current S400.L Sharpe Ratio is 1.83, which is comparable to the IJPN.L Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of S400.L and IJPN.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.LIJPN.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

1.88

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.66

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.65

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.42

+0.18

Drawdowns

S400.L vs. IJPN.L - Drawdown Comparison

The maximum S400.L drawdown since its inception was -24.69%, smaller than the maximum IJPN.L drawdown of -39.73%. Use the drawdown chart below to compare losses from any high point for S400.L and IJPN.L.

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Drawdown Indicators

S400.LIJPN.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.69%

-39.73%

+15.04%

Max Drawdown (1Y)

Largest decline over 1 year

-10.45%

-10.80%

+0.35%

Max Drawdown (3Y)

Largest decline over 3 years

-12.83%

-14.09%

+1.26%

Max Drawdown (5Y)

Largest decline over 5 years

-19.34%

-18.57%

-0.77%

Max Drawdown (10Y)

Largest decline over 10 years

-24.69%

-24.34%

-0.35%

Current Drawdown

Current decline from peak

-0.43%

-0.35%

-0.08%

Average Drawdown

Average peak-to-trough decline

-5.13%

-10.09%

+4.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.25%

3.32%

-0.07%

Volatility

S400.L vs. IJPN.L - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and iShares MSCI Japan UCITS ETF (Dist) (IJPN.L) have volatilities of 3.99% and 3.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

S400.LIJPN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

3.88%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

15.00%

-0.77%

Volatility (1Y)

Calculated over the trailing 1-year period

17.33%

18.54%

-1.21%

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%

15.98%

-0.18%

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

S400.L has a 0.19% expense ratio, which is lower than IJPN.L's 0.59% expense ratio.

Dividends

S400.L vs. IJPN.L - Dividend Comparison

S400.L has not paid dividends to shareholders, while IJPN.L's dividend yield for the trailing twelve months is around 2.03%.

PositionTTM20252024202320222021202020192018201720162015
IJPN.L
iShares MSCI Japan UCITS ETF (Dist)		2.03%2.25%1.95%1.81%2.10%1.66%1.75%1.90%1.89%1.53%1.55%0.87%
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

With a correlation of 0.98, S400.L and IJPN.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, 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 0.59% for IJPN.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 0.59% for IJPN.L.

Portfolio Optimizer

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