S400.L vs. SPY

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and State Street SPDR S&P 500 ETF (SPY).

S400.L and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. S400.L is a passively managed fund by Invesco that tracks the performance of the TOPIX TR JPY. It was launched on Sep 10, 2014. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both S400.L and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

S400.L vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

S400.L vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
S400.L Invesco JPX-Nikkei 400 UCITS ETF	9.32%	17.62%	8.31%	13.66%	-5.83%	0.91%	12.00%	14.33%	-9.33%	13.69%
SPY State Street SPDR S&P 500 ETF	-2.06%	9.33%	27.07%	19.87%	-8.45%	29.95%	14.86%	26.23%	1.09%	11.18%

Different Trading Currencies

S400.L is traded in GBp, while SPY is traded in USD. To make them comparable, the SPY 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 9.32% return, which is significantly higher than SPY's -2.56% return. Over the past 10 years, S400.L has underperformed SPY with an annualized return of 9.83%, while SPY has yielded a comparatively higher 14.82% annualized return.

S400.L

• 1D: 3.87%
• 1M: -3.00%
• YTD: 9.32%
• 6M: 14.18%
• 1Y: 29.21%
• 3Y*: 14.84%
• 5Y*: 8.41%
• 10Y*: 9.83%

SPY

• 1D: 0.00%
• 1M: -3.68%
• YTD: -2.56%
• 6M: -0.26%
• 1Y: 14.60%
• 3Y*: 15.48%
• 5Y*: 12.70%
• 10Y*: 14.82%

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

S400.L vs. SPY - Expense Ratio Comparison

S400.L has a 0.19% expense ratio, which is higher than SPY's 0.09% 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%.

S400.L

Invesco JPX-Nikkei 400 UCITS ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

S400.L vs. SPY — 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: 83
S400.L Sharpe Ratio Rank: 81
S400.L Sortino Ratio Rank: 81
S400.L Omega Ratio Rank: 77
S400.L Calmar Ratio Rank: 88
S400.L Martin Ratio Rank: 86

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.59	0.75	+0.84
Sortino ratio Return per unit of downside risk	2.20	1.18	+1.02
Omega ratio Gain probability vs. loss probability	1.31	1.19	+0.12
Calmar ratio Return relative to maximum drawdown	2.92	1.29	+1.63
Martin ratio Return relative to average drawdown	10.75	5.21	+5.55
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. SPY - Sharpe Ratio Comparison

The current S400.L Sharpe Ratio is 1.59, which is higher than the SPY Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of S400.L and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	S400.L	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	0.75	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.79	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.82	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.65	-0.08

Correlation

The correlation between S400.L and SPY is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

S400.L vs. SPY - Dividend Comparison

S400.L has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.13%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

S400.L vs. SPY - Drawdown Comparison

The maximum S400.L drawdown since its inception was -24.69%, smaller than the maximum SPY drawdown of -34.92%. Use the drawdown chart below to compare losses from any high point for S400.L and SPY.

Drawdown Indicators

	S400.L	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-24.69%	-55.19%	+30.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.45%	-12.05%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-19.34%	-24.50%	+5.16%
Max Drawdown (10Y) Largest decline over 10 years	-24.69%	-33.72%	+9.03%
Current Drawdown Current decline from peak	-5.43%	-5.53%	+0.10%
Average Drawdown Average peak-to-trough decline	-5.15%	-9.09%	+3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.54%	+0.30%

Volatility

S400.L vs. SPY - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (S400.L) has a higher volatility of 8.27% compared to State Street SPDR S&P 500 ETF (SPY) at 4.54%. This indicates that S400.L's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	S400.L	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.27%	4.54%	+3.73%
Volatility (6M) Calculated over the trailing 6-month period	14.01%	9.46%	+4.55%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	19.50%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	16.07%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.84%	18.03%	-2.19%