S400.L vs. X7PP.L

Last updated Jul 18, 2026

S400.L (Invesco JPX-Nikkei 400 UCITS ETF) and X7PP.L (Invesco European Banks Sector UCITS ETF) are both exchange-traded funds - S400.L is a Japan Equities fund tracking the TOPIX TR JPY, while X7PP.L is a Financials Equities fund tracking the MSCI World/Financials NR USD. Both are passively managed. Over the past 10 years, S400.L returned 8.63%/yr vs 16.39%/yr for X7PP.L. At a 0.44 correlation, their price movements are largely independent. S400.L charges 0.19%/yr vs 0.20%/yr for X7PP.L.

Performance

S400.L vs. X7PP.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 Invesco European Banks Sector UCITS ETF (X7PP.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 12.59% return, which is significantly lower than X7PP.L's 13.46% return. Over the past 10 years, S400.L has underperformed X7PP.L with an annualized return of 8.63%, while X7PP.L has yielded a comparatively higher 16.39% 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%

X7PP.L

• 1D: -0.88%
• 1M: 0.00%
• 6M: 10.68%
• YTD: 13.46%
• 1Y: 47.92%
• 3Y*: 43.16%
• 5Y*: 31.58%
• 10Y*: 16.39%

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

S400.L vs. X7PP.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%
X7PP.L Invesco European Banks Sector UCITS ETF	13.46%	87.77%	27.07%	23.27%	6.04%	29.16%	-18.50%	8.33%	-26.15%	16.53%

Correlation

The correlation between S400.L and X7PP.L is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Sep 12, 2014	0.44

The correlation between S400.L and X7PP.L shifts across timeframes, from 0.38 (5 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

S400.L vs. X7PP.L - Sectors Allocation Comparison

Sectors	S400.L	X7PP.L
Industrials	25.7%	-
Technology	23.3%	-
Financial Services	14.2%	100.0%
Consumer Cyclical	10.8%	-
Healthcare	6.0%	-
Communication Services	5.3%	-
Basic Materials	5.1%	-
Consumer Defensive	4.7%	-
Real Estate	2.3%	-
Utilities	1.4%	-
Energy	1.1%	-

Return for Risk

S400.L vs. X7PP.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: 61
S400.L Sharpe Ratio Rank: 59
S400.L Sortino Ratio Rank: 58
S400.L Omega Ratio Rank: 59
S400.L Calmar Ratio Rank: 69
S400.L Martin Ratio Rank: 62

X7PP.L

X7PP.L Risk / Return Rank: 78
X7PP.L Sharpe Ratio Rank: 84
X7PP.L Sortino Ratio Rank: 81
X7PP.L Omega Ratio Rank: 78
X7PP.L Calmar Ratio Rank: 75
X7PP.L Martin Ratio Rank: 71

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. X7PP.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 Invesco European Banks Sector UCITS ETF (X7PP.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	X7PP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.17	-0.62
Sortino ratio: Return per unit of downside risk	2.18	2.90	-0.72
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.72	2.99	-0.27
Martin ratio: Return relative to average drawdown	8.44	9.97	-1.53

S400.L vs. X7PP.L - Sharpe Ratio Comparison

The current S400.L Sharpe Ratio is 1.55, which is comparable to the X7PP.L Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of S400.L and X7PP.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.

Drawdowns

S400.L vs. X7PP.L - Drawdown Comparison

The maximum S400.L drawdown since its inception was -46.21%, smaller than the maximum X7PP.L drawdown of -56.28%. Use the drawdown chart below to compare losses from any high point for S400.L and X7PP.L.

Drawdown Indicators

	S400.L	X7PP.L	Difference
Max Drawdown Largest peak-to-trough decline	-46.21%	-56.28%	+10.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.45%	-15.94%	+5.49%
Max Drawdown (3Y) Largest decline over 3 years	-12.83%	-18.17%	+5.34%
Max Drawdown (5Y) Largest decline over 5 years	-19.34%	-30.79%	+11.45%
Max Drawdown (10Y) Largest decline over 10 years	-24.69%	-56.28%	+31.59%
Current Drawdown Current decline from peak	-6.64%	-2.60%	-4.04%
Average Drawdown Average peak-to-trough decline	-11.72%	-15.27%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	4.79%	-1.41%

Volatility

S400.L vs. X7PP.L - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (S400.L) has a higher volatility of 5.89% compared to Invesco European Banks Sector UCITS ETF (X7PP.L) at 5.48%. This indicates that S400.L's price experiences larger fluctuations and is considered to be riskier than X7PP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	S400.L	X7PP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	5.48%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	15.39%	18.72%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	18.39%	22.00%	-3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.67%	23.49%	-7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.74%	24.22%	-8.48%

S400.L vs. X7PP.L - Expense Ratio Comparison

S400.L has a 0.19% expense ratio, which is lower than X7PP.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

S400.L vs. X7PP.L - Dividend Comparison

Neither S400.L nor X7PP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both S400.L and X7PP.L in my portfolio?

S400.L and X7PP.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, S400.L or X7PP.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 X7PP.L?

S400.L is cheaper with a 0.19% expense ratio, compared with 0.20% for X7PP.L.

What is the main difference between S400.L and X7PP.L?

S400.L is categorized as Japan Equities, while X7PP.L is Financials Equities. S400.L tracks TOPIX TR JPY, while X7PP.L tracks MSCI World/Financials NR USD. Their fees differ too: 0.19% for S400.L and 0.20% for X7PP.L.