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

S400.L vs. XDNS.L

Last updated Jun 5, 2026

S400.L (Invesco JPX-Nikkei 400 UCITS ETF) and XDNS.L (Xtrackers MSCI Japan ESG Screened UCITS ETF 1D) are both Japan Equities funds tracking the TOPIX TR JPY, from Invesco and DWS respectively. Both are passively managed. Over the past 10 years, S400.L returned 9.95%/yr vs 9.68%/yr for XDNS.L. Their correlation of 0.86 suggests significant overlap in exposure. S400.L charges 0.19%/yr vs 0.15%/yr for XDNS.L.

Performance

S400.L vs. XDNS.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 Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with S400.L having a 15.40% return and XDNS.L slightly higher at 15.48%. Both investments have delivered pretty close results over the past 10 years, with S400.L having a 9.95% annualized return and XDNS.L not far behind at 9.68%.

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%

XDNS.L

1D
-0.57%
1M
6.27%
YTD
15.48%
6M
14.59%
1Y
32.42%
3Y*
14.60%
5Y*
9.38%
10Y*
9.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

S400.L vs. XDNS.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%
XDNS.L
Xtrackers MSCI Japan ESG Screened UCITS ETF 1D		15.48%16.58%9.87%11.58%-7.42%1.12%12.12%14.51%-10.22%14.74%

Correlation

The correlation between S400.L and XDNS.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

0.75

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

0.80

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

0.87

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2015

0.86

The correlation between S400.L and XDNS.L shifts across timeframes, from 0.75 (3 years) to 0.86 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
S400.L
XDNS.L

Industrials

27.6%
25.8%

Technology

19.6%
19.8%

Financial Services

13.9%
18.5%

Consumer Cyclical

10.9%
11.3%

Communication Services

6.7%
8.8%

Healthcare

6.3%
7.0%

Basic Materials

5.3%
3.2%

Consumer Defensive

4.6%
2.6%

Real Estate

2.4%
2.5%

Utilities

1.5%
0.6%

Energy

1.2%

-

Industrials

S400.L
27.6%
XDNS.L
25.8%

Technology

S400.L
19.6%
XDNS.L
19.8%

Financial Services

S400.L
13.9%
XDNS.L
18.5%

Consumer Cyclical

S400.L
10.9%
XDNS.L
11.3%

Communication Services

S400.L
6.7%
XDNS.L
8.8%

Healthcare

S400.L
6.3%
XDNS.L
7.0%

Basic Materials

S400.L
5.3%
XDNS.L
3.2%

Consumer Defensive

S400.L
4.6%
XDNS.L
2.6%

Real Estate

S400.L
2.4%
XDNS.L
2.5%

Utilities

S400.L
1.5%
XDNS.L
0.6%

Energy

S400.L
1.2%
XDNS.L

-

Compare stocks, funds, or ETFs

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Invesco JPX-Nikkei 400 UCITS ETF

Xtrackers MSCI Japan ESG Screened UCITS ETF 1D

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 XDNS.L:
XDNS.L vs. X7PP.LXDNS.L vs. XDJP.LXDNS.L vs. JPXNXDNS.L vs. IJPN.LXDNS.L vs. XBCU.LXDNS.L vs. XNNS.LXDNS.L vs. XCNA.L

Return for Risk

S400.L vs. XDNS.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
XDNS.L
XDNS.L Risk / Return Rank: 6767
Overall Rank
XDNS.L Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
XDNS.L Sortino Ratio Rank: 6363
Sortino Ratio Rank
XDNS.L Omega Ratio Rank: 6565
Omega Ratio Rank
XDNS.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
XDNS.L Martin Ratio Rank: 6464
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. XDNS.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 Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.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.LXDNS.LDifference
Sharpe ratioReturn per unit of total volatility
1.83
2.09

-0.26

Sortino ratioReturn per unit of downside risk
2.60
2.91

-0.31

Omega ratioGain probability vs. loss probability

1.35

1.39

-0.04

Calmar ratioReturn relative to maximum drawdown

3.03

3.81

-0.78

Martin ratioReturn relative to average drawdown

9.75

11.43

-1.68

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. XDNS.L - Sharpe Ratio Comparison

The current S400.L Sharpe Ratio is 1.83, which is comparable to the XDNS.L Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of S400.L and XDNS.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.LXDNS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

2.09

-0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.68

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.66

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.60

0.00

Drawdowns

S400.L vs. XDNS.L - Drawdown Comparison

The maximum S400.L drawdown since its inception was -24.69%, roughly equal to the maximum XDNS.L drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for S400.L and XDNS.L.

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Drawdown Indicators

S400.LXDNS.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.69%

-24.75%

+0.06%

Max Drawdown (1Y)

Largest decline over 1 year

-10.45%

-10.70%

+0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-12.83%

-14.32%

+1.49%

Max Drawdown (5Y)

Largest decline over 5 years

-19.34%

-19.29%

-0.05%

Max Drawdown (10Y)

Largest decline over 10 years

-24.69%

-24.75%

+0.06%

Current Drawdown

Current decline from peak

-0.43%

-0.57%

+0.14%

Average Drawdown

Average peak-to-trough decline

-5.13%

-5.35%

+0.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.25%

4.04%

-0.79%

Volatility

S400.L vs. XDNS.L - Volatility Comparison

Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L) have volatilities of 3.99% and 3.89%, 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.LXDNS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

3.89%

+0.10%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

14.64%

-0.41%

Volatility (1Y)

Calculated over the trailing 1-year period

17.33%

19.56%

-2.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.38%

17.83%

-2.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.80%

17.31%

-1.51%

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

S400.L has a 0.19% expense ratio, which is higher than XDNS.L's 0.15% 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%.

Dividends

S400.L vs. XDNS.L - Dividend Comparison

S400.L has not paid dividends to shareholders, while XDNS.L's dividend yield for the trailing twelve months is around 1.43%.

PositionTTM2025202420232022202120202019201820172016
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%
XDNS.L
Xtrackers MSCI Japan ESG Screened UCITS ETF 1D		1.43%1.63%1.65%1.81%2.83%1.46%1.79%1.77%1.20%1.97%0.64%

Frequently Asked Questions

S400.L and XDNS.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, XDNS.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XDNS.L is cheaper with a 0.15% expense ratio, compared with 0.19% for S400.L.

Both ETFs track TOPIX TR JPY. They also come from different issuers: Invesco and DWS. Their fees differ too: 0.19% for S400.L and 0.15% for XDNS.L.

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