SAJP.L vs. N4US.L
SAJP.L (iShares MSCI Japan Screened UCITS ETF USD (Acc)) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - SAJP.L tracks the MSCI Japan Screened Index while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 5 years, SAJP.L returned 8.43%/yr vs 21.88%/yr for N4US.L. Their correlation of 0.83 suggests significant overlap in exposure. SAJP.L charges 0.15%/yr vs 0.19%/yr for N4US.L.
Performance
SAJP.L vs. N4US.L - Performance Comparison
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Returns By Period
In the year-to-date period, SAJP.L achieves a 13.04% return, which is significantly lower than N4US.L's 18.80% return.
SAJP.L
- 1D
- -2.60%
- 1M
- -5.84%
- 6M
- 6.85%
- YTD
- 13.04%
- 1Y
- 30.18%
- 3Y*
- 15.72%
- 5Y*
- 8.43%
- 10Y*
- —
N4US.L
- 1D
- -2.01%
- 1M
- -2.75%
- 6M
- 11.38%
- YTD
- 18.80%
- 1Y
- 45.47%
- 3Y*
- 27.49%
- 5Y*
- 21.88%
- 10Y*
- 16.34%
SAJP.L vs. N4US.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SAJP.L iShares MSCI Japan Screened UCITS ETF USD (Acc) | 13.04% | 25.26% | 6.44% | 20.16% | -17.41% | 0.61% | 17.09% | 19.24% | -9.46% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.80% | 30.25% | 23.77% | 35.97% | -1.05% | 11.18% | 10.79% | 19.49% | -11.42% |
Correlation
The correlation between SAJP.L and N4US.L is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018 | 0.83 |
The correlation between SAJP.L and N4US.L has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.
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Return for Risk
SAJP.L vs. N4US.L — Risk / Return Rank
SAJP.L
N4US.L
SAJP.L vs. N4US.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Screened UCITS ETF USD (Acc) (SAJP.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.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.
| SAJP.L | N4US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.42 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 4.84 | -2.51 |
| Martin ratioReturn relative to average drawdown | 7.55 | 16.48 | -8.94 |
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Drawdowns
SAJP.L vs. N4US.L - Drawdown Comparison
The maximum SAJP.L drawdown since its inception was -32.71%, which is greater than N4US.L's maximum drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for SAJP.L and N4US.L.
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Drawdown Indicators
| SAJP.L | N4US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.71% | -30.94% | -1.77% |
Max Drawdown (1Y)Largest decline over 1 year | -12.88% | -9.35% | -3.53% |
Max Drawdown (3Y)Largest decline over 3 years | -14.47% | -21.38% | +6.91% |
Max Drawdown (5Y)Largest decline over 5 years | -32.71% | -21.38% | -11.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.94% | — |
Current DrawdownCurrent decline from peak | -7.42% | -4.48% | -2.94% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -6.78% | -1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.99% | 2.75% | +1.24% |
Volatility
SAJP.L vs. N4US.L - Volatility Comparison
iShares MSCI Japan Screened UCITS ETF USD (Acc) (SAJP.L) has a higher volatility of 7.48% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.15%. This indicates that SAJP.L's price experiences larger fluctuations and is considered to be riskier than N4US.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAJP.L | N4US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.48% | 6.15% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 18.33% | 15.63% | +2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.97% | 19.57% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.58% | 18.50% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.94% | 18.38% | +0.56% |
SAJP.L vs. N4US.L - Expense Ratio Comparison
SAJP.L has a 0.15% expense ratio, which is lower than N4US.L's 0.19% 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
SAJP.L vs. N4US.L - Dividend Comparison
Neither SAJP.L nor N4US.L has paid dividends to shareholders.
Frequently Asked Questions
SAJP.L and N4US.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SAJP.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SAJP.L is cheaper with a 0.15% expense ratio, compared with 0.19% for N4US.L.
SAJP.L tracks MSCI Japan Screened Index, while N4US.L tracks JPX-Nikkei 400 USD Hedged Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for SAJP.L and 0.19% for N4US.L.
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