SGAJ.DE vs. NS4E.DE
SGAJ.DE (iShares MSCI Japan ESG Screened UCITS ETF USD (Acc)) and NS4E.DE (Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)) are both Japan Equities funds - SGAJ.DE tracks the MSCI Japan ESG Screened while NS4E.DE tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 5 years, SGAJ.DE returned 9.98%/yr vs 20.14%/yr for NS4E.DE. Their correlation of 0.84 suggests significant overlap in exposure. SGAJ.DE charges 0.15%/yr vs 0.19%/yr for NS4E.DE.
Performance
SGAJ.DE vs. NS4E.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SGAJ.DE having a 19.86% return and NS4E.DE slightly higher at 20.29%.
SGAJ.DE
- 1D
- -1.05%
- 1M
- 0.83%
- 6M
- 13.77%
- YTD
- 19.86%
- 1Y
- 39.05%
- 3Y*
- 17.02%
- 5Y*
- 9.98%
- 10Y*
- —
NS4E.DE
- 1D
- -1.03%
- 1M
- 1.65%
- 6M
- 13.30%
- YTD
- 20.29%
- 1Y
- 47.35%
- 3Y*
- 26.88%
- 5Y*
- 20.14%
- 10Y*
- 14.29%
SGAJ.DE vs. NS4E.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SGAJ.DE iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) | 19.86% | 11.81% | 12.99% | 16.12% | -12.79% | 9.68% | 5.86% | 23.51% | -21.34% |
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 20.29% | 27.33% | 22.81% | 33.35% | -4.26% | 10.90% | 7.50% | 17.31% | -11.63% |
Correlation
The correlation between SGAJ.DE and NS4E.DE is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018 | 0.84 |
The correlation between SGAJ.DE and NS4E.DE has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.
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Return for Risk
SGAJ.DE vs. NS4E.DE — Risk / Return Rank
SGAJ.DE
NS4E.DE
SGAJ.DE vs. NS4E.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) (SGAJ.DE) and Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE). 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.
| SGAJ.DE | NS4E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.44 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.77 | 4.91 | -1.14 |
| Martin ratioReturn relative to average drawdown | 12.39 | 16.90 | -4.50 |
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Drawdowns
SGAJ.DE vs. NS4E.DE - Drawdown Comparison
The maximum SGAJ.DE drawdown since its inception was -28.34%, smaller than the maximum NS4E.DE drawdown of -35.32%. Use the drawdown chart below to compare losses from any high point for SGAJ.DE and NS4E.DE.
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Drawdown Indicators
| SGAJ.DE | NS4E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.34% | -35.32% | +6.98% |
Max Drawdown (1Y)Largest decline over 1 year | -10.31% | -9.59% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -17.07% | -20.96% | +3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -19.31% | -20.96% | +1.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.32% | — |
Current DrawdownCurrent decline from peak | -3.41% | -2.02% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -7.23% | -8.00% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 2.79% | +0.35% |
Volatility
SGAJ.DE vs. NS4E.DE - Volatility Comparison
iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) (SGAJ.DE) has a higher volatility of 6.50% compared to Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) at 5.89%. This indicates that SGAJ.DE's price experiences larger fluctuations and is considered to be riskier than NS4E.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGAJ.DE | NS4E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 5.89% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 16.05% | 15.50% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.81% | 19.46% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.94% | 18.19% | -1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.18% | 18.19% | -0.01% |
SGAJ.DE vs. NS4E.DE - Expense Ratio Comparison
SGAJ.DE has a 0.15% expense ratio, which is lower than NS4E.DE'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
SGAJ.DE vs. NS4E.DE - Dividend Comparison
Neither SGAJ.DE nor NS4E.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, SGAJ.DE and NS4E.DE 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, SGAJ.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGAJ.DE is cheaper with a 0.15% expense ratio, compared with 0.19% for NS4E.DE.
SGAJ.DE tracks MSCI Japan ESG Screened, while NS4E.DE tracks JPX-Nikkei Index 400. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for SGAJ.DE and 0.19% for NS4E.DE.
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