SJPA.L vs. N4US.L
SJPA.L (iShares Core MSCI Japan IMI UCITS ETF) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - SJPA.L tracks the TOPIX TR JPY while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 10 years, SJPA.L returned 8.68%/yr vs 16.03%/yr for N4US.L. Their correlation of 0.81 suggests significant overlap in exposure. SJPA.L charges 0.15%/yr vs 0.19%/yr for N4US.L.
Performance
SJPA.L vs. N4US.L - Performance Comparison
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Different Trading Currencies
SJPA.L is traded in GBp, while N4US.L is traded in USD. To make them comparable, the N4US.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SJPA.L achieves a 12.78% return, which is significantly lower than N4US.L's 18.97% return. Over the past 10 years, SJPA.L has underperformed N4US.L with an annualized return of 8.68%, while N4US.L has yielded a comparatively higher 16.03% annualized return.
SJPA.L
- 1D
- -2.36%
- 1M
- -5.44%
- 6M
- 6.14%
- YTD
- 12.78%
- 1Y
- 29.39%
- 3Y*
- 15.23%
- 5Y*
- 9.16%
- 10Y*
- 8.68%
N4US.L
- 1D
- -1.85%
- 1M
- -3.94%
- 6M
- 10.74%
- YTD
- 18.97%
- 1Y
- 45.07%
- 3Y*
- 26.16%
- 5Y*
- 22.44%
- 10Y*
- 16.03%
SJPA.L vs. N4US.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJPA.L iShares Core MSCI Japan IMI UCITS ETF | 12.78% | 18.19% | 8.36% | 12.76% | -6.21% | 1.62% | 11.03% | 14.68% | -9.15% | 14.69% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.97% | 20.97% | 25.93% | 29.18% | 10.71% | 12.23% | 7.53% | 14.95% | -10.75% | 12.35% |
Correlation
The correlation between SJPA.L and N4US.L is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2015 | 0.81 |
The correlation between SJPA.L and N4US.L shifts across timeframes, from 0.75 (5 years) to 0.85 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SJPA.L vs. N4US.L — Risk / Return Rank
SJPA.L
N4US.L
SJPA.L vs. N4US.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Japan IMI UCITS ETF (SJPA.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.
| SJPA.L | N4US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.40 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 5.23 | -2.49 |
| Martin ratioReturn relative to average drawdown | 8.49 | 16.75 | -8.26 |
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Drawdowns
SJPA.L vs. N4US.L - Drawdown Comparison
The maximum SJPA.L drawdown since its inception was -45.53%, which is greater than N4US.L's maximum drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for SJPA.L and N4US.L.
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Drawdown Indicators
| SJPA.L | N4US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.53% | -28.61% | -16.92% |
Max Drawdown (1Y)Largest decline over 1 year | -10.71% | -8.58% | -2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -19.68% | -20.94% | +1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -19.68% | -20.94% | +1.26% |
Max Drawdown (10Y)Largest decline over 10 years | -24.73% | -28.61% | +3.88% |
Current DrawdownCurrent decline from peak | -7.64% | -5.90% | -1.74% |
Average DrawdownAverage peak-to-trough decline | -15.64% | -5.12% | -10.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 2.68% | +0.77% |
Volatility
SJPA.L vs. N4US.L - Volatility Comparison
iShares Core MSCI Japan IMI UCITS ETF (SJPA.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) have volatilities of 6.07% and 6.00%, 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
| SJPA.L | N4US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 6.00% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 15.72% | 15.65% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 19.76% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.82% | 19.07% | +1.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.46% | 19.47% | -1.01% |
SJPA.L vs. N4US.L - Expense Ratio Comparison
SJPA.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
SJPA.L vs. N4US.L - Dividend Comparison
Neither SJPA.L nor N4US.L has paid dividends to shareholders.
Frequently Asked Questions
SJPA.L and N4US.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SJPA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SJPA.L is cheaper with a 0.15% expense ratio, compared with 0.19% for N4US.L.
SJPA.L tracks TOPIX TR JPY, 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 SJPA.L and 0.19% for N4US.L.
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