TOK vs. JPXN

Last updated Jun 14, 2026

TOK (iShares MSCI Kokusai ETF) and JPXN (iShares JPX-Nikkei 400 ETF) are both exchange-traded funds - TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index, while JPXN is a Japan Equities fund tracking the JPX-Nikkei Index 400. Both are passively managed. Over the past 10 years, TOK returned 13.63%/yr vs 9.45%/yr for JPXN. A 0.63 correlation means they provide meaningful diversification when combined. TOK charges 0.25%/yr vs 0.48%/yr for JPXN.

Performance

TOK vs. JPXN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) and iShares JPX-Nikkei 400 ETF (JPXN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOK achieves a 8.52% return, which is significantly lower than JPXN's 14.07% return. Over the past 10 years, TOK has outperformed JPXN with an annualized return of 13.63%, while JPXN has yielded a comparatively lower 9.45% annualized return.

TOK

• 1D: 0.34%
• 1M: -0.22%
• YTD: 8.52%
• 6M: 9.29%
• 1Y: 24.16%
• 3Y*: 19.82%
• 5Y*: 11.77%
• 10Y*: 13.63%

JPXN

• 1D: 0.64%
• 1M: -1.32%
• YTD: 14.07%
• 6M: 13.60%
• 1Y: 29.50%
• 3Y*: 16.06%
• 5Y*: 8.45%
• 10Y*: 9.45%

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

TOK vs. JPXN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOK iShares MSCI Kokusai ETF	8.52%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	22.09%
JPXN iShares JPX-Nikkei 400 ETF	14.07%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%

Correlation

The correlation between TOK and JPXN is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 12, 2007	0.63

The correlation between TOK and JPXN has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

TOK vs. JPXN - Sectors Allocation Comparison

Sectors	TOK	JPXN
Technology	31.4%	20.4%
Financial Services	14.9%	14.1%
Industrials	10.1%	26.2%
Communication Services	9.1%	6.7%
Consumer Cyclical	9.1%	10.9%
Healthcare	8.8%	6.2%
Consumer Defensive	5.1%	4.5%
Energy	4.0%	1.2%
Basic Materials	3.3%	5.1%
Utilities	2.5%	1.5%
Real Estate	1.7%	2.3%

Return for Risk

TOK vs. JPXN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TOK

TOK Risk / Return Rank: 63
TOK Sharpe Ratio Rank: 63
TOK Sortino Ratio Rank: 63
TOK Omega Ratio Rank: 62
TOK Calmar Ratio Rank: 57
TOK Martin Ratio Rank: 69

JPXN

JPXN Risk / Return Rank: 50
JPXN Sharpe Ratio Rank: 48
JPXN Sortino Ratio Rank: 50
JPXN Omega Ratio Rank: 49
JPXN Calmar Ratio Rank: 50
JPXN Martin Ratio Rank: 50

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.

TOK vs. JPXN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) and iShares JPX-Nikkei 400 ETF (JPXN). 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.

	TOK	JPXN	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.48	+0.36
Sortino ratio: Return per unit of downside risk	2.56	2.15	+0.42
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	2.51	2.18	+0.33
Martin ratio: Return relative to average drawdown	11.28	7.51	+3.78

TOK vs. JPXN - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 1.84, which is comparable to the JPXN Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of TOK and JPXN, 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

TOK vs. JPXN - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, roughly equal to the maximum JPXN drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for TOK and JPXN.

Drawdown Indicators

	TOK	JPXN	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-55.54%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-13.11%	+4.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-13.95%	-2.28%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-33.21%	+7.35%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	-33.21%	-1.61%
Current Drawdown Current decline from peak	-1.90%	-2.34%	+0.44%
Average Drawdown Average peak-to-trough decline	-8.51%	-15.04%	+6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	3.80%	-1.78%

Volatility

TOK vs. JPXN - Volatility Comparison

The current volatility for iShares MSCI Kokusai ETF (TOK) is 4.34%, while iShares JPX-Nikkei 400 ETF (JPXN) has a volatility of 5.70%. This indicates that TOK experiences smaller price fluctuations and is considered to be less risky than JPXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOK	JPXN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	5.70%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	15.42%	-5.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	19.35%	-6.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	17.81%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	17.10%	+0.06%

TOK vs. JPXN - Expense Ratio Comparison

TOK has a 0.25% expense ratio, which is lower than JPXN's 0.48% expense ratio.

Dividends

TOK vs. JPXN - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.27%, less than JPXN's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPXN iShares JPX-Nikkei 400 ETF	2.76%	3.14%	2.29%	2.57%	1.47%	2.63%	1.27%	1.92%	1.60%	1.50%	2.07%	1.32%
TOK iShares MSCI Kokusai ETF	1.27%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both TOK and JPXN in my portfolio?

TOK and JPXN have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOK or JPXN?

JPXN has higher volatility (5.70%) compared to TOK (4.34%). In terms of maximum drawdown, TOK dropped -56.18% vs JPXN's -55.54%.

Which ETF is better, TOK or JPXN?

On 10-year performance, TOK leads with 13.63% vs 9.45% for JPXN. On fees, TOK is cheaper at 0.25% per year. On volatility, TOK has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or JPXN?

Over the 10-year period, TOK has performed better with a 13.63% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or JPXN?

TOK is cheaper with a 0.25% expense ratio, compared with 0.48% for JPXN.

Which ETF pays a higher dividend yield, TOK or JPXN?

JPXN has the higher dividend yield at 2.76%, compared with 1.27% for TOK.

What is the main difference between TOK and JPXN?

TOK is categorized as Large Cap Growth Equities, while JPXN is Japan Equities. TOK tracks MSCI Kokusai Index, while JPXN tracks JPX-Nikkei Index 400. Their fees differ too: 0.25% for TOK and 0.48% for JPXN.

Which has better risk-adjusted returns?

TOK currently has the higher Sharpe Ratio (1.84 vs 1.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.