UB02.L vs. N4US.L

Last updated Jul 18, 2026

UB02.L (UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - UB02.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, UB02.L returned 8.76%/yr vs 16.03%/yr for N4US.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.

Performance

UB02.L vs. N4US.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis (UB02.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UB02.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, UB02.L achieves a 12.50% return, which is significantly lower than N4US.L's 18.97% return. Over the past 10 years, UB02.L has underperformed N4US.L with an annualized return of 8.76%, while N4US.L has yielded a comparatively higher 16.03% annualized return.

UB02.L

• 1D: -2.05%
• 1M: -5.96%
• 6M: 5.62%
• YTD: 12.50%
• 1Y: 30.04%
• 3Y*: 15.09%
• 5Y*: 9.33%
• 10Y*: 8.76%

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%

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

UB02.L vs. N4US.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UB02.L UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis	12.50%	17.42%	9.12%	13.98%	-7.14%	2.16%	12.42%	14.28%	-8.60%	13.20%
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 UB02.L and N4US.L is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.76
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 UB02.L and N4US.L shifts across timeframes, from 0.76 (5 years) to 0.87 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UB02.L vs. N4US.L — Risk / Return Rank

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

UB02.L

UB02.L Risk / Return Rank: 64
UB02.L Sharpe Ratio Rank: 61
UB02.L Sortino Ratio Rank: 60
UB02.L Omega Ratio Rank: 61
UB02.L Calmar Ratio Rank: 74
UB02.L Martin Ratio Rank: 64

N4US.L

N4US.L Risk / Return Rank: 90
N4US.L Sharpe Ratio Rank: 90
N4US.L Sortino Ratio Rank: 89
N4US.L Omega Ratio Rank: 88
N4US.L Calmar Ratio Rank: 93
N4US.L Martin Ratio Rank: 92

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.

UB02.L vs. N4US.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis (UB02.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.

	UB02.L	N4US.L	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.28	-0.75
Sortino ratio: Return per unit of downside risk	2.16	3.02	-0.86
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.80	5.23	-2.43
Martin ratio: Return relative to average drawdown	8.41	16.75	-8.34

UB02.L vs. N4US.L - Sharpe Ratio Comparison

The current UB02.L Sharpe Ratio is 1.53, which is lower than the N4US.L Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of UB02.L and N4US.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.

Drawdowns

UB02.L vs. N4US.L - Drawdown Comparison

The maximum UB02.L drawdown since its inception was -23.08%, smaller than the maximum N4US.L drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for UB02.L and N4US.L.

Drawdown Indicators

	UB02.L	N4US.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.08%	-28.61%	+5.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-8.58%	-2.10%
Max Drawdown (3Y) Largest decline over 3 years	-14.15%	-20.94%	+6.79%
Max Drawdown (5Y) Largest decline over 5 years	-18.58%	-20.94%	+2.36%
Max Drawdown (10Y) Largest decline over 10 years	-23.08%	-28.61%	+5.53%
Current Drawdown Current decline from peak	-8.47%	-5.90%	-2.57%
Average Drawdown Average peak-to-trough decline	-5.87%	-5.12%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.68%	+0.88%

Volatility

UB02.L vs. N4US.L - Volatility Comparison

UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis (UB02.L) has a higher volatility of 6.74% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.00%. This indicates that UB02.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.

Volatility by Period

	UB02.L	N4US.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	6.00%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	16.22%	15.65%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	19.60%	19.76%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	19.07%	-2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	19.47%	-3.68%

UB02.L vs. N4US.L - Expense Ratio Comparison

Both UB02.L and N4US.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

UB02.L vs. N4US.L - Dividend Comparison

UB02.L's dividend yield for the trailing twelve months is around 1.65%, while N4US.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UB02.L UBS ETF (LU) MSCI Japan UCITS ETF (JPY) A-dis	1.65%	1.68%	1.71%	1.82%	1.99%	1.58%	1.62%	1.75%	1.56%	1.30%	1.45%	1.18%

Frequently Asked Questions

Can I hold both UB02.L and N4US.L in my portfolio?

UB02.L and N4US.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UB02.L or N4US.L?

Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UB02.L or N4US.L?

UB02.L and N4US.L have the same expense ratio: 0.19% per year.

What is the main difference between UB02.L and N4US.L?

UB02.L tracks TOPIX TR JPY, while N4US.L tracks JPX-Nikkei 400 USD Hedged Index. They also come from different issuers: UBS and Invesco.