VJPN.L vs. S400.L

Last updated Jun 5, 2026

VJPN.L (Vanguard FTSE Japan UCITS ETF Distributing) and S400.L (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds tracking the TOPIX TR JPY, from Vanguard and Invesco respectively. Both are passively managed. Over the past 10 years, VJPN.L returned 11.10%/yr vs 9.95%/yr for S400.L. With a 0.98 correlation, they move nearly in lockstep. VJPN.L charges 0.15%/yr vs 0.19%/yr for S400.L.

Performance

VJPN.L vs. S400.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Japan UCITS ETF Distributing (VJPN.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VJPN.L is traded in GBP, while S400.L is traded in GBp. To make them comparable, the S400.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VJPN.L achieves a 16.32% return, which is significantly higher than S400.L's 15.40% return. Over the past 10 years, VJPN.L has outperformed S400.L with an annualized return of 11.10%, while S400.L has yielded a comparatively lower 9.95% annualized return.

VJPN.L

• 1D: 0.70%
• 1M: 6.43%
• YTD: 16.32%
• 6M: 16.26%
• 1Y: 35.06%
• 3Y*: 16.39%
• 5Y*: 10.73%
• 10Y*: 11.10%

S400.L

• 1D: -0.43%
• 1M: 5.05%
• YTD: 15.40%
• 6M: 14.83%
• 1Y: 31.77%
• 3Y*: 15.05%
• 5Y*: 9.97%
• 10Y*: 9.95%

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

VJPN.L vs. S400.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VJPN.L Vanguard FTSE Japan UCITS ETF Distributing	16.32%	18.86%	9.05%	14.00%	-5.70%	2.26%	12.84%	14.56%	-8.37%	14.72%
S400.L Invesco JPX-Nikkei 400 UCITS ETF	15.40%	17.62%	8.31%	13.66%	-5.83%	0.91%	12.00%	14.33%	-9.33%	13.69%

Correlation

The correlation between VJPN.L and S400.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 16, 2014	0.98

The correlation between VJPN.L and S400.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

VJPN.L vs. S400.L - Sectors Allocation Comparison

Sectors	VJPN.L	S400.L
Industrials	26.6%	27.6%
Technology	17.4%	19.6%
Financial Services	15.9%	13.9%
Consumer Cyclical	12.8%	10.9%
Communication Services	7.1%	6.7%
Healthcare	5.9%	6.3%
Basic Materials	4.3%	5.3%
Consumer Defensive	4.2%	4.6%
Real Estate	3.4%	2.4%
Utilities	1.3%	1.5%
Energy	1.0%	1.2%

Return for Risk

VJPN.L vs. S400.L — Risk / Return Rank

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

VJPN.L

VJPN.L Risk / Return Rank: 60
VJPN.L Sharpe Ratio Rank: 57
VJPN.L Sortino Ratio Rank: 59
VJPN.L Omega Ratio Rank: 61
VJPN.L Calmar Ratio Rank: 65
VJPN.L Martin Ratio Rank: 59

S400.L

S400.L Risk / Return Rank: 57
S400.L Sharpe Ratio Rank: 54
S400.L Sortino Ratio Rank: 55
S400.L Omega Ratio Rank: 58
S400.L Calmar Ratio Rank: 62
S400.L Martin Ratio Rank: 56

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.

VJPN.L vs. S400.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Japan UCITS ETF Distributing (VJPN.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.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.

	VJPN.L	S400.L	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.83	+0.08
Sortino ratio: Return per unit of downside risk	2.75	2.60	+0.16
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	3.20	3.03	+0.18
Martin ratio: Return relative to average drawdown	10.40	9.75	+0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VJPN.L vs. S400.L - Sharpe Ratio Comparison

The current VJPN.L Sharpe Ratio is 1.91, which is comparable to the S400.L Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of VJPN.L and S400.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.

Sharpe Ratios by Period

	VJPN.L	S400.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.83	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.65	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.63	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.60	+0.03

Drawdowns

VJPN.L vs. S400.L - Drawdown Comparison

The maximum VJPN.L drawdown since its inception was -25.19%, roughly equal to the maximum S400.L drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for VJPN.L and S400.L.

Drawdown Indicators

	VJPN.L	S400.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.19%	-24.69%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-10.45%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.45%	-12.83%	-0.62%
Max Drawdown (5Y) Largest decline over 5 years	-17.91%	-19.34%	+1.43%
Max Drawdown (10Y) Largest decline over 10 years	-25.19%	-24.69%	-0.50%
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	-5.26%	-5.13%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	3.25%	+0.04%

Volatility

VJPN.L vs. S400.L - Volatility Comparison

Vanguard FTSE Japan UCITS ETF Distributing (VJPN.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L) have volatilities of 3.85% and 3.99%, 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.

Volatility by Period

	VJPN.L	S400.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	3.99%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	14.62%	14.23%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.91%	17.33%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	15.38%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	15.80%	+0.10%

VJPN.L vs. S400.L - Expense Ratio Comparison

VJPN.L has a 0.15% expense ratio, which is lower than S400.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

VJPN.L vs. S400.L - Dividend Comparison

VJPN.L's dividend yield for the trailing twelve months is around 2.23%, while S400.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
S400.L Invesco JPX-Nikkei 400 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VJPN.L Vanguard FTSE Japan UCITS ETF Distributing	2.23%	2.54%	2.47%	2.39%	2.64%	2.31%	2.14%	2.36%	2.55%	1.94%	2.04%	2.08%

Frequently Asked Questions

Can I hold both VJPN.L and S400.L in my portfolio?

With a correlation of 0.99, VJPN.L and S400.L 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.

Which ETF is better, VJPN.L or S400.L?

On fees, VJPN.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VJPN.L or S400.L?

VJPN.L is cheaper with a 0.15% expense ratio, compared with 0.19% for S400.L.

What is the main difference between VJPN.L and S400.L?

Both ETFs track TOPIX TR JPY. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.15% for VJPN.L and 0.19% for S400.L.