VJPU.L vs. N4US.L

Last updated Jul 18, 2026

VJPU.L (Vanguard FTSE Japan UCITS ETF USD Hedged Acc) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds - VJPU.L tracks the FTSE Japan (USD Hedged) while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 5 years, VJPU.L returned 21.55%/yr vs 21.88%/yr for N4US.L. With a 0.98 correlation, they move nearly in lockstep. VJPU.L charges 0.20%/yr vs 0.19%/yr for N4US.L.

Performance

VJPU.L vs. N4US.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Japan UCITS ETF USD Hedged Acc (VJPU.L) and Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VJPU.L having a 18.13% return and N4US.L slightly higher at 18.80%.

VJPU.L

• 1D: -2.11%
• 1M: -3.69%
• 6M: 10.66%
• YTD: 18.13%
• 1Y: 46.51%
• 3Y*: 27.54%
• 5Y*: 21.55%
• 10Y*: —

N4US.L

• 1D: -2.01%
• 1M: -2.75%
• 6M: 11.38%
• YTD: 18.80%
• 1Y: 45.47%
• 3Y*: 27.49%
• 5Y*: 21.88%
• 10Y*: 16.34%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VJPU.L Vanguard FTSE Japan UCITS ETF USD Hedged Acc	18.13%	31.51%	23.81%	35.67%	-2.33%	12.22%	11.64%
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)	18.80%	30.25%	23.77%	35.97%	-1.05%	11.18%	12.08%

Correlation

The correlation between VJPU.L and N4US.L is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 31, 2020	0.98

The correlation between VJPU.L and N4US.L has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

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

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

VJPU.L

VJPU.L Risk / Return Rank: 89
VJPU.L Sharpe Ratio Rank: 89
VJPU.L Sortino Ratio Rank: 87
VJPU.L Omega Ratio Rank: 86
VJPU.L Calmar Ratio Rank: 93
VJPU.L Martin Ratio Rank: 91

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Japan UCITS ETF USD Hedged Acc (VJPU.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.

	VJPU.L	N4US.L	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.32	0.00
Sortino ratio: Return per unit of downside risk	3.19	3.18	+0.01
Omega ratio: Gain probability vs. loss probability	1.41	1.42	-0.01
Calmar ratio: Return relative to maximum drawdown	4.84	4.84	0.00
Martin ratio: Return relative to average drawdown	16.40	16.48	-0.09

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

The current VJPU.L Sharpe Ratio is 2.32, which is comparable to the N4US.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VJPU.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

VJPU.L vs. N4US.L - Drawdown Comparison

The maximum VJPU.L drawdown since its inception was -27.53%, smaller than the maximum N4US.L drawdown of -30.94%. Use the drawdown chart below to compare losses from any high point for VJPU.L and N4US.L.

Drawdown Indicators

	VJPU.L	N4US.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.53%	-30.94%	+3.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.57%	-9.35%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-21.44%	-21.38%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-21.44%	-21.38%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.94%	—
Current Drawdown Current decline from peak	-5.55%	-4.48%	-1.07%
Average Drawdown Average peak-to-trough decline	-4.11%	-6.78%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.75%	+0.08%

Volatility

VJPU.L vs. N4US.L - Volatility Comparison

Vanguard FTSE Japan UCITS ETF USD Hedged Acc (VJPU.L) has a higher volatility of 6.52% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.15%. This indicates that VJPU.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

	VJPU.L	N4US.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	6.15%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	16.00%	15.63%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	20.00%	19.57%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	18.50%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.60%	18.38%	+1.22%

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

VJPU.L has a 0.20% expense ratio, which is higher than N4US.L's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VJPU.L vs. N4US.L - Dividend Comparison

Neither VJPU.L nor N4US.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.98, VJPU.L and N4US.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, VJPU.L or N4US.L?

On fees, N4US.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

N4US.L is cheaper with a 0.19% expense ratio, compared with 0.20% for VJPU.L.

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

VJPU.L tracks FTSE Japan (USD Hedged), while N4US.L tracks JPX-Nikkei 400 USD Hedged Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.20% for VJPU.L and 0.19% for N4US.L.