XMJP.L vs. S400.L

Last updated Jun 5, 2026

XMJP.L (Xtrackers MSCI Japan UCITS ETF 1C) and S400.L (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds tracking the TOPIX TR JPY, from Xtrackers and Invesco respectively. Both are passively managed. Over the past 10 years, XMJP.L returned 10.26%/yr vs 9.95%/yr for S400.L. With a 0.97 correlation, they move nearly in lockstep. XMJP.L charges 0.20%/yr vs 0.19%/yr for S400.L.

Performance

XMJP.L vs. S400.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI Japan UCITS ETF 1C (XMJP.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMJP.L achieves a 16.45% return, which is significantly higher than S400.L's 15.40% return. Both investments have delivered pretty close results over the past 10 years, with XMJP.L having a 10.26% annualized return and S400.L not far behind at 9.95%.

XMJP.L

• 1D: -0.26%
• 1M: 6.26%
• YTD: 16.45%
• 6M: 15.56%
• 1Y: 34.15%
• 3Y*: 15.63%
• 5Y*: 10.23%
• 10Y*: 10.26%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMJP.L Xtrackers MSCI Japan UCITS ETF 1C	16.45%	17.49%	9.14%	13.88%	-7.09%	2.11%	12.34%	14.37%	-8.64%	13.19%
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 XMJP.L and S400.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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 16, 2014	0.97

The correlation between XMJP.L and S400.L shifts across timeframes, from 0.85 (1 year) to 0.97 (all time), reflecting how their relationship changes across market environments.

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

Sectors	XMJP.L	S400.L
Industrials	26.0%	27.6%
Technology	19.1%	19.6%
Financial Services	17.5%	13.9%
Consumer Cyclical	12.2%	10.9%
Communication Services	7.9%	6.7%
Healthcare	6.3%	6.3%
Consumer Defensive	3.6%	4.6%
Basic Materials	3.0%	5.3%
Real Estate	2.3%	2.4%
Utilities	1.1%	1.5%
Energy	1.1%	1.2%

Return for Risk

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

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

XMJP.L

XMJP.L Risk / Return Rank: 59
XMJP.L Sharpe Ratio Rank: 57
XMJP.L Sortino Ratio Rank: 58
XMJP.L Omega Ratio Rank: 59
XMJP.L Calmar Ratio Rank: 65
XMJP.L Martin Ratio Rank: 58

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.

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

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan UCITS ETF 1C (XMJP.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.

	XMJP.L	S400.L	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.83	+0.05
Sortino ratio: Return per unit of downside risk	2.71	2.60	+0.11
Omega ratio: Gain probability vs. loss probability	1.35	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	3.19	3.03	+0.17
Martin ratio: Return relative to average drawdown	10.22	9.75	+0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XMJP.L Sharpe Ratio is 1.88, which is comparable to the S400.L Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of XMJP.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

	XMJP.L	S400.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.83	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.65	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.63	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.60	-0.19

Drawdowns

XMJP.L vs. S400.L - Drawdown Comparison

The maximum XMJP.L drawdown since its inception was -28.91%, which is greater than S400.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for XMJP.L and S400.L.

Drawdown Indicators

	XMJP.L	S400.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.91%	-24.69%	-4.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-10.45%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-12.83%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-18.48%	-19.34%	+0.86%
Max Drawdown (10Y) Largest decline over 10 years	-24.22%	-24.69%	+0.47%
Current Drawdown Current decline from peak	-0.26%	-0.43%	+0.17%
Average Drawdown Average peak-to-trough decline	-7.44%	-5.13%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.25%	+0.08%

Volatility

XMJP.L vs. S400.L - Volatility Comparison

Xtrackers MSCI Japan UCITS ETF 1C (XMJP.L) and Invesco JPX-Nikkei 400 UCITS ETF (S400.L) have volatilities of 3.89% 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

	XMJP.L	S400.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	3.99%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	14.23%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	17.33%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	15.38%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	15.80%	+0.10%

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

XMJP.L has a 0.20% expense ratio, which is higher than S400.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

XMJP.L vs. S400.L - Dividend Comparison

Neither XMJP.L nor S400.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

XMJP.L and S400.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.

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

On fees, S400.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, XMJP.L or S400.L?

S400.L is cheaper with a 0.19% expense ratio, compared with 0.20% for XMJP.L.

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

Both ETFs track TOPIX TR JPY. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.20% for XMJP.L and 0.19% for S400.L.