CEMA.L vs. PAJS.L
CEMA.L (iShares MSCI EM Asia UCITS ETF USD Acc) and PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) are both exchange-traded funds - CEMA.L is a Asia Pacific Equities fund tracking the MSCI EM Asia Index Net, while PAJS.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. Over the past 3 years, CEMA.L returned 21.86%/yr vs 10.32%/yr for PAJS.L. A 0.53 correlation means they provide meaningful diversification when combined. CEMA.L charges 0.20%/yr vs 0.19%/yr for PAJS.L.
Performance
CEMA.L vs. PAJS.L - Performance Comparison
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Different Trading Currencies
CEMA.L is traded in USD, while PAJS.L is traded in GBp. To make them comparable, the PAJS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CEMA.L achieves a 22.45% return, which is significantly lower than PAJS.L's 10,830.41% return.
CEMA.L
- 1D
- -0.48%
- 1M
- -7.06%
- 6M
- 16.81%
- YTD
- 22.45%
- 1Y
- 40.02%
- 3Y*
- 21.86%
- 5Y*
- 7.43%
- 10Y*
- 10.13%
PAJS.L
- 1D
- 1.15%
- 1M
- 0.52%
- 6M
- 4.79%
- YTD
- 10,830.41%
- 1Y
- 23.37%
- 3Y*
- 10.32%
- 5Y*
- —
- 10Y*
- —
CEMA.L vs. PAJS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CEMA.L iShares MSCI EM Asia UCITS ETF USD Acc | 22.45% | 33.97% | 12.43% | 6.65% | -21.47% | 1.85% |
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc | 10,830.41% | -98.78% | -0.92% | 14.41% | -22.90% | -27.17% |
Correlation
The correlation between CEMA.L and PAJS.L is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.53 |
The correlation between CEMA.L and PAJS.L has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
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Return for Risk
CEMA.L vs. PAJS.L — Risk / Return Rank
CEMA.L
PAJS.L
CEMA.L vs. PAJS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM Asia UCITS ETF USD Acc (CEMA.L) and Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.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.
| CEMA.L | PAJS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.68 | ||
| Sortino ratioReturn per unit of downside risk | -281.46 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 88.74 | -87.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 0.23 | +2.66 |
| Martin ratioReturn relative to average drawdown | 9.20 | 0.46 | +8.74 |
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Drawdowns
CEMA.L vs. PAJS.L - Drawdown Comparison
The maximum CEMA.L drawdown since its inception was -45.51%, smaller than the maximum PAJS.L drawdown of -99.31%. Use the drawdown chart below to compare losses from any high point for CEMA.L and PAJS.L.
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Drawdown Indicators
| CEMA.L | PAJS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -99.31% | +53.80% |
Max Drawdown (1Y)Largest decline over 1 year | -13.77% | -99.06% | +85.29% |
Max Drawdown (3Y)Largest decline over 3 years | -19.95% | -99.06% | +79.11% |
Max Drawdown (5Y)Largest decline over 5 years | -38.96% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.51% | — | — |
Current DrawdownCurrent decline from peak | -9.59% | -15.27% | +5.68% |
Average DrawdownAverage peak-to-trough decline | -14.52% | -38.04% | +23.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.34% | 48.78% | -44.44% |
Volatility
CEMA.L vs. PAJS.L - Volatility Comparison
iShares MSCI EM Asia UCITS ETF USD Acc (CEMA.L) has a higher volatility of 10.19% compared to Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) at 7.30%. This indicates that CEMA.L's price experiences larger fluctuations and is considered to be riskier than PAJS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMA.L | PAJS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.19% | 7.30% | +2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 21.60% | 1,130.15% | -1,108.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.77% | 27,956.50% | -27,932.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.87% | 13,164.10% | -13,143.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 13,164.10% | -13,143.95% |
CEMA.L vs. PAJS.L - Expense Ratio Comparison
CEMA.L has a 0.20% expense ratio, which is higher than PAJS.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
CEMA.L vs. PAJS.L - Dividend Comparison
Neither CEMA.L nor PAJS.L has paid dividends to shareholders.
Frequently Asked Questions
CEMA.L and PAJS.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PAJS.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PAJS.L is cheaper with a 0.19% expense ratio, compared with 0.20% for CEMA.L.
CEMA.L is categorized as Asia Pacific Equities, while PAJS.L is Japan Equities. CEMA.L tracks MSCI EM Asia Index Net, while PAJS.L tracks TOPIX TR JPY. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for CEMA.L and 0.19% for PAJS.L.
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