CSJP.L vs. PAJS.L
CSJP.L (iShares MSCI Japan UCITS ETF USD (Acc)) and PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) are both Japan Equities funds tracking the TOPIX TR JPY, from iShares and Invesco respectively. Both are passively managed. Over the past 3 years, CSJP.L returned 17.64%/yr vs 9.33%/yr for PAJS.L. Their correlation of 0.90 suggests significant overlap in exposure. CSJP.L charges 0.48%/yr vs 0.19%/yr for PAJS.L.
Performance
CSJP.L vs. PAJS.L - Performance Comparison
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Returns By Period
In the year-to-date period, CSJP.L achieves a 18.90% return, which is significantly lower than PAJS.L's 10,896.66% return.
CSJP.L
- 1D
- 0.37%
- 1M
- 3.21%
- YTD
- 18.90%
- 6M
- 19.10%
- 1Y
- 39.63%
- 3Y*
- 17.64%
- 5Y*
- 10.32%
- 10Y*
- 9.84%
PAJS.L
- 1D
- 0.63%
- 1M
- 10,142.59%
- YTD
- 10,896.66%
- 6M
- 10,944.36%
- 1Y
- 22.79%
- 3Y*
- 9.33%
- 5Y*
- —
- 10Y*
- —
CSJP.L vs. PAJS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CSJP.L iShares MSCI Japan UCITS ETF USD (Acc) | 18.90% | 17.48% | 9.01% | 13.68% | -7.33% | -1.16% |
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc | 10,896.66% | -98.87% | 0.76% | 8.67% | -13.67% | -28.63% |
Correlation
The correlation between CSJP.L and PAJS.L is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.90 |
The correlation between CSJP.L and PAJS.L has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
CSJP.L vs. PAJS.L — Risk / Return Rank
CSJP.L
PAJS.L
CSJP.L vs. PAJS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan UCITS ETF USD (Acc) (CSJP.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.
| CSJP.L | PAJS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | -280.12 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 90.12 | -88.74 |
| Calmar ratioReturn relative to maximum drawdown | 3.76 | 0.23 | +3.53 |
| Martin ratioReturn relative to average drawdown | 11.87 | 0.47 | +11.40 |
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Drawdowns
CSJP.L vs. PAJS.L - Drawdown Comparison
The maximum CSJP.L drawdown since its inception was -36.79%, smaller than the maximum PAJS.L drawdown of -99.32%. Use the drawdown chart below to compare losses from any high point for CSJP.L and PAJS.L.
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Drawdown Indicators
| CSJP.L | PAJS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.79% | -99.32% | +62.53% |
Max Drawdown (1Y)Largest decline over 1 year | -10.49% | -99.06% | +88.57% |
Max Drawdown (3Y)Largest decline over 3 years | -14.32% | -99.06% | +84.74% |
Max Drawdown (5Y)Largest decline over 5 years | -18.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.31% | — | — |
Current DrawdownCurrent decline from peak | -3.12% | -15.98% | +12.86% |
Average DrawdownAverage peak-to-trough decline | -9.93% | -35.96% | +26.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.33% | 48.77% | -45.44% |
Volatility
CSJP.L vs. PAJS.L - Volatility Comparison
The current volatility for iShares MSCI Japan UCITS ETF USD (Acc) (CSJP.L) is 6.08%, while Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a volatility of 460.73%. This indicates that CSJP.L experiences smaller price fluctuations and is considered to be less risky 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
| CSJP.L | PAJS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.08% | 460.73% | -454.65% |
Volatility (6M)Calculated over the trailing 6-month period | 15.72% | 1,306.92% | -1,291.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.05% | 27,873.17% | -27,854.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.06% | 13,204.53% | -13,188.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 13,204.53% | -13,188.58% |
CSJP.L vs. PAJS.L - Expense Ratio Comparison
CSJP.L has a 0.48% expense ratio, which is higher than PAJS.L's 0.19% expense ratio.
Dividends
CSJP.L vs. PAJS.L - Dividend Comparison
Neither CSJP.L nor PAJS.L has paid dividends to shareholders.
Frequently Asked Questions
CSJP.L and PAJS.L have a correlation of 0.81, 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 0.48% for CSJP.L.
Both ETFs track TOPIX TR JPY. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.48% for CSJP.L and 0.19% for PAJS.L.
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