DXJG.L vs. PAJS.L

Last updated Jun 5, 2026

DXJG.L (WisdomTree Japan Equity UCITS ETF JPY 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 WisdomTree and Invesco respectively. Both are passively managed. Over the past 3 years, DXJG.L returned 19.56%/yr vs 6.52%/yr for PAJS.L. Their correlation of 0.82 suggests significant overlap in exposure. DXJG.L charges 0.40%/yr vs 0.19%/yr for PAJS.L.

Performance

DXJG.L vs. PAJS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Japan Equity UCITS ETF JPY Acc (DXJG.L) and Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXJG.L achieves a 17.18% return, which is significantly higher than PAJS.L's 7.24% return.

DXJG.L

• 1D: 0.25%
• 1M: 6.33%
• YTD: 17.18%
• 6M: 17.52%
• 1Y: 36.74%
• 3Y*: 19.56%
• 5Y*: 14.28%
• 10Y*: 12.04%

PAJS.L

• 1D: -0.95%
• 1M: 3.55%
• YTD: 7.24%
• 6M: 5.00%
• 1Y: 19.35%
• 3Y*: 6.52%
• 5Y*: —
• 10Y*: —

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

DXJG.L vs. PAJS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DXJG.L WisdomTree Japan Equity UCITS ETF JPY Acc	17.18%	19.87%	13.08%	18.87%	1.09%	-2.47%
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc	7.24%	13.24%	0.76%	8.67%	-14.19%	-3.23%

Correlation

The correlation between DXJG.L and PAJS.L is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.82

The correlation between DXJG.L and PAJS.L has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

DXJG.L vs. PAJS.L — Risk / Return Rank

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

DXJG.L

DXJG.L Risk / Return Rank: 63
DXJG.L Sharpe Ratio Rank: 61
DXJG.L Sortino Ratio Rank: 60
DXJG.L Omega Ratio Rank: 61
DXJG.L Calmar Ratio Rank: 71
DXJG.L Martin Ratio Rank: 61

PAJS.L

PAJS.L Risk / Return Rank: 32
PAJS.L Sharpe Ratio Rank: 30
PAJS.L Sortino Ratio Rank: 32
PAJS.L Omega Ratio Rank: 31
PAJS.L Calmar Ratio Rank: 33
PAJS.L Martin Ratio Rank: 34

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.

DXJG.L vs. PAJS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Equity UCITS ETF JPY Acc (DXJG.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.

	DXJG.L	PAJS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.07	+0.94
Sortino ratio: Return per unit of downside risk	2.80	1.66	+1.14
Omega ratio: Gain probability vs. loss probability	1.37	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	3.49	1.62	+1.87
Martin ratio: Return relative to average drawdown	10.82	5.02	+5.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXJG.L vs. PAJS.L - Sharpe Ratio Comparison

The current DXJG.L Sharpe Ratio is 2.01, which is higher than the PAJS.L Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of DXJG.L and PAJS.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

	DXJG.L	PAJS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.07	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.10	+0.59

Drawdowns

DXJG.L vs. PAJS.L - Drawdown Comparison

The maximum DXJG.L drawdown since its inception was -29.26%, roughly equal to the maximum PAJS.L drawdown of -29.71%. Use the drawdown chart below to compare losses from any high point for DXJG.L and PAJS.L.

Drawdown Indicators

	DXJG.L	PAJS.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.26%	-29.71%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.49%	-11.92%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.83%	-29.71%	+14.88%
Max Drawdown (5Y) Largest decline over 5 years	-14.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.26%	—	—
Current Drawdown Current decline from peak	-0.86%	-7.43%	+6.57%
Average Drawdown Average peak-to-trough decline	-5.34%	-16.45%	+11.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	3.84%	-0.45%

Volatility

DXJG.L vs. PAJS.L - Volatility Comparison

WisdomTree Japan Equity UCITS ETF JPY Acc (DXJG.L) has a higher volatility of 4.77% compared to Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) at 4.40%. This indicates that DXJG.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.

Volatility by Period

	DXJG.L	PAJS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	4.40%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	14.81%	14.33%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	18.17%	18.01%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	22.26%	-6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	22.26%	-6.15%

DXJG.L vs. PAJS.L - Expense Ratio Comparison

DXJG.L has a 0.40% expense ratio, which is higher than PAJS.L's 0.19% expense ratio.

Dividends

DXJG.L vs. PAJS.L - Dividend Comparison

Neither DXJG.L nor PAJS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DXJG.L and PAJS.L in my portfolio?

DXJG.L and PAJS.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXJG.L or PAJS.L?

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.

Which ETF is cheaper, DXJG.L or PAJS.L?

PAJS.L is cheaper with a 0.19% expense ratio, compared with 0.40% for DXJG.L.

What is the main difference between DXJG.L and PAJS.L?

Both ETFs track TOPIX TR JPY. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.40% for DXJG.L and 0.19% for PAJS.L.