HPJP.L vs. PAJS.L

Last updated Jul 16, 2026

HPJP.L (HSBC MSCI Japan Climate Paris Aligned UCITS ETF) and PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) are both Japan Equities funds - HPJP.L tracks the HSBC MSCI Japan Climate Paris Aligned UCITS ETF while PAJS.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 3 years, HPJP.L returned 9.93%/yr vs 10.32%/yr for PAJS.L. Their correlation of 0.89 suggests significant overlap in exposure. HPJP.L charges 0.18%/yr vs 0.19%/yr for PAJS.L.

Performance

HPJP.L vs. PAJS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJP.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.

Different Trading Currencies

HPJP.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, HPJP.L achieves a 7.76% return, which is significantly lower than PAJS.L's 10,830.41% return.

HPJP.L

• 1D: -1.56%
• 1M: -1.56%
• 6M: 2.77%
• YTD: 7.76%
• 1Y: 24.60%
• 3Y*: 9.93%
• 5Y*: —
• 10Y*: —

PAJS.L

• 1D: 1.15%
• 1M: 0.52%
• 6M: 4.79%
• YTD: 10,830.41%
• 1Y: 23.37%
• 3Y*: 10.32%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
HPJP.L HSBC MSCI Japan Climate Paris Aligned UCITS ETF	7.76%	23.28%	-3.07%	16.34%	-24.08%	0.06%
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 HPJP.L and PAJS.L is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021	0.89

The correlation between HPJP.L and PAJS.L has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

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

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

HPJP.L

HPJP.L Risk / Return Rank: 39
HPJP.L Sharpe Ratio Rank: 36
HPJP.L Sortino Ratio Rank: 39
HPJP.L Omega Ratio Rank: 36
HPJP.L Calmar Ratio Rank: 41
HPJP.L Martin Ratio Rank: 43

PAJS.L

PAJS.L Risk / Return Rank: 47
PAJS.L Sharpe Ratio Rank: 9
PAJS.L Sortino Ratio Rank: 100
PAJS.L Omega Ratio Rank: 100
PAJS.L Calmar Ratio Rank: 12
PAJS.L Martin Ratio Rank: 12

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.

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

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJP.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.

	HPJP.L	PAJS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.00	+1.09
Sortino ratio: Return per unit of downside risk	1.69	283.74	-282.05
Omega ratio: Gain probability vs. loss probability	1.20	88.74	-87.54
Calmar ratio: Return relative to maximum drawdown	1.76	0.23	+1.53
Martin ratio: Return relative to average drawdown	5.75	0.46	+5.28

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

The current HPJP.L Sharpe Ratio is 1.09, which is higher than the PAJS.L Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of HPJP.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.

Drawdowns

HPJP.L vs. PAJS.L - Drawdown Comparison

The maximum HPJP.L drawdown since its inception was -33.79%, smaller than the maximum PAJS.L drawdown of -99.31%. Use the drawdown chart below to compare losses from any high point for HPJP.L and PAJS.L.

Drawdown Indicators

	HPJP.L	PAJS.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.79%	-99.31%	+65.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.95%	-99.06%	+85.11%
Max Drawdown (3Y) Largest decline over 3 years	-24.10%	-99.06%	+74.96%
Current Drawdown Current decline from peak	-4.69%	-15.27%	+10.58%
Average Drawdown Average peak-to-trough decline	-15.31%	-38.04%	+22.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	48.78%	-44.51%

Volatility

HPJP.L vs. PAJS.L - Volatility Comparison

HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJP.L) has a higher volatility of 7.80% compared to Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) at 7.30%. This indicates that HPJP.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

	HPJP.L	PAJS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	7.30%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	18.56%	1,130.15%	-1,111.59%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	27,956.50%	-27,934.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.74%	13,164.10%	-13,139.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.74%	13,164.10%	-13,139.36%

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

HPJP.L has a 0.18% expense ratio, which is lower than PAJS.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HPJP.L vs. PAJS.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

HPJP.L and PAJS.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, HPJP.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HPJP.L is cheaper with a 0.18% expense ratio, compared with 0.19% for PAJS.L.

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

HPJP.L tracks HSBC MSCI Japan Climate Paris Aligned UCITS ETF, while PAJS.L tracks TOPIX TR JPY. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.18% for HPJP.L and 0.19% for PAJS.L.