HSJP.L vs. PAJS.L
HSJP.L (HSBC Japan Sustainable Equity UCITS ETF USD) and PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) are both Japan Equities funds tracking the TOPIX TR JPY, from HSBC and Invesco respectively. Both are passively managed. Over the past 3 years, HSJP.L returned 16.72%/yr vs 6.52%/yr for PAJS.L. Their correlation of 0.88 suggests significant overlap in exposure. HSJP.L charges 0.18%/yr vs 0.19%/yr for PAJS.L.
Performance
HSJP.L vs. PAJS.L - Performance Comparison
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Different Trading Currencies
HSJP.L is traded in GBP, while PAJS.L is traded in GBp. To make them comparable, the PAJS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, HSJP.L achieves a 13.21% return, which is significantly higher than PAJS.L's 7.24% return.
HSJP.L
- 1D
- 0.17%
- 1M
- 8.19%
- YTD
- 13.21%
- 6M
- 13.27%
- 1Y
- 30.10%
- 3Y*
- 16.72%
- 5Y*
- 11.11%
- 10Y*
- —
PAJS.L
- 1D
- -0.95%
- 1M
- 3.55%
- YTD
- 7.24%
- 6M
- 5.00%
- 1Y
- 19.35%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
HSJP.L vs. PAJS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HSJP.L HSBC Japan Sustainable Equity UCITS ETF USD | 13.21% | 18.24% | 13.93% | 13.26% | -5.31% | -2.93% |
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 HSJP.L and PAJS.L is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.88 |
The correlation between HSJP.L and PAJS.L has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.
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Return for Risk
HSJP.L vs. PAJS.L — Risk / Return Rank
HSJP.L
PAJS.L
HSJP.L vs. PAJS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Japan Sustainable Equity UCITS ETF USD (HSJP.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.
| HSJP.L | PAJS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.20 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 1.62 | +0.85 |
| Martin ratioReturn relative to average drawdown | 7.35 | 5.02 | +2.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HSJP.L | PAJS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.61 | 1.07 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.10 | +0.64 |
Drawdowns
HSJP.L vs. PAJS.L - Drawdown Comparison
The maximum HSJP.L drawdown since its inception was -16.22%, smaller than the maximum PAJS.L drawdown of -29.71%. Use the drawdown chart below to compare losses from any high point for HSJP.L and PAJS.L.
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Drawdown Indicators
| HSJP.L | PAJS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.22% | -29.71% | +13.49% |
Max Drawdown (1Y)Largest decline over 1 year | -12.15% | -11.92% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -13.09% | -29.71% | +16.62% |
Max Drawdown (5Y)Largest decline over 5 years | -16.22% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -7.43% | +7.10% |
Average DrawdownAverage peak-to-trough decline | -4.65% | -16.45% | +11.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 3.84% | +0.24% |
Volatility
HSJP.L vs. PAJS.L - Volatility Comparison
The current volatility for HSBC Japan Sustainable Equity UCITS ETF USD (HSJP.L) is 3.87%, while Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a volatility of 4.40%. This indicates that HSJP.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
| HSJP.L | PAJS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.87% | 4.40% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 15.21% | 14.33% | +0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.66% | 18.01% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 22.26% | -6.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.92% | 22.26% | -6.34% |
HSJP.L vs. PAJS.L - Expense Ratio Comparison
HSJP.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
HSJP.L vs. PAJS.L - Dividend Comparison
Neither HSJP.L nor PAJS.L has paid dividends to shareholders.
Frequently Asked Questions
HSJP.L and PAJS.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HSJP.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HSJP.L is cheaper with a 0.18% expense ratio, compared with 0.19% for PAJS.L.
Both ETFs track TOPIX TR JPY. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.18% for HSJP.L and 0.19% for PAJS.L.
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