IJPN.L vs. PAJS.L

Last updated Jun 5, 2026

IJPN.L (iShares MSCI Japan UCITS ETF (Dist)) 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, IJPN.L returned 16.17%/yr vs 6.52%/yr for PAJS.L. Their correlation of 0.93 suggests significant overlap in exposure. IJPN.L charges 0.59%/yr vs 0.19%/yr for PAJS.L.

Performance

IJPN.L vs. PAJS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Japan UCITS ETF (Dist) (IJPN.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, IJPN.L achieves a 16.83% return, which is significantly higher than PAJS.L's 7.24% return.

IJPN.L

• 1D: -0.35%
• 1M: 3.86%
• YTD: 16.83%
• 6M: 16.00%
• 1Y: 36.20%
• 3Y*: 16.17%
• 5Y*: 10.52%
• 10Y*: 10.48%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021
IJPN.L iShares MSCI Japan UCITS ETF (Dist)	16.83%	18.18%	9.39%	14.03%	-7.13%	-3.11%
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 IJPN.L and PAJS.L is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.93

The correlation between IJPN.L and PAJS.L has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

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

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

IJPN.L

IJPN.L Risk / Return Rank: 60
IJPN.L Sharpe Ratio Rank: 56
IJPN.L Sortino Ratio Rank: 58
IJPN.L Omega Ratio Rank: 59
IJPN.L Calmar Ratio Rank: 66
IJPN.L Martin Ratio Rank: 60

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan UCITS ETF (Dist) (IJPN.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.

	IJPN.L	PAJS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.07	+0.81
Sortino ratio: Return per unit of downside risk	2.71	1.66	+1.05
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.15
Calmar ratio: Return relative to maximum drawdown	3.22	1.62	+1.61
Martin ratio: Return relative to average drawdown	10.52	5.02	+5.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IJPN.L Sharpe Ratio is 1.88, which is higher than the PAJS.L Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of IJPN.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

	IJPN.L	PAJS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.07	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.10	+0.32

Drawdowns

IJPN.L vs. PAJS.L - Drawdown Comparison

The maximum IJPN.L drawdown since its inception was -39.73%, which is greater than PAJS.L's maximum drawdown of -29.71%. Use the drawdown chart below to compare losses from any high point for IJPN.L and PAJS.L.

Drawdown Indicators

	IJPN.L	PAJS.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.73%	-29.71%	-10.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.80%	-11.92%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-14.09%	-29.71%	+15.62%
Max Drawdown (5Y) Largest decline over 5 years	-18.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.34%	—	—
Current Drawdown Current decline from peak	-0.35%	-7.43%	+7.08%
Average Drawdown Average peak-to-trough decline	-10.09%	-16.45%	+6.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.84%	-0.52%

Volatility

IJPN.L vs. PAJS.L - Volatility Comparison

The current volatility for iShares MSCI Japan UCITS ETF (Dist) (IJPN.L) is 3.88%, while Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a volatility of 4.40%. This indicates that IJPN.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.

Volatility by Period

	IJPN.L	PAJS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	4.40%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	15.00%	14.33%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	18.01%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.88%	22.26%	-6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	22.26%	-6.28%

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

IJPN.L has a 0.59% expense ratio, which is higher than PAJS.L's 0.19% expense ratio.

Dividends

IJPN.L vs. PAJS.L - Dividend Comparison

IJPN.L's dividend yield for the trailing twelve months is around 2.03%, while PAJS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJPN.L iShares MSCI Japan UCITS ETF (Dist)	2.03%	2.25%	1.95%	1.81%	2.10%	1.66%	1.75%	1.90%	1.89%	1.53%	1.55%	0.87%
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

With a correlation of 0.92, IJPN.L and PAJS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

PAJS.L is cheaper with a 0.19% expense ratio, compared with 0.59% for IJPN.L.

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

Both ETFs track TOPIX TR JPY. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.59% for IJPN.L and 0.19% for PAJS.L.