N4US.L vs. PAJS.L
N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) and PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) are both Japan Equities funds from Invesco - N4US.L tracks the JPX-Nikkei 400 USD Hedged Index while PAJS.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 3 years, N4US.L returned 27.49%/yr vs 9.52%/yr for PAJS.L. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.19% expense ratio.
Performance
N4US.L vs. PAJS.L - Performance Comparison
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Different Trading Currencies
N4US.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, N4US.L achieves a 18.80% return, which is significantly lower than PAJS.L's 10,570.62% return.
N4US.L
- 1D
- -2.01%
- 1M
- -2.75%
- 6M
- 11.38%
- YTD
- 18.80%
- 1Y
- 45.47%
- 3Y*
- 27.49%
- 5Y*
- 21.88%
- 10Y*
- 16.34%
PAJS.L
- 1D
- -1.35%
- 1M
- -2.77%
- 6M
- 3.40%
- YTD
- 10,570.62%
- 1Y
- 11,752.75%
- 3Y*
- 9.52%
- 5Y*
- —
- 10Y*
- —
N4US.L vs. PAJS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.80% | 30.25% | 23.77% | 35.97% | -1.05% | 2.63% |
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc | 10,570.62% | -98.78% | -0.92% | 14.41% | -22.90% | -27.17% |
Correlation
The correlation between N4US.L and PAJS.L is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.70 |
The correlation between N4US.L and PAJS.L has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.
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Return for Risk
N4US.L vs. PAJS.L — Risk / Return Rank
N4US.L
PAJS.L
N4US.L vs. PAJS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.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.
| N4US.L | PAJS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.32 | ||
| Sortino ratioReturn per unit of downside risk | -280.55 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 88.58 | -87.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 0.21 | +4.63 |
| Martin ratioReturn relative to average drawdown | 16.48 | 0.45 | +16.03 |
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Drawdowns
N4US.L vs. PAJS.L - Drawdown Comparison
The maximum N4US.L drawdown since its inception was -30.94%, smaller than the maximum PAJS.L drawdown of -99.31%. Use the drawdown chart below to compare losses from any high point for N4US.L and PAJS.L.
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Drawdown Indicators
| N4US.L | PAJS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -99.31% | +68.37% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -99.06% | +89.71% |
Max Drawdown (3Y)Largest decline over 3 years | -21.38% | -99.06% | +77.68% |
Max Drawdown (5Y)Largest decline over 5 years | -21.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.94% | — | — |
Current DrawdownCurrent decline from peak | -4.48% | -17.28% | +12.80% |
Average DrawdownAverage peak-to-trough decline | -6.78% | -38.00% | +31.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 48.78% | -46.03% |
Volatility
N4US.L vs. PAJS.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) is 6.15%, while Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a volatility of 7.45%. This indicates that N4US.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
| N4US.L | PAJS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 7.45% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 1,130.14% | -1,114.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 27,956.52% | -27,936.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 13,152.81% | -13,134.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 13,152.81% | -13,134.43% |
N4US.L vs. PAJS.L - Expense Ratio Comparison
Both N4US.L and PAJS.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
N4US.L vs. PAJS.L - Dividend Comparison
Neither N4US.L nor PAJS.L has paid dividends to shareholders.
Frequently Asked Questions
N4US.L and PAJS.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
N4US.L and PAJS.L have the same expense ratio: 0.19% per year.
N4US.L tracks JPX-Nikkei 400 USD Hedged Index, while PAJS.L tracks TOPIX TR JPY.
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