PAJS.L vs. HPJS.L
PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and HPJS.L (HSBC MSCI Japan Climate Paris Aligned UCITS ETF) are both Japan Equities funds tracking the TOPIX TR JPY, from Invesco and HSBC respectively. Both are passively managed. Over the past 3 years, PAJS.L returned 6.52%/yr vs 7.09%/yr for HPJS.L. With a 0.97 correlation, they move nearly in lockstep. PAJS.L charges 0.19%/yr vs 0.18%/yr for HPJS.L.
Performance
PAJS.L vs. HPJS.L - Performance Comparison
Loading charts...
Different Trading Currencies
PAJS.L is traded in GBp, while HPJS.L is traded in GBP. To make them comparable, the HPJS.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, PAJS.L achieves a 7.24% return, which is significantly lower than HPJS.L's 8.46% return.
PAJS.L
- 1D
- -0.95%
- 1M
- 1.09%
- YTD
- 7.24%
- 6M
- 5.38%
- 1Y
- 20.25%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
HPJS.L
- 1D
- -1.17%
- 1M
- 0.61%
- YTD
- 8.46%
- 6M
- 6.90%
- 1Y
- 25.79%
- 3Y*
- 7.09%
- 5Y*
- —
- 10Y*
- —
PAJS.L vs. HPJS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc | 7.24% | 13.24% | 0.76% | 8.67% | -14.19% | -3.23% |
HPJS.L HSBC MSCI Japan Climate Paris Aligned UCITS ETF | 8.46% | 14.99% | -1.51% | 9.90% | -15.00% | -3.49% |
Correlation
The correlation between PAJS.L and HPJS.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.97 |
The correlation between PAJS.L and HPJS.L has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PAJS.L vs. HPJS.L — Risk / Return Rank
PAJS.L
HPJS.L
PAJS.L vs. HPJS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) and HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.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.
| PAJS.L | HPJS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 2.04 | -0.42 |
| Martin ratioReturn relative to average drawdown | 5.02 | 6.70 | -1.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PAJS.L | HPJS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 1.35 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.15 | -0.05 |
Drawdowns
PAJS.L vs. HPJS.L - Drawdown Comparison
The maximum PAJS.L drawdown since its inception was -29.71%, which is greater than HPJS.L's maximum drawdown of -24.65%. Use the drawdown chart below to compare losses from any high point for PAJS.L and HPJS.L.
Loading charts...
Drawdown Indicators
| PAJS.L | HPJS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.71% | -24.65% | -5.06% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -12.22% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -17.24% | -12.47% |
Current DrawdownCurrent decline from peak | -7.43% | -1.70% | -5.73% |
Average DrawdownAverage peak-to-trough decline | -16.45% | -11.45% | -5.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 3.72% | +0.12% |
Volatility
PAJS.L vs. HPJS.L - Volatility Comparison
The current volatility for Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) is 4.40%, while HSBC MSCI Japan Climate Paris Aligned UCITS ETF (HPJS.L) has a volatility of 4.72%. This indicates that PAJS.L experiences smaller price fluctuations and is considered to be less risky than HPJS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PAJS.L | HPJS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 4.72% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 14.68% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 18.43% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.26% | 15.94% | +6.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.26% | 15.94% | +6.32% |
PAJS.L vs. HPJS.L - Expense Ratio Comparison
PAJS.L has a 0.19% expense ratio, which is higher than HPJS.L's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PAJS.L vs. HPJS.L - Dividend Comparison
Neither PAJS.L nor HPJS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, PAJS.L and HPJS.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.
On fees, HPJS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPJS.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: Invesco and HSBC. Their fees differ too: 0.19% for PAJS.L and 0.18% for HPJS.L.
Find the right allocation for PAJS.L and HPJS.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer