PAJS.L vs. HSXD.L

Last updated Jul 16, 2026

PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and HSXD.L (HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF) are both Japan Equities funds - PAJS.L tracks the TOPIX TR JPY while HSXD.L tracks the HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF. Both are passively managed. Over the past 3 years, PAJS.L returned 9.52%/yr vs 23.18%/yr for HSXD.L. At a 0.44 correlation, their price movements are largely independent. PAJS.L charges 0.19%/yr vs 0.25%/yr for HSXD.L.

Performance

PAJS.L vs. HSXD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) and HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PAJS.L is traded in GBp, while HSXD.L is traded in USD. To make them comparable, the HSXD.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 10,891.43% return, which is significantly higher than HSXD.L's 28.49% return.

PAJS.L

• 1D: 0.90%
• 1M: 0.76%
• 6M: 5.25%
• YTD: 10,891.43%
• 1Y: 23.35%
• 3Y*: 9.52%
• 5Y*: —
• 10Y*: —

HSXD.L

• 1D: 0.00%
• 1M: -6.62%
• 6M: 22.63%
• YTD: 28.49%
• 1Y: 46.26%
• 3Y*: 23.18%
• 5Y*: 10.61%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc	10,891.43%	-98.87%	0.76%	8.67%	-13.67%	-28.63%
HSXD.L HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF	28.49%	22.92%	16.84%	-0.98%	-5.93%	0.39%

Correlation

The correlation between PAJS.L and HSXD.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021	0.44

Return for Risk

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

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

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

HSXD.L

HSXD.L Risk / Return Rank: 78
HSXD.L Sharpe Ratio Rank: 80
HSXD.L Sortino Ratio Rank: 75
HSXD.L Omega Ratio Rank: 79
HSXD.L Calmar Ratio Rank: 83
HSXD.L Martin Ratio Rank: 74

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.

PAJS.L vs. HSXD.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 Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.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.

	PAJS.L	HSXD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.00	2.18	-2.18
Sortino ratio: Return per unit of downside risk	282.96	2.87	+280.09
Omega ratio: Gain probability vs. loss probability	89.67	1.40	+88.28
Calmar ratio: Return relative to maximum drawdown	0.23	4.26	-4.03
Martin ratio: Return relative to average drawdown	0.47	11.85	-11.37

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

The current PAJS.L Sharpe Ratio is 0.00, which is lower than the HSXD.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of PAJS.L and HSXD.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

PAJS.L vs. HSXD.L - Drawdown Comparison

The maximum PAJS.L drawdown since its inception was -99.32%, which is greater than HSXD.L's maximum drawdown of -25.81%. Use the drawdown chart below to compare losses from any high point for PAJS.L and HSXD.L.

Drawdown Indicators

	PAJS.L	HSXD.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.32%	-25.81%	-73.51%
Max Drawdown (1Y) Largest decline over 1 year	-99.06%	-10.80%	-88.26%
Max Drawdown (3Y) Largest decline over 3 years	-99.06%	-18.43%	-80.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.21%	—
Current Drawdown Current decline from peak	-16.02%	-10.43%	-5.59%
Average Drawdown Average peak-to-trough decline	-35.72%	-9.46%	-26.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.77%	3.89%	+44.88%

Volatility

PAJS.L vs. HSXD.L - Volatility Comparison

The current volatility for Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) is 7.24%, while HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF (HSXD.L) has a volatility of 9.79%. This indicates that PAJS.L experiences smaller price fluctuations and is considered to be less risky than HSXD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAJS.L	HSXD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.24%	9.79%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	1,130.17%	19.00%	+1,111.17%
Volatility (1Y) Calculated over the trailing 1-year period	27,873.17%	21.13%	+27,852.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13,124.87%	17.85%	+13,107.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13,124.87%	17.53%	+13,107.34%

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

PAJS.L has a 0.19% expense ratio, which is lower than HSXD.L's 0.25% 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

PAJS.L vs. HSXD.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

PAJS.L and HSXD.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

PAJS.L is cheaper with a 0.19% expense ratio, compared with 0.25% for HSXD.L.

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

PAJS.L tracks TOPIX TR JPY, while HSXD.L tracks HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF. They also come from different issuers: Invesco and HSBC. Their fees differ too: 0.19% for PAJS.L and 0.25% for HSXD.L.