PAJS.L vs. IJPA.L
PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and IJPA.L (iShares Core MSCI Japan IMI UCITS ETF USD Acc) are both Japan Equities funds - PAJS.L tracks the TOPIX TR JPY while IJPA.L tracks the MSCI Japan Investable Market Index (IMI). Both are passively managed. Over the past 3 years, PAJS.L returned 6.52%/yr vs 15.70%/yr for IJPA.L. Their correlation of 0.87 suggests significant overlap in exposure. PAJS.L charges 0.19%/yr vs 0.12%/yr for IJPA.L.
Performance
PAJS.L vs. IJPA.L - Performance Comparison
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Different Trading Currencies
PAJS.L is traded in GBp, while IJPA.L is traded in USD. To make them comparable, the IJPA.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 IJPA.L's 16.11% return.
PAJS.L
- 1D
- -0.95%
- 1M
- 1.09%
- YTD
- 7.24%
- 6M
- 5.38%
- 1Y
- 20.25%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
IJPA.L
- 1D
- -0.08%
- 1M
- 3.72%
- YTD
- 16.11%
- 6M
- 16.00%
- 1Y
- 34.84%
- 3Y*
- 15.70%
- 5Y*
- 10.03%
- 10Y*
- 10.11%
PAJS.L vs. IJPA.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% |
IJPA.L iShares Core MSCI Japan IMI UCITS ETF USD Acc | 16.11% | 18.21% | 8.48% | 13.38% | -6.19% | -3.55% |
Correlation
The correlation between PAJS.L and IJPA.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 | 0.88 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.87 |
The correlation between PAJS.L and IJPA.L has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.
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Return for Risk
PAJS.L vs. IJPA.L — Risk / Return Rank
PAJS.L
IJPA.L
PAJS.L vs. IJPA.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 iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.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 | IJPA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.34 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 3.16 | -1.54 |
| Martin ratioReturn relative to average drawdown | 5.02 | 10.35 | -5.33 |
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
| PAJS.L | IJPA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 1.80 | -0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.62 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.54 | -0.44 |
Drawdowns
PAJS.L vs. IJPA.L - Drawdown Comparison
The maximum PAJS.L drawdown since its inception was -29.71%, which is greater than IJPA.L's maximum drawdown of -25.10%. Use the drawdown chart below to compare losses from any high point for PAJS.L and IJPA.L.
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Drawdown Indicators
| PAJS.L | IJPA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.71% | -25.10% | -4.61% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -10.63% | -1.29% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -13.21% | -16.50% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.93% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.10% | — |
Current DrawdownCurrent decline from peak | -7.43% | -0.08% | -7.35% |
Average DrawdownAverage peak-to-trough decline | -16.45% | -6.35% | -10.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 3.25% | +0.59% |
Volatility
PAJS.L vs. IJPA.L - Volatility Comparison
Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a higher volatility of 4.40% compared to iShares Core MSCI Japan IMI UCITS ETF USD Acc (IJPA.L) at 4.11%. This indicates that PAJS.L's price experiences larger fluctuations and is considered to be riskier than IJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAJS.L | IJPA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 4.11% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 15.54% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 18.61% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.26% | 16.16% | +6.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.26% | 16.58% | +5.68% |
PAJS.L vs. IJPA.L - Expense Ratio Comparison
PAJS.L has a 0.19% expense ratio, which is higher than IJPA.L's 0.12% 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. IJPA.L - Dividend Comparison
Neither PAJS.L nor IJPA.L has paid dividends to shareholders.
Frequently Asked Questions
PAJS.L and IJPA.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, IJPA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IJPA.L is cheaper with a 0.12% expense ratio, compared with 0.19% for PAJS.L.
PAJS.L tracks TOPIX TR JPY, while IJPA.L tracks MSCI Japan Investable Market Index (IMI). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for PAJS.L and 0.12% for IJPA.L.
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