PAJS.L vs. IJPD.L
PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and IJPD.L (iShares MSCI Japan USD Hedged UCITS ETF Accumulating) are both Japan Equities funds - PAJS.L tracks the TOPIX TR JPY while IJPD.L tracks the MSCI Japan 100% Hedged to USD Net TR Index. Both are passively managed. Over the past 3 years, PAJS.L returned 6.52%/yr vs 25.56%/yr for IJPD.L. A 0.69 correlation means they provide meaningful diversification when combined. PAJS.L charges 0.19%/yr vs 0.64%/yr for IJPD.L.
Performance
PAJS.L vs. IJPD.L - Performance Comparison
Loading charts...
Different Trading Currencies
PAJS.L is traded in GBp, while IJPD.L is traded in USD. To make them comparable, the IJPD.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 IJPD.L's 20.63% return.
PAJS.L
- 1D
- -0.95%
- 1M
- 3.55%
- YTD
- 7.24%
- 6M
- 5.00%
- 1Y
- 19.35%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
IJPD.L
- 1D
- -0.42%
- 1M
- 7.82%
- YTD
- 20.63%
- 6M
- 21.12%
- 1Y
- 54.42%
- 3Y*
- 25.56%
- 5Y*
- 22.39%
- 10Y*
- 16.90%
PAJS.L vs. IJPD.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% |
IJPD.L iShares MSCI Japan USD Hedged UCITS ETF Accumulating | 20.60% | 19.85% | 26.31% | 28.81% | 8.45% | -2.00% |
Correlation
The correlation between PAJS.L and IJPD.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.69 |
The correlation between PAJS.L and IJPD.L has been stable across timeframes, ranging from 0.69 to 0.75 - 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. IJPD.L — Risk / Return Rank
PAJS.L
IJPD.L
PAJS.L vs. IJPD.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 MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.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 | IJPD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.50 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 6.35 | -4.74 |
| Martin ratioReturn relative to average drawdown | 5.02 | 20.85 | -15.83 |
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 | IJPD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 2.74 | -1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.17 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.86 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.73 | -0.63 |
Drawdowns
PAJS.L vs. IJPD.L - Drawdown Comparison
The maximum PAJS.L drawdown since its inception was -29.71%, roughly equal to the maximum IJPD.L drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for PAJS.L and IJPD.L.
Loading charts...
Drawdown Indicators
| PAJS.L | IJPD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.71% | -28.78% | -0.93% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -8.52% | -3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -21.36% | -8.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.36% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.78% | — |
Current DrawdownCurrent decline from peak | -7.43% | -0.42% | -7.01% |
Average DrawdownAverage peak-to-trough decline | -16.45% | -5.38% | -11.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 2.60% | +1.24% |
Volatility
PAJS.L vs. IJPD.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 MSCI Japan USD Hedged UCITS ETF Accumulating (IJPD.L) at 3.47%. This indicates that PAJS.L's price experiences larger fluctuations and is considered to be riskier than IJPD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PAJS.L | IJPD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 3.47% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 15.28% | -0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 19.81% | -1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.26% | 19.18% | +3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.26% | 19.68% | +2.58% |
PAJS.L vs. IJPD.L - Expense Ratio Comparison
PAJS.L has a 0.19% expense ratio, which is lower than IJPD.L's 0.64% expense ratio.
Dividends
PAJS.L vs. IJPD.L - Dividend Comparison
Neither PAJS.L nor IJPD.L has paid dividends to shareholders.
Frequently Asked Questions
PAJS.L and IJPD.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PAJS.L is cheaper with a 0.19% expense ratio, compared with 0.64% for IJPD.L.
PAJS.L tracks TOPIX TR JPY, while IJPD.L tracks MSCI Japan 100% Hedged to USD Net TR Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for PAJS.L and 0.64% for IJPD.L.
Find the right allocation for PAJS.L and IJPD.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