PAJS.L vs. IJPH.L
PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and IJPH.L (iShares MSCI Japan GBP Hedged UCITS ETF) are both Japan Equities funds - PAJS.L tracks the TOPIX TR JPY while IJPH.L tracks the MSCI Japan 100% Hedged to GBP Index. Both are passively managed. Over the past 3 years, PAJS.L returned 6.52%/yr vs 28.46%/yr for IJPH.L. A 0.72 correlation means they provide meaningful diversification when combined. PAJS.L charges 0.19%/yr vs 0.64%/yr for IJPH.L.
Performance
PAJS.L vs. IJPH.L - Performance Comparison
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Different Trading Currencies
PAJS.L is traded in GBp, while IJPH.L is traded in GBP. To make them comparable, the IJPH.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 IJPH.L's 19.91% return.
PAJS.L
- 1D
- -0.95%
- 1M
- 1.09%
- YTD
- 7.24%
- 6M
- 5.38%
- 1Y
- 20.25%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
IJPH.L
- 1D
- -0.37%
- 1M
- 5.15%
- YTD
- 19.91%
- 6M
- 21.81%
- 1Y
- 53.07%
- 3Y*
- 28.46%
- 5Y*
- 20.45%
- 10Y*
- 14.77%
PAJS.L vs. IJPH.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% |
IJPH.L iShares MSCI Japan GBP Hedged UCITS ETF | 19.91% | 29.38% | 23.82% | 34.19% | -4.30% | 0.28% |
Correlation
The correlation between PAJS.L and IJPH.L is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.72 |
The correlation between PAJS.L and IJPH.L has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.
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Return for Risk
PAJS.L vs. IJPH.L — Risk / Return Rank
PAJS.L
IJPH.L
PAJS.L vs. IJPH.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 GBP Hedged UCITS ETF (IJPH.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 | IJPH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.49 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 5.41 | -3.80 |
| Martin ratioReturn relative to average drawdown | 5.02 | 19.27 | -14.24 |
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 | IJPH.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 2.62 | -1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.07 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.77 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.73 | -0.63 |
Drawdowns
PAJS.L vs. IJPH.L - Drawdown Comparison
The maximum PAJS.L drawdown since its inception was -29.71%, smaller than the maximum IJPH.L drawdown of -34.55%. Use the drawdown chart below to compare losses from any high point for PAJS.L and IJPH.L.
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Drawdown Indicators
| PAJS.L | IJPH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.71% | -34.55% | +4.84% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -9.64% | -2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -21.95% | -7.76% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.55% | — |
Current DrawdownCurrent decline from peak | -7.43% | -0.37% | -7.06% |
Average DrawdownAverage peak-to-trough decline | -16.45% | -7.42% | -9.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 2.71% | +1.13% |
Volatility
PAJS.L vs. IJPH.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 GBP Hedged UCITS ETF (IJPH.L) at 3.51%. This indicates that PAJS.L's price experiences larger fluctuations and is considered to be riskier than IJPH.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 | IJPH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 3.51% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 15.39% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 19.98% | -1.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.26% | 19.01% | +3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.26% | 19.24% | +3.02% |
PAJS.L vs. IJPH.L - Expense Ratio Comparison
PAJS.L has a 0.19% expense ratio, which is lower than IJPH.L's 0.64% expense ratio.
Dividends
PAJS.L vs. IJPH.L - Dividend Comparison
Neither PAJS.L nor IJPH.L has paid dividends to shareholders.
Frequently Asked Questions
PAJS.L and IJPH.L have a correlation of 0.81, 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 IJPH.L.
PAJS.L tracks TOPIX TR JPY, while IJPH.L tracks MSCI Japan 100% Hedged to GBP Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for PAJS.L and 0.64% for IJPH.L.
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