PAJS.L vs. N4US.L
PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and N4US.L (Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc)) are both Japan Equities funds from Invesco - PAJS.L tracks the TOPIX TR JPY while N4US.L tracks the JPX-Nikkei 400 USD Hedged Index. Both are passively managed. Over the past 3 years, PAJS.L returned 8.41%/yr vs 26.16%/yr for N4US.L. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.19% expense ratio.
Performance
PAJS.L vs. N4US.L - Performance Comparison
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Different Trading Currencies
PAJS.L is traded in GBp, while N4US.L is traded in USD. To make them comparable, the N4US.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 10,553.75% return, which is significantly higher than N4US.L's 18.97% return.
PAJS.L
- 1D
- -0.89%
- 1M
- -4.13%
- 6M
- 2.64%
- YTD
- 10,553.75%
- 1Y
- 11,697.96%
- 3Y*
- 8.41%
- 5Y*
- —
- 10Y*
- —
N4US.L
- 1D
- -1.85%
- 1M
- -3.94%
- 6M
- 10.74%
- YTD
- 18.97%
- 1Y
- 45.07%
- 3Y*
- 26.16%
- 5Y*
- 22.44%
- 10Y*
- 16.03%
PAJS.L vs. N4US.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc | 10,553.75% | -98.87% | 0.76% | 8.67% | -13.67% | -28.63% |
N4US.L Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) | 18.97% | 20.97% | 25.93% | 29.18% | 10.71% | 0.38% |
Correlation
The correlation between PAJS.L and N4US.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.67 |
The correlation between PAJS.L and N4US.L has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.
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Return for Risk
PAJS.L vs. N4US.L — Risk / Return Rank
PAJS.L
N4US.L
PAJS.L vs. N4US.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 Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.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 | N4US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | +279.92 | ||
| Omega ratioGain probability vs. loss probability | 89.43 | 1.40 | +88.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | 5.23 | -5.02 |
| Martin ratioReturn relative to average drawdown | 0.44 | 16.75 | -16.31 |
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Drawdowns
PAJS.L vs. N4US.L - Drawdown Comparison
The maximum PAJS.L drawdown since its inception was -99.32%, which is greater than N4US.L's maximum drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for PAJS.L and N4US.L.
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Drawdown Indicators
| PAJS.L | N4US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.32% | -28.61% | -70.71% |
Max Drawdown (1Y)Largest decline over 1 year | -99.06% | -8.58% | -90.48% |
Max Drawdown (3Y)Largest decline over 3 years | -99.06% | -20.94% | -78.12% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.61% | — |
Current DrawdownCurrent decline from peak | -18.60% | -5.90% | -12.70% |
Average DrawdownAverage peak-to-trough decline | -35.69% | -5.12% | -30.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.78% | 2.68% | +46.10% |
Volatility
PAJS.L vs. N4US.L - Volatility Comparison
Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a higher volatility of 7.44% compared to Invesco JPX-Nikkei 400 UCITS ETF USD Hedged (Acc) (N4US.L) at 6.00%. This indicates that PAJS.L's price experiences larger fluctuations and is considered to be riskier than N4US.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 | N4US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 6.00% | +1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 1,130.17% | 15.65% | +1,114.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 27,873.20% | 19.76% | +27,853.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13,113.62% | 19.07% | +13,094.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13,113.62% | 19.47% | +13,094.15% |
PAJS.L vs. N4US.L - Expense Ratio Comparison
Both PAJS.L and N4US.L have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
PAJS.L vs. N4US.L - Dividend Comparison
Neither PAJS.L nor N4US.L has paid dividends to shareholders.
Frequently Asked Questions
PAJS.L and N4US.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PAJS.L and N4US.L have the same expense ratio: 0.19% per year.
PAJS.L tracks TOPIX TR JPY, while N4US.L tracks JPX-Nikkei 400 USD Hedged Index.
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