PAJS.L vs. S400.L
PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and S400.L (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds from Invesco tracking the TOPIX TR JPY. Both are passively managed. Over the past 3 years, PAJS.L returned 6.52%/yr vs 15.05%/yr for S400.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.
Performance
PAJS.L vs. S400.L - Performance Comparison
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Returns By Period
In the year-to-date period, PAJS.L achieves a 7.24% return, which is significantly lower than S400.L's 15.40% return.
PAJS.L
- 1D
- -0.95%
- 1M
- 1.09%
- YTD
- 7.24%
- 6M
- 5.38%
- 1Y
- 20.25%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
S400.L
- 1D
- -0.43%
- 1M
- 2.43%
- YTD
- 15.40%
- 6M
- 14.87%
- 1Y
- 32.76%
- 3Y*
- 15.05%
- 5Y*
- 9.97%
- 10Y*
- 9.95%
PAJS.L vs. S400.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% |
S400.L Invesco JPX-Nikkei 400 UCITS ETF | 15.40% | 17.62% | 8.31% | 13.66% | -5.83% | -3.30% |
Correlation
The correlation between PAJS.L and S400.L is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.92 |
The correlation between PAJS.L and S400.L has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
PAJS.L vs. S400.L — Risk / Return Rank
PAJS.L
S400.L
PAJS.L vs. S400.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 (S400.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 | S400.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 3.03 | -1.41 |
| Martin ratioReturn relative to average drawdown | 5.02 | 9.75 | -4.73 |
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 | S400.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 1.83 | -0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.60 | -0.50 |
Drawdowns
PAJS.L vs. S400.L - Drawdown Comparison
The maximum PAJS.L drawdown since its inception was -29.71%, which is greater than S400.L's maximum drawdown of -24.69%. Use the drawdown chart below to compare losses from any high point for PAJS.L and S400.L.
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Drawdown Indicators
| PAJS.L | S400.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.71% | -24.69% | -5.02% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -10.45% | -1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -12.83% | -16.88% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.69% | — |
Current DrawdownCurrent decline from peak | -7.43% | -0.43% | -7.00% |
Average DrawdownAverage peak-to-trough decline | -16.45% | -5.13% | -11.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 3.25% | +0.59% |
Volatility
PAJS.L vs. S400.L - Volatility Comparison
Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a higher volatility of 4.40% compared to Invesco JPX-Nikkei 400 UCITS ETF (S400.L) at 3.99%. This indicates that PAJS.L's price experiences larger fluctuations and is considered to be riskier than S400.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 | S400.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 3.99% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 14.23% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 17.33% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.26% | 15.38% | +6.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.26% | 15.80% | +6.46% |
PAJS.L vs. S400.L - Expense Ratio Comparison
Both PAJS.L and S400.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. S400.L - Dividend Comparison
Neither PAJS.L nor S400.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, PAJS.L and S400.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 S400.L have the same expense ratio: 0.19% per year.
Both ETFs track TOPIX TR JPY.
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