PAJS.L vs. SGJP.L
PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and SGJP.L (iShares MSCI Japan ESG Screened UCITS ETF USD (Acc)) are both Japan Equities funds tracking the TOPIX TR JPY, from Invesco and iShares respectively. Both are passively managed. Over the past 3 years, PAJS.L returned 6.52%/yr vs 15.15%/yr for SGJP.L. Their correlation of 0.94 suggests significant overlap in exposure. PAJS.L charges 0.19%/yr vs 0.15%/yr for SGJP.L.
Performance
PAJS.L vs. SGJP.L - Performance Comparison
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Different Trading Currencies
PAJS.L is traded in GBp, while SGJP.L is traded in GBP. To make them comparable, the SGJP.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 SGJP.L's 17.03% return.
PAJS.L
- 1D
- -0.95%
- 1M
- 3.55%
- YTD
- 7.24%
- 6M
- 5.00%
- 1Y
- 19.35%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
SGJP.L
- 1D
- -0.43%
- 1M
- 6.99%
- YTD
- 17.03%
- 6M
- 16.11%
- 1Y
- 34.34%
- 3Y*
- 15.15%
- 5Y*
- —
- 10Y*
- —
PAJS.L vs. SGJP.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% |
SGJP.L iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) | 17.03% | 16.65% | 8.33% | 13.55% | -7.58% | -3.15% |
Correlation
The correlation between PAJS.L and SGJP.L is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.94 |
The correlation between PAJS.L and SGJP.L has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.
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Return for Risk
PAJS.L vs. SGJP.L — Risk / Return Rank
PAJS.L
SGJP.L
PAJS.L vs. SGJP.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 ESG Screened UCITS ETF USD (Acc) (SGJP.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 | SGJP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 3.17 | -1.56 |
| Martin ratioReturn relative to average drawdown | 5.02 | 10.33 | -5.31 |
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 | SGJP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 1.86 | -0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.63 | -0.52 |
Drawdowns
PAJS.L vs. SGJP.L - Drawdown Comparison
The maximum PAJS.L drawdown since its inception was -29.71%, which is greater than SGJP.L's maximum drawdown of -18.79%. Use the drawdown chart below to compare losses from any high point for PAJS.L and SGJP.L.
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Drawdown Indicators
| PAJS.L | SGJP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.71% | -18.79% | -10.92% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -10.77% | -1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -14.67% | -15.04% |
Current DrawdownCurrent decline from peak | -7.43% | -0.43% | -7.00% |
Average DrawdownAverage peak-to-trough decline | -16.45% | -6.13% | -10.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 3.31% | +0.53% |
Volatility
PAJS.L vs. SGJP.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 ESG Screened UCITS ETF USD (Acc) (SGJP.L) at 4.09%. This indicates that PAJS.L's price experiences larger fluctuations and is considered to be riskier than SGJP.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 | SGJP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 4.09% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 14.33% | 14.78% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 18.42% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.26% | 15.94% | +6.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.26% | 15.94% | +6.32% |
PAJS.L vs. SGJP.L - Expense Ratio Comparison
PAJS.L has a 0.19% expense ratio, which is higher than SGJP.L's 0.15% 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. SGJP.L - Dividend Comparison
Neither PAJS.L nor SGJP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, PAJS.L and SGJP.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.
On fees, SGJP.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGJP.L is cheaper with a 0.15% expense ratio, compared with 0.19% for PAJS.L.
Both ETFs track TOPIX TR JPY. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for PAJS.L and 0.15% for SGJP.L.
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