PAJS.L vs. SPXP.L

Last updated Jun 5, 2026

PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - PAJS.L is a Japan Equities fund tracking the TOPIX TR JPY, while SPXP.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, PAJS.L returned 6.52%/yr vs 19.21%/yr for SPXP.L. A 0.52 correlation means they provide meaningful diversification when combined. PAJS.L charges 0.19%/yr vs 0.05%/yr for SPXP.L.

Performance

PAJS.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) and Invesco S&P 500 UCITS ETF (SPXP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAJS.L achieves a 7.24% return, which is significantly lower than SPXP.L's 10.55% return.

PAJS.L

• 1D: -0.95%
• 1M: 3.55%
• YTD: 7.24%
• 6M: 5.00%
• 1Y: 19.35%
• 3Y*: 6.52%
• 5Y*: —
• 10Y*: —

SPXP.L

• 1D: 0.00%
• 1M: 4.48%
• YTD: 10.55%
• 6M: 9.96%
• 1Y: 29.14%
• 3Y*: 19.21%
• 5Y*: 15.15%
• 10Y*: 16.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PAJS.L vs. SPXP.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%
SPXP.L Invesco S&P 500 UCITS ETF	10.55%	9.53%	27.58%	20.06%	-8.79%	-0.39%

Correlation

The correlation between PAJS.L and SPXP.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.52

The correlation between PAJS.L and SPXP.L has been stable across timeframes, ranging from 0.49 to 0.52 - a consistent structural relationship.

Return for Risk

PAJS.L vs. SPXP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAJS.L

PAJS.L Risk / Return Rank: 32
PAJS.L Sharpe Ratio Rank: 30
PAJS.L Sortino Ratio Rank: 32
PAJS.L Omega Ratio Rank: 31
PAJS.L Calmar Ratio Rank: 33
PAJS.L Martin Ratio Rank: 34

SPXP.L

SPXP.L Risk / Return Rank: 83
SPXP.L Sharpe Ratio Rank: 85
SPXP.L Sortino Ratio Rank: 84
SPXP.L Omega Ratio Rank: 86
SPXP.L Calmar Ratio Rank: 80
SPXP.L Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PAJS.L vs. SPXP.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 S&P 500 UCITS ETF (SPXP.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	SPXP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.78	-1.70
Sortino ratio: Return per unit of downside risk	1.66	3.71	-2.05
Omega ratio: Gain probability vs. loss probability	1.20	1.52	-0.31
Calmar ratio: Return relative to maximum drawdown	1.62	4.11	-2.49
Martin ratio: Return relative to average drawdown	5.02	15.13	-10.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAJS.L vs. SPXP.L - Sharpe Ratio Comparison

The current PAJS.L Sharpe Ratio is 1.07, which is lower than the SPXP.L Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of PAJS.L and SPXP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAJS.L	SPXP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.78	-1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	1.15	-1.05

Drawdowns

PAJS.L vs. SPXP.L - Drawdown Comparison

The maximum PAJS.L drawdown since its inception was -29.71%, which is greater than SPXP.L's maximum drawdown of -25.46%. Use the drawdown chart below to compare losses from any high point for PAJS.L and SPXP.L.

Drawdown Indicators

	PAJS.L	SPXP.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.71%	-25.46%	-4.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-7.09%	-4.83%
Max Drawdown (3Y) Largest decline over 3 years	-29.71%	-20.77%	-8.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.46%	—
Current Drawdown Current decline from peak	-7.43%	-0.21%	-7.22%
Average Drawdown Average peak-to-trough decline	-16.45%	-3.50%	-12.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	1.93%	+1.91%

Volatility

PAJS.L vs. SPXP.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 S&P 500 UCITS ETF (SPXP.L) at 2.65%. This indicates that PAJS.L's price experiences larger fluctuations and is considered to be riskier than SPXP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAJS.L	SPXP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	2.65%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	14.33%	7.24%	+7.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.01%	10.49%	+7.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	14.23%	+8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.26%	16.22%	+6.04%

PAJS.L vs. SPXP.L - Expense Ratio Comparison

PAJS.L has a 0.19% expense ratio, which is higher than SPXP.L's 0.05% 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. SPXP.L - Dividend Comparison

Neither PAJS.L nor SPXP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PAJS.L and SPXP.L in my portfolio?

PAJS.L and SPXP.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAJS.L or SPXP.L?

On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAJS.L or SPXP.L?

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.19% for PAJS.L.

What is the main difference between PAJS.L and SPXP.L?

PAJS.L is categorized as Japan Equities, while SPXP.L is S&P 500. PAJS.L tracks TOPIX TR JPY, while SPXP.L tracks S&P 500 Index. Their fees differ too: 0.19% for PAJS.L and 0.05% for SPXP.L.