PAJS.L vs. XCX4.L

Last updated Jul 16, 2026

PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) and XCX4.L (Xtrackers MSCI Thailand UCITS ETF 1C) are both exchange-traded funds - PAJS.L is a Japan Equities fund tracking the TOPIX TR JPY, while XCX4.L is a Asia Pacific Equities fund tracking the MSCI Thailand NR THB. Both are passively managed. Over the past 3 years, PAJS.L returned 9.52%/yr vs 7.96%/yr for XCX4.L. At a 0.28 correlation, their price movements are largely independent. PAJS.L charges 0.19%/yr vs 0.50%/yr for XCX4.L.

Performance

PAJS.L vs. XCX4.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 Xtrackers MSCI Thailand UCITS ETF 1C (XCX4.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 10,891.43% return, which is significantly higher than XCX4.L's 25.38% return.

PAJS.L

• 1D: 0.90%
• 1M: 0.76%
• 6M: 5.25%
• YTD: 10,891.43%
• 1Y: 23.35%
• 3Y*: 9.52%
• 5Y*: —
• 10Y*: —

XCX4.L

• 1D: -1.72%
• 1M: -3.84%
• 6M: 25.87%
• YTD: 25.38%
• 1Y: 44.82%
• 3Y*: 7.96%
• 5Y*: 5.78%
• 10Y*: 3.94%

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

PAJS.L vs. XCX4.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc	10,891.43%	-98.87%	0.76%	8.67%	-13.67%	-28.63%
XCX4.L Xtrackers MSCI Thailand UCITS ETF 1C	25.38%	0.32%	1.51%	-16.15%	15.60%	5.94%

Correlation

The correlation between PAJS.L and XCX4.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021	0.28

Return for Risk

PAJS.L vs. XCX4.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: 47
PAJS.L Sharpe Ratio Rank: 9
PAJS.L Sortino Ratio Rank: 100
PAJS.L Omega Ratio Rank: 100
PAJS.L Calmar Ratio Rank: 12
PAJS.L Martin Ratio Rank: 12

XCX4.L

XCX4.L Risk / Return Rank: 80
XCX4.L Sharpe Ratio Rank: 82
XCX4.L Sortino Ratio Rank: 80
XCX4.L Omega Ratio Rank: 74
XCX4.L Calmar Ratio Rank: 87
XCX4.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. XCX4.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 Xtrackers MSCI Thailand UCITS ETF 1C (XCX4.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	XCX4.L	Difference
Sharpe ratio: Return per unit of total volatility	0.00	2.11	-2.11
Sortino ratio: Return per unit of downside risk	282.96	2.86	+280.09
Omega ratio: Gain probability vs. loss probability	89.67	1.35	+88.33
Calmar ratio: Return relative to maximum drawdown	0.23	3.93	-3.70
Martin ratio: Return relative to average drawdown	0.47	11.87	-11.40

PAJS.L vs. XCX4.L - Sharpe Ratio Comparison

The current PAJS.L Sharpe Ratio is 0.00, which is lower than the XCX4.L Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of PAJS.L and XCX4.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.

Drawdowns

PAJS.L vs. XCX4.L - Drawdown Comparison

The maximum PAJS.L drawdown since its inception was -99.32%, roughly equal to the maximum XCX4.L drawdown of -98.74%. Use the drawdown chart below to compare losses from any high point for PAJS.L and XCX4.L.

Drawdown Indicators

	PAJS.L	XCX4.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.32%	-98.74%	-0.58%
Max Drawdown (1Y) Largest decline over 1 year	-99.06%	-11.35%	-87.71%
Max Drawdown (3Y) Largest decline over 3 years	-99.06%	-28.34%	-70.72%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.74%	—
Current Drawdown Current decline from peak	-16.02%	-6.84%	-9.18%
Average Drawdown Average peak-to-trough decline	-35.72%	-16.24%	-19.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.77%	3.76%	+45.01%

Volatility

PAJS.L vs. XCX4.L - Volatility Comparison

Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) and Xtrackers MSCI Thailand UCITS ETF 1C (XCX4.L) have volatilities of 7.24% and 7.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAJS.L	XCX4.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.24%	7.60%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	1,130.17%	17.18%	+1,112.99%
Volatility (1Y) Calculated over the trailing 1-year period	27,873.17%	21.21%	+27,851.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13,124.87%	17.63%	+13,107.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13,124.87%	2,419.84%	+10,705.03%

PAJS.L vs. XCX4.L - Expense Ratio Comparison

PAJS.L has a 0.19% expense ratio, which is lower than XCX4.L's 0.50% expense ratio.

Dividends

PAJS.L vs. XCX4.L - Dividend Comparison

Neither PAJS.L nor XCX4.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PAJS.L and XCX4.L in my portfolio?

PAJS.L and XCX4.L have a correlation of 0.25, 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 XCX4.L?

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.

Which ETF is cheaper, PAJS.L or XCX4.L?

PAJS.L is cheaper with a 0.19% expense ratio, compared with 0.50% for XCX4.L.

What is the main difference between PAJS.L and XCX4.L?

PAJS.L is categorized as Japan Equities, while XCX4.L is Asia Pacific Equities. PAJS.L tracks TOPIX TR JPY, while XCX4.L tracks MSCI Thailand NR THB. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.19% for PAJS.L and 0.50% for XCX4.L.