S400.L vs. PAJS.L
S400.L (Invesco JPX-Nikkei 400 UCITS ETF) and PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) are both Japan Equities funds from Invesco tracking the TOPIX TR JPY. Both are passively managed. Over the past 3 years, S400.L returned 17.00%/yr vs 9.64%/yr for PAJS.L. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.19% expense ratio.
Performance
S400.L vs. PAJS.L - Performance Comparison
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Returns By Period
In the year-to-date period, S400.L achieves a 17.28% return, which is significantly lower than PAJS.L's 10,993.51% return.
S400.L
- 1D
- -0.19%
- 1M
- 2.30%
- YTD
- 17.28%
- 6M
- 17.45%
- 1Y
- 34.75%
- 3Y*
- 17.00%
- 5Y*
- 10.18%
- 10Y*
- 9.54%
PAJS.L
- 1D
- 0.88%
- 1M
- 10,285.35%
- YTD
- 10,993.51%
- 6M
- 11,041.64%
- 1Y
- 22.77%
- 3Y*
- 9.64%
- 5Y*
- —
- 10Y*
- —
S400.L vs. PAJS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
S400.L Invesco JPX-Nikkei 400 UCITS ETF | 17.28% | 17.62% | 8.31% | 13.66% | -5.83% | -1.17% |
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc | 10,993.51% | -98.87% | 0.76% | 8.67% | -13.67% | -28.63% |
Correlation
The correlation between S400.L and PAJS.L is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.90 |
The correlation between S400.L and PAJS.L has been stable across timeframes, ranging from 0.80 to 0.90 - a consistent structural relationship.
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Return for Risk
S400.L vs. PAJS.L — Risk / Return Rank
S400.L
PAJS.L
S400.L vs. PAJS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) and Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.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.
| S400.L | PAJS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.93 | ||
| Sortino ratioReturn per unit of downside risk | -280.30 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 90.13 | -88.76 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 0.24 | +3.07 |
| Martin ratioReturn relative to average drawdown | 10.56 | 0.49 | +10.07 |
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Drawdowns
S400.L vs. PAJS.L - Drawdown Comparison
The maximum S400.L drawdown since its inception was -46.21%, smaller than the maximum PAJS.L drawdown of -99.32%. Use the drawdown chart below to compare losses from any high point for S400.L and PAJS.L.
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Drawdown Indicators
| S400.L | PAJS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.21% | -99.32% | +53.11% |
Max Drawdown (1Y)Largest decline over 1 year | -10.45% | -99.06% | +88.61% |
Max Drawdown (3Y)Largest decline over 3 years | -12.83% | -99.06% | +86.23% |
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 | -2.75% | -15.24% | +12.49% |
Average DrawdownAverage peak-to-trough decline | -11.76% | -35.94% | +24.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 48.77% | -45.50% |
Volatility
S400.L vs. PAJS.L - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (S400.L) is 5.58%, while Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a volatility of 460.66%. This indicates that S400.L experiences smaller price fluctuations and is considered to be less risky than PAJS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| S400.L | PAJS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.58% | 460.66% | -455.08% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 1,306.92% | -1,292.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.93% | 27,873.16% | -27,855.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.57% | 13,198.79% | -13,183.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.70% | 13,198.79% | -13,183.09% |
S400.L vs. PAJS.L - Expense Ratio Comparison
Both S400.L and PAJS.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
S400.L vs. PAJS.L - Dividend Comparison
Neither S400.L nor PAJS.L has paid dividends to shareholders.
Frequently Asked Questions
S400.L and PAJS.L have a correlation of 0.80, 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.
S400.L and PAJS.L have the same expense ratio: 0.19% per year.
Both ETFs track TOPIX TR JPY.
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