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SPXJ.L vs. EMAS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXJ.L vs. EMAS.L

Last updated Jun 5, 2026

SPXJ.L (iShares MSCI Pacific ex-Japan UCITS ETF (Dist)) and EMAS.L (SPDR MSCI EM Asia UCITS ETF) are both Asia Pacific Equities funds - SPXJ.L tracks the MSCI Pacific Ex Japan NR USD while EMAS.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 10 years, SPXJ.L returned 8.40%/yr vs 15.67%/yr for EMAS.L. A 0.62 correlation means they provide meaningful diversification when combined. SPXJ.L charges 0.60%/yr vs 0.55%/yr for EMAS.L.

Performance

SPXJ.L vs. EMAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) and SPDR MSCI EM Asia UCITS ETF (EMAS.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SPXJ.L is traded in GBp, while EMAS.L is traded in GBP. To make them comparable, the EMAS.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPXJ.L achieves a 8.56% return, which is significantly lower than EMAS.L's 81.21% return. Over the past 10 years, SPXJ.L has underperformed EMAS.L with an annualized return of 8.40%, while EMAS.L has yielded a comparatively higher 15.67% annualized return.

SPXJ.L

1D
-0.92%
1M
0.58%
YTD
8.56%
6M
9.23%
1Y
16.64%
3Y*
10.06%
5Y*
5.56%
10Y*
8.40%

EMAS.L

1D
38.70%
1M
47.84%
YTD
81.21%
6M
83.03%
1Y
117.04%
3Y*
35.88%
5Y*
15.70%
10Y*
15.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXJ.L vs. EMAS.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXJ.L
iShares MSCI Pacific ex-Japan UCITS ETF (Dist)		8.56%11.54%7.16%-1.01%4.28%5.67%1.82%15.19%-5.97%13.88%
EMAS.L
SPDR MSCI EM Asia UCITS ETF		81.21%22.99%12.85%0.63%-12.26%-4.94%23.72%13.21%-9.79%29.84%

Correlation

The correlation between SPXJ.L and EMAS.L is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.54

Correlation (3Y)
Calculated over the trailing 3-year period

0.57

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Oct 3, 2012

0.62

The correlation between SPXJ.L and EMAS.L has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

SPXJ.L vs. EMAS.L - Sectors Allocation Comparison

Sectors
SPXJ.L
EMAS.L

Financial Services

46.1%
14.9%

Basic Materials

14.6%
3.9%

Industrials

8.5%
7.5%

Real Estate

7.8%
0.7%

Consumer Cyclical

6.0%
10.9%

Healthcare

3.7%
3.3%

Utilities

3.6%
1.5%

Consumer Defensive

3.0%
2.5%

Energy

2.9%
2.9%

Communication Services

2.7%
7.1%

Technology

1.1%
44.9%

Financial Services

SPXJ.L
46.1%
EMAS.L
14.9%

Basic Materials

SPXJ.L
14.6%
EMAS.L
3.9%

Industrials

SPXJ.L
8.5%
EMAS.L
7.5%

Real Estate

SPXJ.L
7.8%
EMAS.L
0.7%

Consumer Cyclical

SPXJ.L
6.0%
EMAS.L
10.9%

Healthcare

SPXJ.L
3.7%
EMAS.L
3.3%

Utilities

SPXJ.L
3.6%
EMAS.L
1.5%

Consumer Defensive

SPXJ.L
3.0%
EMAS.L
2.5%

Energy

SPXJ.L
2.9%
EMAS.L
2.9%

Communication Services

SPXJ.L
2.7%
EMAS.L
7.1%

Technology

SPXJ.L
1.1%
EMAS.L
44.9%

Compare stocks, funds, or ETFs

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iShares MSCI Pacific ex-Japan UCITS ETF (Dist)

SPDR MSCI EM Asia UCITS ETF

Often compared with SPXJ.L:
SPXJ.L vs. SPYSPXJ.L vs. XDEQ.LSPXJ.L vs. SWDA.LSPXJ.L vs. HKOR.LSPXJ.L vs. HTWN.LSPXJ.L vs. CPJ1.LSPXJ.L vs. HMXJ.L
Often compared with EMAS.L:
EMAS.L vs. SPYEMAS.L vs. ASEAEMAS.L vs. SWDA.LEMAS.L vs. VFEM.LEMAS.L vs. VWCE.DEEMAS.L vs. IS3N.DEEMAS.L vs. C300.L

Return for Risk

SPXJ.L vs. EMAS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXJ.L
SPXJ.L Risk / Return Rank: 4545
Overall Rank
SPXJ.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
SPXJ.L Sortino Ratio Rank: 4646
Sortino Ratio Rank
SPXJ.L Omega Ratio Rank: 4343
Omega Ratio Rank
SPXJ.L Calmar Ratio Rank: 4747
Calmar Ratio Rank
SPXJ.L Martin Ratio Rank: 4343
Martin Ratio Rank
EMAS.L
EMAS.L Risk / Return Rank: 9595
Overall Rank
EMAS.L Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
EMAS.L Sortino Ratio Rank: 9898
Sortino Ratio Rank
EMAS.L Omega Ratio Rank: 9898
Omega Ratio Rank
EMAS.L Calmar Ratio Rank: 9797
Calmar Ratio Rank
EMAS.L Martin Ratio Rank: 9696
Martin Ratio Rank
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.

SPXJ.L vs. EMAS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) and SPDR MSCI EM Asia UCITS ETF (EMAS.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.

SPXJ.LEMAS.LDifference
Sharpe ratioReturn per unit of total volatility
1.52
2.85

-1.33

Sortino ratioReturn per unit of downside risk
2.23
7.46

-5.23

Omega ratioGain probability vs. loss probability

1.27

2.09

-0.81

Calmar ratioReturn relative to maximum drawdown

2.30

10.86

-8.56

Martin ratioReturn relative to average drawdown

6.86

35.47

-28.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXJ.L vs. EMAS.L - Sharpe Ratio Comparison

The current SPXJ.L Sharpe Ratio is 1.52, which is lower than the EMAS.L Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of SPXJ.L and EMAS.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.

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Sharpe Ratios by Period

SPXJ.LEMAS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.52

2.85

-1.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.63

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.71

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.58

-0.03

Drawdowns

SPXJ.L vs. EMAS.L - Drawdown Comparison

The maximum SPXJ.L drawdown since its inception was -32.61%, smaller than the maximum EMAS.L drawdown of -34.79%. Use the drawdown chart below to compare losses from any high point for SPXJ.L and EMAS.L.

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Drawdown Indicators

SPXJ.LEMAS.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.61%

-34.79%

+2.18%

Max Drawdown (1Y)

Largest decline over 1 year

-7.39%

-11.14%

+3.75%

Max Drawdown (3Y)

Largest decline over 3 years

-17.62%

-17.88%

+0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-17.62%

-29.16%

+11.54%

Max Drawdown (10Y)

Largest decline over 10 years

-32.61%

-34.79%

+2.18%

Current Drawdown

Current decline from peak

-3.28%

0.00%

-3.28%

Average Drawdown

Average peak-to-trough decline

-6.57%

-11.69%

+5.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

3.42%

-0.97%

Volatility

SPXJ.L vs. EMAS.L - Volatility Comparison

The current volatility for iShares MSCI Pacific ex-Japan UCITS ETF (Dist) (SPXJ.L) is 3.81%, while SPDR MSCI EM Asia UCITS ETF (EMAS.L) has a volatility of 33.13%. This indicates that SPXJ.L experiences smaller price fluctuations and is considered to be less risky than EMAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPXJ.LEMAS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.81%

33.13%

-29.32%

Volatility (6M)

Calculated over the trailing 6-month period

8.59%

35.88%

-27.29%

Volatility (1Y)

Calculated over the trailing 1-year period

11.19%

42.40%

-31.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.93%

24.78%

-9.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.40%

22.18%

-4.78%

SPXJ.L vs. EMAS.L - Expense Ratio Comparison

SPXJ.L has a 0.60% expense ratio, which is higher than EMAS.L's 0.55% expense ratio.

Dividends

SPXJ.L vs. EMAS.L - Dividend Comparison

SPXJ.L's dividend yield for the trailing twelve months is around 2.80%, while EMAS.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EMAS.L
SPDR MSCI EM Asia UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPXJ.L
iShares MSCI Pacific ex-Japan UCITS ETF (Dist)		2.80%2.93%3.42%3.60%3.75%2.84%2.63%3.63%3.71%3.36%3.20%3.30%

Frequently Asked Questions

SPXJ.L and EMAS.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EMAS.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EMAS.L is cheaper with a 0.55% expense ratio, compared with 0.60% for SPXJ.L.

SPXJ.L tracks MSCI Pacific Ex Japan NR USD, while EMAS.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.60% for SPXJ.L and 0.55% for EMAS.L.

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