XDJP.L vs. PAJS.L

Last updated Jun 26, 2026

XDJP.L (Xtrackers Nikkei 225 UCITS ETF 1D) and PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) are both Japan Equities funds tracking the TOPIX TR JPY, from Xtrackers and Invesco respectively. Both are passively managed. Over the past 3 years, XDJP.L returned 25.00%/yr vs 9.33%/yr for PAJS.L. Their correlation of 0.87 suggests significant overlap in exposure. XDJP.L charges 0.09%/yr vs 0.19%/yr for PAJS.L.

Performance

XDJP.L vs. PAJS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.L) and Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XDJP.L achieves a 40.54% return, which is significantly lower than PAJS.L's 10,896.66% return.

XDJP.L

• 1D: 2.07%
• 1M: 9.43%
• YTD: 40.54%
• 6M: 40.35%
• 1Y: 72.07%
• 3Y*: 25.00%
• 5Y*: 13.89%
• 10Y*: 13.28%

PAJS.L

• 1D: 0.63%
• 1M: 10,142.59%
• YTD: 10,896.66%
• 6M: 10,944.36%
• 1Y: 22.79%
• 3Y*: 9.33%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
XDJP.L Xtrackers Nikkei 225 UCITS ETF 1D	40.54%	21.04%	9.68%	15.52%	-10.26%	0.04%
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc	10,896.66%	-98.87%	0.76%	8.67%	-13.67%	-28.63%

Correlation

The correlation between XDJP.L and PAJS.L is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021	0.87

The correlation between XDJP.L and PAJS.L has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

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

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

XDJP.L

XDJP.L Risk / Return Rank: 91
XDJP.L Sharpe Ratio Rank: 94
XDJP.L Sortino Ratio Rank: 93
XDJP.L Omega Ratio Rank: 89
XDJP.L Calmar Ratio Rank: 92
XDJP.L Martin Ratio Rank: 87

PAJS.L

PAJS.L Risk / Return Rank: 46
PAJS.L Sharpe Ratio Rank: 9
PAJS.L Sortino Ratio Rank: 100
PAJS.L Omega Ratio Rank: 100
PAJS.L Calmar Ratio Rank: 11
PAJS.L Martin Ratio Rank: 11

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.

XDJP.L vs. PAJS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.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.

	XDJP.L	PAJS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.99	0.00	+2.99
Sortino ratio: Return per unit of downside risk	3.93	282.98	-279.05
Omega ratio: Gain probability vs. loss probability	1.49	90.12	-88.64
Calmar ratio: Return relative to maximum drawdown	5.35	0.23	+5.12
Martin ratio: Return relative to average drawdown	16.00	0.47	+15.53

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

The current XDJP.L Sharpe Ratio is 2.99, which is higher than the PAJS.L Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of XDJP.L and PAJS.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

XDJP.L vs. PAJS.L - Drawdown Comparison

The maximum XDJP.L drawdown since its inception was -99.99%, roughly equal to the maximum PAJS.L drawdown of -99.32%. Use the drawdown chart below to compare losses from any high point for XDJP.L and PAJS.L.

Drawdown Indicators

	XDJP.L	PAJS.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-99.32%	-0.67%
Max Drawdown (1Y) Largest decline over 1 year	-13.40%	-99.06%	+85.66%
Max Drawdown (3Y) Largest decline over 3 years	-18.82%	-99.06%	+80.24%
Max Drawdown (5Y) Largest decline over 5 years	-20.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.69%	—	—
Current Drawdown Current decline from peak	-99.96%	-15.98%	-83.98%
Average Drawdown Average peak-to-trough decline	-99.40%	-35.96%	-63.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	48.77%	-44.28%

Volatility

XDJP.L vs. PAJS.L - Volatility Comparison

The current volatility for Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.L) is 9.38%, while Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a volatility of 460.73%. This indicates that XDJP.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.

Volatility by Period

	XDJP.L	PAJS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.38%	460.73%	-451.35%
Volatility (6M) Calculated over the trailing 6-month period	19.49%	1,306.92%	-1,287.43%
Volatility (1Y) Calculated over the trailing 1-year period	23.95%	27,873.17%	-27,849.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	13,204.53%	-13,186.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.37%	13,204.53%	-13,187.16%

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

XDJP.L has a 0.09% expense ratio, which is lower than PAJS.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XDJP.L vs. PAJS.L - Dividend Comparison

XDJP.L's dividend yield for the trailing twelve months is around 0.97%, while PAJS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XDJP.L Xtrackers Nikkei 225 UCITS ETF 1D	0.97%	1.33%	1.41%	1.60%	2.47%	1.20%	1.11%	1.13%	1.24%	0.72%	0.83%	0.16%

Frequently Asked Questions

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

XDJP.L and PAJS.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, XDJP.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XDJP.L is cheaper with a 0.09% expense ratio, compared with 0.19% for PAJS.L.

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

Both ETFs track TOPIX TR JPY. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.09% for XDJP.L and 0.19% for PAJS.L.