APEX.L vs. EMAS.L

Last updated Jun 25, 2026

APEX.L (Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc) and EMAS.L (SPDR MSCI EM Asia UCITS ETF) are both Asia Pacific Equities funds tracking the MSCI AC Asia Ex Japan NR USD, from Amundi and State Street respectively. Both are passively managed. Over the past 5 years, APEX.L returned 6.96%/yr vs 14.63%/yr for EMAS.L. Their correlation of 0.87 suggests significant overlap in exposure. APEX.L charges 0.50%/yr vs 0.55%/yr for EMAS.L.

Performance

APEX.L vs. EMAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.L) and SPDR MSCI EM Asia UCITS ETF (EMAS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, APEX.L achieves a 26.16% return, which is significantly lower than EMAS.L's 81.34% return.

APEX.L

• 1D: 0.28%
• 1M: 2.99%
• YTD: 26.16%
• 6M: 27.37%
• 1Y: 45.79%
• 3Y*: 24.46%
• 5Y*: 6.96%
• 10Y*: —

EMAS.L

• 1D: 38.81%
• 1M: 45.04%
• YTD: 81.34%
• 6M: 82.93%
• 1Y: 107.50%
• 3Y*: 39.49%
• 5Y*: 14.63%
• 10Y*: 14.81%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
APEX.L Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc	26.16%	32.38%	11.51%	4.94%	-19.91%	16.10%	29.94%
EMAS.L SPDR MSCI EM Asia UCITS ETF	81.34%	32.27%	10.98%	5.93%	-21.64%	-5.80%	51.48%

Correlation

The correlation between APEX.L and EMAS.L is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since May 4, 2020	0.87

The correlation between APEX.L and EMAS.L has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

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

Sectors	APEX.L	EMAS.L
Technology	48.5%	52.1%
Financial Services	15.9%	13.2%
Consumer Cyclical	9.1%	9.6%
Industrials	7.4%	6.5%
Communication Services	6.0%	6.1%
Basic Materials	3.0%	3.3%
Healthcare	2.6%	2.8%
Energy	2.2%	2.4%
Consumer Defensive	2.1%	2.1%
Utilities	1.6%	1.3%
Real Estate	1.5%	0.6%

Return for Risk

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

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

APEX.L

APEX.L Risk / Return Rank: 74
APEX.L Sharpe Ratio Rank: 76
APEX.L Sortino Ratio Rank: 70
APEX.L Omega Ratio Rank: 74
APEX.L Calmar Ratio Rank: 78
APEX.L Martin Ratio Rank: 74

EMAS.L

EMAS.L Risk / Return Rank: 97
EMAS.L Sharpe Ratio Rank: 92
EMAS.L Sortino Ratio Rank: 98
EMAS.L Omega Ratio Rank: 98
EMAS.L Calmar Ratio Rank: 98
EMAS.L Martin Ratio Rank: 97

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.

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

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.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.

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.

	APEX.L	EMAS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.77	-0.65
Sortino ratio: Return per unit of downside risk	2.80	6.94	-4.14
Omega ratio: Gain probability vs. loss probability	1.38	1.96	-0.57
Calmar ratio: Return relative to maximum drawdown	3.55	8.87	-5.32
Martin ratio: Return relative to average drawdown	12.22	31.84	-19.63

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

The current APEX.L Sharpe Ratio is 2.12, which is comparable to the EMAS.L Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of APEX.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.

Drawdowns

APEX.L vs. EMAS.L - Drawdown Comparison

The maximum APEX.L drawdown since its inception was -41.11%, smaller than the maximum EMAS.L drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for APEX.L and EMAS.L.

Drawdown Indicators

	APEX.L	EMAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.11%	-56.17%	+15.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-13.50%	+0.65%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-23.56%	+4.84%
Max Drawdown (5Y) Largest decline over 5 years	-40.29%	-41.52%	+1.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.26%	—
Current Drawdown Current decline from peak	-5.43%	0.00%	-5.43%
Average Drawdown Average peak-to-trough decline	-14.70%	-29.38%	+14.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	3.77%	-0.03%

Volatility

APEX.L vs. EMAS.L - Volatility Comparison

The current volatility for Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.L) is 10.32%, while SPDR MSCI EM Asia UCITS ETF (EMAS.L) has a volatility of 33.43%. This indicates that APEX.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.

Volatility by Period

	APEX.L	EMAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.32%	33.43%	-23.11%
Volatility (6M) Calculated over the trailing 6-month period	19.24%	36.64%	-17.40%
Volatility (1Y) Calculated over the trailing 1-year period	21.68%	43.27%	-21.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	30.00%	-9.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.47%	25.35%	-3.88%

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

APEX.L has a 0.50% expense ratio, which is lower than EMAS.L's 0.55% expense ratio.

Dividends

APEX.L vs. EMAS.L - Dividend Comparison

Neither APEX.L nor EMAS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both APEX.L and EMAS.L in my portfolio?

APEX.L and EMAS.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, APEX.L or EMAS.L?

On fees, APEX.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, APEX.L or EMAS.L?

APEX.L is cheaper with a 0.50% expense ratio, compared with 0.55% for EMAS.L.

What is the main difference between APEX.L and EMAS.L?

Both ETFs track MSCI AC Asia Ex Japan NR USD. They also come from different issuers: Amundi and State Street. Their fees differ too: 0.50% for APEX.L and 0.55% for EMAS.L.