CEMA.L vs. LCAL.L

Last updated Jun 4, 2026

CEMA.L (iShares MSCI EM Asia UCITS ETF USD Acc) and LCAL.L (Lyxor MSCI EM Asia UCITS ETF - Acc) are both Asia Pacific Equities funds - CEMA.L tracks the MSCI EM Asia Index Net while LCAL.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 5 years, CEMA.L returned 8.33%/yr vs 8.24%/yr for LCAL.L. Their correlation of 0.94 suggests significant overlap in exposure. CEMA.L charges 0.20%/yr vs 0.12%/yr for LCAL.L.

Performance

CEMA.L vs. LCAL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EM Asia UCITS ETF USD Acc (CEMA.L) and Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with CEMA.L having a 32.32% return and LCAL.L slightly lower at 32.06%.

CEMA.L

• 1D: -1.33%
• 1M: 11.44%
• YTD: 32.32%
• 6M: 36.37%
• 1Y: 63.33%
• 3Y*: 26.83%
• 5Y*: 8.33%
• 10Y*: 11.62%

LCAL.L

• 1D: -1.35%
• 1M: 11.74%
• YTD: 32.06%
• 6M: 35.73%
• 1Y: 62.58%
• 3Y*: 26.50%
• 5Y*: 8.24%
• 10Y*: —

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

CEMA.L vs. LCAL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CEMA.L iShares MSCI EM Asia UCITS ETF USD Acc	32.32%	33.97%	12.43%	6.65%	-21.47%	-5.32%	28.23%	17.50%	-16.34%
LCAL.L Lyxor MSCI EM Asia UCITS ETF - Acc	32.06%	33.46%	11.77%	6.27%	-20.89%	-4.95%	28.01%	18.69%	-16.26%

Correlation

The correlation between CEMA.L and LCAL.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 3, 2018	0.94

The correlation between CEMA.L and LCAL.L has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

CEMA.L vs. LCAL.L - Sectors Allocation Comparison

Sectors	CEMA.L	LCAL.L
Technology	49.6%	45.2%
Financial Services	13.7%	16.4%
Consumer Cyclical	9.9%	10.5%
Industrials	7.2%	7.1%
Communication Services	6.5%	6.9%
Basic Materials	3.4%	3.0%
Healthcare	3.0%	3.8%
Energy	2.5%	2.1%
Consumer Defensive	2.2%	2.9%
Utilities	1.4%	1.0%
Real Estate	0.7%	1.3%

Return for Risk

CEMA.L vs. LCAL.L — Risk / Return Rank

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

CEMA.L

CEMA.L Risk / Return Rank: 86
CEMA.L Sharpe Ratio Rank: 89
CEMA.L Sortino Ratio Rank: 87
CEMA.L Omega Ratio Rank: 87
CEMA.L Calmar Ratio Rank: 84
CEMA.L Martin Ratio Rank: 84

LCAL.L

LCAL.L Risk / Return Rank: 90
LCAL.L Sharpe Ratio Rank: 93
LCAL.L Sortino Ratio Rank: 91
LCAL.L Omega Ratio Rank: 92
LCAL.L Calmar Ratio Rank: 89
LCAL.L Martin Ratio Rank: 87

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.

CEMA.L vs. LCAL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM Asia UCITS ETF USD Acc (CEMA.L) and Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.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.

	CEMA.L	LCAL.L	Difference
Sharpe ratio: Return per unit of total volatility	3.00	3.08	-0.08
Sortino ratio: Return per unit of downside risk	3.93	4.04	-0.11
Omega ratio: Gain probability vs. loss probability	1.53	1.54	-0.01
Calmar ratio: Return relative to maximum drawdown	4.58	4.44	+0.14
Martin ratio: Return relative to average drawdown	16.97	16.45	+0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEMA.L vs. LCAL.L - Sharpe Ratio Comparison

The current CEMA.L Sharpe Ratio is 3.00, which is comparable to the LCAL.L Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of CEMA.L and LCAL.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.

Sharpe Ratios by Period

	CEMA.L	LCAL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	3.08	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.41	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.43	-0.02

Drawdowns

CEMA.L vs. LCAL.L - Drawdown Comparison

The maximum CEMA.L drawdown since its inception was -45.51%, roughly equal to the maximum LCAL.L drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for CEMA.L and LCAL.L.

Drawdown Indicators

	CEMA.L	LCAL.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.51%	-45.45%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.77%	-14.04%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-19.95%	-19.30%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-41.15%	-40.83%	-0.32%
Max Drawdown (10Y) Largest decline over 10 years	-45.51%	—	—
Current Drawdown Current decline from peak	-1.33%	-1.35%	+0.02%
Average Drawdown Average peak-to-trough decline	-15.08%	-16.86%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	3.79%	-0.07%

Volatility

CEMA.L vs. LCAL.L - Volatility Comparison

iShares MSCI EM Asia UCITS ETF USD Acc (CEMA.L) and Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L) have volatilities of 9.45% and 9.18%, 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

	CEMA.L	LCAL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.45%	9.18%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	18.12%	17.17%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	21.02%	20.24%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	20.03%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.95%	20.79%	-0.84%

CEMA.L vs. LCAL.L - Expense Ratio Comparison

CEMA.L has a 0.20% expense ratio, which is higher than LCAL.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CEMA.L vs. LCAL.L - Dividend Comparison

Neither CEMA.L nor LCAL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CEMA.L and LCAL.L in my portfolio?

With a correlation of 0.96, CEMA.L and LCAL.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CEMA.L or LCAL.L?

On fees, LCAL.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEMA.L or LCAL.L?

LCAL.L is cheaper with a 0.12% expense ratio, compared with 0.20% for CEMA.L.

What is the main difference between CEMA.L and LCAL.L?

CEMA.L tracks MSCI EM Asia Index Net, while LCAL.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.20% for CEMA.L and 0.12% for LCAL.L.