FPXS.L vs. LCAL.L

Last updated Jun 4, 2026

FPXS.L (Fidelity Sustainable Research Enhanced Pacific ex-Japan Equity UCITS ETF Acc) and LCAL.L (Lyxor MSCI EM Asia UCITS ETF - Acc) are both Asia Pacific Equities funds - FPXS.L tracks the MSCI Pacific Ex Japan NR USD while LCAL.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 5 years, FPXS.L returned 5.69%/yr vs 9.38%/yr for LCAL.L. A 0.66 correlation means they provide meaningful diversification when combined. FPXS.L charges 0.30%/yr vs 0.12%/yr for LCAL.L.

Performance

FPXS.L vs. LCAL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fidelity Sustainable Research Enhanced Pacific ex-Japan Equity UCITS ETF Acc (FPXS.L) and Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPXS.L achieves a 7.73% return, which is significantly lower than LCAL.L's 32.38% return.

FPXS.L

• 1D: -0.45%
• 1M: 1.44%
• YTD: 7.73%
• 6M: 8.94%
• 1Y: 17.10%
• 3Y*: 9.73%
• 5Y*: 5.69%
• 10Y*: —

LCAL.L

• 1D: -1.09%
• 1M: 12.92%
• YTD: 32.38%
• 6M: 35.00%
• 1Y: 63.67%
• 3Y*: 23.36%
• 5Y*: 9.38%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FPXS.L Fidelity Sustainable Research Enhanced Pacific ex-Japan Equity UCITS ETF Acc	7.73%	11.73%	5.79%	0.21%	5.01%	6.21%	0.87%
LCAL.L Lyxor MSCI EM Asia UCITS ETF - Acc	32.38%	24.10%	13.67%	0.95%	-11.42%	-4.08%	1.01%

Correlation

The correlation between FPXS.L and LCAL.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 8, 2020	0.66

The correlation between FPXS.L and LCAL.L shifts across timeframes, from 0.49 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

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

Sectors	FPXS.L	LCAL.L
Financial Services	47.7%	16.4%
Basic Materials	15.5%	3.0%
Industrials	9.0%	7.1%
Real Estate	6.7%	1.3%
Consumer Cyclical	5.7%	10.5%
Energy	3.8%	2.1%
Consumer Defensive	3.6%	2.9%
Healthcare	2.9%	3.8%
Communication Services	2.8%	6.9%
Utilities	2.2%	1.0%
Technology	0.2%	45.2%

Return for Risk

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

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

FPXS.L

FPXS.L Risk / Return Rank: 41
FPXS.L Sharpe Ratio Rank: 41
FPXS.L Sortino Ratio Rank: 42
FPXS.L Omega Ratio Rank: 40
FPXS.L Calmar Ratio Rank: 43
FPXS.L Martin Ratio Rank: 39

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.

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

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable Research Enhanced Pacific ex-Japan Equity UCITS ETF Acc (FPXS.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.

	FPXS.L	LCAL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.43	3.43	-2.01
Sortino ratio: Return per unit of downside risk	2.09	4.36	-2.27
Omega ratio: Gain probability vs. loss probability	1.26	1.62	-0.36
Calmar ratio: Return relative to maximum drawdown	2.10	5.45	-3.35
Martin ratio: Return relative to average drawdown	6.05	18.54	-12.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current FPXS.L Sharpe Ratio is 1.43, which is lower than the LCAL.L Sharpe Ratio of 3.43. The chart below compares the historical Sharpe Ratios of FPXS.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

	FPXS.L	LCAL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	3.43	-2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.53	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.50	-0.01

Drawdowns

FPXS.L vs. LCAL.L - Drawdown Comparison

The maximum FPXS.L drawdown since its inception was -18.15%, smaller than the maximum LCAL.L drawdown of -33.83%. Use the drawdown chart below to compare losses from any high point for FPXS.L and LCAL.L.

Drawdown Indicators

	FPXS.L	LCAL.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-33.83%	+15.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.11%	-11.62%	+3.51%
Max Drawdown (3Y) Largest decline over 3 years	-18.15%	-17.61%	-0.54%
Max Drawdown (5Y) Largest decline over 5 years	-18.15%	-28.34%	+10.19%
Current Drawdown Current decline from peak	-2.60%	-1.09%	-1.51%
Average Drawdown Average peak-to-trough decline	-5.10%	-12.58%	+7.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	3.42%	-0.60%

Volatility

FPXS.L vs. LCAL.L - Volatility Comparison

The current volatility for Fidelity Sustainable Research Enhanced Pacific ex-Japan Equity UCITS ETF Acc (FPXS.L) is 3.71%, while Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L) has a volatility of 8.56%. This indicates that FPXS.L experiences smaller price fluctuations and is considered to be less risky than LCAL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPXS.L	LCAL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	8.56%	-4.85%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	15.54%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	18.47%	-6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.18%	17.71%	-3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.04%	19.01%	-4.97%

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

FPXS.L has a 0.30% expense ratio, which is higher than LCAL.L's 0.12% expense ratio.

Dividends

FPXS.L vs. LCAL.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

FPXS.L and LCAL.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

LCAL.L is cheaper with a 0.12% expense ratio, compared with 0.30% for FPXS.L.

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

FPXS.L tracks MSCI Pacific Ex Japan NR USD, while LCAL.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: Fidelity and Amundi. Their fees differ too: 0.30% for FPXS.L and 0.12% for LCAL.L.