HMXJ.L vs. LGAG.L

Last updated Jun 5, 2026

HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) and LGAG.L (L&G Asia Pacific ex Japan Equity UCITS ETF) are both Asia Pacific Equities funds tracking the MSCI Pacific Ex Japan NR USD, from HSBC and Legal & General respectively. Both are passively managed. Over the past 5 years, HMXJ.L returned 6.07%/yr vs 5.68%/yr for LGAG.L. Their correlation of 0.95 suggests significant overlap in exposure. HMXJ.L charges 0.40%/yr vs 0.10%/yr for LGAG.L.

Performance

HMXJ.L vs. LGAG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) and L&G Asia Pacific ex Japan Equity UCITS ETF (LGAG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HMXJ.L having a 8.91% return and LGAG.L slightly lower at 8.78%.

HMXJ.L

• 1D: -0.47%
• 1M: 0.55%
• YTD: 8.91%
• 6M: 9.65%
• 1Y: 17.57%
• 3Y*: 10.62%
• 5Y*: 6.07%
• 10Y*: 8.45%

LGAG.L

• 1D: -0.69%
• 1M: 0.27%
• YTD: 8.78%
• 6M: 9.30%
• 1Y: 17.23%
• 3Y*: 10.29%
• 5Y*: 5.68%
• 10Y*: —

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

HMXJ.L vs. LGAG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	8.91%	12.37%	6.43%	0.38%	5.35%	5.41%	3.21%	13.89%	-0.10%
LGAG.L L&G Asia Pacific ex Japan Equity UCITS ETF	8.78%	12.56%	6.20%	-0.81%	5.61%	4.15%	4.80%	14.08%	-22.77%

Correlation

The correlation between HMXJ.L and LGAG.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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 12, 2018	0.95

The correlation between HMXJ.L and LGAG.L has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

HMXJ.L vs. LGAG.L - Sectors Allocation Comparison

Sectors	HMXJ.L	LGAG.L
Financial Services	45.1%	41.2%
Basic Materials	16.1%	16.4%
Industrials	8.5%	9.2%
Real Estate	7.8%	8.6%
Consumer Cyclical	6.3%	6.4%
Utilities	3.5%	2.7%
Healthcare	3.3%	3.9%
Consumer Defensive	3.0%	3.1%
Energy	2.7%	3.1%
Communication Services	2.6%	3.7%
Technology	1.0%	1.9%

Return for Risk

HMXJ.L vs. LGAG.L — Risk / Return Rank

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

HMXJ.L

HMXJ.L Risk / Return Rank: 48
HMXJ.L Sharpe Ratio Rank: 47
HMXJ.L Sortino Ratio Rank: 50
HMXJ.L Omega Ratio Rank: 46
HMXJ.L Calmar Ratio Rank: 51
HMXJ.L Martin Ratio Rank: 46

LGAG.L

LGAG.L Risk / Return Rank: 46
LGAG.L Sharpe Ratio Rank: 45
LGAG.L Sortino Ratio Rank: 47
LGAG.L Omega Ratio Rank: 44
LGAG.L Calmar Ratio Rank: 49
LGAG.L Martin Ratio Rank: 44

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.

HMXJ.L vs. LGAG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) and L&G Asia Pacific ex Japan Equity UCITS ETF (LGAG.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.

	HMXJ.L	LGAG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.55	+0.06
Sortino ratio: Return per unit of downside risk	2.40	2.30	+0.10
Omega ratio: Gain probability vs. loss probability	1.29	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.46	2.37	+0.09
Martin ratio: Return relative to average drawdown	7.37	6.97	+0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMXJ.L vs. LGAG.L - Sharpe Ratio Comparison

The current HMXJ.L Sharpe Ratio is 1.61, which is comparable to the LGAG.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of HMXJ.L and LGAG.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

	HMXJ.L	LGAG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.55	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.28	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.16	+0.26

Drawdowns

HMXJ.L vs. LGAG.L - Drawdown Comparison

The maximum HMXJ.L drawdown since its inception was -32.30%, smaller than the maximum LGAG.L drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for HMXJ.L and LGAG.L.

Drawdown Indicators

	HMXJ.L	LGAG.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.30%	-35.16%	+2.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-7.24%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-24.83%	+7.36%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-24.83%	+7.18%
Max Drawdown (10Y) Largest decline over 10 years	-32.30%	—	—
Current Drawdown Current decline from peak	-2.76%	-3.09%	+0.33%
Average Drawdown Average peak-to-trough decline	-6.74%	-10.11%	+3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.47%	-0.09%

Volatility

HMXJ.L vs. LGAG.L - Volatility Comparison

The current volatility for HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) is 3.58%, while L&G Asia Pacific ex Japan Equity UCITS ETF (LGAG.L) has a volatility of 3.98%. This indicates that HMXJ.L experiences smaller price fluctuations and is considered to be less risky than LGAG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXJ.L	LGAG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	3.98%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	8.63%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	11.11%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	20.57%	-6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	22.27%	-6.15%

HMXJ.L vs. LGAG.L - Expense Ratio Comparison

HMXJ.L has a 0.40% expense ratio, which is higher than LGAG.L's 0.10% expense ratio.

Dividends

HMXJ.L vs. LGAG.L - Dividend Comparison

HMXJ.L's dividend yield for the trailing twelve months is around 3.02%, while LGAG.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	3.02%	3.43%	3.80%	4.13%	3.79%	2.71%	3.05%	3.88%	3.80%	3.23%	3.32%	4.03%
LGAG.L L&G Asia Pacific ex Japan Equity 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%

Frequently Asked Questions

Can I hold both HMXJ.L and LGAG.L in my portfolio?

With a correlation of 0.96, HMXJ.L and LGAG.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, HMXJ.L or LGAG.L?

On fees, LGAG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HMXJ.L or LGAG.L?

LGAG.L is cheaper with a 0.10% expense ratio, compared with 0.40% for HMXJ.L.

What is the main difference between HMXJ.L and LGAG.L?

Both ETFs track MSCI Pacific Ex Japan NR USD. They also come from different issuers: HSBC and Legal & General. Their fees differ too: 0.40% for HMXJ.L and 0.10% for LGAG.L.