HPAX.L vs. LCAL.L

Last updated Jun 5, 2026

HPAX.L (HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF) and LCAL.L (Lyxor MSCI EM Asia UCITS ETF - Acc) are both Asia Pacific Equities funds - HPAX.L tracks the MSCI AC Asia Pac Ex JPN NR USD while LCAL.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 3 years, HPAX.L returned 17.86%/yr vs 22.81%/yr for LCAL.L. With a 0.95 correlation, they move nearly in lockstep. HPAX.L charges 0.25%/yr vs 0.12%/yr for LCAL.L.

Performance

HPAX.L vs. LCAL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF (HPAX.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, HPAX.L achieves a 25.38% return, which is significantly lower than LCAL.L's 30.19% return.

HPAX.L

• 1D: -1.47%
• 1M: 5.89%
• YTD: 25.38%
• 6M: 27.77%
• 1Y: 49.04%
• 3Y*: 17.86%
• 5Y*: —
• 10Y*: —

LCAL.L

• 1D: -1.65%
• 1M: 8.07%
• YTD: 30.19%
• 6M: 32.55%
• 1Y: 58.76%
• 3Y*: 22.81%
• 5Y*: 9.02%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
HPAX.L HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF	25.38%	17.60%	11.84%	-2.35%	-3.87%
LCAL.L Lyxor MSCI EM Asia UCITS ETF - Acc	30.19%	24.10%	13.67%	0.95%	-3.55%

Correlation

The correlation between HPAX.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	0.95
Correlation (All Time) Calculated using the full available price history since Apr 13, 2022	0.95

The correlation between HPAX.L and LCAL.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

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

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

HPAX.L

HPAX.L Risk / Return Rank: 86
HPAX.L Sharpe Ratio Rank: 89
HPAX.L Sortino Ratio Rank: 86
HPAX.L Omega Ratio Rank: 88
HPAX.L Calmar Ratio Rank: 87
HPAX.L Martin Ratio Rank: 81

LCAL.L

LCAL.L Risk / Return Rank: 89
LCAL.L Sharpe Ratio Rank: 91
LCAL.L Sortino Ratio Rank: 89
LCAL.L Omega Ratio Rank: 90
LCAL.L Calmar Ratio Rank: 88
LCAL.L Martin Ratio Rank: 84

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.

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

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF (HPAX.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.

	HPAX.L	LCAL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.96	3.16	-0.20
Sortino ratio: Return per unit of downside risk	3.83	4.06	-0.22
Omega ratio: Gain probability vs. loss probability	1.54	1.57	-0.03
Calmar ratio: Return relative to maximum drawdown	4.80	5.03	-0.24
Martin ratio: Return relative to average drawdown	15.81	17.08	-1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HPAX.L Sharpe Ratio is 2.96, which is comparable to the LCAL.L Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of HPAX.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

	HPAX.L	LCAL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.96	3.16	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.49	+0.22

Drawdowns

HPAX.L vs. LCAL.L - Drawdown Comparison

The maximum HPAX.L drawdown since its inception was -18.77%, smaller than the maximum LCAL.L drawdown of -33.83%. Use the drawdown chart below to compare losses from any high point for HPAX.L and LCAL.L.

Drawdown Indicators

	HPAX.L	LCAL.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.77%	-33.83%	+15.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.17%	-11.62%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-17.61%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.34%	—
Current Drawdown Current decline from peak	-2.50%	-2.72%	+0.22%
Average Drawdown Average peak-to-trough decline	-5.93%	-12.58%	+6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.43%	-0.34%

Volatility

HPAX.L vs. LCAL.L - Volatility Comparison

The current volatility for HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF (HPAX.L) is 7.47%, while Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L) has a volatility of 8.53%. This indicates that HPAX.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

	HPAX.L	LCAL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	8.53%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	15.65%	-1.78%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	18.54%	-2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.85%	17.73%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	19.02%	-3.17%

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

HPAX.L has a 0.25% 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

HPAX.L vs. LCAL.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.96, HPAX.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, HPAX.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, HPAX.L or LCAL.L?

LCAL.L is cheaper with a 0.12% expense ratio, compared with 0.25% for HPAX.L.

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

HPAX.L tracks MSCI AC Asia Pac Ex JPN NR USD, while LCAL.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.25% for HPAX.L and 0.12% for LCAL.L.