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IAPD.L vs. LCAL.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAPD.L vs. LCAL.L

Last updated Jun 5, 2026

IAPD.L (iShares Asia Pacific Dividend UCITS) and LCAL.L (Lyxor MSCI EM Asia UCITS ETF - Acc) are both Asia Pacific Equities funds - IAPD.L tracks the MSCI AC Asia Pacific NR USD while LCAL.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 5 years, IAPD.L returned 12.72%/yr vs 9.02%/yr for LCAL.L. A 0.62 correlation means they provide meaningful diversification when combined. IAPD.L charges 0.59%/yr vs 0.12%/yr for LCAL.L.

Performance

IAPD.L vs. LCAL.L - Performance Comparison

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

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, IAPD.L achieves a 13.20% return, which is significantly lower than LCAL.L's 30.19% return.

IAPD.L

1D
0.04%
1M
0.77%
YTD
13.20%
6M
13.76%
1Y
41.98%
3Y*
20.42%
5Y*
12.72%
10Y*
9.65%

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)

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

2026 (YTD)20252024202320222021202020192018
IAPD.L
iShares Asia Pacific Dividend UCITS		13.20%22.91%9.51%8.99%11.40%6.82%-11.63%11.98%2.05%
LCAL.L
Lyxor MSCI EM Asia UCITS ETF - Acc		30.19%24.10%13.67%0.95%-11.42%-4.08%24.20%14.12%-7.85%

Correlation

The correlation between IAPD.L and LCAL.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.60

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Apr 3, 2018

0.62

The correlation between IAPD.L and LCAL.L shifts across timeframes, from 0.48 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

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

Sectors
IAPD.L
LCAL.L

Financial Services

30.9%
16.4%

Basic Materials

16.1%
3.0%

Consumer Cyclical

10.9%
10.5%

Real Estate

10.6%
1.3%

Industrials

7.1%
7.1%

Consumer Defensive

5.2%
2.9%

Energy

5.1%
2.1%

Communication Services

4.7%
6.9%

Utilities

4.5%
1.0%

Healthcare

3.5%
3.8%

Technology

1.6%
45.2%

Financial Services

IAPD.L
30.9%
LCAL.L
16.4%

Basic Materials

IAPD.L
16.1%
LCAL.L
3.0%

Consumer Cyclical

IAPD.L
10.9%
LCAL.L
10.5%

Real Estate

IAPD.L
10.6%
LCAL.L
1.3%

Industrials

IAPD.L
7.1%
LCAL.L
7.1%

Consumer Defensive

IAPD.L
5.2%
LCAL.L
2.9%

Energy

IAPD.L
5.1%
LCAL.L
2.1%

Communication Services

IAPD.L
4.7%
LCAL.L
6.9%

Utilities

IAPD.L
4.5%
LCAL.L
1.0%

Healthcare

IAPD.L
3.5%
LCAL.L
3.8%

Technology

IAPD.L
1.6%
LCAL.L
45.2%

Compare stocks, funds, or ETFs

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iShares Asia Pacific Dividend UCITS

Lyxor MSCI EM Asia UCITS ETF - Acc

Often compared with IAPD.L:
IAPD.L vs. 100D.LIAPD.L vs. JEPQIAPD.L vs. NOBLIAPD.L vs. CNDX.LIAPD.L vs. IJRIAPD.L vs. VAPX.LIAPD.L vs. VOO
Often compared with LCAL.L:
LCAL.L vs. SPYLCAL.L vs. IDAP.LLCAL.L vs. AUAD.LLCAL.L vs. KRWL.LLCAL.L vs. LAUU.LLCAL.L vs. CI2G.LLCAL.L vs. UC48.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAPD.L
IAPD.L Risk / Return Rank: 9393
Overall Rank
IAPD.L Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
IAPD.L Sortino Ratio Rank: 9696
Sortino Ratio Rank
IAPD.L Omega Ratio Rank: 9595
Omega Ratio Rank
IAPD.L Calmar Ratio Rank: 9292
Calmar Ratio Rank
IAPD.L Martin Ratio Rank: 9090
Martin Ratio Rank
LCAL.L
LCAL.L Risk / Return Rank: 8989
Overall Rank
LCAL.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
LCAL.L Sortino Ratio Rank: 8989
Sortino Ratio Rank
LCAL.L Omega Ratio Rank: 9090
Omega Ratio Rank
LCAL.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
LCAL.L Martin Ratio Rank: 8484
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Asia Pacific Dividend UCITS (IAPD.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.

IAPD.LLCAL.LDifference
Sharpe ratioReturn per unit of total volatility
3.89
3.16

+0.73

Sortino ratioReturn per unit of downside risk
5.56
4.06

+1.50

Omega ratioGain probability vs. loss probability

1.71

1.57

+0.14

Calmar ratioReturn relative to maximum drawdown

6.04

5.03

+1.01

Martin ratioReturn relative to average drawdown

20.30

17.08

+3.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IAPD.L Sharpe Ratio is 3.89, which is comparable to the LCAL.L Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of IAPD.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.

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Sharpe Ratios by Period

IAPD.LLCAL.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.89

3.16

+0.73

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.02

0.51

+0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.62

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.49

+0.07

Drawdowns

IAPD.L vs. LCAL.L - Drawdown Comparison

The maximum IAPD.L drawdown since its inception was -52.66%, which is greater than LCAL.L's maximum drawdown of -33.83%. Use the drawdown chart below to compare losses from any high point for IAPD.L and LCAL.L.

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Drawdown Indicators

IAPD.LLCAL.LDifference

Max Drawdown

Largest peak-to-trough decline

-52.66%

-33.83%

-18.83%

Max Drawdown (1Y)

Largest decline over 1 year

-6.92%

-11.62%

+4.70%

Max Drawdown (3Y)

Largest decline over 3 years

-16.88%

-17.61%

+0.73%

Max Drawdown (5Y)

Largest decline over 5 years

-16.88%

-28.34%

+11.46%

Max Drawdown (10Y)

Largest decline over 10 years

-37.53%

—

—

Current Drawdown

Current decline from peak

-2.91%

-2.72%

-0.19%

Average Drawdown

Average peak-to-trough decline

-7.37%

-12.58%

+5.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

3.43%

-1.37%

Volatility

IAPD.L vs. LCAL.L - Volatility Comparison

The current volatility for iShares Asia Pacific Dividend UCITS (IAPD.L) is 3.49%, while Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L) has a volatility of 8.53%. This indicates that IAPD.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.

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Volatility by Period

IAPD.LLCAL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.49%

8.53%

-5.04%

Volatility (6M)

Calculated over the trailing 6-month period

8.32%

15.65%

-7.33%

Volatility (1Y)

Calculated over the trailing 1-year period

10.73%

18.54%

-7.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.44%

17.73%

-5.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.46%

19.02%

-3.56%

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

IAPD.L has a 0.59% expense ratio, which is higher than LCAL.L's 0.12% expense ratio.

Dividends

IAPD.L vs. LCAL.L - Dividend Comparison

IAPD.L's dividend yield for the trailing twelve months is around 4.89%, while LCAL.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IAPD.L
iShares Asia Pacific Dividend UCITS		4.89%5.67%6.72%7.29%8.34%7.53%4.77%7.26%7.70%6.15%5.60%8.10%
LCAL.L
Lyxor MSCI EM Asia UCITS ETF - Acc		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

IAPD.L and LCAL.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

LCAL.L is cheaper with a 0.12% expense ratio, compared with 0.59% for IAPD.L.

IAPD.L tracks MSCI AC Asia Pacific NR USD, while LCAL.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.59% for IAPD.L and 0.12% for LCAL.L.

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