IAUS.L vs. LGAP.L

Last updated Jul 22, 2026

IAUS.L (iShares MSCI Australia UCITS ETF USD (Acc)) and LGAP.L (L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)) are both Asia Pacific Equities funds - IAUS.L tracks the MSCI Australia Index (Net) while LGAP.L tracks the Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR. Both are passively managed. Over the past 5 years, IAUS.L returned 6.54%/yr vs 5.58%/yr for LGAP.L. Their correlation of 0.93 suggests significant overlap in exposure. IAUS.L charges 0.50%/yr vs 0.10%/yr for LGAP.L.

Performance

IAUS.L vs. LGAP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Australia UCITS ETF USD (Acc) (IAUS.L) and L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.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 IAUS.L having a 10.07% return and LGAP.L slightly lower at 9.59%.

IAUS.L

• 1D: 0.00%
• 1M: 0.74%
• 6M: 9.27%
• YTD: 10.07%
• 1Y: 11.31%
• 3Y*: 11.10%
• 5Y*: 6.54%
• 10Y*: 7.93%
• ALL TIME*: 5.87%

LGAP.L

• 1D: 0.22%
• 1M: 1.89%
• 6M: 7.22%
• YTD: 9.59%
• 1Y: 12.92%
• 3Y*: 12.54%
• 5Y*: 5.58%
• 10Y*: —
• ALL TIME*: 7.78%

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

IAUS.L vs. LGAP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IAUS.L iShares MSCI Australia UCITS ETF USD (Acc)	10.07%	13.86%	1.70%	13.84%	-5.50%	8.27%	9.46%	21.85%	-7.10%
LGAP.L L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)	9.59%	20.97%	4.67%	4.82%	-5.65%	2.87%	8.44%	17.78%	-1.30%

Correlation

The correlation between IAUS.L and LGAP.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 9, 2018	0.93

The correlation between IAUS.L and LGAP.L has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

IAUS.L vs. LGAP.L - Sectors Allocation Comparison

Sectors	IAUS.L	LGAP.L
Financial Services	41.7%	40.9%
Basic Materials	24.5%	15.5%
Consumer Cyclical	7.3%	7.1%
Real Estate	5.0%	8.3%
Healthcare	4.9%	4.3%
Industrials	4.4%	9.4%
Consumer Defensive	4.0%	3.5%
Energy	3.8%	2.8%
Communication Services	1.8%	3.6%
Utilities	1.6%	2.7%
Technology	0.9%	2.0%

Return for Risk

IAUS.L vs. LGAP.L — Risk / Return Rank

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

IAUS.L

IAUS.L Risk / Return Rank: 28
IAUS.L Sharpe Ratio Rank: 27
IAUS.L Sortino Ratio Rank: 28
IAUS.L Omega Ratio Rank: 26
IAUS.L Calmar Ratio Rank: 31
IAUS.L Martin Ratio Rank: 29

LGAP.L

LGAP.L Risk / Return Rank: 35
LGAP.L Sharpe Ratio Rank: 34
LGAP.L Sortino Ratio Rank: 35
LGAP.L Omega Ratio Rank: 32
LGAP.L Calmar Ratio Rank: 40
LGAP.L Martin Ratio Rank: 36

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.

IAUS.L vs. LGAP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Australia UCITS ETF USD (Acc) (IAUS.L) and L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IAUS.L	LGAP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.92	-0.21
Sortino ratio: Return per unit of downside risk	1.16	1.45	-0.29
Omega ratio: Gain probability vs. loss probability	1.13	1.17	-0.04
Calmar ratio: Return relative to maximum drawdown	1.16	1.51	-0.35
Martin ratio: Return relative to average drawdown	2.84	4.01	-1.17

IAUS.L vs. LGAP.L - Sharpe Ratio Comparison

The current IAUS.L Sharpe Ratio is 0.71, which is comparable to the LGAP.L Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of IAUS.L and LGAP.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.

Drawdowns

IAUS.L vs. LGAP.L - Drawdown Comparison

The maximum IAUS.L drawdown since its inception was -44.76%, which is greater than LGAP.L's maximum drawdown of -38.56%. Use the drawdown chart below to compare losses from any high point for IAUS.L and LGAP.L.

Drawdown Indicators

	IAUS.L	LGAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.76%	-38.56%	-6.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-8.50%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-23.04%	-19.01%	-4.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-24.31%	-0.29%
Max Drawdown (10Y) Largest decline over 10 years	-44.76%	—	—
Current Drawdown Current decline from peak	-4.38%	-2.25%	-2.13%
Average Drawdown Average peak-to-trough decline	-9.26%	-7.74%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	3.22%	+0.76%

Volatility

IAUS.L vs. LGAP.L - Volatility Comparison

iShares MSCI Australia UCITS ETF USD (Acc) (IAUS.L) has a higher volatility of 3.52% compared to L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.L) at 3.08%. This indicates that IAUS.L's price experiences larger fluctuations and is considered to be riskier than LGAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAUS.L	LGAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	3.08%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	13.34%	11.66%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	13.98%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	17.42%	+2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.74%	19.24%	+1.50%

IAUS.L vs. LGAP.L - Expense Ratio Comparison

IAUS.L has a 0.50% expense ratio, which is higher than LGAP.L's 0.10% expense ratio.

Dividends

IAUS.L vs. LGAP.L - Dividend Comparison

Neither IAUS.L nor LGAP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IAUS.L and LGAP.L in my portfolio?

With a correlation of 0.93, IAUS.L and LGAP.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, IAUS.L or LGAP.L?

On fees, LGAP.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, IAUS.L or LGAP.L?

LGAP.L is cheaper with a 0.10% expense ratio, compared with 0.50% for IAUS.L.

What is the main difference between IAUS.L and LGAP.L?

IAUS.L tracks MSCI Australia Index (Net), while LGAP.L tracks Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR. They also come from different issuers: iShares and L&G. Their fees differ too: 0.50% for IAUS.L and 0.10% for LGAP.L.