ISPY.L vs. LDAP.L

Last updated Jul 16, 2026

ISPY.L (L&G Cyber Security UCITS ETF) and LDAP.L (L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis) are both exchange-traded funds - ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index, while LDAP.L is a Japan Equities fund tracking the L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis. Both are passively managed. Over the past 5 years, ISPY.L returned 13.16%/yr vs 9.65%/yr for LDAP.L. At a 0.37 correlation, their price movements are largely independent. ISPY.L charges 0.69%/yr vs 0.40%/yr for LDAP.L.

Performance

ISPY.L vs. LDAP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Cyber Security UCITS ETF (ISPY.L) and L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis (LDAP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ISPY.L is traded in GBp, while LDAP.L is traded in USD. To make them comparable, the LDAP.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, ISPY.L achieves a 47.11% return, which is significantly higher than LDAP.L's 14.69% return.

ISPY.L

• 1D: -2.96%
• 1M: 11.14%
• 6M: 50.18%
• YTD: 47.11%
• 1Y: 44.59%
• 3Y*: 28.79%
• 5Y*: 13.16%
• 10Y*: 17.12%

LDAP.L

• 1D: 0.00%
• 1M: -4.06%
• 6M: 12.95%
• YTD: 14.69%
• 1Y: 20.99%
• 3Y*: 18.06%
• 5Y*: 9.65%
• 10Y*: —

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

ISPY.L vs. LDAP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ISPY.L L&G Cyber Security UCITS ETF	47.11%	0.28%	19.68%	34.35%	-24.57%	9.66%
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis	14.69%	25.93%	5.62%	3.68%	1.90%	-98.99%

Correlation

The correlation between ISPY.L and LDAP.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.37

The correlation between ISPY.L and LDAP.L shifts across timeframes, from 0.23 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ISPY.L vs. LDAP.L — Risk / Return Rank

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

ISPY.L

ISPY.L Risk / Return Rank: 53
ISPY.L Sharpe Ratio Rank: 58
ISPY.L Sortino Ratio Rank: 55
ISPY.L Omega Ratio Rank: 60
ISPY.L Calmar Ratio Rank: 53
ISPY.L Martin Ratio Rank: 41

LDAP.L

LDAP.L Risk / Return Rank: 55
LDAP.L Sharpe Ratio Rank: 58
LDAP.L Sortino Ratio Rank: 58
LDAP.L Omega Ratio Rank: 54
LDAP.L Calmar Ratio Rank: 57
LDAP.L Martin Ratio Rank: 46

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.

ISPY.L vs. LDAP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (ISPY.L) and L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis (LDAP.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.

	ISPY.L	LDAP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.49	+0.10
Sortino ratio: Return per unit of downside risk	2.17	2.09	+0.08
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	2.18	2.28	-0.10
Martin ratio: Return relative to average drawdown	5.43	5.83	-0.40

ISPY.L vs. LDAP.L - Sharpe Ratio Comparison

The current ISPY.L Sharpe Ratio is 1.59, which is comparable to the LDAP.L Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of ISPY.L and LDAP.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

ISPY.L vs. LDAP.L - Drawdown Comparison

The maximum ISPY.L drawdown since its inception was -50.17%, smaller than the maximum LDAP.L drawdown of -99.19%. Use the drawdown chart below to compare losses from any high point for ISPY.L and LDAP.L.

Drawdown Indicators

	ISPY.L	LDAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-50.17%	-99.19%	+49.02%
Max Drawdown (1Y) Largest decline over 1 year	-20.33%	-9.62%	-10.71%
Max Drawdown (3Y) Largest decline over 3 years	-28.19%	-20.15%	-8.04%
Max Drawdown (5Y) Largest decline over 5 years	-31.77%	-26.81%	-4.96%
Max Drawdown (10Y) Largest decline over 10 years	-31.77%	—	—
Current Drawdown Current decline from peak	-2.96%	-98.38%	+95.42%
Average Drawdown Average peak-to-trough decline	-12.86%	-98.64%	+85.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.19%	3.78%	+4.41%

Volatility

ISPY.L vs. LDAP.L - Volatility Comparison

L&G Cyber Security UCITS ETF (ISPY.L) has a higher volatility of 10.58% compared to L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis (LDAP.L) at 4.84%. This indicates that ISPY.L's price experiences larger fluctuations and is considered to be riskier than LDAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY.L	LDAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.58%	4.84%	+5.74%
Volatility (6M) Calculated over the trailing 6-month period	24.94%	12.40%	+12.54%
Volatility (1Y) Calculated over the trailing 1-year period	27.86%	14.79%	+13.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.58%	26.52%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.47%	50.34%	-25.87%

ISPY.L vs. LDAP.L - Expense Ratio Comparison

ISPY.L has a 0.69% expense ratio, which is higher than LDAP.L's 0.40% expense ratio.

Dividends

ISPY.L vs. LDAP.L - Dividend Comparison

ISPY.L has not paid dividends to shareholders, while LDAP.L's dividend yield for the trailing twelve months is around 3.83%.

Position	TTM	2025	2024	2023	2022	2021
ISPY.L L&G Cyber Security UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis	3.83%	4.23%	4.86%	5.25%	4.92%	2.23%

Frequently Asked Questions

Can I hold both ISPY.L and LDAP.L in my portfolio?

ISPY.L and LDAP.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISPY.L or LDAP.L?

On fees, LDAP.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISPY.L or LDAP.L?

LDAP.L is cheaper with a 0.40% expense ratio, compared with 0.69% for ISPY.L.

What is the main difference between ISPY.L and LDAP.L?

ISPY.L is categorized as Cybersecurity, while LDAP.L is Japan Equities. ISPY.L tracks ISE Cyber Security UCITS Index, while LDAP.L tracks L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis. Their fees differ too: 0.69% for ISPY.L and 0.40% for LDAP.L.