JPJP.L vs. LDAP.L

Last updated Jul 18, 2026

JPJP.L (SPDR MSCI Japan UCITS ETF) and LDAP.L (L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)) are both exchange-traded funds - JPJP.L is a Japan Equities fund tracking the TOPIX TR JPY, while LDAP.L is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. Both are passively managed. Over the past 5 years, JPJP.L returned 9.35%/yr vs 9.98%/yr for LDAP.L. At a 0.46 correlation, their price movements are largely independent. JPJP.L charges 0.12%/yr vs 0.40%/yr for LDAP.L.

Performance

JPJP.L vs. LDAP.L - Performance Comparison

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

Different Trading Currencies

JPJP.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, JPJP.L achieves a 12.46% return, which is significantly lower than LDAP.L's 16.41% return.

JPJP.L

• 1D: -2.10%
• 1M: -5.97%
• 6M: 5.59%
• YTD: 12.46%
• 1Y: 30.05%
• 3Y*: 15.06%
• 5Y*: 9.35%
• 10Y*: 8.74%

LDAP.L

• 1D: -0.15%
• 1M: -2.82%
• 6M: 13.36%
• YTD: 16.41%
• 1Y: 23.45%
• 3Y*: 18.54%
• 5Y*: 9.98%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
JPJP.L SPDR MSCI Japan UCITS ETF	12.46%	17.50%	9.03%	13.95%	-7.16%	0.04%
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)	16.41%	25.93%	5.62%	3.68%	1.90%	-98.99%

Correlation

The correlation between JPJP.L and LDAP.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	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.46

Return for Risk

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

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

JPJP.L

JPJP.L Risk / Return Rank: 62
JPJP.L Sharpe Ratio Rank: 59
JPJP.L Sortino Ratio Rank: 58
JPJP.L Omega Ratio Rank: 59
JPJP.L Calmar Ratio Rank: 72
JPJP.L Martin Ratio Rank: 63

LDAP.L

LDAP.L Risk / Return Rank: 56
LDAP.L Sharpe Ratio Rank: 60
LDAP.L Sortino Ratio Rank: 59
LDAP.L Omega Ratio Rank: 56
LDAP.L Calmar Ratio Rank: 58
LDAP.L Martin Ratio Rank: 47

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Japan UCITS ETF (JPJP.L) and L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (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.

	JPJP.L	LDAP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.57	-0.05
Sortino ratio: Return per unit of downside risk	2.16	2.20	-0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	2.79	2.43	+0.37
Martin ratio: Return relative to average drawdown	8.44	6.19	+2.25

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

The current JPJP.L Sharpe Ratio is 1.53, which is comparable to the LDAP.L Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of JPJP.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

JPJP.L vs. LDAP.L - Drawdown Comparison

The maximum JPJP.L drawdown since its inception was -99.54%, roughly equal to the maximum LDAP.L drawdown of -99.19%. Use the drawdown chart below to compare losses from any high point for JPJP.L and LDAP.L.

Drawdown Indicators

	JPJP.L	LDAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-99.19%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-9.62%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-14.21%	-20.15%	+5.94%
Max Drawdown (5Y) Largest decline over 5 years	-18.57%	-26.81%	+8.24%
Max Drawdown (10Y) Largest decline over 10 years	-99.39%	—	—
Current Drawdown Current decline from peak	-98.65%	-98.35%	-0.30%
Average Drawdown Average peak-to-trough decline	-99.01%	-98.64%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	3.78%	-0.23%

Volatility

JPJP.L vs. LDAP.L - Volatility Comparison

SPDR MSCI Japan UCITS ETF (JPJP.L) has a higher volatility of 6.65% compared to L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.L) at 5.20%. This indicates that JPJP.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

	JPJP.L	LDAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	5.20%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	16.28%	12.51%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	19.63%	14.86%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	26.52%	-10.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4,446.36%	50.33%	+4,396.03%

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

JPJP.L has a 0.12% expense ratio, which is lower than LDAP.L's 0.40% expense ratio.

Dividends

JPJP.L vs. LDAP.L - Dividend Comparison

JPJP.L has not paid dividends to shareholders, while LDAP.L's dividend yield for the trailing twelve months is around 3.86%.

Position	TTM	2025	2024	2023	2022	2021
JPJP.L SPDR MSCI Japan 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 UCITS ETF USD (Dist)	3.86%	4.23%	4.86%	5.25%	4.92%	2.23%

Frequently Asked Questions

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

JPJP.L and LDAP.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.

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

On fees, JPJP.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, JPJP.L or LDAP.L?

JPJP.L is cheaper with a 0.12% expense ratio, compared with 0.40% for LDAP.L.

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

JPJP.L is categorized as Japan Equities, while LDAP.L is Asia Pacific Equities. JPJP.L tracks TOPIX TR JPY, while LDAP.L tracks FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. They also come from different issuers: State Street and L&G. Their fees differ too: 0.12% for JPJP.L and 0.40% for LDAP.L.