JPNL.L vs. LDAP.L

Last updated Jul 18, 2026

JPNL.L (Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR) and LDAP.L (L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)) are both exchange-traded funds - JPNL.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, JPNL.L returned 9.00%/yr vs 9.98%/yr for LDAP.L. At a 0.46 correlation, their price movements are largely independent. JPNL.L charges 0.45%/yr vs 0.40%/yr for LDAP.L.

Performance

JPNL.L vs. LDAP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.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

JPNL.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, JPNL.L achieves a 12.08% return, which is significantly lower than LDAP.L's 16.41% return.

JPNL.L

• 1D: -1.88%
• 1M: -4.36%
• 6M: 5.39%
• YTD: 12.08%
• 1Y: 28.20%
• 3Y*: 14.74%
• 5Y*: 9.00%
• 10Y*: 8.30%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	12.08%	17.96%	7.75%	13.02%	-5.78%	-1.30%
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 JPNL.L and LDAP.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.46

Return for Risk

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

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

JPNL.L

JPNL.L Risk / Return Rank: 61
JPNL.L Sharpe Ratio Rank: 59
JPNL.L Sortino Ratio Rank: 58
JPNL.L Omega Ratio Rank: 60
JPNL.L Calmar Ratio Rank: 69
JPNL.L Martin Ratio Rank: 60

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.

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

This table presents a comparison of risk-adjusted performance metrics for Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.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.

	JPNL.L	LDAP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.57	-0.04
Sortino ratio: Return per unit of downside risk	2.15	2.20	-0.05
Omega ratio: Gain probability vs. loss probability	1.29	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	2.64	2.43	+0.22
Martin ratio: Return relative to average drawdown	8.10	6.19	+1.90

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

The current JPNL.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 JPNL.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

JPNL.L vs. LDAP.L - Drawdown Comparison

The maximum JPNL.L drawdown since its inception was -38.87%, smaller than the maximum LDAP.L drawdown of -99.19%. Use the drawdown chart below to compare losses from any high point for JPNL.L and LDAP.L.

Drawdown Indicators

	JPNL.L	LDAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.87%	-99.19%	+60.32%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-9.62%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.44%	-20.15%	+6.71%
Max Drawdown (5Y) Largest decline over 5 years	-18.80%	-26.81%	+8.01%
Max Drawdown (10Y) Largest decline over 10 years	-25.42%	—	—
Current Drawdown Current decline from peak	-6.34%	-98.35%	+92.01%
Average Drawdown Average peak-to-trough decline	-10.50%	-98.64%	+88.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.78%	-0.31%

Volatility

JPNL.L vs. LDAP.L - Volatility Comparison

Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR (JPNL.L) has a higher volatility of 5.79% compared to L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.L) at 5.20%. This indicates that JPNL.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

	JPNL.L	LDAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	5.20%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	15.28%	12.51%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.36%	14.86%	+3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	26.52%	-10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.84%	50.33%	-34.49%

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

JPNL.L has a 0.45% expense ratio, which is higher than LDAP.L's 0.40% expense ratio.

Dividends

JPNL.L vs. LDAP.L - Dividend Comparison

JPNL.L's dividend yield for the trailing twelve months is around 0.64%, less than LDAP.L's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPNL.L Lyxor Japan (TOPIX) (DR) UCITS ETF - Dist EUR	0.64%	0.71%	0.73%	1.23%	1.83%	1.37%	1.14%	2.01%	1.84%	1.43%	1.97%	1.77%
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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

JPNL.L and LDAP.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

LDAP.L is cheaper with a 0.40% expense ratio, compared with 0.45% for JPNL.L.

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

JPNL.L is categorized as Japan Equities, while LDAP.L is Asia Pacific Equities. JPNL.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: Amundi and L&G. Their fees differ too: 0.45% for JPNL.L and 0.40% for LDAP.L.