LCAL.L vs. APEX.L

Last updated Jun 4, 2026

LCAL.L (Lyxor MSCI EM Asia UCITS ETF - Acc) and APEX.L (Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc) are both Asia Pacific Equities funds from Amundi tracking the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 5 years, LCAL.L returned 9.38%/yr vs 9.52%/yr for APEX.L. A 0.72 correlation means they provide meaningful diversification when combined. LCAL.L charges 0.12%/yr vs 0.50%/yr for APEX.L.

Performance

LCAL.L vs. APEX.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with LCAL.L having a 32.38% return and APEX.L slightly lower at 30.85%.

LCAL.L

• 1D: -1.09%
• 1M: 12.92%
• YTD: 32.38%
• 6M: 35.00%
• 1Y: 63.67%
• 3Y*: 23.36%
• 5Y*: 9.38%
• 10Y*: —

APEX.L

• 1D: -0.83%
• 1M: 11.72%
• YTD: 30.85%
• 6M: 33.09%
• 1Y: 60.17%
• 3Y*: 22.08%
• 5Y*: 9.52%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LCAL.L Lyxor MSCI EM Asia UCITS ETF - Acc	32.38%	24.10%	13.67%	0.95%	-11.42%	-4.08%	1.59%
APEX.L Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc	30.85%	22.95%	13.46%	-0.31%	-11.28%	-1.60%	-0.54%

Correlation

The correlation between LCAL.L and APEX.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	0.78
Correlation (All Time) Calculated using the full available price history since Dec 15, 2020	0.72

Over the past year, LCAL.L and APEX.L have become more correlated (0.93) than their long-term average of 0.72, meaning their price movements have been converging.

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

Sectors	LCAL.L	APEX.L
Technology	45.2%	41.6%
Financial Services	16.4%	17.7%
Consumer Cyclical	10.5%	10.3%
Industrials	7.1%	8.3%
Communication Services	6.9%	6.9%
Healthcare	3.8%	3.0%
Basic Materials	3.0%	3.6%
Consumer Defensive	2.9%	2.4%
Energy	2.1%	2.7%
Real Estate	1.3%	1.7%
Utilities	1.0%	1.9%

Return for Risk

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

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

LCAL.L

LCAL.L Risk / Return Rank: 90
LCAL.L Sharpe Ratio Rank: 93
LCAL.L Sortino Ratio Rank: 91
LCAL.L Omega Ratio Rank: 92
LCAL.L Calmar Ratio Rank: 89
LCAL.L Martin Ratio Rank: 87

APEX.L

APEX.L Risk / Return Rank: 85
APEX.L Sharpe Ratio Rank: 88
APEX.L Sortino Ratio Rank: 87
APEX.L Omega Ratio Rank: 85
APEX.L Calmar Ratio Rank: 84
APEX.L Martin Ratio Rank: 83

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.

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

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L) and Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.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.

	LCAL.L	APEX.L	Difference
Sharpe ratio: Return per unit of total volatility	3.43	3.22	+0.22
Sortino ratio: Return per unit of downside risk	4.36	4.09	+0.27
Omega ratio: Gain probability vs. loss probability	1.62	1.56	+0.05
Calmar ratio: Return relative to maximum drawdown	5.45	5.54	-0.08
Martin ratio: Return relative to average drawdown	18.54	18.43	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current LCAL.L Sharpe Ratio is 3.43, which is comparable to the APEX.L Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of LCAL.L and APEX.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.

Sharpe Ratios by Period

	LCAL.L	APEX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.43	3.22	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.63	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.60	-0.10

Drawdowns

LCAL.L vs. APEX.L - Drawdown Comparison

The maximum LCAL.L drawdown since its inception was -33.83%, roughly equal to the maximum APEX.L drawdown of -32.37%. Use the drawdown chart below to compare losses from any high point for LCAL.L and APEX.L.

Drawdown Indicators

	LCAL.L	APEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.83%	-32.37%	-1.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-10.82%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.61%	-17.06%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-28.34%	-27.61%	-0.73%
Current Drawdown Current decline from peak	-1.09%	-0.83%	-0.26%
Average Drawdown Average peak-to-trough decline	-12.58%	-15.31%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.26%	+0.16%

Volatility

LCAL.L vs. APEX.L - Volatility Comparison

Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L) has a higher volatility of 8.56% compared to Lyxor MSCI AC Asia Ex Japan UCITS ETF - Acc (APEX.L) at 7.74%. This indicates that LCAL.L's price experiences larger fluctuations and is considered to be riskier than APEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCAL.L	APEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	7.74%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	15.54%	15.81%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	18.63%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	18.50%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.01%	19.21%	-0.20%

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

LCAL.L has a 0.12% expense ratio, which is lower than APEX.L's 0.50% expense ratio.

Dividends

LCAL.L vs. APEX.L - Dividend Comparison

Neither LCAL.L nor APEX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LCAL.L and APEX.L in my portfolio?

With a correlation of 0.93, LCAL.L and APEX.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, LCAL.L or APEX.L?

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.

Which ETF is cheaper, LCAL.L or APEX.L?

LCAL.L is cheaper with a 0.12% expense ratio, compared with 0.50% for APEX.L.

What is the main difference between LCAL.L and APEX.L?

Both ETFs track MSCI AC Asia Ex Japan NR USD. Their fees differ too: 0.12% for LCAL.L and 0.50% for APEX.L.