LCUJ.DE vs. NATO.L

Last updated Jun 5, 2026

LCUJ.DE (Amundi MSCI Japan UCITS ETF Acc) and NATO.L (HANetf Future of Defence UCITS ETF - Accumulating) are both exchange-traded funds - LCUJ.DE is a Japan Equities fund tracking the MSCI Japan, while NATO.L is a Aerospace & Defense fund tracking the EQM Future of Defence Index. Both are passively managed. Over the past year, LCUJ.DE returned 31.24% vs 18.01% for NATO.L. At a 0.37 correlation, their price movements are largely independent. LCUJ.DE charges 0.12%/yr vs 0.49%/yr for NATO.L.

Performance

LCUJ.DE vs. NATO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Amundi MSCI Japan UCITS ETF Acc (LCUJ.DE) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LCUJ.DE is traded in EUR, while NATO.L is traded in USD. To make them comparable, the NATO.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, LCUJ.DE achieves a 17.36% return, which is significantly higher than NATO.L's 14.40% return.

LCUJ.DE

• 1D: 0.81%
• 1M: 6.48%
• YTD: 17.36%
• 6M: 17.18%
• 1Y: 31.24%
• 3Y*: 15.71%
• 5Y*: 10.17%
• 10Y*: —

NATO.L

• 1D: 0.00%
• 1M: 8.93%
• YTD: 14.40%
• 6M: 15.74%
• 1Y: 18.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LCUJ.DE vs. NATO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LCUJ.DE Amundi MSCI Japan UCITS ETF Acc	17.36%	12.70%	13.58%	3.68%
NATO.L HANetf Future of Defence UCITS ETF - Accumulating	13.28%	36.45%	40.70%	15.33%

Correlation

The correlation between LCUJ.DE and NATO.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 4, 2023	0.37

Return for Risk

LCUJ.DE vs. NATO.L — Risk / Return Rank

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

LCUJ.DE

LCUJ.DE Risk / Return Rank: 53
LCUJ.DE Sharpe Ratio Rank: 47
LCUJ.DE Sortino Ratio Rank: 51
LCUJ.DE Omega Ratio Rank: 50
LCUJ.DE Calmar Ratio Rank: 61
LCUJ.DE Martin Ratio Rank: 56

NATO.L

NATO.L Risk / Return Rank: 27
NATO.L Sharpe Ratio Rank: 27
NATO.L Sortino Ratio Rank: 27
NATO.L Omega Ratio Rank: 25
NATO.L Calmar Ratio Rank: 30
NATO.L Martin Ratio Rank: 27

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.

LCUJ.DE vs. NATO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi MSCI Japan UCITS ETF Acc (LCUJ.DE) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.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.

	LCUJ.DE	NATO.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	0.88	+0.73
Sortino ratio: Return per unit of downside risk	2.46	1.34	+1.12
Omega ratio: Gain probability vs. loss probability	1.31	1.16	+0.15
Calmar ratio: Return relative to maximum drawdown	3.00	1.45	+1.55
Martin ratio: Return relative to average drawdown	9.68	3.26	+6.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LCUJ.DE vs. NATO.L - Sharpe Ratio Comparison

The current LCUJ.DE Sharpe Ratio is 1.61, which is higher than the NATO.L Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of LCUJ.DE and NATO.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

	LCUJ.DE	NATO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	0.88	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.35	-0.83

Drawdowns

LCUJ.DE vs. NATO.L - Drawdown Comparison

The maximum LCUJ.DE drawdown since its inception was -28.01%, which is greater than NATO.L's maximum drawdown of -21.83%. Use the drawdown chart below to compare losses from any high point for LCUJ.DE and NATO.L.

Drawdown Indicators

	LCUJ.DE	NATO.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.01%	-21.83%	-6.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-12.37%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.10%	—	—
Current Drawdown Current decline from peak	0.00%	-1.79%	+1.79%
Average Drawdown Average peak-to-trough decline	-5.92%	-2.57%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	5.52%	-2.39%

Volatility

LCUJ.DE vs. NATO.L - Volatility Comparison

The current volatility for Amundi MSCI Japan UCITS ETF Acc (LCUJ.DE) is 4.13%, while HANetf Future of Defence UCITS ETF - Accumulating (NATO.L) has a volatility of 6.17%. This indicates that LCUJ.DE experiences smaller price fluctuations and is considered to be less risky than NATO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCUJ.DE	NATO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	6.17%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	14.92%	16.16%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	18.78%	20.46%	-1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	27.65%	-11.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.10%	27.65%	-10.55%

LCUJ.DE vs. NATO.L - Expense Ratio Comparison

LCUJ.DE has a 0.12% expense ratio, which is lower than NATO.L's 0.49% expense ratio.

Dividends

LCUJ.DE vs. NATO.L - Dividend Comparison

Neither LCUJ.DE nor NATO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LCUJ.DE and NATO.L in my portfolio?

LCUJ.DE and NATO.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LCUJ.DE or NATO.L?

On fees, LCUJ.DE 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, LCUJ.DE or NATO.L?

LCUJ.DE is cheaper with a 0.12% expense ratio, compared with 0.49% for NATO.L.

What is the main difference between LCUJ.DE and NATO.L?

LCUJ.DE is categorized as Japan Equities, while NATO.L is Aerospace & Defense. LCUJ.DE tracks MSCI Japan, while NATO.L tracks EQM Future of Defence Index. They also come from different issuers: Amundi and HANetf. Their fees differ too: 0.12% for LCUJ.DE and 0.49% for NATO.L.