LDAP.L vs. HMXJ.L

Last updated Jul 18, 2026

LDAP.L (L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)) and HMXJ.L (HSBC MSCI Pacific ex Japan UCITS ETF) are both Asia Pacific Equities funds - LDAP.L tracks the FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index while HMXJ.L tracks the MSCI Pacific Ex Japan NR USD. Both are passively managed. Over the past 5 years, LDAP.L returned 9.48%/yr vs 6.05%/yr for HMXJ.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.40% expense ratio.

Performance

LDAP.L vs. HMXJ.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, LDAP.L achieves a 16.25% return, which is significantly higher than HMXJ.L's 10.48% return.

LDAP.L

• 1D: -0.31%
• 1M: -1.62%
• 6M: 14.02%
• YTD: 16.25%
• 1Y: 23.79%
• 3Y*: 19.79%
• 5Y*: 9.48%
• 10Y*: —

HMXJ.L

• 1D: -0.21%
• 1M: 1.44%
• 6M: 8.29%
• YTD: 10.48%
• 1Y: 15.38%
• 3Y*: 12.84%
• 5Y*: 6.05%
• 10Y*: 6.77%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)	16.25%	35.59%	3.81%	9.13%	-8.93%	-99.00%
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	10.48%	20.85%	4.65%	5.67%	-5.91%	-1.82%

Correlation

The correlation between LDAP.L and HMXJ.L is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.81

The correlation between LDAP.L and HMXJ.L shifts across timeframes, from 0.68 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

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

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

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

HMXJ.L

HMXJ.L Risk / Return Rank: 50
HMXJ.L Sharpe Ratio Rank: 49
HMXJ.L Sortino Ratio Rank: 52
HMXJ.L Omega Ratio Rank: 48
HMXJ.L Calmar Ratio Rank: 54
HMXJ.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.

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

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

	LDAP.L	HMXJ.L	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.13	+0.37
Sortino ratio: Return per unit of downside risk	2.12	1.72	+0.40
Omega ratio: Gain probability vs. loss probability	1.26	1.20	+0.06
Calmar ratio: Return relative to maximum drawdown	2.18	1.76	+0.42
Martin ratio: Return relative to average drawdown	5.87	4.94	+0.93

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

The current LDAP.L Sharpe Ratio is 1.50, which is higher than the HMXJ.L Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of LDAP.L and HMXJ.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

LDAP.L vs. HMXJ.L - Drawdown Comparison

The maximum LDAP.L drawdown since its inception was -99.33%, which is greater than HMXJ.L's maximum drawdown of -38.56%. Use the drawdown chart below to compare losses from any high point for LDAP.L and HMXJ.L.

Drawdown Indicators

	LDAP.L	HMXJ.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.33%	-38.56%	-60.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-8.70%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-24.47%	-18.96%	-5.51%
Max Drawdown (5Y) Largest decline over 5 years	-34.61%	-24.25%	-10.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.56%	—
Current Drawdown Current decline from peak	-98.39%	-1.54%	-96.85%
Average Drawdown Average peak-to-trough decline	-98.71%	-8.64%	-90.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	3.11%	+0.93%

Volatility

LDAP.L vs. HMXJ.L - Volatility Comparison

L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.L) has a higher volatility of 4.63% compared to HSBC MSCI Pacific ex Japan UCITS ETF (HMXJ.L) at 3.01%. This indicates that LDAP.L's price experiences larger fluctuations and is considered to be riskier than HMXJ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LDAP.L	HMXJ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	3.01%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	13.33%	11.08%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	15.79%	13.57%	+2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.06%	17.00%	+11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.13%	17.51%	+33.62%

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

Both LDAP.L and HMXJ.L have an expense ratio of 0.40%.

Dividends

LDAP.L vs. HMXJ.L - Dividend Comparison

LDAP.L's dividend yield for the trailing twelve months is around 3.86%, more than HMXJ.L's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HMXJ.L HSBC MSCI Pacific ex Japan UCITS ETF	2.98%	3.43%	3.80%	4.13%	3.79%	2.71%	3.05%	2.22%	0.00%	1.49%	3.32%	4.03%
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 LDAP.L and HMXJ.L in my portfolio?

LDAP.L and HMXJ.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

LDAP.L and HMXJ.L have the same expense ratio: 0.40% per year.

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

LDAP.L tracks FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index, while HMXJ.L tracks MSCI Pacific Ex Japan NR USD. They also come from different issuers: L&G and HSBC.