LDAP.L vs. ISPY.L

Last updated Jul 16, 2026

LDAP.L (L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis) and ISPY.L (L&G Cyber Security UCITS ETF) are both exchange-traded funds - LDAP.L is a Japan Equities fund tracking the L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis, while ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index. Both are passively managed. Over the past 5 years, LDAP.L returned 9.64%/yr vs 12.79%/yr for ISPY.L. At a 0.46 correlation, their price movements are largely independent. LDAP.L charges 0.40%/yr vs 0.69%/yr for ISPY.L.

Performance

LDAP.L vs. ISPY.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 ETF USD Dis (LDAP.L) and L&G Cyber Security UCITS ETF (ISPY.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LDAP.L is traded in USD, while ISPY.L is traded in GBp. To make them comparable, the ISPY.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 17.12% return, which is significantly lower than ISPY.L's 47.96% return.

LDAP.L

• 1D: 1.71%
• 1M: -1.56%
• 6M: 15.58%
• YTD: 17.12%
• 1Y: 24.38%
• 3Y*: 20.08%
• 5Y*: 9.64%
• 10Y*: —

ISPY.L

• 1D: -1.85%
• 1M: 12.14%
• 6M: 51.23%
• YTD: 47.96%
• 1Y: 46.26%
• 3Y*: 30.23%
• 5Y*: 12.79%
• 10Y*: 17.43%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis	17.12%	35.59%	3.81%	9.13%	-8.93%	-99.00%
ISPY.L L&G Cyber Security UCITS ETF	47.96%	7.85%	17.69%	41.44%	-32.64%	8.30%

Correlation

The correlation between LDAP.L and ISPY.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.38
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

The correlation between LDAP.L and ISPY.L shifts across timeframes, from 0.28 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

LDAP.L vs. ISPY.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: 55
LDAP.L Sharpe Ratio Rank: 58
LDAP.L Sortino Ratio Rank: 58
LDAP.L Omega Ratio Rank: 54
LDAP.L Calmar Ratio Rank: 57
LDAP.L Martin Ratio Rank: 46

ISPY.L

ISPY.L Risk / Return Rank: 53
ISPY.L Sharpe Ratio Rank: 58
ISPY.L Sortino Ratio Rank: 55
ISPY.L Omega Ratio Rank: 60
ISPY.L Calmar Ratio Rank: 53
ISPY.L Martin Ratio Rank: 41

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. ISPY.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 ETF USD Dis (LDAP.L) and L&G Cyber Security UCITS ETF (ISPY.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	ISPY.L	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.65	-0.06
Sortino ratio: Return per unit of downside risk	2.23	2.25	-0.02
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.31	2.52	-0.21
Martin ratio: Return relative to average drawdown	6.22	6.54	-0.32

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

The current LDAP.L Sharpe Ratio is 1.58, which is comparable to the ISPY.L Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of LDAP.L and ISPY.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. ISPY.L - Drawdown Comparison

The maximum LDAP.L drawdown since its inception was -99.33%, which is greater than ISPY.L's maximum drawdown of -52.67%. Use the drawdown chart below to compare losses from any high point for LDAP.L and ISPY.L.

Drawdown Indicators

	LDAP.L	ISPY.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.33%	-52.67%	-46.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-18.30%	+7.45%
Max Drawdown (3Y) Largest decline over 3 years	-24.47%	-27.67%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-34.61%	-39.42%	+4.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.42%	—
Current Drawdown Current decline from peak	-98.38%	-1.85%	-96.53%
Average Drawdown Average peak-to-trough decline	-98.71%	-16.00%	-82.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	7.05%	-3.01%

Volatility

LDAP.L vs. ISPY.L - Volatility Comparison

The current volatility for L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis (LDAP.L) is 4.91%, while L&G Cyber Security UCITS ETF (ISPY.L) has a volatility of 10.74%. This indicates that LDAP.L experiences smaller price fluctuations and is considered to be less risky than ISPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LDAP.L	ISPY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	10.74%	-5.83%
Volatility (6M) Calculated over the trailing 6-month period	13.37%	24.89%	-11.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	27.98%	-12.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.07%	28.71%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.15%	25.05%	+26.10%

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

LDAP.L has a 0.40% expense ratio, which is lower than ISPY.L's 0.69% expense ratio.

Dividends

LDAP.L vs. ISPY.L - Dividend Comparison

LDAP.L's dividend yield for the trailing twelve months is around 3.83%, while ISPY.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
ISPY.L L&G Cyber Security 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 ETF USD Dis	3.83%	4.23%	4.86%	5.25%	4.92%	2.23%

Frequently Asked Questions

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

LDAP.L and ISPY.L have a correlation of 0.28, 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 ISPY.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, LDAP.L or ISPY.L?

LDAP.L is cheaper with a 0.40% expense ratio, compared with 0.69% for ISPY.L.

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

LDAP.L is categorized as Japan Equities, while ISPY.L is Cybersecurity. LDAP.L tracks L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis, while ISPY.L tracks ISE Cyber Security UCITS Index. Their fees differ too: 0.40% for LDAP.L and 0.69% for ISPY.L.