LDAP.L vs. PAJS.L

Last updated Jul 16, 2026

LDAP.L (L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis) and PAJS.L (Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc) are both Japan Equities funds - LDAP.L tracks the L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis while PAJS.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 3 years, LDAP.L returned 20.08%/yr vs 10.32%/yr for PAJS.L. A 0.54 correlation means they provide meaningful diversification when combined. LDAP.L charges 0.40%/yr vs 0.19%/yr for PAJS.L.

Performance

LDAP.L vs. PAJS.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 Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LDAP.L is traded in USD, while PAJS.L is traded in GBp. To make them comparable, the PAJS.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 PAJS.L's 10,830.41% 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*: —

PAJS.L

• 1D: 1.15%
• 1M: 0.52%
• 6M: 4.79%
• YTD: 10,830.41%
• 1Y: 23.37%
• 3Y*: 10.32%
• 5Y*: —
• 10Y*: —

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

LDAP.L vs. PAJS.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%	4.32%
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc	10,830.41%	-98.78%	-0.92%	14.41%	-22.90%	-27.17%

Correlation

The correlation between LDAP.L and PAJS.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021	0.54

The correlation between LDAP.L and PAJS.L has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

Return for Risk

LDAP.L vs. PAJS.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

PAJS.L

PAJS.L Risk / Return Rank: 47
PAJS.L Sharpe Ratio Rank: 9
PAJS.L Sortino Ratio Rank: 100
PAJS.L Omega Ratio Rank: 100
PAJS.L Calmar Ratio Rank: 12
PAJS.L Martin Ratio Rank: 12

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. PAJS.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 Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.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	PAJS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.58	0.00	+1.58
Sortino ratio: Return per unit of downside risk	2.23	283.74	-281.51
Omega ratio: Gain probability vs. loss probability	1.28	88.74	-87.46
Calmar ratio: Return relative to maximum drawdown	2.31	0.23	+2.08
Martin ratio: Return relative to average drawdown	6.22	0.46	+5.76

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

The current LDAP.L Sharpe Ratio is 1.58, which is higher than the PAJS.L Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of LDAP.L and PAJS.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. PAJS.L - Drawdown Comparison

The maximum LDAP.L drawdown since its inception was -99.33%, roughly equal to the maximum PAJS.L drawdown of -99.31%. Use the drawdown chart below to compare losses from any high point for LDAP.L and PAJS.L.

Drawdown Indicators

	LDAP.L	PAJS.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.33%	-99.31%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-99.06%	+88.21%
Max Drawdown (3Y) Largest decline over 3 years	-24.47%	-99.06%	+74.59%
Max Drawdown (5Y) Largest decline over 5 years	-34.61%	—	—
Current Drawdown Current decline from peak	-98.38%	-15.27%	-83.11%
Average Drawdown Average peak-to-trough decline	-98.71%	-38.04%	-60.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	48.78%	-44.74%

Volatility

LDAP.L vs. PAJS.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 Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc (PAJS.L) has a volatility of 7.30%. This indicates that LDAP.L experiences smaller price fluctuations and is considered to be less risky than PAJS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LDAP.L	PAJS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	7.30%	-2.39%
Volatility (6M) Calculated over the trailing 6-month period	13.37%	1,130.15%	-1,116.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	27,956.50%	-27,940.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.07%	13,164.10%	-13,136.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.15%	13,164.10%	-13,112.95%

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

LDAP.L has a 0.40% expense ratio, which is higher than PAJS.L's 0.19% expense ratio.

Dividends

LDAP.L vs. PAJS.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021
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%
PAJS.L Invesco MSCI Japan ESG Climate Paris Aligned UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

LDAP.L and PAJS.L have a correlation of 0.47, 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 PAJS.L?

On fees, PAJS.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PAJS.L is cheaper with a 0.19% expense ratio, compared with 0.40% for LDAP.L.

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

LDAP.L tracks L&G APAC ex-Japan Quality Dividends Equal Weight ETF USD Dis, while PAJS.L tracks TOPIX TR JPY. They also come from different issuers: L&G and Invesco. Their fees differ too: 0.40% for LDAP.L and 0.19% for PAJS.L.