LGAG.L vs. EMAS.L

Last updated Jun 27, 2026

LGAG.L (L&G Asia Pacific ex Japan Equity UCITS ETF) and EMAS.L (SPDR MSCI EM Asia UCITS ETF) are both Asia Pacific Equities funds - LGAG.L tracks the MSCI Pacific Ex Japan NR USD while EMAS.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 5 years, LGAG.L returned 5.62%/yr vs 15.70%/yr for EMAS.L. A 0.72 correlation means they provide meaningful diversification when combined. LGAG.L charges 0.10%/yr vs 0.55%/yr for EMAS.L.

Performance

LGAG.L vs. EMAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Asia Pacific ex Japan Equity UCITS ETF (LGAG.L) and SPDR MSCI EM Asia UCITS ETF (EMAS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LGAG.L is traded in GBp, while EMAS.L is traded in GBP. To make them comparable, the EMAS.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, LGAG.L achieves a 8.32% return, which is significantly lower than EMAS.L's 81.22% return.

LGAG.L

• 1D: 0.02%
• 1M: -0.85%
• YTD: 8.32%
• 6M: 7.89%
• 1Y: 16.16%
• 3Y*: 11.04%
• 5Y*: 5.62%
• 10Y*: —

EMAS.L

• 1D: 38.71%
• 1M: 39.51%
• YTD: 81.22%
• 6M: 83.42%
• 1Y: 109.31%
• 3Y*: 35.88%
• 5Y*: 15.70%
• 10Y*: 15.67%

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

LGAG.L vs. EMAS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LGAG.L L&G Asia Pacific ex Japan Equity UCITS ETF	8.32%	12.56%	6.20%	-0.81%	5.61%	4.15%	4.80%	14.08%	-22.77%
EMAS.L SPDR MSCI EM Asia UCITS ETF	81.22%	22.99%	12.86%	0.62%	-12.26%	-4.94%	23.72%	13.20%	1.36%

Correlation

The correlation between LGAG.L and EMAS.L is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 9, 2018	0.72

The correlation between LGAG.L and EMAS.L shifts across timeframes, from 0.55 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

LGAG.L vs. EMAS.L - Sectors Allocation Comparison

Sectors	LGAG.L	EMAS.L
Financial Services	40.9%	13.2%
Basic Materials	16.7%	3.3%
Industrials	9.1%	6.5%
Real Estate	8.5%	0.6%
Consumer Cyclical	6.5%	9.6%
Healthcare	3.9%	2.8%
Communication Services	3.6%	6.1%
Consumer Defensive	3.1%	2.1%
Energy	3.1%	2.4%
Utilities	2.7%	1.3%
Technology	1.9%	52.1%

Return for Risk

LGAG.L vs. EMAS.L — Risk / Return Rank

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

LGAG.L

LGAG.L Risk / Return Rank: 46
LGAG.L Sharpe Ratio Rank: 46
LGAG.L Sortino Ratio Rank: 47
LGAG.L Omega Ratio Rank: 44
LGAG.L Calmar Ratio Rank: 52
LGAG.L Martin Ratio Rank: 42

EMAS.L

EMAS.L Risk / Return Rank: 97
EMAS.L Sharpe Ratio Rank: 93
EMAS.L Sortino Ratio Rank: 98
EMAS.L Omega Ratio Rank: 98
EMAS.L Calmar Ratio Rank: 98
EMAS.L Martin Ratio Rank: 97

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.

LGAG.L vs. EMAS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Asia Pacific ex Japan Equity UCITS ETF (LGAG.L) and SPDR MSCI EM Asia UCITS ETF (EMAS.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.

	LGAG.L	EMAS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.85	-1.44
Sortino ratio: Return per unit of downside risk	2.10	7.46	-5.37
Omega ratio: Gain probability vs. loss probability	1.26	2.09	-0.83
Calmar ratio: Return relative to maximum drawdown	2.22	10.86	-8.63
Martin ratio: Return relative to average drawdown	6.12	35.46	-29.34

LGAG.L vs. EMAS.L - Sharpe Ratio Comparison

The current LGAG.L Sharpe Ratio is 1.41, which is lower than the EMAS.L Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of LGAG.L and EMAS.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

LGAG.L vs. EMAS.L - Drawdown Comparison

The maximum LGAG.L drawdown since its inception was -35.16%, smaller than the maximum EMAS.L drawdown of -53.67%. Use the drawdown chart below to compare losses from any high point for LGAG.L and EMAS.L.

Drawdown Indicators

	LGAG.L	EMAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.16%	-53.67%	+18.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-11.14%	+3.90%
Max Drawdown (3Y) Largest decline over 3 years	-21.32%	-25.14%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-21.32%	-29.16%	+7.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.79%	—
Current Drawdown Current decline from peak	-3.50%	0.00%	-3.50%
Average Drawdown Average peak-to-trough decline	-9.28%	-22.16%	+12.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	3.42%	-0.79%

Volatility

LGAG.L vs. EMAS.L - Volatility Comparison

The current volatility for L&G Asia Pacific ex Japan Equity UCITS ETF (LGAG.L) is 3.83%, while SPDR MSCI EM Asia UCITS ETF (EMAS.L) has a volatility of 33.13%. This indicates that LGAG.L experiences smaller price fluctuations and is considered to be less risky than EMAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGAG.L	EMAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	33.13%	-29.30%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	35.89%	-26.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	42.41%	-31.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.44%	28.52%	-9.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	24.30%	-3.16%

LGAG.L vs. EMAS.L - Expense Ratio Comparison

LGAG.L has a 0.10% expense ratio, which is lower than EMAS.L's 0.55% expense ratio.

Dividends

LGAG.L vs. EMAS.L - Dividend Comparison

Neither LGAG.L nor EMAS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LGAG.L and EMAS.L in my portfolio?

LGAG.L and EMAS.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LGAG.L or EMAS.L?

On fees, LGAG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LGAG.L or EMAS.L?

LGAG.L is cheaper with a 0.10% expense ratio, compared with 0.55% for EMAS.L.

What is the main difference between LGAG.L and EMAS.L?

LGAG.L tracks MSCI Pacific Ex Japan NR USD, while EMAS.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.10% for LGAG.L and 0.55% for EMAS.L.