LGAG.L vs. EWJ

Last updated Apr 2, 2026

Compare and contrast key facts about L&G Asia Pacific ex Japan Equity UCITS ETF (LGAG.L) and iShares MSCI Japan ETF (EWJ).

LGAG.L and EWJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LGAG.L is a passively managed fund by Legal & General that tracks the performance of the MSCI Pacific Ex Japan NR USD. It was launched on Nov 7, 2018. EWJ is a passively managed fund by iShares that tracks the performance of the MSCI Japan Index. It was launched on Mar 12, 1996. Both LGAG.L and EWJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LGAG.L vs. EWJ - 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 iShares MSCI Japan ETF (EWJ). The values are adjusted to include any dividend payments, if applicable.

LGAG.L vs. EWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LGAG.L L&G Asia Pacific ex Japan Equity UCITS ETF	7.28%	12.56%	6.20%	-0.81%	5.61%	4.15%	4.80%	14.08%	-22.77%
EWJ iShares MSCI Japan ETF	7.61%	16.88%	8.90%	14.28%	-7.94%	2.11%	12.01%	14.80%	-5.71%

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with LGAG.L having a 7.28% return and EWJ slightly higher at 7.61%.

LGAG.L

• 1D: 2.00%
• 1M: -1.16%
• YTD: 7.28%
• 6M: 5.66%
• 1Y: 21.77%
• 3Y*: 8.55%
• 5Y*: 6.13%
• 10Y*: —

EWJ

• 1D: -0.77%
• 1M: -0.80%
• YTD: 7.61%
• 6M: 12.17%
• 1Y: 28.51%
• 3Y*: 14.05%
• 5Y*: 7.80%
• 10Y*: 9.72%

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

LGAG.L vs. EWJ - Expense Ratio Comparison

LGAG.L has a 0.10% expense ratio, which is lower than EWJ's 0.49% expense ratio.

EWJ

iShares MSCI Japan ETF

LGAG.L

L&G Asia Pacific ex Japan Equity UCITS ETF

Return for Risk

LGAG.L vs. EWJ — 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: 77
LGAG.L Sharpe Ratio Rank: 78
LGAG.L Sortino Ratio Rank: 75
LGAG.L Omega Ratio Rank: 78
LGAG.L Calmar Ratio Rank: 77
LGAG.L Martin Ratio Rank: 75

EWJ

EWJ Risk / Return Rank: 72
EWJ Sharpe Ratio Rank: 73
EWJ Sortino Ratio Rank: 75
EWJ Omega Ratio Rank: 70
EWJ Calmar Ratio Rank: 74
EWJ Martin Ratio Rank: 70

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. EWJ - 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 iShares MSCI Japan ETF (EWJ). 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.

	LGAG.L	EWJ	Difference
Sharpe ratio Return per unit of total volatility	1.51	1.40	+0.11
Sortino ratio Return per unit of downside risk	1.99	1.97	+0.02
Omega ratio Gain probability vs. loss probability	1.31	1.28	+0.04
Calmar ratio Return relative to maximum drawdown	2.31	2.37	-0.06
Martin ratio Return relative to average drawdown	8.76	8.63	+0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LGAG.L vs. EWJ - Sharpe Ratio Comparison

The current LGAG.L Sharpe Ratio is 1.51, which is comparable to the EWJ Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of LGAG.L and EWJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LGAG.L	EWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.40	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.48	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.31	-0.15

Correlation

The correlation between LGAG.L and EWJ is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

LGAG.L vs. EWJ - Dividend Comparison

LGAG.L has not paid dividends to shareholders, while EWJ's dividend yield for the trailing twelve months is around 4.28%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGAG.L L&G Asia Pacific ex Japan Equity UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EWJ iShares MSCI Japan ETF	4.28%	4.52%	2.34%	2.03%	1.23%	2.08%	1.04%	2.03%	1.71%	1.25%	1.95%	1.27%

Drawdowns

LGAG.L vs. EWJ - Drawdown Comparison

The maximum LGAG.L drawdown since its inception was -35.16%, roughly equal to the maximum EWJ drawdown of -35.64%. Use the drawdown chart below to compare losses from any high point for LGAG.L and EWJ.

Drawdown Indicators

	LGAG.L	EWJ	Difference
Max Drawdown Largest peak-to-trough decline	-35.16%	-60.93%	+25.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.82%	-13.59%	+1.77%
Max Drawdown (5Y) Largest decline over 5 years	-24.83%	-33.14%	+8.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.14%	—
Current Drawdown Current decline from peak	-4.43%	-9.24%	+4.81%
Average Drawdown Average peak-to-trough decline	-10.28%	-21.84%	+11.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	3.73%	-1.25%

Volatility

LGAG.L vs. EWJ - Volatility Comparison

The current volatility for L&G Asia Pacific ex Japan Equity UCITS ETF (LGAG.L) is 4.60%, while iShares MSCI Japan ETF (EWJ) has a volatility of 7.73%. This indicates that LGAG.L experiences smaller price fluctuations and is considered to be less risky than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGAG.L	EWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	7.73%	-3.13%
Volatility (6M) Calculated over the trailing 6-month period	8.67%	13.95%	-5.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	20.52%	-6.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	16.18%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	16.83%	+5.61%