LGAP.L vs. HMAD.L
LGAP.L (L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)) and HMAD.L (HSBC MSCI AC Far East ex Japan UCITS ETF USD (Acc)) are both exchange-traded funds - LGAP.L is a Asia Pacific Equities fund tracking the Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR, while HMAD.L is a Asia ex-Japan Equity fund tracking the MSCI AC Far East ex Japan Net Index. Both are passively managed. Over the past 5 years, LGAP.L returned 5.36%/yr vs 6.71%/yr for HMAD.L. A 0.77 correlation means they provide meaningful diversification when combined. LGAP.L charges 0.10%/yr vs 0.45%/yr for HMAD.L.
Performance
LGAP.L vs. HMAD.L - Performance Comparison
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Returns By Period
In the year-to-date period, LGAP.L achieves a 8.67% return, which is significantly lower than HMAD.L's 22.93% return.
LGAP.L
- 1D
- -0.95%
- 1M
- -0.95%
- 6M
- 6.00%
- YTD
- 8.67%
- 1Y
- 13.33%
- 3Y*
- 11.89%
- 5Y*
- 5.36%
- 10Y*
- —
HMAD.L
- 1D
- -2.84%
- 1M
- -11.01%
- 6M
- 15.46%
- YTD
- 22.93%
- 1Y
- 42.92%
- 3Y*
- 23.38%
- 5Y*
- 6.71%
- 10Y*
- 9.65%
LGAP.L vs. HMAD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
LGAP.L L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) | 8.67% | 20.97% | 4.67% | 4.82% | -5.65% | 2.87% | 8.44% | 17.78% | -1.30% |
HMAD.L HSBC MSCI AC Far East ex Japan UCITS ETF USD (Acc) | 22.93% | 41.42% | 11.84% | 1.71% | -21.78% | -8.81% | 26.05% | 17.57% | -1.70% |
Correlation
The correlation between LGAP.L and HMAD.L is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2018 | 0.77 |
The correlation between LGAP.L and HMAD.L shifts across timeframes, from 0.66 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LGAP.L vs. HMAD.L — Risk / Return Rank
LGAP.L
HMAD.L
LGAP.L vs. HMAD.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 USD (Acc) (LGAP.L) and HSBC MSCI AC Far East ex Japan UCITS ETF USD (Acc) (HMAD.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.
| LGAP.L | HMAD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.31 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 3.20 | -1.64 |
| Martin ratioReturn relative to average drawdown | 4.14 | 9.62 | -5.48 |
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Drawdowns
LGAP.L vs. HMAD.L - Drawdown Comparison
The maximum LGAP.L drawdown since its inception was -38.56%, smaller than the maximum HMAD.L drawdown of -50.05%. Use the drawdown chart below to compare losses from any high point for LGAP.L and HMAD.L.
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Drawdown Indicators
| LGAP.L | HMAD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.56% | -50.05% | +11.49% |
Max Drawdown (1Y)Largest decline over 1 year | -8.50% | -13.34% | +4.84% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -19.56% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -24.31% | -43.19% | +18.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.05% | — |
Current DrawdownCurrent decline from peak | -3.07% | -13.34% | +10.27% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -16.49% | +8.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 4.45% | -1.24% |
Volatility
LGAP.L vs. HMAD.L - Volatility Comparison
The current volatility for L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.L) is 3.28%, while HSBC MSCI AC Far East ex Japan UCITS ETF USD (Acc) (HMAD.L) has a volatility of 10.87%. This indicates that LGAP.L experiences smaller price fluctuations and is considered to be less risky than HMAD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LGAP.L | HMAD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 10.87% | -7.59% |
Volatility (6M)Calculated over the trailing 6-month period | 11.70% | 22.04% | -10.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.06% | 24.83% | -10.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.46% | 22.17% | -4.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.26% | 20.73% | -1.47% |
LGAP.L vs. HMAD.L - Expense Ratio Comparison
LGAP.L has a 0.10% expense ratio, which is lower than HMAD.L's 0.45% expense ratio.
Dividends
LGAP.L vs. HMAD.L - Dividend Comparison
Neither LGAP.L nor HMAD.L has paid dividends to shareholders.
Frequently Asked Questions
LGAP.L and HMAD.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, LGAP.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LGAP.L is cheaper with a 0.10% expense ratio, compared with 0.45% for HMAD.L.
LGAP.L is categorized as Asia Pacific Equities, while HMAD.L is Asia ex-Japan Equity. LGAP.L tracks Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR, while HMAD.L tracks MSCI AC Far East ex Japan Net Index. They also come from different issuers: L&G and HSBC. Their fees differ too: 0.10% for LGAP.L and 0.45% for HMAD.L.
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