LGAP.L vs. IPXJ.L

Last updated Jul 16, 2026

LGAP.L (L&G Asia Pacific ex Japan Equity UCITS ETF) and IPXJ.L (iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist)) are both Japan Equities funds - LGAP.L tracks the L&G Asia Pacific ex Japan Equity UCITS ETF while IPXJ.L tracks the iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist). Both are passively managed. Over the past 5 years, LGAP.L returned 5.54%/yr vs 5.56%/yr for IPXJ.L. With a 0.98 correlation, they move nearly in lockstep. LGAP.L charges 0.10%/yr vs 0.60%/yr for IPXJ.L.

Performance

LGAP.L vs. IPXJ.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 (LGAP.L) and iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LGAP.L achieves a 9.64% return, which is significantly lower than IPXJ.L's 10.20% return.

LGAP.L

• 1D: -0.40%
• 1M: 0.61%
• 6M: 7.65%
• YTD: 9.64%
• 1Y: 15.23%
• 3Y*: 12.38%
• 5Y*: 5.54%
• 10Y*: —

IPXJ.L

• 1D: -0.55%
• 1M: 1.44%
• 6M: 8.32%
• YTD: 10.20%
• 1Y: 15.90%
• 3Y*: 12.30%
• 5Y*: 5.56%
• 10Y*: 7.06%

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

LGAP.L vs. IPXJ.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	9.64%	20.97%	4.67%	4.82%	-5.65%	2.87%	8.44%	17.78%	-1.30%
IPXJ.L iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist)	10.20%	19.91%	4.45%	5.64%	-6.26%	3.62%	6.65%	17.59%	-3.47%

Correlation

The correlation between LGAP.L and IPXJ.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 9, 2018	0.98

The correlation between LGAP.L and IPXJ.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

LGAP.L vs. IPXJ.L — Risk / Return Rank

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

LGAP.L

LGAP.L Risk / Return Rank: 36
LGAP.L Sharpe Ratio Rank: 34
LGAP.L Sortino Ratio Rank: 37
LGAP.L Omega Ratio Rank: 33
LGAP.L Calmar Ratio Rank: 41
LGAP.L Martin Ratio Rank: 37

IPXJ.L

IPXJ.L Risk / Return Rank: 39
IPXJ.L Sharpe Ratio Rank: 37
IPXJ.L Sortino Ratio Rank: 40
IPXJ.L Omega Ratio Rank: 35
IPXJ.L Calmar Ratio Rank: 43
IPXJ.L Martin Ratio Rank: 39

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.

LGAP.L vs. IPXJ.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 (LGAP.L) and iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.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	IPXJ.L	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.12	-0.07
Sortino ratio: Return per unit of downside risk	1.63	1.72	-0.09
Omega ratio: Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio: Return relative to maximum drawdown	1.72	1.81	-0.09
Martin ratio: Return relative to average drawdown	4.58	4.92	-0.34

LGAP.L vs. IPXJ.L - Sharpe Ratio Comparison

The current LGAP.L Sharpe Ratio is 1.04, which is comparable to the IPXJ.L Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of LGAP.L and IPXJ.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

LGAP.L vs. IPXJ.L - Drawdown Comparison

The maximum LGAP.L drawdown since its inception was -38.56%, roughly equal to the maximum IPXJ.L drawdown of -38.93%. Use the drawdown chart below to compare losses from any high point for LGAP.L and IPXJ.L.

Drawdown Indicators

	LGAP.L	IPXJ.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.56%	-38.93%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-8.53%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-18.67%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-24.44%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.93%	—
Current Drawdown Current decline from peak	-2.20%	-1.69%	-0.51%
Average Drawdown Average peak-to-trough decline	-7.75%	-8.62%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.15%	+0.06%

Volatility

LGAP.L vs. IPXJ.L - Volatility Comparison

L&G Asia Pacific ex Japan Equity UCITS ETF (LGAP.L) and iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist) (IPXJ.L) have volatilities of 3.45% and 3.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGAP.L	IPXJ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	3.37%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	11.42%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.03%	13.84%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	17.21%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	17.71%	+1.55%

LGAP.L vs. IPXJ.L - Expense Ratio Comparison

LGAP.L has a 0.10% expense ratio, which is lower than IPXJ.L's 0.60% expense ratio.

Dividends

LGAP.L vs. IPXJ.L - Dividend Comparison

LGAP.L has not paid dividends to shareholders, while IPXJ.L's dividend yield for the trailing twelve months is around 3.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPXJ.L iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist)	3.56%	2.88%	3.49%	3.50%	3.76%	2.92%	2.45%	3.58%	3.92%	3.19%	3.48%	3.44%
LGAP.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%

Frequently Asked Questions

Can I hold both LGAP.L and IPXJ.L in my portfolio?

With a correlation of 0.98, LGAP.L and IPXJ.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, LGAP.L or IPXJ.L?

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.

Which ETF is cheaper, LGAP.L or IPXJ.L?

LGAP.L is cheaper with a 0.10% expense ratio, compared with 0.60% for IPXJ.L.

What is the main difference between LGAP.L and IPXJ.L?

LGAP.L tracks L&G Asia Pacific ex Japan Equity UCITS ETF, while IPXJ.L tracks iShares MSCI Pacific ex-Japan UCITS ETF USD (Dist). They also come from different issuers: L&G and iShares. Their fees differ too: 0.10% for LGAP.L and 0.60% for IPXJ.L.