LGAP.L vs. PAXG.L

Last updated Jul 18, 2026

LGAP.L (L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)) and PAXG.L (Lyxor MSCI Pacific Ex Japan UCITS) are both Asia Pacific Equities funds - LGAP.L tracks the Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR while PAXG.L tracks the MSCI Pacific Ex Japan NR USD. Both are passively managed. Over the past 5 years, LGAP.L returned 5.36%/yr vs 6.13%/yr for PAXG.L. Their correlation of 0.93 suggests significant overlap in exposure. LGAP.L charges 0.10%/yr vs 0.12%/yr for PAXG.L.

Performance

LGAP.L vs. PAXG.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 USD (Acc) (LGAP.L) and Lyxor MSCI Pacific Ex Japan UCITS (PAXG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, LGAP.L achieves a 8.67% return, which is significantly lower than PAXG.L's 10.82% 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*: —

PAXG.L

• 1D: -0.76%
• 1M: 1.62%
• 6M: 8.55%
• YTD: 10.82%
• 1Y: 15.69%
• 3Y*: 13.03%
• 5Y*: 6.13%
• 10Y*: 7.87%

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

LGAP.L vs. PAXG.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%
PAXG.L Lyxor MSCI Pacific Ex Japan UCITS	10.82%	20.78%	5.07%	5.23%	-5.85%	4.36%	6.62%	18.48%	-2.52%

Correlation

The correlation between LGAP.L and PAXG.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 9, 2018	0.93

The correlation between LGAP.L and PAXG.L has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

LGAP.L vs. PAXG.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: 36
LGAP.L Omega Ratio Rank: 32
LGAP.L Calmar Ratio Rank: 40
LGAP.L Martin Ratio Rank: 36

PAXG.L

PAXG.L Risk / Return Rank: 53
PAXG.L Sharpe Ratio Rank: 54
PAXG.L Sortino Ratio Rank: 57
PAXG.L Omega Ratio Rank: 54
PAXG.L Calmar Ratio Rank: 55
PAXG.L Martin Ratio Rank: 47

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. PAXG.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 Lyxor MSCI Pacific Ex Japan UCITS (PAXG.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	PAXG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.22	-0.28
Sortino ratio: Return per unit of downside risk	1.49	1.86	-0.37
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.05
Calmar ratio: Return relative to maximum drawdown	1.56	1.82	-0.26
Martin ratio: Return relative to average drawdown	4.14	5.11	-0.97

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

The current LGAP.L Sharpe Ratio is 0.94, which is comparable to the PAXG.L Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of LGAP.L and PAXG.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. PAXG.L - Drawdown Comparison

The maximum LGAP.L drawdown since its inception was -38.56%, smaller than the maximum PAXG.L drawdown of -53.59%. Use the drawdown chart below to compare losses from any high point for LGAP.L and PAXG.L.

Drawdown Indicators

	LGAP.L	PAXG.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.56%	-53.59%	+15.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-9.02%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-19.05%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-24.23%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.52%	—
Current Drawdown Current decline from peak	-3.07%	-1.57%	-1.50%
Average Drawdown Average peak-to-trough decline	-7.75%	-21.24%	+13.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	3.22%	-0.01%

Volatility

LGAP.L vs. PAXG.L - Volatility Comparison

L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.L) and Lyxor MSCI Pacific Ex Japan UCITS (PAXG.L) have volatilities of 3.28% and 3.17%, 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	PAXG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	3.17%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	11.13%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.06%	13.43%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	16.95%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.26%	17.13%	+2.13%

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

LGAP.L has a 0.10% expense ratio, which is lower than PAXG.L's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

LGAP.L vs. PAXG.L - Dividend Comparison

LGAP.L has not paid dividends to shareholders, while PAXG.L's dividend yield for the trailing twelve months is around 3.06%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGAP.L L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAXG.L Lyxor MSCI Pacific Ex Japan UCITS	3.06%	3.38%	5.61%	4.03%	4.41%	3.74%	2.85%	4.08%	5.57%	4.50%	4.22%	3.29%

Frequently Asked Questions

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

With a correlation of 0.91, LGAP.L and PAXG.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 PAXG.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 PAXG.L?

LGAP.L is cheaper with a 0.10% expense ratio, compared with 0.12% for PAXG.L.

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

LGAP.L tracks Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR, while PAXG.L tracks MSCI Pacific Ex Japan NR USD. They also come from different issuers: L&G and Amundi. Their fees differ too: 0.10% for LGAP.L and 0.12% for PAXG.L.