PAXG.L vs. LGAP.L

Last updated Jul 18, 2026

PAXG.L (Lyxor MSCI Pacific Ex Japan UCITS) and LGAP.L (L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)) are both Asia Pacific Equities funds - PAXG.L tracks the MSCI Pacific Ex Japan NR USD while LGAP.L tracks the Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR. Both are passively managed. Over the past 5 years, PAXG.L returned 6.57%/yr vs 5.84%/yr for LGAP.L. Their correlation of 0.92 suggests significant overlap in exposure. PAXG.L charges 0.12%/yr vs 0.10%/yr for LGAP.L.

Performance

PAXG.L vs. LGAP.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, PAXG.L achieves a 10.64% return, which is significantly higher than LGAP.L's 8.82% return.

PAXG.L

• 1D: -0.30%
• 1M: 0.20%
• 6M: 7.75%
• YTD: 10.64%
• 1Y: 15.15%
• 3Y*: 11.89%
• 5Y*: 6.57%
• 10Y*: 7.69%

LGAP.L

• 1D: -0.79%
• 1M: -2.17%
• 6M: 5.38%
• YTD: 8.82%
• 1Y: 13.02%
• 3Y*: 10.73%
• 5Y*: 5.84%
• 10Y*: —

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

PAXG.L vs. LGAP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PAXG.L Lyxor MSCI Pacific Ex Japan UCITS	10.64%	12.31%	6.85%	-0.04%	5.42%	5.32%	3.46%	13.91%	-0.06%
LGAP.L L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)	8.82%	12.35%	6.50%	-0.42%	5.57%	3.84%	5.25%	13.30%	0.38%

Correlation

The correlation between PAXG.L and LGAP.L is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 9, 2018	0.92

The correlation between PAXG.L and LGAP.L has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

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

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

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

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

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.

PAXG.L vs. LGAP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI Pacific Ex Japan UCITS (PAXG.L) and L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.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.

	PAXG.L	LGAP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.02	+0.40
Sortino ratio: Return per unit of downside risk	2.11	1.55	+0.56
Omega ratio: Gain probability vs. loss probability	1.26	1.19	+0.07
Calmar ratio: Return relative to maximum drawdown	2.14	1.84	+0.30
Martin ratio: Return relative to average drawdown	5.91	4.79	+1.12

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

The current PAXG.L Sharpe Ratio is 1.42, which is higher than the LGAP.L Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of PAXG.L and LGAP.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

PAXG.L vs. LGAP.L - Drawdown Comparison

The maximum PAXG.L drawdown since its inception was -49.97%, which is greater than LGAP.L's maximum drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for PAXG.L and LGAP.L.

Drawdown Indicators

	PAXG.L	LGAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.97%	-32.02%	-17.95%
Max Drawdown (1Y) Largest decline over 1 year	-7.45%	-7.06%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-17.57%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-18.59%	+0.92%
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	—	—
Current Drawdown Current decline from peak	-1.54%	-2.86%	+1.32%
Average Drawdown Average peak-to-trough decline	-12.87%	-5.98%	-6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.71%	-0.01%

Volatility

PAXG.L vs. LGAP.L - Volatility Comparison

The current volatility for Lyxor MSCI Pacific Ex Japan UCITS (PAXG.L) is 2.50%, while L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.L) has a volatility of 3.00%. This indicates that PAXG.L experiences smaller price fluctuations and is considered to be less risky than LGAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAXG.L	LGAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	3.00%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	10.48%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.23%	12.70%	-1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	15.20%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	17.53%	-2.29%

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

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

Dividends

PAXG.L vs. LGAP.L - Dividend Comparison

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

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 PAXG.L and LGAP.L in my portfolio?

PAXG.L and LGAP.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

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