PAXJ.L vs. LCAL.L

Last updated Jun 5, 2026

PAXJ.L (Lyxor MSCI Pacific Ex Japan UCITS ETF) and LCAL.L (Lyxor MSCI EM Asia UCITS ETF - Acc) are both Asia Pacific Equities funds from Amundi - PAXJ.L tracks the MSCI Pacific Ex Japan NR USD while LCAL.L tracks the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past year, PAXJ.L returned 19.16% vs 57.25% for LCAL.L. At a 0.30 correlation, their price movements are largely independent. Both charge a 0.12% expense ratio.

Performance

PAXJ.L vs. LCAL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lyxor MSCI Pacific Ex Japan UCITS ETF (PAXJ.L) and Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PAXJ.L is traded in USD, while LCAL.L is traded in GBP. To make them comparable, the LCAL.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PAXJ.L achieves a 8.70% return, which is significantly lower than LCAL.L's 29.87% return.

PAXJ.L

• 1D: -0.86%
• 1M: -0.50%
• YTD: 8.70%
• 6M: 12.99%
• 1Y: 19.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LCAL.L

• 1D: -1.61%
• 1M: 7.15%
• YTD: 29.87%
• 6M: 33.53%
• 1Y: 57.25%
• 3Y*: 25.98%
• 5Y*: 7.87%
• 10Y*: —

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

PAXJ.L vs. LCAL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAXJ.L Lyxor MSCI Pacific Ex Japan UCITS ETF	8.70%	20.68%	6.36%
LCAL.L Lyxor MSCI EM Asia UCITS ETF - Acc	29.87%	33.46%	7.77%

Correlation

The correlation between PAXJ.L and LCAL.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.30

The correlation between PAXJ.L and LCAL.L shifts across timeframes, from 0.30 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

PAXJ.L vs. LCAL.L - Sectors Allocation Comparison

Sectors	PAXJ.L	LCAL.L
Financial Services	46.1%	16.4%
Basic Materials	14.6%	3.0%
Industrials	8.5%	7.1%
Real Estate	7.8%	1.3%
Consumer Cyclical	6.0%	10.5%
Healthcare	3.7%	3.8%
Utilities	3.6%	1.0%
Consumer Defensive	3.0%	2.9%
Energy	2.9%	2.1%
Communication Services	2.7%	6.9%
Technology	1.1%	45.2%

Return for Risk

PAXJ.L vs. LCAL.L — Risk / Return Rank

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

PAXJ.L

PAXJ.L Risk / Return Rank: 65
PAXJ.L Sharpe Ratio Rank: 60
PAXJ.L Sortino Ratio Rank: 66
PAXJ.L Omega Ratio Rank: 58
PAXJ.L Calmar Ratio Rank: 79
PAXJ.L Martin Ratio Rank: 63

LCAL.L

LCAL.L Risk / Return Rank: 89
LCAL.L Sharpe Ratio Rank: 91
LCAL.L Sortino Ratio Rank: 89
LCAL.L Omega Ratio Rank: 90
LCAL.L Calmar Ratio Rank: 88
LCAL.L Martin Ratio Rank: 84

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.

PAXJ.L vs. LCAL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI Pacific Ex Japan UCITS ETF (PAXJ.L) and Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.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.

	PAXJ.L	LCAL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.81	-0.82
Sortino ratio: Return per unit of downside risk	3.01	3.74	-0.73
Omega ratio: Gain probability vs. loss probability	1.35	1.50	-0.15
Calmar ratio: Return relative to maximum drawdown	3.98	4.06	-0.08
Martin ratio: Return relative to average drawdown	11.17	15.03	-3.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAXJ.L vs. LCAL.L - Sharpe Ratio Comparison

The current PAXJ.L Sharpe Ratio is 1.99, which is comparable to the LCAL.L Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of PAXJ.L and LCAL.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.

Sharpe Ratios by Period

	PAXJ.L	LCAL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.81	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	0.42	+1.51

Drawdowns

PAXJ.L vs. LCAL.L - Drawdown Comparison

The maximum PAXJ.L drawdown since its inception was -17.04%, smaller than the maximum LCAL.L drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for PAXJ.L and LCAL.L.

Drawdown Indicators

	PAXJ.L	LCAL.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.04%	-45.45%	+28.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-14.04%	+5.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.83%	—
Current Drawdown Current decline from peak	-3.31%	-3.03%	-0.28%
Average Drawdown Average peak-to-trough decline	-2.57%	-16.85%	+14.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.80%	—

Volatility

PAXJ.L vs. LCAL.L - Volatility Comparison

The current volatility for Lyxor MSCI Pacific Ex Japan UCITS ETF (PAXJ.L) is 4.50%, while Lyxor MSCI EM Asia UCITS ETF - Acc (LCAL.L) has a volatility of 9.19%. This indicates that PAXJ.L experiences smaller price fluctuations and is considered to be less risky than LCAL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAXJ.L	LCAL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	9.19%	-4.69%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	17.28%	-5.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	20.32%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.08%	20.04%	+7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.08%	20.80%	+6.28%

PAXJ.L vs. LCAL.L - Expense Ratio Comparison

Both PAXJ.L and LCAL.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

PAXJ.L vs. LCAL.L - Dividend Comparison

PAXJ.L's dividend yield for the trailing twelve months is around 3.08%, while LCAL.L has not paid dividends to shareholders.

Position	TTM	2025	2024
LCAL.L Lyxor MSCI EM Asia UCITS ETF - Acc	0.00%	0.00%	0.00%
PAXJ.L Lyxor MSCI Pacific Ex Japan UCITS ETF	3.08%	3.34%	5.70%

Frequently Asked Questions

Can I hold both PAXJ.L and LCAL.L in my portfolio?

PAXJ.L and LCAL.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAXJ.L or LCAL.L?

Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAXJ.L or LCAL.L?

PAXJ.L and LCAL.L have the same expense ratio: 0.12% per year.

What is the main difference between PAXJ.L and LCAL.L?

PAXJ.L tracks MSCI Pacific Ex Japan NR USD, while LCAL.L tracks MSCI AC Asia Ex Japan NR USD.