PAXJ.L vs. LGAP.L

Last updated Jul 18, 2026

PAXJ.L (Lyxor MSCI Pacific Ex Japan UCITS ETF) and LGAP.L (L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)) are both Asia Pacific Equities funds - PAXJ.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, PAXJ.L returned 6.04%/yr vs 5.36%/yr for LGAP.L. With a 0.98 correlation, they move nearly in lockstep. PAXJ.L charges 0.12%/yr vs 0.10%/yr for LGAP.L.

Performance

PAXJ.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 ETF (PAXJ.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.

Returns By Period

In the year-to-date period, PAXJ.L achieves a 10.76% return, which is significantly higher than LGAP.L's 8.67% return.

PAXJ.L

• 1D: 1.25%
• 1M: 0.76%
• 6M: 8.36%
• YTD: 10.76%
• 1Y: 15.60%
• 3Y*: 12.67%
• 5Y*: 6.04%
• 10Y*: 7.59%

LGAP.L

• 1D: -0.95%
• 1M: -0.95%
• 6M: 6.00%
• YTD: 8.67%
• 1Y: 13.33%
• 3Y*: 11.89%
• 5Y*: 5.36%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PAXJ.L Lyxor MSCI Pacific Ex Japan UCITS ETF	10.76%	20.73%	4.91%	5.72%	-5.83%	3.99%	7.09%	17.60%	-3.06%
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%

Correlation

The correlation between PAXJ.L and LGAP.L is 0.97 - 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	0.97
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 PAXJ.L and LGAP.L has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

PAXJ.L vs. LGAP.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: 41
PAXJ.L Sharpe Ratio Rank: 40
PAXJ.L Sortino Ratio Rank: 43
PAXJ.L Omega Ratio Rank: 38
PAXJ.L Calmar Ratio Rank: 46
PAXJ.L Martin Ratio Rank: 41

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.

PAXJ.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 ETF (PAXJ.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.

	PAXJ.L	LGAP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.11	0.94	+0.17
Sortino ratio: Return per unit of downside risk	1.74	1.49	+0.25
Omega ratio: Gain probability vs. loss probability	1.20	1.17	+0.03
Calmar ratio: Return relative to maximum drawdown	1.82	1.56	+0.25
Martin ratio: Return relative to average drawdown	5.00	4.14	+0.86

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

The current PAXJ.L Sharpe Ratio is 1.11, which is comparable to the LGAP.L Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of PAXJ.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

PAXJ.L vs. LGAP.L - Drawdown Comparison

The maximum PAXJ.L drawdown since its inception was -38.87%, roughly equal to the maximum LGAP.L drawdown of -38.56%. Use the drawdown chart below to compare losses from any high point for PAXJ.L and LGAP.L.

Drawdown Indicators

	PAXJ.L	LGAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.87%	-38.56%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-8.50%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-18.87%	-19.01%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-24.31%	+0.25%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	—	—
Current Drawdown Current decline from peak	-1.47%	-3.07%	+1.60%
Average Drawdown Average peak-to-trough decline	-8.06%	-7.75%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	3.21%	-0.08%

Volatility

PAXJ.L vs. LGAP.L - Volatility Comparison

Lyxor MSCI Pacific Ex Japan UCITS ETF (PAXJ.L) and L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.L) have volatilities of 3.36% and 3.28%, 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

	PAXJ.L	LGAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.28%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	11.70%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	14.08%	14.06%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.28%	17.46%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	19.26%	-1.80%

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

PAXJ.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

PAXJ.L vs. LGAP.L - Dividend Comparison

PAXJ.L's dividend yield for the trailing twelve months is around 3.02%, 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%
PAXJ.L Lyxor MSCI Pacific Ex Japan UCITS ETF	3.02%	3.34%	5.71%	3.97%	4.42%	3.75%	2.69%	3.95%	4.36%	3.33%	3.43%	2.22%

Frequently Asked Questions

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

With a correlation of 0.97, PAXJ.L and LGAP.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, PAXJ.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, PAXJ.L or LGAP.L?

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

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

PAXJ.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 PAXJ.L and 0.10% for LGAP.L.