XCX4.L vs. LGAP.L

Last updated Jul 18, 2026

XCX4.L (Xtrackers MSCI Thailand UCITS ETF 1C) and LGAP.L (L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc)) are both Asia Pacific Equities funds - XCX4.L tracks the MSCI Thailand NR THB 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, XCX4.L returned 5.97%/yr vs 5.84%/yr for LGAP.L. At a 0.46 correlation, their price movements are largely independent. XCX4.L charges 0.50%/yr vs 0.10%/yr for LGAP.L.

Performance

XCX4.L vs. LGAP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI Thailand UCITS ETF 1C (XCX4.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

XCX4.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, XCX4.L achieves a 26.52% return, which is significantly higher than LGAP.L's 8.82% return.

XCX4.L

• 1D: 0.87%
• 1M: -1.89%
• 6M: 23.72%
• YTD: 26.52%
• 1Y: 39.60%
• 3Y*: 7.03%
• 5Y*: 5.97%
• 10Y*: 3.98%

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)

XCX4.L vs. LGAP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XCX4.L Xtrackers MSCI Thailand UCITS ETF 1C	26.52%	0.32%	1.51%	-16.15%	15.60%	0.13%	-13.81%	3.68%	-1.26%
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 XCX4.L and LGAP.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 9, 2018	0.46

Return for Risk

XCX4.L vs. LGAP.L — Risk / Return Rank

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

XCX4.L

XCX4.L Risk / Return Rank: 77
XCX4.L Sharpe Ratio Rank: 79
XCX4.L Sortino Ratio Rank: 76
XCX4.L Omega Ratio Rank: 71
XCX4.L Calmar Ratio Rank: 85
XCX4.L Martin Ratio Rank: 76

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.

XCX4.L vs. LGAP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Thailand UCITS ETF 1C (XCX4.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.

	XCX4.L	LGAP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.02	+0.88
Sortino ratio: Return per unit of downside risk	2.59	1.55	+1.04
Omega ratio: Gain probability vs. loss probability	1.32	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	3.47	1.84	+1.64
Martin ratio: Return relative to average drawdown	10.45	4.79	+5.67

XCX4.L vs. LGAP.L - Sharpe Ratio Comparison

The current XCX4.L Sharpe Ratio is 1.90, which is higher than the LGAP.L Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of XCX4.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

XCX4.L vs. LGAP.L - Drawdown Comparison

The maximum XCX4.L drawdown since its inception was -98.74%, 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 XCX4.L and LGAP.L.

Drawdown Indicators

	XCX4.L	LGAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-98.74%	-32.02%	-66.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-7.06%	-4.29%
Max Drawdown (3Y) Largest decline over 3 years	-28.34%	-17.57%	-10.77%
Max Drawdown (5Y) Largest decline over 5 years	-36.52%	-18.59%	-17.93%
Max Drawdown (10Y) Largest decline over 10 years	-98.74%	—	—
Current Drawdown Current decline from peak	-5.99%	-2.86%	-3.13%
Average Drawdown Average peak-to-trough decline	-16.24%	-5.98%	-10.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	2.71%	+1.07%

Volatility

XCX4.L vs. LGAP.L - Volatility Comparison

Xtrackers MSCI Thailand UCITS ETF 1C (XCX4.L) has a higher volatility of 7.52% compared to L&G Asia Pacific ex Japan Equity UCITS ETF USD (Acc) (LGAP.L) at 3.00%. This indicates that XCX4.L's price experiences larger fluctuations and is considered to be riskier than LGAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCX4.L	LGAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	3.00%	+4.52%
Volatility (6M) Calculated over the trailing 6-month period	17.04%	10.48%	+6.56%
Volatility (1Y) Calculated over the trailing 1-year period	21.18%	12.70%	+8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	15.20%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2,419.36%	17.53%	+2,401.83%

XCX4.L vs. LGAP.L - Expense Ratio Comparison

XCX4.L has a 0.50% expense ratio, which is higher than LGAP.L's 0.10% expense ratio.

Dividends

XCX4.L vs. LGAP.L - Dividend Comparison

Neither XCX4.L nor LGAP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XCX4.L and LGAP.L in my portfolio?

XCX4.L and LGAP.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCX4.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, XCX4.L or LGAP.L?

LGAP.L is cheaper with a 0.10% expense ratio, compared with 0.50% for XCX4.L.

What is the main difference between XCX4.L and LGAP.L?

XCX4.L tracks MSCI Thailand NR THB, while LGAP.L tracks Solactive Core Developed Markets Pacific ex Japan Large & Mid Cap USD Index NTR. They also come from different issuers: Xtrackers and L&G. Their fees differ too: 0.50% for XCX4.L and 0.10% for LGAP.L.