AIAG.L vs. MKUW.L

Last updated Jul 16, 2026

AIAG.L (L&G Artificial Intelligence UCITS ETF) and MKUW.L (Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc) are both Technology Equities funds - AIAG.L tracks the MSCI World/Information Tech NR USD while MKUW.L tracks the Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc. Both are passively managed. Over the past 5 years, AIAG.L returned 16.57%/yr vs 7.49%/yr for MKUW.L. At a 0.16 correlation, their price movements are largely independent. AIAG.L charges 0.49%/yr vs 0.50%/yr for MKUW.L.

Performance

AIAG.L vs. MKUW.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Artificial Intelligence UCITS ETF (AIAG.L) and Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc (MKUW.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, AIAG.L achieves a 35.52% return, which is significantly higher than MKUW.L's -0.60% return.

AIAG.L

• 1D: -2.46%
• 1M: -3.44%
• 6M: 33.68%
• YTD: 35.52%
• 1Y: 58.99%
• 3Y*: 31.69%
• 5Y*: 16.57%
• 10Y*: —

MKUW.L

• 1D: 0.00%
• 1M: -3.73%
• 6M: -0.15%
• YTD: -0.60%
• 1Y: 1.89%
• 3Y*: 6.64%
• 5Y*: 7.49%
• 10Y*: —

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

AIAG.L vs. MKUW.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AIAG.L L&G Artificial Intelligence UCITS ETF	35.52%	21.44%	20.57%	50.58%	-33.18%	11.07%	63.12%	7.57%
MKUW.L Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc	-0.60%	16.42%	11.06%	-13.43%	18.60%	29.79%	-12.53%	6.74%

Correlation

The correlation between AIAG.L and MKUW.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019	0.16

Return for Risk

AIAG.L vs. MKUW.L — Risk / Return Rank

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

AIAG.L

AIAG.L Risk / Return Rank: 76
AIAG.L Sharpe Ratio Rank: 84
AIAG.L Sortino Ratio Rank: 77
AIAG.L Omega Ratio Rank: 75
AIAG.L Calmar Ratio Rank: 82
AIAG.L Martin Ratio Rank: 63

MKUW.L

MKUW.L Risk / Return Rank: 18
MKUW.L Sharpe Ratio Rank: 19
MKUW.L Sortino Ratio Rank: 17
MKUW.L Omega Ratio Rank: 17
MKUW.L Calmar Ratio Rank: 20
MKUW.L Martin Ratio Rank: 19

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.

AIAG.L vs. MKUW.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Artificial Intelligence UCITS ETF (AIAG.L) and Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc (MKUW.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.

	AIAG.L	MKUW.L	Difference
Sharpe ratio: Return per unit of total volatility	2.15	0.28	+1.87
Sortino ratio: Return per unit of downside risk	2.75	0.48	+2.27
Omega ratio: Gain probability vs. loss probability	1.35	1.06	+0.29
Calmar ratio: Return relative to maximum drawdown	3.49	0.37	+3.12
Martin ratio: Return relative to average drawdown	9.03	0.98	+8.05

AIAG.L vs. MKUW.L - Sharpe Ratio Comparison

The current AIAG.L Sharpe Ratio is 2.15, which is higher than the MKUW.L Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of AIAG.L and MKUW.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

AIAG.L vs. MKUW.L - Drawdown Comparison

The maximum AIAG.L drawdown since its inception was -41.56%, which is greater than MKUW.L's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for AIAG.L and MKUW.L.

Drawdown Indicators

	AIAG.L	MKUW.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.56%	-33.94%	-7.62%
Max Drawdown (1Y) Largest decline over 1 year	-16.80%	-8.77%	-8.03%
Max Drawdown (3Y) Largest decline over 3 years	-30.73%	-9.57%	-21.16%
Max Drawdown (5Y) Largest decline over 5 years	-41.56%	-25.75%	-15.81%
Current Drawdown Current decline from peak	-6.84%	-4.11%	-2.73%
Average Drawdown Average peak-to-trough decline	-14.07%	-10.63%	-3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	3.35%	+3.16%

Volatility

AIAG.L vs. MKUW.L - Volatility Comparison

L&G Artificial Intelligence UCITS ETF (AIAG.L) has a higher volatility of 9.45% compared to Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc (MKUW.L) at 2.17%. This indicates that AIAG.L's price experiences larger fluctuations and is considered to be riskier than MKUW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIAG.L	MKUW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.45%	2.17%	+7.28%
Volatility (6M) Calculated over the trailing 6-month period	21.59%	9.17%	+12.42%
Volatility (1Y) Calculated over the trailing 1-year period	27.32%	11.76%	+15.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.02%	14.38%	+15.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.29%	17.70%	+12.59%

AIAG.L vs. MKUW.L - Expense Ratio Comparison

AIAG.L has a 0.49% expense ratio, which is lower than MKUW.L's 0.50% expense ratio.

Dividends

AIAG.L vs. MKUW.L - Dividend Comparison

Neither AIAG.L nor MKUW.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AIAG.L and MKUW.L in my portfolio?

AIAG.L and MKUW.L have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AIAG.L or MKUW.L?

On fees, AIAG.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AIAG.L or MKUW.L?

AIAG.L is cheaper with a 0.49% expense ratio, compared with 0.50% for MKUW.L.

What is the main difference between AIAG.L and MKUW.L?

AIAG.L tracks MSCI World/Information Tech NR USD, while MKUW.L tracks Invesco Markets PLC - Invesco MSCI Kuwait UCITS ETF USD Acc. They also come from different issuers: Legal & General and Invesco. Their fees differ too: 0.49% for AIAG.L and 0.50% for MKUW.L.