BGX.L vs. IEVL.L
BGX.L (Expat Bulgaria SOFIX UCITS ETF) and IEVL.L (iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating) are both Europe Equities funds - BGX.L tracks the SOFIX Index while IEVL.L tracks the MSCI Europe Enhanced Value Index. Both are passively managed. Over the past 5 years, BGX.L returned 12.34%/yr vs 15.56%/yr for IEVL.L. At a 0.10 correlation, their price movements are largely independent.
Performance
BGX.L vs. IEVL.L - Performance Comparison
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Returns By Period
In the year-to-date period, BGX.L achieves a 6.06% return, which is significantly lower than IEVL.L's 16.34% return.
BGX.L
- 1D
- -0.12%
- 1M
- -0.28%
- 6M
- -11.22%
- YTD
- 6.06%
- 1Y
- 17.12%
- 3Y*
- 18.92%
- 5Y*
- 12.34%
- 10Y*
- —
IEVL.L
- 1D
- -0.07%
- 1M
- 1.17%
- 6M
- 13.20%
- YTD
- 16.34%
- 1Y
- 34.34%
- 3Y*
- 21.76%
- 5Y*
- 15.56%
- 10Y*
- 11.11%
BGX.L vs. IEVL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BGX.L Expat Bulgaria SOFIX UCITS ETF | 6.06% | 26.55% | 14.63% | 18.28% | -9.77% | 33.45% | -18.72% | -10.38% | -6.25% |
IEVL.L iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating | 16.34% | 35.04% | 10.57% | 13.52% | -3.79% | 26.68% | -8.75% | 21.79% | -11.62% |
Correlation
The correlation between BGX.L and IEVL.L is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018 | 0.10 |
The correlation between BGX.L and IEVL.L shifts across timeframes, from -0.03 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BGX.L vs. IEVL.L — Risk / Return Rank
BGX.L
IEVL.L
BGX.L vs. IEVL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Expat Bulgaria SOFIX UCITS ETF (BGX.L) and iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating (IEVL.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.
| BGX.L | IEVL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.44 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 3.49 | -2.40 |
| Martin ratioReturn relative to average drawdown | 2.09 | 13.14 | -11.05 |
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Drawdowns
BGX.L vs. IEVL.L - Drawdown Comparison
The maximum BGX.L drawdown since its inception was -36.41%, smaller than the maximum IEVL.L drawdown of -40.09%. Use the drawdown chart below to compare losses from any high point for BGX.L and IEVL.L.
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Drawdown Indicators
| BGX.L | IEVL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.41% | -40.09% | +3.68% |
Max Drawdown (1Y)Largest decline over 1 year | -16.13% | -9.79% | -6.34% |
Max Drawdown (3Y)Largest decline over 3 years | -16.13% | -17.43% | +1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -17.72% | -19.55% | +1.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.09% | — |
Current DrawdownCurrent decline from peak | -13.26% | -1.07% | -12.19% |
Average DrawdownAverage peak-to-trough decline | -12.33% | -7.43% | -4.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.45% | 2.61% | +5.84% |
Volatility
BGX.L vs. IEVL.L - Volatility Comparison
The current volatility for Expat Bulgaria SOFIX UCITS ETF (BGX.L) is 1.97%, while iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating (IEVL.L) has a volatility of 4.24%. This indicates that BGX.L experiences smaller price fluctuations and is considered to be less risky than IEVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGX.L | IEVL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 4.24% | -2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 11.83% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.95% | 14.14% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.88% | 15.37% | -1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.32% | 17.28% | -2.96% |
Dividends
BGX.L vs. IEVL.L - Dividend Comparison
Neither BGX.L nor IEVL.L has paid dividends to shareholders.
Frequently Asked Questions
BGX.L and IEVL.L have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGX.L tracks SOFIX Index, while IEVL.L tracks MSCI Europe Enhanced Value Index. They also come from different issuers: Expat and iShares.
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