BGX.L vs. LDEU.L

Last updated Jul 16, 2026

BGX.L (Expat Bulgaria SOFIX UCITS ETF) and LDEU.L (L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis) are both Europe Equities funds - BGX.L tracks the SOFIX Index while LDEU.L tracks the L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis. Both are passively managed. Over the past 5 years, BGX.L returned 12.34%/yr vs 17.00%/yr for LDEU.L. At a 0.13 correlation, their price movements are largely independent.

Performance

BGX.L vs. LDEU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Expat Bulgaria SOFIX UCITS ETF (BGX.L) and L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis (LDEU.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGX.L achieves a 6.06% return, which is significantly lower than LDEU.L's 14.76% 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*: —

LDEU.L

• 1D: -0.31%
• 1M: 0.93%
• 6M: 11.68%
• YTD: 14.76%
• 1Y: 29.16%
• 3Y*: 25.18%
• 5Y*: 17.00%
• 10Y*: —

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

BGX.L vs. LDEU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BGX.L Expat Bulgaria SOFIX UCITS ETF	6.06%	26.55%	14.63%	18.28%	-9.77%	20.19%
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis	14.76%	37.56%	14.64%	16.76%	-3.16%	9.14%

Correlation

The correlation between BGX.L and LDEU.L is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.13

The correlation between BGX.L and LDEU.L shifts across timeframes, from -0.02 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BGX.L vs. LDEU.L — Risk / Return Rank

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

BGX.L

BGX.L Risk / Return Rank: 40
BGX.L Sharpe Ratio Rank: 43
BGX.L Sortino Ratio Rank: 57
BGX.L Omega Ratio Rank: 51
BGX.L Calmar Ratio Rank: 27
BGX.L Martin Ratio Rank: 22

LDEU.L

LDEU.L Risk / Return Rank: 90
LDEU.L Sharpe Ratio Rank: 92
LDEU.L Sortino Ratio Rank: 90
LDEU.L Omega Ratio Rank: 89
LDEU.L Calmar Ratio Rank: 90
LDEU.L Martin Ratio Rank: 88

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.

BGX.L vs. LDEU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Expat Bulgaria SOFIX UCITS ETF (BGX.L) and L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis (LDEU.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	LDEU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.52	-1.26
Sortino ratio: Return per unit of downside risk	2.22	3.40	-1.19
Omega ratio: Gain probability vs. loss probability	1.26	1.45	-0.19
Calmar ratio: Return relative to maximum drawdown	1.09	4.32	-3.23
Martin ratio: Return relative to average drawdown	2.09	15.11	-13.03

BGX.L vs. LDEU.L - Sharpe Ratio Comparison

The current BGX.L Sharpe Ratio is 1.26, which is lower than the LDEU.L Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of BGX.L and LDEU.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

BGX.L vs. LDEU.L - Drawdown Comparison

The maximum BGX.L drawdown since its inception was -36.41%, which is greater than LDEU.L's maximum drawdown of -20.16%. Use the drawdown chart below to compare losses from any high point for BGX.L and LDEU.L.

Drawdown Indicators

	BGX.L	LDEU.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.41%	-20.16%	-16.25%
Max Drawdown (1Y) Largest decline over 1 year	-16.13%	-6.80%	-9.33%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-14.78%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-17.72%	-20.16%	+2.44%
Current Drawdown Current decline from peak	-13.26%	-0.54%	-12.72%
Average Drawdown Average peak-to-trough decline	-12.33%	-3.03%	-9.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.45%	1.95%	+6.50%

Volatility

BGX.L vs. LDEU.L - Volatility Comparison

The current volatility for Expat Bulgaria SOFIX UCITS ETF (BGX.L) is 1.97%, while L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis (LDEU.L) has a volatility of 2.88%. This indicates that BGX.L experiences smaller price fluctuations and is considered to be less risky than LDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGX.L	LDEU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	2.88%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	8.19%	9.37%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.95%	11.66%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	14.39%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.32%	14.25%	+0.07%

Dividends

BGX.L vs. LDEU.L - Dividend Comparison

BGX.L has not paid dividends to shareholders, while LDEU.L's dividend yield for the trailing twelve months is around 3.52%.

Position	TTM	2025	2024	2023	2022	2021
BGX.L Expat Bulgaria SOFIX UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis	3.52%	3.47%	4.36%	4.44%	4.17%	2.93%

Frequently Asked Questions

Can I hold both BGX.L and LDEU.L in my portfolio?

BGX.L and LDEU.L have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between BGX.L and LDEU.L?

BGX.L tracks SOFIX Index, while LDEU.L tracks L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis. They also come from different issuers: Expat and L&G.