PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
BGX.L vs. MVED.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BGX.L vs. MVED.L

Last updated Jul 16, 2026
Documentation

BGX.L (Expat Bulgaria SOFIX UCITS ETF) and MVED.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)) are both Europe Equities funds - BGX.L tracks the SOFIX Index while MVED.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, BGX.L returned 12.34%/yr vs 7.01%/yr for MVED.L. At a 0.07 correlation, their price movements are largely independent.

Performance

BGX.L vs. MVED.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Expat Bulgaria SOFIX UCITS ETF (BGX.L) and iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, BGX.L achieves a 6.06% return, which is significantly lower than MVED.L's 8.45% 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*
—

MVED.L

1D
-0.13%
1M
1.36%
6M
6.60%
YTD
8.45%
1Y
11.37%
3Y*
11.83%
5Y*
7.01%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
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%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		8.45%11.81%11.70%10.68%-12.60%21.57%-3.93%22.78%-7.35%

Correlation

The correlation between BGX.L and MVED.L is -0.06, 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

-0.06

Correlation (3Y)
Calculated over the trailing 3-year period

0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Oct 1, 2018

0.07

The correlation between BGX.L and MVED.L shifts across timeframes, from -0.06 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Expat Bulgaria SOFIX UCITS ETF

iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)

Often compared with MVED.L:
MVED.L vs. MIVO.LMVED.L vs. CSPX.LMVED.L vs. OPEN.LMVED.L vs. WDEP.LMVED.L vs. PRUK.LMVED.L vs. EDIV.LMVED.L vs. CES1.L

Return for Risk

BGX.L vs. MVED.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: 4040
Overall Rank
BGX.L Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
BGX.L Sortino Ratio Rank: 5757
Sortino Ratio Rank
BGX.L Omega Ratio Rank: 5151
Omega Ratio Rank
BGX.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
BGX.L Martin Ratio Rank: 2222
Martin Ratio Rank
MVED.L
MVED.L Risk / Return Rank: 4141
Overall Rank
MVED.L Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MVED.L Sortino Ratio Rank: 4040
Sortino Ratio Rank
MVED.L Omega Ratio Rank: 4444
Omega Ratio Rank
MVED.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
MVED.L Martin Ratio Rank: 3939
Martin Ratio Rank
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. MVED.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 Minimum Volatility UCITS ETF EUR (Dist) (MVED.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.LMVED.LDifference
Sharpe ratioReturn per unit of total volatility
1.26
1.27

0.00

Sortino ratioReturn per unit of downside risk
2.22
1.77

+0.45

Omega ratioGain probability vs. loss probability

1.26

1.24

+0.03

Calmar ratioReturn relative to maximum drawdown

1.09

1.62

-0.52

Martin ratioReturn relative to average drawdown

2.09

4.91

-2.83

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

The current BGX.L Sharpe Ratio is 1.26, which is comparable to the MVED.L Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of BGX.L and MVED.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.

Loading charts...

Drawdowns

BGX.L vs. MVED.L - Drawdown Comparison

The maximum BGX.L drawdown since its inception was -36.41%, which is greater than MVED.L's maximum drawdown of -30.52%. Use the drawdown chart below to compare losses from any high point for BGX.L and MVED.L.

Loading charts...

Drawdown Indicators

BGX.LMVED.LDifference

Max Drawdown

Largest peak-to-trough decline

-36.41%

-30.52%

-5.89%

Max Drawdown (1Y)

Largest decline over 1 year

-16.13%

-7.01%

-9.12%

Max Drawdown (3Y)

Largest decline over 3 years

-16.13%

-10.47%

-5.66%

Max Drawdown (5Y)

Largest decline over 5 years

-17.72%

-19.58%

+1.86%

Current Drawdown

Current decline from peak

-13.26%

-0.67%

-12.59%

Average Drawdown

Average peak-to-trough decline

-12.33%

-5.03%

-7.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.45%

2.31%

+6.14%

Volatility

BGX.L vs. MVED.L - Volatility Comparison

The current volatility for Expat Bulgaria SOFIX UCITS ETF (BGX.L) is 1.97%, while iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) has a volatility of 2.77%. This indicates that BGX.L experiences smaller price fluctuations and is considered to be less risky than MVED.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

BGX.LMVED.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.97%

2.77%

-0.80%

Volatility (6M)

Calculated over the trailing 6-month period

8.19%

7.47%

+0.72%

Volatility (1Y)

Calculated over the trailing 1-year period

13.95%

8.96%

+4.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.88%

11.02%

+2.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.32%

12.59%

+1.73%

Dividends

BGX.L vs. MVED.L - Dividend Comparison

BGX.L has not paid dividends to shareholders, while MVED.L's dividend yield for the trailing twelve months is around 2.52%.

PositionTTM20252024202320222021202020192018
BGX.L
Expat Bulgaria SOFIX UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		2.52%2.69%2.56%2.67%2.95%2.16%2.54%2.81%2.51%

Frequently Asked Questions

BGX.L and MVED.L have a correlation of -0.06, 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 MVED.L tracks MSCI Europe NR EUR. They also come from different issuers: Expat and BlackRock.

Portfolio Optimizer

Find the right allocation for BGX.L and MVED.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer