E127.L vs. MXFP.L

Last updated Jun 5, 2026

E127.L (Amundi MSCI Emerging Markets II UCITS ETF Dist) and MXFP.L (Invesco MSCI Emerging Markets UCITS ETF) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Amundi and Invesco respectively. Both are passively managed. Over the past 5 years, E127.L returned 9.22%/yr vs 8.33%/yr for MXFP.L. With a 0.99 correlation, they move nearly in lockstep. E127.L charges 0.14%/yr vs 0.19%/yr for MXFP.L.

Performance

E127.L vs. MXFP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.L) and Invesco MSCI Emerging Markets UCITS ETF (MXFP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

E127.L is traded in GBP, while MXFP.L is traded in GBp. To make them comparable, the MXFP.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with E127.L having a 26.18% return and MXFP.L slightly lower at 26.12%.

E127.L

• 1D: -1.40%
• 1M: 6.35%
• YTD: 26.18%
• 6M: 28.72%
• 1Y: 54.75%
• 3Y*: 21.77%
• 5Y*: 9.22%
• 10Y*: —

MXFP.L

• 1D: -1.62%
• 1M: 6.48%
• YTD: 26.12%
• 6M: 28.40%
• 1Y: 54.01%
• 3Y*: 20.66%
• 5Y*: 8.33%
• 10Y*: 10.75%

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

E127.L vs. MXFP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
E127.L Amundi MSCI Emerging Markets II UCITS ETF Dist	26.18%	25.81%	10.12%	3.48%	-9.65%	-1.28%	23.50%
MXFP.L Invesco MSCI Emerging Markets UCITS ETF	26.12%	24.86%	8.78%	2.95%	-10.46%	-1.96%	25.54%

Correlation

The correlation between E127.L and MXFP.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.99

The correlation between E127.L and MXFP.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

E127.L vs. MXFP.L - Sectors Allocation Comparison

Sectors	E127.L	MXFP.L
Technology	36.9%	36.9%
Financial Services	19.5%	19.5%
Consumer Cyclical	9.6%	9.6%
Industrials	7.5%	7.5%
Communication Services	6.9%	6.9%
Basic Materials	6.6%	6.6%
Energy	4.1%	4.1%
Consumer Defensive	3.0%	3.0%
Healthcare	2.9%	2.9%
Utilities	2.1%	2.1%
Real Estate	1.0%	1.0%

Return for Risk

E127.L vs. MXFP.L — Risk / Return Rank

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

E127.L

E127.L Risk / Return Rank: 90
E127.L Sharpe Ratio Rank: 92
E127.L Sortino Ratio Rank: 90
E127.L Omega Ratio Rank: 92
E127.L Calmar Ratio Rank: 88
E127.L Martin Ratio Rank: 86

MXFP.L

MXFP.L Risk / Return Rank: 89
MXFP.L Sharpe Ratio Rank: 92
MXFP.L Sortino Ratio Rank: 89
MXFP.L Omega Ratio Rank: 91
MXFP.L Calmar Ratio Rank: 88
MXFP.L Martin Ratio Rank: 86

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.

E127.L vs. MXFP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.L) and Invesco MSCI Emerging Markets UCITS ETF (MXFP.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.

	E127.L	MXFP.L	Difference
Sharpe ratio: Return per unit of total volatility	3.25	3.18	+0.07
Sortino ratio: Return per unit of downside risk	4.14	4.08	+0.06
Omega ratio: Gain probability vs. loss probability	1.60	1.59	+0.01
Calmar ratio: Return relative to maximum drawdown	5.04	5.03	+0.01
Martin ratio: Return relative to average drawdown	18.09	17.75	+0.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

E127.L vs. MXFP.L - Sharpe Ratio Comparison

The current E127.L Sharpe Ratio is 3.25, which is comparable to the MXFP.L Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of E127.L and MXFP.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.

Sharpe Ratios by Period

	E127.L	MXFP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	3.18	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.51	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.61	+0.13

Drawdowns

E127.L vs. MXFP.L - Drawdown Comparison

The maximum E127.L drawdown since its inception was -26.68%, roughly equal to the maximum MXFP.L drawdown of -27.23%. Use the drawdown chart below to compare losses from any high point for E127.L and MXFP.L.

Drawdown Indicators

	E127.L	MXFP.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.68%	-27.23%	+0.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.82%	-10.68%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-15.31%	-15.38%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-22.89%	-23.92%	+1.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.23%	—
Current Drawdown Current decline from peak	-2.33%	-2.51%	+0.18%
Average Drawdown Average peak-to-trough decline	-10.34%	-8.99%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.03%	-0.01%

Volatility

E127.L vs. MXFP.L - Volatility Comparison

Amundi MSCI Emerging Markets II UCITS ETF Dist (E127.L) and Invesco MSCI Emerging Markets UCITS ETF (MXFP.L) have volatilities of 7.32% and 7.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	E127.L	MXFP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	7.48%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	14.30%	14.41%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	16.92%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	16.21%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	17.99%	-1.60%

E127.L vs. MXFP.L - Expense Ratio Comparison

E127.L has a 0.14% expense ratio, which is lower than MXFP.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

E127.L vs. MXFP.L - Dividend Comparison

E127.L's dividend yield for the trailing twelve months is around 1.96%, while MXFP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
E127.L Amundi MSCI Emerging Markets II UCITS ETF Dist	1.96%	2.47%	4.04%	4.40%	2.79%	2.25%
MXFP.L Invesco MSCI Emerging Markets UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both E127.L and MXFP.L in my portfolio?

With a correlation of 0.99, E127.L and MXFP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, E127.L or MXFP.L?

On fees, E127.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, E127.L or MXFP.L?

E127.L is cheaper with a 0.14% expense ratio, compared with 0.19% for MXFP.L.

What is the main difference between E127.L and MXFP.L?

Both ETFs track MSCI EM NR USD. They also come from different issuers: Amundi and Invesco. Their fees differ too: 0.14% for E127.L and 0.19% for MXFP.L.