EMMV.L vs. MKUW.L

Last updated Jul 21, 2026

EMMV.L (iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc)) and MKUW.L (Invesco MSCI Kuwait UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - EMMV.L tracks the MSCI Emerging Markets Minimum Volatility Index (Net) while MKUW.L tracks the MSCI Kuwait 20/35 Index. Both are passively managed. Over the past 5 years, EMMV.L returned 5.22%/yr vs 7.14%/yr for MKUW.L. At a 0.22 correlation, their price movements are largely independent. EMMV.L charges 0.40%/yr vs 0.50%/yr for MKUW.L.

Performance

EMMV.L vs. MKUW.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) (EMMV.L) and Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMMV.L achieves a 12.47% return, which is significantly higher than MKUW.L's -0.19% return.

EMMV.L

• 1D: 0.25%
• 1M: -6.70%
• 6M: 8.62%
• YTD: 12.47%
• 1Y: 16.51%
• 3Y*: 11.83%
• 5Y*: 5.22%
• 10Y*: 5.62%
• ALL TIME*: 4.06%

MKUW.L

• 1D: -0.35%
• 1M: -1.74%
• 6M: 0.53%
• YTD: -0.19%
• 1Y: 3.12%
• 3Y*: 7.94%
• 5Y*: 7.14%
• 10Y*: —
• ALL TIME*: 8.07%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EMMV.L iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc)	12.47%	12.62%	8.30%	8.03%	-14.19%	4.40%	7.89%	1.50%
MKUW.L Invesco MSCI Kuwait UCITS ETF USD (Acc)	-0.19%	25.35%	9.15%	-8.87%	5.99%	28.57%	-9.88%	10.35%

Correlation

The correlation between EMMV.L and MKUW.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019	0.22

EMMV.L vs. MKUW.L - Sectors Allocation Comparison

Sectors	EMMV.L	MKUW.L
Technology	37.3%	-
Financial Services	18.2%	57.5%
Communication Services	10.1%	18.0%
Consumer Cyclical	6.7%	-
Industrials	5.8%	16.6%
Healthcare	5.5%	-
Consumer Defensive	5.5%	-
Utilities	4.2%	-
Energy	3.5%	-
Basic Materials	2.6%	-
Real Estate	0.6%	8.0%

Return for Risk

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

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

EMMV.L

EMMV.L Risk / Return Rank: 43
EMMV.L Sharpe Ratio Rank: 41
EMMV.L Sortino Ratio Rank: 40
EMMV.L Omega Ratio Rank: 43
EMMV.L Calmar Ratio Rank: 44
EMMV.L Martin Ratio Rank: 45

MKUW.L

MKUW.L Risk / Return Rank: 16
MKUW.L Sharpe Ratio Rank: 16
MKUW.L Sortino Ratio Rank: 15
MKUW.L Omega Ratio Rank: 15
MKUW.L Calmar Ratio Rank: 17
MKUW.L Martin Ratio Rank: 16

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) (EMMV.L) and 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.

	EMMV.L	MKUW.L	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.30	+0.79
Sortino ratio: Return per unit of downside risk	1.59	0.51	+1.08
Omega ratio: Gain probability vs. loss probability	1.21	1.06	+0.15
Calmar ratio: Return relative to maximum drawdown	1.69	0.42	+1.28
Martin ratio: Return relative to average drawdown	5.34	0.95	+4.38

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

The current EMMV.L Sharpe Ratio is 1.09, which is higher than the MKUW.L Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of EMMV.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

EMMV.L vs. MKUW.L - Drawdown Comparison

The maximum EMMV.L drawdown since its inception was -32.15%, smaller than the maximum MKUW.L drawdown of -37.76%. Use the drawdown chart below to compare losses from any high point for EMMV.L and MKUW.L.

Drawdown Indicators

	EMMV.L	MKUW.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.15%	-37.76%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.71%	-7.47%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-12.41%	-13.55%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-22.34%	-25.13%	+2.79%
Max Drawdown (10Y) Largest decline over 10 years	-32.15%	—	—
Current Drawdown Current decline from peak	-7.71%	-3.94%	-3.77%
Average Drawdown Average peak-to-trough decline	-8.54%	-9.42%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.26%	-0.17%

Volatility

EMMV.L vs. MKUW.L - Volatility Comparison

iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) (EMMV.L) has a higher volatility of 6.25% compared to Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L) at 1.73%. This indicates that EMMV.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

	EMMV.L	MKUW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	1.73%	+4.52%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	8.02%	+5.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.05%	10.23%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	12.77%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.07%	16.49%	-2.42%

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

EMMV.L has a 0.40% expense ratio, which is lower than MKUW.L's 0.50% expense ratio.

Dividends

EMMV.L vs. MKUW.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

EMMV.L and MKUW.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, EMMV.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

EMMV.L is cheaper with a 0.40% expense ratio, compared with 0.50% for MKUW.L.

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

EMMV.L tracks MSCI Emerging Markets Minimum Volatility Index (Net), while MKUW.L tracks MSCI Kuwait 20/35 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for EMMV.L and 0.50% for MKUW.L.