EMUM.L vs. LDEU.L
EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) and LDEU.L (L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis) are both Europe Equities funds - EMUM.L tracks the MSCI EMU Mid Cap Net 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 3 years, EMUM.L returned 19.92%/yr vs 25.18%/yr for LDEU.L. At a 0.35 correlation, their price movements are largely independent. EMUM.L charges 0.49%/yr vs 0.25%/yr for LDEU.L.
Performance
EMUM.L vs. LDEU.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMUM.L achieves a 13.16% return, which is significantly lower than LDEU.L's 14.76% return.
EMUM.L
- 1D
- -0.66%
- 1M
- 0.95%
- 6M
- 10.50%
- YTD
- 13.16%
- 1Y
- 20.57%
- 3Y*
- 19.92%
- 5Y*
- —
- 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*
- —
EMUM.L vs. LDEU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 13.16% | 31.38% | 11.63% | 9.56% | -14.55% |
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis | 14.76% | 37.56% | 14.64% | 16.76% | -5.92% |
Correlation
The correlation between EMUM.L and LDEU.L is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.35 |
Over the past year, EMUM.L and LDEU.L have become more correlated (0.71) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
EMUM.L vs. LDEU.L — Risk / Return Rank
EMUM.L
LDEU.L
EMUM.L vs. LDEU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.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.
| EMUM.L | LDEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.45 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 4.32 | -1.60 |
| Martin ratioReturn relative to average drawdown | 9.65 | 15.11 | -5.47 |
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Drawdowns
EMUM.L vs. LDEU.L - Drawdown Comparison
The maximum EMUM.L drawdown since its inception was -23.13%, 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 EMUM.L and LDEU.L.
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Drawdown Indicators
| EMUM.L | LDEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.13% | -20.16% | -2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -6.80% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -14.40% | -14.78% | +0.38% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.16% | — |
Current DrawdownCurrent decline from peak | -1.26% | -0.54% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -3.03% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.95% | +0.26% |
Volatility
EMUM.L vs. LDEU.L - Volatility Comparison
iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) has a higher volatility of 3.11% compared to L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis (LDEU.L) at 2.88%. This indicates that EMUM.L's price experiences larger fluctuations and is considered to be riskier than LDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMUM.L | LDEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 2.88% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 9.37% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.17% | 11.66% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 14.39% | +11.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.57% | 14.25% | +11.32% |
EMUM.L vs. LDEU.L - Expense Ratio Comparison
EMUM.L has a 0.49% expense ratio, which is higher than LDEU.L's 0.25% expense ratio.
Dividends
EMUM.L vs. LDEU.L - Dividend Comparison
EMUM.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 |
|---|---|---|---|---|---|---|
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 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
EMUM.L and LDEU.L have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, LDEU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LDEU.L is cheaper with a 0.25% expense ratio, compared with 0.49% for EMUM.L.
EMUM.L tracks MSCI EMU Mid Cap Net Index, while LDEU.L tracks L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis. They also come from different issuers: iShares and L&G. Their fees differ too: 0.49% for EMUM.L and 0.25% for LDEU.L.
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