EMUM.L vs. X7PS.L
EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) and X7PS.L (Invesco STOXX Europe 600 Optimised Banks UCITS ETF) are both Europe Equities funds - EMUM.L tracks the MSCI EMU Mid Cap Net Index while X7PS.L tracks the Invesco STOXX Europe 600 Optimised Banks UCITS ETF. Both are passively managed. Over the past 3 years, EMUM.L returned 19.92%/yr vs 44.72%/yr for X7PS.L. At a 0.35 correlation, their price movements are largely independent. EMUM.L charges 0.49%/yr vs 0.30%/yr for X7PS.L.
Performance
EMUM.L vs. X7PS.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 X7PS.L's 17.93% return.
EMUM.L
- 1D
- -0.66%
- 1M
- 0.95%
- 6M
- 10.50%
- YTD
- 13.16%
- 1Y
- 20.57%
- 3Y*
- 19.92%
- 5Y*
- —
- 10Y*
- —
X7PS.L
- 1D
- 0.13%
- 1M
- 6.39%
- 6M
- 14.44%
- YTD
- 17.93%
- 1Y
- 53.36%
- 3Y*
- 44.72%
- 5Y*
- 32.08%
- 10Y*
- 16.30%
EMUM.L vs. X7PS.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% |
X7PS.L Invesco STOXX Europe 600 Optimised Banks UCITS ETF | 17.93% | 78.30% | 33.17% | 25.70% | -8.62% |
Correlation
The correlation between EMUM.L and X7PS.L is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.35 |
Over the past year, EMUM.L and X7PS.L have become more correlated (0.66) 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. X7PS.L — Risk / Return Rank
EMUM.L
X7PS.L
EMUM.L vs. X7PS.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 Invesco STOXX Europe 600 Optimised Banks UCITS ETF (X7PS.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 | X7PS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 3.24 | -0.52 |
| Martin ratioReturn relative to average drawdown | 9.65 | 10.66 | -1.01 |
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Drawdowns
EMUM.L vs. X7PS.L - Drawdown Comparison
The maximum EMUM.L drawdown since its inception was -23.13%, smaller than the maximum X7PS.L drawdown of -60.64%. Use the drawdown chart below to compare losses from any high point for EMUM.L and X7PS.L.
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Drawdown Indicators
| EMUM.L | X7PS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.13% | -60.64% | +37.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -16.49% | +8.62% |
Max Drawdown (3Y)Largest decline over 3 years | -14.40% | -20.14% | +5.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.51% | — |
Current DrawdownCurrent decline from peak | -1.26% | -0.94% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -17.85% | +15.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 5.02% | -2.81% |
Volatility
EMUM.L vs. X7PS.L - Volatility Comparison
The current volatility for iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) is 3.11%, while Invesco STOXX Europe 600 Optimised Banks UCITS ETF (X7PS.L) has a volatility of 5.45%. This indicates that EMUM.L experiences smaller price fluctuations and is considered to be less risky than X7PS.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 | X7PS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 5.45% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 18.89% | -8.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.17% | 22.39% | -9.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 23.71% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.57% | 24.86% | +0.71% |
EMUM.L vs. X7PS.L - Expense Ratio Comparison
EMUM.L has a 0.49% expense ratio, which is higher than X7PS.L's 0.30% expense ratio.
Dividends
EMUM.L vs. X7PS.L - Dividend Comparison
Neither EMUM.L nor X7PS.L has paid dividends to shareholders.
Frequently Asked Questions
EMUM.L and X7PS.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, X7PS.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
X7PS.L is cheaper with a 0.30% expense ratio, compared with 0.49% for EMUM.L.
EMUM.L tracks MSCI EMU Mid Cap Net Index, while X7PS.L tracks Invesco STOXX Europe 600 Optimised Banks UCITS ETF. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.49% for EMUM.L and 0.30% for X7PS.L.
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