PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ERO.L vs. UDVD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ERO.L vs. UDVD.L

Last updated Jun 5, 2026

ERO.L (SPDR MSCI Europe UCITS ETF) and UDVD.L (SPDR S&P US Dividend Aristocrats UCITS ETF Dis) are both exchange-traded funds - ERO.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while UDVD.L is a Large Cap Blend Equities fund tracking the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, ERO.L returned 10.13%/yr vs 9.63%/yr for UDVD.L. A 0.58 correlation means they provide meaningful diversification when combined. ERO.L charges 0.25%/yr vs 0.35%/yr for UDVD.L.

Performance

ERO.L vs. UDVD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Europe UCITS ETF (ERO.L) and SPDR S&P US Dividend Aristocrats UCITS ETF Dis (UDVD.L). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

ERO.L is traded in GBP, while UDVD.L is traded in USD. To make them comparable, the UDVD.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, ERO.L achieves a 6.83% return, which is significantly lower than UDVD.L's 7.43% return. Both investments have delivered pretty close results over the past 10 years, with ERO.L having a 10.13% annualized return and UDVD.L not far behind at 9.63%.

ERO.L

1D
0.59%
1M
3.70%
YTD
6.83%
6M
8.78%
1Y
19.36%
3Y*
13.78%
5Y*
10.01%
10Y*
10.13%

UDVD.L

1D
0.11%
1M
1.72%
YTD
7.43%
6M
7.06%
1Y
13.99%
3Y*
6.98%
5Y*
6.80%
10Y*
9.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ERO.L vs. UDVD.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ERO.L
SPDR MSCI Europe UCITS ETF		6.83%25.68%3.93%13.00%-3.77%16.91%2.21%19.36%-9.30%14.82%
UDVD.L
SPDR S&P US Dividend Aristocrats UCITS ETF Dis		7.43%0.84%9.52%-3.04%11.52%26.22%-2.19%18.00%1.76%5.70%

Correlation

The correlation between ERO.L and UDVD.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.33

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

0.38

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

0.46

Correlation (10Y)
Calculated over the trailing 10-year period

0.55

Correlation (All Time)
Calculated using the full available price history since Dec 10, 2014

0.58

Over the past year, the correlation between ERO.L and UDVD.L has dropped to 0.33 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

ERO.L vs. UDVD.L - Sectors Allocation Comparison

Sectors
ERO.L
UDVD.L

Financial Services

23.3%
11.5%

Industrials

19.9%
17.5%

Healthcare

13.1%
6.2%

Technology

8.5%
8.9%

Consumer Defensive

8.4%
17.0%

Consumer Cyclical

6.4%
5.2%

Basic Materials

5.6%
6.4%

Energy

5.3%
4.5%

Utilities

5.1%
14.8%

Communication Services

3.7%
3.5%

Real Estate

0.8%
4.6%

Financial Services

ERO.L
23.3%
UDVD.L
11.5%

Industrials

ERO.L
19.9%
UDVD.L
17.5%

Healthcare

ERO.L
13.1%
UDVD.L
6.2%

Technology

ERO.L
8.5%
UDVD.L
8.9%

Consumer Defensive

ERO.L
8.4%
UDVD.L
17.0%

Consumer Cyclical

ERO.L
6.4%
UDVD.L
5.2%

Basic Materials

ERO.L
5.6%
UDVD.L
6.4%

Energy

ERO.L
5.3%
UDVD.L
4.5%

Utilities

ERO.L
5.1%
UDVD.L
14.8%

Communication Services

ERO.L
3.7%
UDVD.L
3.5%

Real Estate

ERO.L
0.8%
UDVD.L
4.6%

Compare stocks, funds, or ETFs

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

SPDR MSCI Europe UCITS ETF

SPDR S&P US Dividend Aristocrats UCITS ETF Dis

Often compared with ERO.L:
ERO.L vs. VEUA.LERO.L vs. BTC-USDERO.L vs. IEURERO.L vs. VOOERO.L vs. IMV.LERO.L vs. EEIP.LERO.L vs. EUHD.L
Often compared with UDVD.L:
UDVD.L vs. SCHDUDVD.L vs. USDV.LUDVD.L vs. VHYD.LUDVD.L vs. JEPQUDVD.L vs. WQDV.LUDVD.L vs. VWRD.LUDVD.L vs. DGRO

Return for Risk

ERO.L vs. UDVD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ERO.L
ERO.L Risk / Return Rank: 4343
Overall Rank
ERO.L Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
ERO.L Sortino Ratio Rank: 4444
Sortino Ratio Rank
ERO.L Omega Ratio Rank: 4646
Omega Ratio Rank
ERO.L Calmar Ratio Rank: 3737
Calmar Ratio Rank
ERO.L Martin Ratio Rank: 4040
Martin Ratio Rank
UDVD.L
UDVD.L Risk / Return Rank: 3636
Overall Rank
UDVD.L Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
UDVD.L Sortino Ratio Rank: 3939
Sortino Ratio Rank
UDVD.L Omega Ratio Rank: 3535
Omega Ratio Rank
UDVD.L Calmar Ratio Rank: 3737
Calmar Ratio Rank
UDVD.L Martin Ratio Rank: 3232
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.

ERO.L vs. UDVD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (ERO.L) and SPDR S&P US Dividend Aristocrats UCITS ETF Dis (UDVD.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.

ERO.LUDVD.LDifference
Sharpe ratioReturn per unit of total volatility
1.56
1.29

+0.27

Sortino ratioReturn per unit of downside risk
2.20
1.83

+0.37

Omega ratioGain probability vs. loss probability

1.29

1.22

+0.07

Calmar ratioReturn relative to maximum drawdown

1.80

2.15

-0.35

Martin ratioReturn relative to average drawdown

6.40

5.62

+0.78

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERO.L vs. UDVD.L - Sharpe Ratio Comparison

The current ERO.L Sharpe Ratio is 1.56, which is comparable to the UDVD.L Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of ERO.L and UDVD.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...

Sharpe Ratios by Period

ERO.LUDVD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

1.29

+0.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.49

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.60

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.77

-0.17

Drawdowns

ERO.L vs. UDVD.L - Drawdown Comparison

The maximum ERO.L drawdown since its inception was -28.41%, roughly equal to the maximum UDVD.L drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for ERO.L and UDVD.L.

Loading charts...

Drawdown Indicators

ERO.LUDVD.LDifference

Max Drawdown

Largest peak-to-trough decline

-28.41%

-28.19%

-0.22%

Max Drawdown (1Y)

Largest decline over 1 year

-10.73%

-6.47%

-4.26%

Max Drawdown (3Y)

Largest decline over 3 years

-12.84%

-16.57%

+3.73%

Max Drawdown (5Y)

Largest decline over 5 years

-15.76%

-16.57%

+0.81%

Max Drawdown (10Y)

Largest decline over 10 years

-28.41%

-28.19%

-0.22%

Current Drawdown

Current decline from peak

-1.28%

-3.26%

+1.98%

Average Drawdown

Average peak-to-trough decline

-4.33%

-4.22%

-0.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

2.48%

+0.54%

Volatility

ERO.L vs. UDVD.L - Volatility Comparison

SPDR MSCI Europe UCITS ETF (ERO.L) has a higher volatility of 3.96% compared to SPDR S&P US Dividend Aristocrats UCITS ETF Dis (UDVD.L) at 3.00%. This indicates that ERO.L's price experiences larger fluctuations and is considered to be riskier than UDVD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ERO.LUDVD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.96%

3.00%

+0.96%

Volatility (6M)

Calculated over the trailing 6-month period

10.30%

8.23%

+2.07%

Volatility (1Y)

Calculated over the trailing 1-year period

12.35%

10.81%

+1.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.81%

13.76%

+0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.91%

16.06%

-1.15%

ERO.L vs. UDVD.L - Expense Ratio Comparison

ERO.L has a 0.25% expense ratio, which is lower than UDVD.L's 0.35% expense ratio.

Dividends

ERO.L vs. UDVD.L - Dividend Comparison

ERO.L has not paid dividends to shareholders, while UDVD.L's dividend yield for the trailing twelve months is around 2.05%.

PositionTTM20252024202320222021202020192018201720162015
ERO.L
SPDR MSCI Europe UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UDVD.L
SPDR S&P US Dividend Aristocrats UCITS ETF Dis		2.05%2.17%2.03%2.24%2.13%2.15%2.36%2.01%2.27%1.78%1.83%2.06%

Frequently Asked Questions

ERO.L and UDVD.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ERO.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ERO.L is cheaper with a 0.25% expense ratio, compared with 0.35% for UDVD.L.

ERO.L is categorized as Europe Equities, while UDVD.L is Large Cap Blend Equities. ERO.L tracks MSCI Europe NR EUR, while UDVD.L tracks S&P High Yield Dividend Aristocrats Index. Their fees differ too: 0.25% for ERO.L and 0.35% for UDVD.L.

Portfolio Optimizer

Find the right allocation for ERO.L and UDVD.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