ESES.L vs. CU2U.L

Last updated Jul 18, 2026

ESES.L (Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)) and CU2U.L (Amundi MSCI USA UCITS USD) are both exchange-traded funds - ESES.L is a Emerging Markets Equities fund tracking the MSCI EM Universal Select Business Screens Index, while CU2U.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 5 years, ESES.L returned 6.99%/yr vs 11.18%/yr for CU2U.L. A 0.50 correlation means they provide meaningful diversification when combined. ESES.L charges 0.19%/yr vs 0.18%/yr for CU2U.L.

Performance

ESES.L vs. CU2U.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.L) and Amundi MSCI USA UCITS USD (CU2U.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ESES.L is traded in GBp, while CU2U.L is traded in USD. To make them comparable, the CU2U.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, ESES.L achieves a 20.07% return, which is significantly higher than CU2U.L's 9.79% return.

ESES.L

• 1D: -1.40%
• 1M: -8.29%
• 6M: 13.84%
• YTD: 20.07%
• 1Y: 35.10%
• 3Y*: 18.07%
• 5Y*: 6.99%
• 10Y*: —

CU2U.L

• 1D: -1.27%
• 1M: -3.90%
• 6M: 7.61%
• YTD: 9.79%
• 1Y: 20.71%
• 3Y*: 15.40%
• 5Y*: 11.18%
• 10Y*: 13.57%

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

ESES.L vs. CU2U.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ESES.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)	20.07%	24.05%	7.54%	2.94%	-11.14%	6,848.44%
CU2U.L Amundi MSCI USA UCITS USD	9.79%	5.97%	21.58%	20.73%	-10.52%	11.46%

Correlation

The correlation between ESES.L and CU2U.L is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.50

The correlation between ESES.L and CU2U.L has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

Return for Risk

ESES.L vs. CU2U.L — Risk / Return Rank

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

ESES.L

ESES.L Risk / Return Rank: 76
ESES.L Sharpe Ratio Rank: 76
ESES.L Sortino Ratio Rank: 73
ESES.L Omega Ratio Rank: 77
ESES.L Calmar Ratio Rank: 82
ESES.L Martin Ratio Rank: 74

CU2U.L

CU2U.L Risk / Return Rank: 58
CU2U.L Sharpe Ratio Rank: 60
CU2U.L Sortino Ratio Rank: 65
CU2U.L Omega Ratio Rank: 59
CU2U.L Calmar Ratio Rank: 48
CU2U.L Martin Ratio Rank: 56

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.

ESES.L vs. CU2U.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.L) and Amundi MSCI USA UCITS USD (CU2U.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.

	ESES.L	CU2U.L	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.50	+0.33
Sortino ratio: Return per unit of downside risk	2.49	2.12	+0.37
Omega ratio: Gain probability vs. loss probability	1.34	1.27	+0.07
Calmar ratio: Return relative to maximum drawdown	3.24	2.11	+1.13
Martin ratio: Return relative to average drawdown	9.91	6.98	+2.93

ESES.L vs. CU2U.L - Sharpe Ratio Comparison

The current ESES.L Sharpe Ratio is 1.83, which is comparable to the CU2U.L Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of ESES.L and CU2U.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

ESES.L vs. CU2U.L - Drawdown Comparison

The maximum ESES.L drawdown since its inception was -23.59%, smaller than the maximum CU2U.L drawdown of -26.52%. Use the drawdown chart below to compare losses from any high point for ESES.L and CU2U.L.

Drawdown Indicators

	ESES.L	CU2U.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.59%	-26.52%	+2.93%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-9.78%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-23.59%	-21.98%	-1.61%
Max Drawdown (5Y) Largest decline over 5 years	-23.59%	-21.98%	-1.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.52%	—
Current Drawdown Current decline from peak	-10.05%	-4.60%	-5.45%
Average Drawdown Average peak-to-trough decline	-10.52%	-3.65%	-6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	2.96%	+0.57%

Volatility

ESES.L vs. CU2U.L - Volatility Comparison

Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.L) has a higher volatility of 7.19% compared to Amundi MSCI USA UCITS USD (CU2U.L) at 4.59%. This indicates that ESES.L's price experiences larger fluctuations and is considered to be riskier than CU2U.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESES.L	CU2U.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	4.59%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	11.06%	+5.99%
Volatility (1Y) Calculated over the trailing 1-year period	19.11%	13.81%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.67%	15.92%	+5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3,195.40%	16.49%	+3,178.91%

ESES.L vs. CU2U.L - Expense Ratio Comparison

ESES.L has a 0.19% expense ratio, which is higher than CU2U.L's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ESES.L vs. CU2U.L - Dividend Comparison

Neither ESES.L nor CU2U.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ESES.L and CU2U.L in my portfolio?

ESES.L and CU2U.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESES.L or CU2U.L?

On fees, CU2U.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESES.L or CU2U.L?

CU2U.L is cheaper with a 0.18% expense ratio, compared with 0.19% for ESES.L.

What is the main difference between ESES.L and CU2U.L?

ESES.L is categorized as Emerging Markets Equities, while CU2U.L is Large Cap Blend Equities. ESES.L tracks MSCI EM Universal Select Business Screens Index, while CU2U.L tracks Russell 1000 TR USD. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.19% for ESES.L and 0.18% for CU2U.L.