ESES.L vs. EXCS.L
ESES.L (Invesco MSCI Emerging Markets Universal Screened UCITS ETF) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - ESES.L tracks the Invesco MSCI Emerging Markets Universal Screened UCITS ETF while EXCS.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, ESES.L returned 18.98%/yr vs 22.90%/yr for EXCS.L. Their correlation of 0.83 suggests significant overlap in exposure.
Performance
ESES.L vs. EXCS.L - Performance Comparison
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Different Trading Currencies
ESES.L is traded in GBp, while EXCS.L is traded in GBP. To make them comparable, the EXCS.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 22.99% return, which is significantly lower than EXCS.L's 30.49% return.
ESES.L
- 1D
- -0.75%
- 1M
- -5.75%
- 6M
- 17.36%
- YTD
- 22.99%
- 1Y
- 39.41%
- 3Y*
- 18.98%
- 5Y*
- 7.51%
- 10Y*
- —
EXCS.L
- 1D
- -1.75%
- 1M
- -7.82%
- 6M
- 23.99%
- YTD
- 30.49%
- 1Y
- 51.35%
- 3Y*
- 22.90%
- 5Y*
- —
- 10Y*
- —
ESES.L vs. EXCS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ESES.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF | 22.99% | 24.05% | 7.54% | 2.94% | -11.14% | -2.82% |
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc) | 30.49% | 26.23% | 5.43% | 11.04% | -8.40% | -25.31% |
Correlation
The correlation between ESES.L and EXCS.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021 | 0.83 |
The correlation between ESES.L and EXCS.L has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.
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Return for Risk
ESES.L vs. EXCS.L — Risk / Return Rank
ESES.L
EXCS.L
ESES.L vs. EXCS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Emerging Markets Universal Screened UCITS ETF (ESES.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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 | EXCS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.41 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 4.20 | -0.57 |
| Martin ratioReturn relative to average drawdown | 11.46 | 12.89 | -1.44 |
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Drawdowns
ESES.L vs. EXCS.L - Drawdown Comparison
The maximum ESES.L drawdown since its inception was -23.59%, smaller than the maximum EXCS.L drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for ESES.L and EXCS.L.
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Drawdown Indicators
| ESES.L | EXCS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.59% | -35.01% | +11.42% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -12.16% | +1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -23.59% | -21.79% | -1.80% |
Max Drawdown (5Y)Largest decline over 5 years | -23.59% | — | — |
Current DrawdownCurrent decline from peak | -7.86% | -12.16% | +4.30% |
Average DrawdownAverage peak-to-trough decline | -10.52% | -20.67% | +10.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.43% | 3.97% | -0.54% |
Volatility
ESES.L vs. EXCS.L - Volatility Comparison
The current volatility for Invesco MSCI Emerging Markets Universal Screened UCITS ETF (ESES.L) is 7.50%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 10.78%. This indicates that ESES.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESES.L | EXCS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.50% | 10.78% | -3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 17.04% | 20.54% | -3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.04% | 22.44% | -3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.66% | 24.53% | -2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3,197.93% | 24.53% | +3,173.40% |
Dividends
ESES.L vs. EXCS.L - Dividend Comparison
Neither ESES.L nor EXCS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, ESES.L and EXCS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ESES.L tracks Invesco MSCI Emerging Markets Universal Screened UCITS ETF, while EXCS.L tracks MSCI EM NR USD. They also come from different issuers: Invesco and iShares.
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