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ESES.L vs. HDEM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ESES.L vs. HDEM.L

Last updated Jul 16, 2026
Documentation

ESES.L (Invesco MSCI Emerging Markets Universal Screened UCITS ETF) and HDEM.L (Invesco FTSE EM High Dividend Low Volatility UCITS ETF) are both Emerging Markets Equities funds from Invesco - ESES.L tracks the Invesco MSCI Emerging Markets Universal Screened UCITS ETF while HDEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, ESES.L returned 7.51%/yr vs 6.99%/yr for HDEM.L. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

ESES.L vs. HDEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Emerging Markets Universal Screened UCITS ETF (ESES.L) and Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ESES.L achieves a 22.99% return, which is significantly higher than HDEM.L's 8.94% 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*
—

HDEM.L

1D
-0.16%
1M
-0.26%
6M
6.24%
YTD
8.94%
1Y
21.15%
3Y*
13.29%
5Y*
6.99%
10Y*
6.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
ESES.L
Invesco MSCI Emerging Markets Universal Screened UCITS ETF		22.99%24.05%7.54%2.94%-11.14%6,848.44%
HDEM.L
Invesco FTSE EM High Dividend Low Volatility UCITS ETF		8.94%18.32%3.91%3.74%-6.40%8.07%

Correlation

The correlation between ESES.L and HDEM.L is 0.62, 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

0.62

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

0.67

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

0.65

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2021

0.65

The correlation between ESES.L and HDEM.L has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

Invesco MSCI Emerging Markets Universal Screened UCITS ETF

Invesco FTSE EM High Dividend Low Volatility UCITS ETF

Often compared with HDEM.L:
HDEM.L vs. EUHD.LHDEM.L vs. WTEI.DEHDEM.L vs. EUNY.DEHDEM.L vs. JEPG.LHDEM.L vs. SCHDHDEM.L vs. JGPI.DEHDEM.L vs. SEDY.L

Return for Risk

ESES.L vs. HDEM.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: 8080
Overall Rank
ESES.L Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ESES.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
ESES.L Omega Ratio Rank: 8181
Omega Ratio Rank
ESES.L Calmar Ratio Rank: 8484
Calmar Ratio Rank
ESES.L Martin Ratio Rank: 7777
Martin Ratio Rank
HDEM.L
HDEM.L Risk / Return Rank: 7474
Overall Rank
HDEM.L Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
HDEM.L Sortino Ratio Rank: 8181
Sortino Ratio Rank
HDEM.L Omega Ratio Rank: 7272
Omega Ratio Rank
HDEM.L Calmar Ratio Rank: 7878
Calmar Ratio Rank
HDEM.L Martin Ratio Rank: 6161
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.

ESES.L vs. HDEM.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 Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.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.LHDEM.LDifference
Sharpe ratioReturn per unit of total volatility
2.06
2.02

+0.04

Sortino ratioReturn per unit of downside risk
2.76
2.90

-0.15

Omega ratioGain probability vs. loss probability

1.38

1.34

+0.04

Calmar ratioReturn relative to maximum drawdown

3.64

3.27

+0.37

Martin ratioReturn relative to average drawdown

11.46

8.71

+2.74

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

The current ESES.L Sharpe Ratio is 2.06, which is comparable to the HDEM.L Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of ESES.L and HDEM.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.

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Drawdowns

ESES.L vs. HDEM.L - Drawdown Comparison

The maximum ESES.L drawdown since its inception was -23.59%, smaller than the maximum HDEM.L drawdown of -32.18%. Use the drawdown chart below to compare losses from any high point for ESES.L and HDEM.L.

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Drawdown Indicators

ESES.LHDEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-23.59%

-32.18%

+8.59%

Max Drawdown (1Y)

Largest decline over 1 year

-10.79%

-6.44%

-4.35%

Max Drawdown (3Y)

Largest decline over 3 years

-23.59%

-12.22%

-11.37%

Max Drawdown (5Y)

Largest decline over 5 years

-23.59%

-18.05%

-5.54%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.18%

—

Current Drawdown

Current decline from peak

-7.86%

-3.18%

-4.68%

Average Drawdown

Average peak-to-trough decline

-10.52%

-7.66%

-2.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

2.42%

+1.01%

Volatility

ESES.L vs. HDEM.L - Volatility Comparison

Invesco MSCI Emerging Markets Universal Screened UCITS ETF (ESES.L) has a higher volatility of 7.50% compared to Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L) at 3.15%. This indicates that ESES.L's price experiences larger fluctuations and is considered to be riskier than HDEM.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.LHDEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.50%

3.15%

+4.35%

Volatility (6M)

Calculated over the trailing 6-month period

17.04%

7.58%

+9.46%

Volatility (1Y)

Calculated over the trailing 1-year period

19.04%

10.41%

+8.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.66%

13.57%

+8.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3,197.93%

15.69%

+3,182.24%

Dividends

ESES.L vs. HDEM.L - Dividend Comparison

ESES.L has not paid dividends to shareholders, while HDEM.L's dividend yield for the trailing twelve months is around 4.83%.

PositionTTM2025202420232022202120202019201820172016
ESES.L
Invesco MSCI Emerging Markets Universal Screened UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HDEM.L
Invesco FTSE EM High Dividend Low Volatility UCITS ETF		4.83%5.18%5.61%6.08%8.92%5.96%4.31%5.23%5.37%5.06%2.27%

Frequently Asked Questions

ESES.L and HDEM.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ESES.L tracks Invesco MSCI Emerging Markets Universal Screened UCITS ETF, while HDEM.L tracks MSCI EM NR USD.

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