ESGE.L vs. CMB1.L

Last updated Jun 6, 2026

ESGE.L (Invesco MSCI Europe ESG Universal Screened UCITS ETF Acc) and CMB1.L (iShares FTSE MIB UCITS ETF (Acc)) are both Europe Equities funds - ESGE.L tracks the MSCI Europe NR EUR while CMB1.L tracks the FTSE Italia AllShare TR EUR. Both are passively managed. Over the past 5 years, ESGE.L returned 9.34%/yr vs 19.77%/yr for CMB1.L. Their correlation of 0.80 suggests significant overlap in exposure. ESGE.L charges 0.16%/yr vs 0.33%/yr for CMB1.L.

Performance

ESGE.L vs. CMB1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Europe ESG Universal Screened UCITS ETF Acc (ESGE.L) and iShares FTSE MIB UCITS ETF (Acc) (CMB1.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESGE.L achieves a 6.63% return, which is significantly lower than CMB1.L's 12.96% return.

ESGE.L

• 1D: -0.61%
• 1M: 0.96%
• YTD: 6.63%
• 6M: 9.01%
• 1Y: 19.28%
• 3Y*: 13.23%
• 5Y*: 9.34%
• 10Y*: —

CMB1.L

• 1D: -0.62%
• 1M: 1.82%
• YTD: 12.96%
• 6M: 16.50%
• 1Y: 32.53%
• 3Y*: 28.55%
• 5Y*: 19.77%
• 10Y*: 15.90%

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

ESGE.L vs. CMB1.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ESGE.L Invesco MSCI Europe ESG Universal Screened UCITS ETF Acc	6.63%	23.98%	4.31%	12.57%	-5.91%	17.13%	7.08%	-5.46%
CMB1.L iShares FTSE MIB UCITS ETF (Acc)	12.96%	43.83%	13.25%	30.68%	-3.56%	18.29%	1.52%	9.92%

Correlation

The correlation between ESGE.L and CMB1.L is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	0.80

The correlation between ESGE.L and CMB1.L has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

ESGE.L vs. CMB1.L - Sectors Allocation Comparison

Sectors	ESGE.L	CMB1.L
Financial Services	28.3%	45.1%
Industrials	16.2%	10.8%
Healthcare	13.3%	1.1%
Technology	10.9%	4.6%
Consumer Defensive	9.3%	0.5%
Utilities	5.8%	17.2%
Consumer Cyclical	5.1%	10.0%
Basic Materials	4.6%	0.6%
Communication Services	3.0%	1.1%
Energy	2.3%	8.8%
Real Estate	1.0%	0.3%

Return for Risk

ESGE.L vs. CMB1.L — Risk / Return Rank

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

ESGE.L

ESGE.L Risk / Return Rank: 47
ESGE.L Sharpe Ratio Rank: 50
ESGE.L Sortino Ratio Rank: 50
ESGE.L Omega Ratio Rank: 51
ESGE.L Calmar Ratio Rank: 39
ESGE.L Martin Ratio Rank: 43

CMB1.L

CMB1.L Risk / Return Rank: 70
CMB1.L Sharpe Ratio Rank: 73
CMB1.L Sortino Ratio Rank: 72
CMB1.L Omega Ratio Rank: 70
CMB1.L Calmar Ratio Rank: 69
CMB1.L Martin Ratio Rank: 68

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.

ESGE.L vs. CMB1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Europe ESG Universal Screened UCITS ETF Acc (ESGE.L) and iShares FTSE MIB UCITS ETF (Acc) (CMB1.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.

	ESGE.L	CMB1.L	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.15	-0.58
Sortino ratio: Return per unit of downside risk	2.24	2.94	-0.70
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.09
Calmar ratio: Return relative to maximum drawdown	1.79	3.14	-1.35
Martin ratio: Return relative to average drawdown	6.41	11.43	-5.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESGE.L vs. CMB1.L - Sharpe Ratio Comparison

The current ESGE.L Sharpe Ratio is 1.57, which is comparable to the CMB1.L Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ESGE.L and CMB1.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.

Sharpe Ratios by Period

	ESGE.L	CMB1.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.15	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	1.10	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.23	-0.02

Drawdowns

ESGE.L vs. CMB1.L - Drawdown Comparison

The maximum ESGE.L drawdown since its inception was -40.94%, smaller than the maximum CMB1.L drawdown of -56.05%. Use the drawdown chart below to compare losses from any high point for ESGE.L and CMB1.L.

Drawdown Indicators

	ESGE.L	CMB1.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.94%	-56.05%	+15.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-10.32%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-13.11%	-15.62%	+2.51%
Max Drawdown (5Y) Largest decline over 5 years	-40.94%	-24.19%	-16.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.61%	—
Current Drawdown Current decline from peak	-1.30%	-1.25%	-0.05%
Average Drawdown Average peak-to-trough decline	-5.12%	-15.26%	+10.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	2.83%	+0.33%

Volatility

ESGE.L vs. CMB1.L - Volatility Comparison

Invesco MSCI Europe ESG Universal Screened UCITS ETF Acc (ESGE.L) has a higher volatility of 4.30% compared to iShares FTSE MIB UCITS ETF (Acc) (CMB1.L) at 3.77%. This indicates that ESGE.L's price experiences larger fluctuations and is considered to be riskier than CMB1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGE.L	CMB1.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	3.77%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	12.16%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	15.07%	-2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.24%	17.99%	+27.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.86%	20.29%	+19.57%

ESGE.L vs. CMB1.L - Expense Ratio Comparison

ESGE.L has a 0.16% expense ratio, which is lower than CMB1.L's 0.33% expense ratio.

Dividends

ESGE.L vs. CMB1.L - Dividend Comparison

Neither ESGE.L nor CMB1.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ESGE.L and CMB1.L in my portfolio?

ESGE.L and CMB1.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESGE.L or CMB1.L?

On fees, ESGE.L is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESGE.L or CMB1.L?

ESGE.L is cheaper with a 0.16% expense ratio, compared with 0.33% for CMB1.L.

What is the main difference between ESGE.L and CMB1.L?

ESGE.L tracks MSCI Europe NR EUR, while CMB1.L tracks FTSE Italia AllShare TR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.16% for ESGE.L and 0.33% for CMB1.L.