ESMV vs. PABD
ESMV (iShares ESG MSCI USA Min Vol Factor ETF) and PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) are both exchange-traded funds - ESMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index - Benchmark TR Gross, while PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. Both are passively managed. Over the past year, ESMV returned 9.71% vs 22.20% for PABD. Their 0.58 correlation means they have sometimes moved together and sometimes differently. ESMV charges 0.18%/yr vs 0.12%/yr for PABD.
Performance
ESMV vs. PABD - Performance Comparison
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Returns By Period
In the year-to-date period, ESMV achieves a 7.33% return, which is significantly lower than PABD's 9.04% return.
ESMV
- 1D
- 0.22%
- 1M
- -0.16%
- 6M
- 6.27%
- YTD
- 7.33%
- 1Y
- 9.71%
- 3Y*
- 10.25%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.96%
PABD
- 1D
- -0.66%
- 1M
- 0.29%
- 6M
- 5.06%
- YTD
- 9.04%
- 1Y
- 22.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.55K | $9.03K | $12.67K | |
| $74.60K | $52.17K | $332.59K |
ESMV vs. PABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ESMV iShares ESG MSCI USA Min Vol Factor ETF | 7.33% | 5.34% | 12.65% |
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF | 9.04% | 30.06% | 5.32% |
Correlation
The correlation between ESMV and PABD is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024 | 0.58 |
The correlation between ESMV and PABD has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.
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Return for Risk
ESMV vs. PABD — Risk / Return Rank
ESMV
PABD
ESMV vs. PABD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). 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.
| ESMV | PABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.24 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 1.75 | -0.43 |
| Martin ratioReturn relative to average drawdown | 4.05 | 6.57 | -2.52 |
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Drawdowns
ESMV vs. PABD - Drawdown Comparison
The maximum ESMV drawdown since its inception was -19.77%, which is greater than PABD's maximum drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for ESMV and PABD.
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Drawdown Indicators
| ESMV | PABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.77% | -13.37% | -6.40% |
Max Drawdown (1Y)Largest decline over 1 year | -7.01% | -12.55% | +5.54% |
Max Drawdown (3Y)Largest decline over 3 years | -12.16% | — | — |
Current DrawdownCurrent decline from peak | -0.51% | -0.66% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -5.18% | -2.55% | -2.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 3.33% | -1.05% |
Volatility
ESMV vs. PABD - Volatility Comparison
The current volatility for iShares ESG MSCI USA Min Vol Factor ETF (ESMV) is 2.50%, while iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a volatility of 4.57%. This indicates that ESMV experiences smaller price fluctuations and is considered to be less risky than PABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESMV | PABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 4.57% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 6.60% | 13.96% | -7.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.04% | 16.21% | -6.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.11% | 15.61% | -2.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.11% | 15.61% | -2.50% |
ESMV vs. PABD - Expense Ratio Comparison
ESMV has a 0.18% expense ratio, which is higher than PABD's 0.12% 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
ESMV vs. PABD - Dividend Comparison
ESMV's dividend yield for the trailing twelve months is around 1.50%, less than PABD's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
ESMV iShares ESG MSCI USA Min Vol Factor ETF | 1.50% | 1.56% | 1.71% | 1.75% | 1.66% | 0.24% |
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF | 2.99% | 2.74% | 2.87% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ESMV and PABD have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PABD has higher volatility (4.57%) compared to ESMV (2.50%). In terms of maximum drawdown, ESMV dropped -19.77% vs PABD's -13.37%.
On 1-year performance, PABD leads with 22.20% vs 9.71% for ESMV. On fees, PABD is cheaper at 0.12% per year. On volatility, ESMV has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PABD has performed better with a 22.20% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PABD is cheaper with a 0.12% expense ratio, compared with 0.18% for ESMV.
PABD has the higher dividend yield at 2.99%, compared with 1.50% for ESMV.
ESMV is categorized as Low Volatility, while PABD is Foreign Large Cap Equities. ESMV tracks MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index - Benchmark TR Gross, while PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. Their fees differ too: 0.18% for ESMV and 0.12% for PABD.
PABD currently has the higher Sharpe Ratio (1.36 vs 0.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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