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EUMD.L vs. SPMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUMD.L vs. SPMV

Last updated Jun 5, 2026

EUMD.L (iShares MSCI Europe Mid Cap UCITS ETF EUR (Acc)) and SPMV (Invesco S&P 500 Minimum Variance ETF) are both exchange-traded funds - EUMD.L is a Europe Equities fund tracking the MSCI Europe SMID NR EUR, while SPMV is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. At a 0.32 correlation, their price movements are largely independent. EUMD.L charges 0.15%/yr vs 0.10%/yr for SPMV.

Performance

EUMD.L vs. SPMV - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares MSCI Europe Mid Cap UCITS ETF EUR (Acc) (EUMD.L) and Invesco S&P 500 Minimum Variance ETF (SPMV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EUMD.L is traded in EUR, while SPMV is traded in USD. To make them comparable, the SPMV values have been converted to EUR using the latest available exchange rates.

Returns By Period

EUMD.L

1D
0.88%
1M
1.78%
YTD
8.46%
6M
10.56%
1Y
16.06%
3Y*
15.37%
5Y*
7.59%
10Y*
—

SPMV

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUMD.L vs. SPMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUMD.L
iShares MSCI Europe Mid Cap UCITS ETF EUR (Acc)		8.46%22.51%9.04%14.18%-18.40%21.41%3.99%30.14%-13.14%5.21%
SPMV
Invesco S&P 500 Minimum Variance ETF		0.33%-1.56%26.62%6.97%-5.32%33.65%-0.38%35.11%-1.88%6.02%

Correlation

The correlation between EUMD.L and SPMV is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

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

0.23

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

0.27

Correlation (All Time)
Calculated using the full available price history since Aug 25, 2017

0.32

EUMD.L vs. SPMV - Sectors Allocation Comparison

Sectors
EUMD.L
SPMV

Industrials

26.4%
6.0%

Financial Services

21.4%
17.8%

Healthcare

8.0%
15.0%

Consumer Defensive

7.3%
10.7%

Consumer Cyclical

7.2%
6.6%

Communication Services

6.7%
6.5%

Basic Materials

6.2%
2.6%

Utilities

6.0%
2.8%

Real Estate

3.9%
0.2%

Energy

3.7%
4.8%

Technology

3.1%
26.9%

Industrials

EUMD.L
26.4%
SPMV
6.0%

Financial Services

EUMD.L
21.4%
SPMV
17.8%

Healthcare

EUMD.L
8.0%
SPMV
15.0%

Consumer Defensive

EUMD.L
7.3%
SPMV
10.7%

Consumer Cyclical

EUMD.L
7.2%
SPMV
6.6%

Communication Services

EUMD.L
6.7%
SPMV
6.5%

Basic Materials

EUMD.L
6.2%
SPMV
2.6%

Utilities

EUMD.L
6.0%
SPMV
2.8%

Real Estate

EUMD.L
3.9%
SPMV
0.2%

Energy

EUMD.L
3.7%
SPMV
4.8%

Technology

EUMD.L
3.1%
SPMV
26.9%

Compare stocks, funds, or ETFs

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iShares MSCI Europe Mid Cap UCITS ETF EUR (Acc)

Invesco S&P 500 Minimum Variance ETF

Often compared with EUMD.L:
EUMD.L vs. EXV3.DEEUMD.L vs. IBCJ.DEEUMD.L vs. IESE.ASEUMD.L vs. MVEW.DEEUMD.L vs. IEDL.LEUMD.L vs. SWRD.ASEUMD.L vs. IQQ0.DE
Often compared with SPMV:
SPMV vs. USMVSPMV vs. SPLVSPMV vs. SPYSPMV vs. MVOL.LSPMV vs. QQQSPMV vs. FDVVSPMV vs. MGV

Return for Risk

EUMD.L vs. SPMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EUMD.L
EUMD.L Risk / Return Rank: 3939
Overall Rank
EUMD.L Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EUMD.L Sortino Ratio Rank: 3636
Sortino Ratio Rank
EUMD.L Omega Ratio Rank: 3838
Omega Ratio Rank
EUMD.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
EUMD.L Martin Ratio Rank: 4545
Martin Ratio Rank
SPMV
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.

EUMD.L vs. SPMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Mid Cap UCITS ETF EUR (Acc) (EUMD.L) and Invesco S&P 500 Minimum Variance ETF (SPMV). 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.

EUMD.LSPMVDifference
Sharpe ratioReturn per unit of total volatility
1.34

—

—

Sortino ratioReturn per unit of downside risk
1.87

—

—

Omega ratioGain probability vs. loss probability

1.25

—

—

Calmar ratioReturn relative to maximum drawdown

1.89

—

—

Martin ratioReturn relative to average drawdown

7.18

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUMD.L vs. SPMV - Sharpe Ratio Comparison

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Sharpe Ratios by Period

EUMD.LSPMVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.34

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.48

—

—

Drawdowns

EUMD.L vs. SPMV - Drawdown Comparison

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Drawdown Indicators

EUMD.LSPMVDifference

Max Drawdown

Largest peak-to-trough decline

-37.48%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-8.46%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-13.86%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-29.29%

—

—

Current Drawdown

Current decline from peak

-1.02%

—

—

Average Drawdown

Average peak-to-trough decline

-6.79%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.23%

—

—

Volatility

EUMD.L vs. SPMV - Volatility Comparison

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Volatility by Period

EUMD.LSPMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

9.53%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

11.96%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.23%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.24%

—

—

EUMD.L vs. SPMV - Expense Ratio Comparison

EUMD.L has a 0.15% expense ratio, which is higher than SPMV's 0.10% 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

EUMD.L vs. SPMV - Dividend Comparison

EUMD.L has not paid dividends to shareholders, while SPMV's dividend yield for the trailing twelve months is around 1.45%.

PositionTTM202520242023202220212020201920182017
EUMD.L
iShares MSCI Europe Mid Cap UCITS ETF EUR (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPMV
Invesco S&P 500 Minimum Variance ETF		1.45%1.53%1.53%2.28%1.79%1.28%1.71%3.13%2.11%1.72%

Frequently Asked Questions

EUMD.L and SPMV have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPMV is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPMV is cheaper with a 0.10% expense ratio, compared with 0.15% for EUMD.L.

EUMD.L is categorized as Europe Equities, while SPMV is S&P 500. EUMD.L tracks MSCI Europe SMID NR EUR, while SPMV tracks S&P 500 Minimum Volatility Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for EUMD.L and 0.10% for SPMV.

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