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EVAL.L vs. MVED.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EVAL.L vs. MVED.L

Last updated Jun 5, 2026

EVAL.L (SPDR MSCI Europe Value UCITS ETF) and MVED.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)) are both Europe Equities funds - EVAL.L tracks the MSCI Europe Value NR EUR while MVED.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, EVAL.L returned 14.15%/yr vs 6.21%/yr for MVED.L. A 0.66 correlation means they provide meaningful diversification when combined. EVAL.L charges 0.20%/yr vs 0.25%/yr for MVED.L.

Performance

EVAL.L vs. MVED.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Europe Value UCITS ETF (EVAL.L) and iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EVAL.L is traded in GBP, while MVED.L is traded in EUR. To make them comparable, the MVED.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, EVAL.L achieves a 11.21% return, which is significantly higher than MVED.L's 3.88% return.

EVAL.L

1D
0.67%
1M
4.21%
YTD
11.21%
6M
14.15%
1Y
34.42%
3Y*
20.71%
5Y*
14.15%
10Y*
11.80%

MVED.L

1D
0.45%
1M
0.80%
YTD
3.88%
6M
4.77%
1Y
5.26%
3Y*
8.28%
5Y*
6.21%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EVAL.L vs. MVED.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
EVAL.L
SPDR MSCI Europe Value UCITS ETF		11.21%41.81%4.36%11.02%1.33%19.13%-2.54%16.22%-16.25%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		3.88%14.60%3.94%8.51%-8.08%14.30%1.58%15.71%0.07%

Correlation

The correlation between EVAL.L and MVED.L is 0.61, 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

0.61

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

0.63

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

0.66

Correlation (All Time)
Calculated using the full available price history since Mar 1, 2018

0.66

The correlation between EVAL.L and MVED.L has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

EVAL.L vs. MVED.L - Sectors Allocation Comparison

Sectors
EVAL.L
MVED.L

Financial Services

21.5%
17.8%

Industrials

18.0%
15.7%

Healthcare

13.2%
13.1%

Technology

10.6%
2.8%

Consumer Defensive

8.6%
13.2%

Consumer Cyclical

6.6%
3.7%

Basic Materials

6.2%
5.7%

Energy

5.5%
6.9%

Utilities

5.3%
10.1%

Communication Services

4.0%
9.5%

Real Estate

0.7%
1.6%

Financial Services

EVAL.L
21.5%
MVED.L
17.8%

Industrials

EVAL.L
18.0%
MVED.L
15.7%

Healthcare

EVAL.L
13.2%
MVED.L
13.1%

Technology

EVAL.L
10.6%
MVED.L
2.8%

Consumer Defensive

EVAL.L
8.6%
MVED.L
13.2%

Consumer Cyclical

EVAL.L
6.6%
MVED.L
3.7%

Basic Materials

EVAL.L
6.2%
MVED.L
5.7%

Energy

EVAL.L
5.5%
MVED.L
6.9%

Utilities

EVAL.L
5.3%
MVED.L
10.1%

Communication Services

EVAL.L
4.0%
MVED.L
9.5%

Real Estate

EVAL.L
0.7%
MVED.L
1.6%

Compare stocks, funds, or ETFs

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SPDR MSCI Europe Value UCITS ETF

iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)

Often compared with EVAL.L:
EVAL.L vs. IEFV.LEVAL.L vs. AVESEVAL.L vs. VTEVAL.L vs. VOOEVAL.L vs. SPYEVAL.L vs. CACX.LEVAL.L vs. SPX4.L
Often compared with MVED.L:
MVED.L vs. MIVO.LMVED.L vs. CSPX.LMVED.L vs. OPEN.LMVED.L vs. PRUK.LMVED.L vs. WDEP.LMVED.L vs. EDIV.LMVED.L vs. FKU.L

Return for Risk

EVAL.L vs. MVED.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EVAL.L
EVAL.L Risk / Return Rank: 7676
Overall Rank
EVAL.L Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
EVAL.L Sortino Ratio Rank: 8080
Sortino Ratio Rank
EVAL.L Omega Ratio Rank: 8181
Omega Ratio Rank
EVAL.L Calmar Ratio Rank: 6969
Calmar Ratio Rank
EVAL.L Martin Ratio Rank: 6969
Martin Ratio Rank
MVED.L
MVED.L Risk / Return Rank: 1313
Overall Rank
MVED.L Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
MVED.L Sortino Ratio Rank: 1212
Sortino Ratio Rank
MVED.L Omega Ratio Rank: 1313
Omega Ratio Rank
MVED.L Calmar Ratio Rank: 1313
Calmar Ratio Rank
MVED.L Martin Ratio Rank: 1313
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.

EVAL.L vs. MVED.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Value UCITS ETF (EVAL.L) and iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.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.

EVAL.LMVED.LDifference
Sharpe ratioReturn per unit of total volatility
2.63
0.57

+2.05

Sortino ratioReturn per unit of downside risk
3.52
0.83

+2.69

Omega ratioGain probability vs. loss probability

1.47

1.11

+0.37

Calmar ratioReturn relative to maximum drawdown

3.39

0.63

+2.76

Martin ratioReturn relative to average drawdown

12.59

1.79

+10.81

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

EVAL.L vs. MVED.L - Sharpe Ratio Comparison

The current EVAL.L Sharpe Ratio is 2.63, which is higher than the MVED.L Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of EVAL.L and MVED.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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Sharpe Ratios by Period

EVAL.LMVED.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.63

0.57

+2.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.98

0.55

+0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.49

-0.12

Drawdowns

EVAL.L vs. MVED.L - Drawdown Comparison

The maximum EVAL.L drawdown since its inception was -40.72%, which is greater than MVED.L's maximum drawdown of -24.31%. Use the drawdown chart below to compare losses from any high point for EVAL.L and MVED.L.

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Drawdown Indicators

EVAL.LMVED.LDifference

Max Drawdown

Largest peak-to-trough decline

-40.72%

-24.31%

-16.41%

Max Drawdown (1Y)

Largest decline over 1 year

-10.10%

-8.28%

-1.82%

Max Drawdown (3Y)

Largest decline over 3 years

-14.35%

-8.28%

-6.07%

Max Drawdown (5Y)

Largest decline over 5 years

-14.61%

-17.36%

+2.75%

Max Drawdown (10Y)

Largest decline over 10 years

-37.77%

—

—

Current Drawdown

Current decline from peak

-1.61%

-5.32%

+3.71%

Average Drawdown

Average peak-to-trough decline

-11.10%

-4.10%

-7.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.73%

2.94%

-0.21%

Volatility

EVAL.L vs. MVED.L - Volatility Comparison

SPDR MSCI Europe Value UCITS ETF (EVAL.L) has a higher volatility of 4.12% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) at 2.98%. This indicates that EVAL.L's price experiences larger fluctuations and is considered to be riskier than MVED.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EVAL.LMVED.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.12%

2.98%

+1.14%

Volatility (6M)

Calculated over the trailing 6-month period

10.49%

7.68%

+2.81%

Volatility (1Y)

Calculated over the trailing 1-year period

13.05%

9.18%

+3.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.45%

11.29%

+3.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

12.95%

+4.02%

EVAL.L vs. MVED.L - Expense Ratio Comparison

EVAL.L has a 0.20% expense ratio, which is lower than MVED.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EVAL.L vs. MVED.L - Dividend Comparison

Neither EVAL.L nor MVED.L has paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
EVAL.L
SPDR MSCI Europe Value UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		0.00%0.00%0.00%2.67%2.95%2.16%2.54%2.81%2.50%

Frequently Asked Questions

EVAL.L and MVED.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EVAL.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EVAL.L is cheaper with a 0.20% expense ratio, compared with 0.25% for MVED.L.

EVAL.L tracks MSCI Europe Value NR EUR, while MVED.L tracks MSCI Europe NR EUR. They also come from different issuers: State Street and BlackRock. Their fees differ too: 0.20% for EVAL.L and 0.25% for MVED.L.

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