FEUI.L vs. HDLV.L

Last updated Jun 16, 2026

FEUI.L (Fidelity Europe Quality Income UCITS ETF) and HDLV.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist) are both exchange-traded funds - FEUI.L is a Europe Equities fund tracking the MSCI Europe High Div Yld NR EUR, while HDLV.L is a S&P 500 fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 5 years, FEUI.L returned 7.70%/yr vs 6.69%/yr for HDLV.L. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.30% expense ratio.

Performance

FEUI.L vs. HDLV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fidelity Europe Quality Income UCITS ETF (FEUI.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FEUI.L is traded in GBP, while HDLV.L is traded in USD. To make them comparable, the HDLV.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, FEUI.L achieves a 8.10% return, which is significantly lower than HDLV.L's 8.59% return.

FEUI.L

• 1D: 0.00%
• 1M: 2.96%
• YTD: 8.10%
• 6M: 8.65%
• 1Y: 19.32%
• 3Y*: 13.49%
• 5Y*: 7.70%
• 10Y*: —

HDLV.L

• 1D: -0.69%
• 1M: 4.09%
• YTD: 8.59%
• 6M: 7.91%
• 1Y: 13.04%
• 3Y*: 9.38%
• 5Y*: 6.69%
• 10Y*: 7.61%

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

FEUI.L vs. HDLV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FEUI.L Fidelity Europe Quality Income UCITS ETF	8.10%	23.83%	1.23%	15.49%	-11.03%	17.17%	2.81%	-7.35%
HDLV.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist	8.59%	-3.80%	18.42%	-3.86%	12.39%	25.99%	-13.53%	-1.00%

Correlation

The correlation between FEUI.L and HDLV.L is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Sep 9, 2019	0.45

Over the past year, the correlation between FEUI.L and HDLV.L has dropped to 0.20 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

FEUI.L vs. HDLV.L - Sectors Allocation Comparison

Sectors	FEUI.L	HDLV.L
Financial Services	24.0%	15.6%
Industrials	19.9%	0.0%
Healthcare	12.7%	5.1%
Technology	9.4%	1.4%
Consumer Cyclical	7.9%	3.4%
Consumer Defensive	6.6%	17.8%
Energy	5.6%	14.1%
Basic Materials	4.8%	-
Utilities	4.8%	13.7%
Communication Services	3.4%	8.6%
Real Estate	1.0%	20.1%

Return for Risk

FEUI.L vs. HDLV.L — Risk / Return Rank

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

FEUI.L

FEUI.L Risk / Return Rank: 46
FEUI.L Sharpe Ratio Rank: 49
FEUI.L Sortino Ratio Rank: 47
FEUI.L Omega Ratio Rank: 47
FEUI.L Calmar Ratio Rank: 43
FEUI.L Martin Ratio Rank: 43

HDLV.L

HDLV.L Risk / Return Rank: 31
HDLV.L Sharpe Ratio Rank: 31
HDLV.L Sortino Ratio Rank: 32
HDLV.L Omega Ratio Rank: 28
HDLV.L Calmar Ratio Rank: 34
HDLV.L Martin Ratio Rank: 28

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.

FEUI.L vs. HDLV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Europe Quality Income UCITS ETF (FEUI.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.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.

	FEUI.L	HDLV.L	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.12	+0.46
Sortino ratio: Return per unit of downside risk	2.18	1.66	+0.52
Omega ratio: Gain probability vs. loss probability	1.28	1.19	+0.09
Calmar ratio: Return relative to maximum drawdown	2.01	1.96	+0.05
Martin ratio: Return relative to average drawdown	6.51	4.91	+1.60

FEUI.L vs. HDLV.L - Sharpe Ratio Comparison

The current FEUI.L Sharpe Ratio is 1.58, which is higher than the HDLV.L Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of FEUI.L and HDLV.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.

Drawdowns

FEUI.L vs. HDLV.L - Drawdown Comparison

The maximum FEUI.L drawdown since its inception was -30.39%, smaller than the maximum HDLV.L drawdown of -34.18%. Use the drawdown chart below to compare losses from any high point for FEUI.L and HDLV.L.

Drawdown Indicators

	FEUI.L	HDLV.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.39%	-34.18%	+3.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-6.62%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-12.80%	-15.52%	+2.72%
Max Drawdown (5Y) Largest decline over 5 years	-23.03%	-17.87%	-5.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.18%	—
Current Drawdown Current decline from peak	-0.92%	-1.30%	+0.38%
Average Drawdown Average peak-to-trough decline	-6.36%	-6.27%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.65%	+0.31%

Volatility

FEUI.L vs. HDLV.L - Volatility Comparison

The current volatility for Fidelity Europe Quality Income UCITS ETF (FEUI.L) is 2.96%, while Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L) has a volatility of 3.75%. This indicates that FEUI.L experiences smaller price fluctuations and is considered to be less risky than HDLV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEUI.L	HDLV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	3.75%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	9.17%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	12.20%	11.59%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	13.92%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	16.40%	-0.10%

FEUI.L vs. HDLV.L - Expense Ratio Comparison

Both FEUI.L and HDLV.L have an expense ratio of 0.30%.

Dividends

FEUI.L vs. HDLV.L - Dividend Comparison

FEUI.L's dividend yield for the trailing twelve months is around 3.48%, less than HDLV.L's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEUI.L Fidelity Europe Quality Income UCITS ETF	3.48%	3.02%	3.63%	3.66%	3.71%	2.93%	2.53%	0.27%	0.00%	0.00%	0.00%	0.00%
HDLV.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist	3.58%	3.91%	3.54%	4.04%	3.56%	3.37%	4.35%	3.69%	3.79%	3.07%	3.07%	1.89%

Frequently Asked Questions

Can I hold both FEUI.L and HDLV.L in my portfolio?

FEUI.L and HDLV.L have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEUI.L or HDLV.L?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEUI.L or HDLV.L?

FEUI.L and HDLV.L have the same expense ratio: 0.30% per year.

What is the main difference between FEUI.L and HDLV.L?

FEUI.L is categorized as Europe Equities, while HDLV.L is S&P 500. FEUI.L tracks MSCI Europe High Div Yld NR EUR, while HDLV.L tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: Fidelity and Invesco.