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

FKUD.L vs. MVED.L

Last updated Jun 5, 2026

FKUD.L (First Trust United Kingdom AlphaDEX UCITS ETF Dist) and MVED.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)) are both Europe Equities funds - FKUD.L tracks the FTSE AllSh TR GBP while MVED.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, FKUD.L returned 5.24%/yr vs 6.21%/yr for MVED.L. A 0.62 correlation means they provide meaningful diversification when combined. FKUD.L charges 0.65%/yr vs 0.25%/yr for MVED.L.

Performance

FKUD.L vs. MVED.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust United Kingdom AlphaDEX UCITS ETF Dist (FKUD.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

FKUD.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, FKUD.L achieves a 5.86% return, which is significantly higher than MVED.L's 3.88% return.

FKUD.L

1D
0.38%
1M
3.49%
YTD
5.86%
6M
9.71%
1Y
18.65%
3Y*
14.54%
5Y*
5.24%
10Y*
4.88%

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)

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

2026 (YTD)20252024202320222021202020192018
FKUD.L
First Trust United Kingdom AlphaDEX UCITS ETF Dist		5.86%24.21%7.17%10.50%-17.38%16.72%-9.94%26.72%-15.46%
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 FKUD.L and MVED.L is 0.53, 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

0.53

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

0.59

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

0.63

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

0.62

The correlation between FKUD.L and MVED.L shifts across timeframes, from 0.53 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
FKUD.L
MVED.L

Financial Services

27.7%
17.8%

Basic Materials

17.8%
5.7%

Consumer Cyclical

13.2%
3.7%

Industrials

11.4%
15.7%

Communication Services

7.2%
9.5%

Consumer Defensive

6.7%
13.2%

Healthcare

5.3%
13.1%

Energy

4.0%
6.9%

Real Estate

4.0%
1.6%

Utilities

2.7%
10.1%

Technology

-

2.8%

Financial Services

FKUD.L
27.7%
MVED.L
17.8%

Basic Materials

FKUD.L
17.8%
MVED.L
5.7%

Consumer Cyclical

FKUD.L
13.2%
MVED.L
3.7%

Industrials

FKUD.L
11.4%
MVED.L
15.7%

Communication Services

FKUD.L
7.2%
MVED.L
9.5%

Consumer Defensive

FKUD.L
6.7%
MVED.L
13.2%

Healthcare

FKUD.L
5.3%
MVED.L
13.1%

Energy

FKUD.L
4.0%
MVED.L
6.9%

Real Estate

FKUD.L
4.0%
MVED.L
1.6%

Utilities

FKUD.L
2.7%
MVED.L
10.1%

Technology

FKUD.L

-

MVED.L
2.8%

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First Trust United Kingdom AlphaDEX UCITS ETF Dist

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

Often compared with FKUD.L:
FKUD.L vs. FSKY.LFKUD.L vs. EEI.LFKUD.L vs. FBT.LFKUD.L vs. FCBR.LFKUD.L vs. MIVO.LFKUD.L vs. UD03.LFKUD.L vs. FDN.L
Often compared with MVED.L:
MVED.L vs. MIVO.LMVED.L vs. CSPX.LMVED.L vs. PRUK.LMVED.L vs. OPEN.LMVED.L vs. WDEP.LMVED.L vs. EDIV.LMVED.L vs. FKU.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FKUD.L
FKUD.L Risk / Return Rank: 3737
Overall Rank
FKUD.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
FKUD.L Sortino Ratio Rank: 3939
Sortino Ratio Rank
FKUD.L Omega Ratio Rank: 3939
Omega Ratio Rank
FKUD.L Calmar Ratio Rank: 3232
Calmar Ratio Rank
FKUD.L Martin Ratio Rank: 3636
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.

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

This table presents a comparison of risk-adjusted performance metrics for First Trust United Kingdom AlphaDEX UCITS ETF Dist (FKUD.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.

FKUD.LMVED.LDifference
Sharpe ratioReturn per unit of total volatility
1.37
0.57

+0.80

Sortino ratioReturn per unit of downside risk
1.96
0.83

+1.14

Omega ratioGain probability vs. loss probability

1.25

1.11

+0.14

Calmar ratioReturn relative to maximum drawdown

1.58

0.63

+0.94

Martin ratioReturn relative to average drawdown

5.38

1.79

+3.59

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

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

The current FKUD.L Sharpe Ratio is 1.37, which is higher than the MVED.L Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of FKUD.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

FKUD.LMVED.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.37

0.57

+0.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.55

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.49

-0.20

Drawdowns

FKUD.L vs. MVED.L - Drawdown Comparison

The maximum FKUD.L drawdown since its inception was -47.29%, 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 FKUD.L and MVED.L.

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Drawdown Indicators

FKUD.LMVED.LDifference

Max Drawdown

Largest peak-to-trough decline

-47.29%

-24.31%

-22.98%

Max Drawdown (1Y)

Largest decline over 1 year

-11.78%

-8.28%

-3.50%

Max Drawdown (3Y)

Largest decline over 3 years

-13.54%

-8.28%

-5.26%

Max Drawdown (5Y)

Largest decline over 5 years

-29.27%

-17.36%

-11.91%

Max Drawdown (10Y)

Largest decline over 10 years

-47.29%

—

—

Current Drawdown

Current decline from peak

-3.91%

-5.32%

+1.41%

Average Drawdown

Average peak-to-trough decline

-8.89%

-4.10%

-4.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.46%

2.94%

+0.52%

Volatility

FKUD.L vs. MVED.L - Volatility Comparison

First Trust United Kingdom AlphaDEX UCITS ETF Dist (FKUD.L) has a higher volatility of 5.06% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) at 2.98%. This indicates that FKUD.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

FKUD.LMVED.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.06%

2.98%

+2.08%

Volatility (6M)

Calculated over the trailing 6-month period

11.59%

7.68%

+3.91%

Volatility (1Y)

Calculated over the trailing 1-year period

13.52%

9.18%

+4.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.15%

11.29%

+3.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

12.95%

+5.06%

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

FKUD.L has a 0.65% expense ratio, which is higher than MVED.L's 0.25% expense ratio.

Dividends

FKUD.L vs. MVED.L - Dividend Comparison

FKUD.L's dividend yield for the trailing twelve months is around 0.03%, while MVED.L has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
FKUD.L
First Trust United Kingdom AlphaDEX UCITS ETF Dist		0.03%0.03%0.03%0.03%0.04%0.03%0.02%0.03%0.03%0.03%0.02%
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%0.00%0.00%

Frequently Asked Questions

FKUD.L and MVED.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, MVED.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

MVED.L is cheaper with a 0.25% expense ratio, compared with 0.65% for FKUD.L.

FKUD.L tracks FTSE AllSh TR GBP, while MVED.L tracks MSCI Europe NR EUR. They also come from different issuers: First Trust and BlackRock. Their fees differ too: 0.65% for FKUD.L and 0.25% for MVED.L.

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