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

FKUD.L vs. MVEU.L

Last updated Jul 16, 2026
Documentation

FKUD.L (First Trust United Kingdom AlphaDEX UCITS ETF Dist) and MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) are both Europe Equities funds - FKUD.L tracks the FTSE AllSh TR GBP while MVEU.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, FKUD.L returned 8.51%/yr vs 7.01%/yr for MVEU.L. A 0.61 correlation means they provide meaningful diversification when combined. FKUD.L charges 0.65%/yr vs 0.25%/yr for MVEU.L.

Performance

FKUD.L vs. MVEU.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 (Acc) (MVEU.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 MVEU.L is traded in EUR. To make them comparable, the MVEU.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 8.61% return, which is significantly higher than MVEU.L's 5.58% return. Over the past 10 years, FKUD.L has outperformed MVEU.L with an annualized return of 8.51%, while MVEU.L has yielded a comparatively lower 7.01% annualized return.

FKUD.L

1D
0.06%
1M
0.61%
6M
6.63%
YTD
8.61%
1Y
20.94%
3Y*
19.09%
5Y*
8.98%
10Y*
8.51%

MVEU.L

1D
-0.61%
1M
-0.45%
6M
4.23%
YTD
5.58%
1Y
9.00%
3Y*
11.44%
5Y*
6.76%
10Y*
7.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
FKUD.L
First Trust United Kingdom AlphaDEX UCITS ETF Dist		8.61%26.42%10.14%14.02%-14.10%20.54%-8.24%31.07%-12.21%13.09%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		5.58%17.63%6.71%8.45%-8.16%14.46%1.57%15.47%-2.87%14.16%

Correlation

The correlation between FKUD.L and MVEU.L is 0.52, 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

0.52

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

0.59

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

0.63

Correlation (10Y)
Calculated over the trailing 10-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2016

0.61

The correlation between FKUD.L and MVEU.L shifts across timeframes, from 0.52 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
FKUD.L
MVEU.L

Financial Services

28.7%
17.7%

Basic Materials

18.3%
5.2%

Consumer Cyclical

12.6%
3.6%

Industrials

11.7%
15.6%

Communication Services

7.0%
8.3%

Consumer Defensive

6.4%
14.5%

Healthcare

5.3%
12.8%

Real Estate

4.0%
1.5%

Energy

3.6%
6.6%

Utilities

2.4%
10.0%

Technology

-

3.5%

Financial Services

FKUD.L
28.7%
MVEU.L
17.7%

Basic Materials

FKUD.L
18.3%
MVEU.L
5.2%

Consumer Cyclical

FKUD.L
12.6%
MVEU.L
3.6%

Industrials

FKUD.L
11.7%
MVEU.L
15.6%

Communication Services

FKUD.L
7.0%
MVEU.L
8.3%

Consumer Defensive

FKUD.L
6.4%
MVEU.L
14.5%

Healthcare

FKUD.L
5.3%
MVEU.L
12.8%

Real Estate

FKUD.L
4.0%
MVEU.L
1.5%

Energy

FKUD.L
3.6%
MVEU.L
6.6%

Utilities

FKUD.L
2.4%
MVEU.L
10.0%

Technology

FKUD.L

-

MVEU.L
3.5%

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First Trust United Kingdom AlphaDEX UCITS ETF Dist

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

Often compared with FKUD.L:
FKUD.L vs. FSKY.LFKUD.L vs. FDN.LFKUD.L vs. FCBR.LFKUD.L vs. LCPE.LFKUD.L vs. FBT.LFKUD.L vs. EEI.LFKUD.L vs. MIVO.L
Often compared with MVEU.L:
MVEU.L vs. SVOLMVEU.L vs. VTMVEU.L vs. FLXD.LMVEU.L vs. CS1.LMVEU.L vs. EUHD.LMVEU.L vs. PRUK.LMVEU.L vs. CSP1.L

Return for Risk

FKUD.L vs. MVEU.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: 4848
Overall Rank
FKUD.L Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
FKUD.L Sortino Ratio Rank: 5151
Sortino Ratio Rank
FKUD.L Omega Ratio Rank: 5151
Omega Ratio Rank
FKUD.L Calmar Ratio Rank: 4141
Calmar Ratio Rank
FKUD.L Martin Ratio Rank: 4444
Martin Ratio Rank
MVEU.L
MVEU.L Risk / Return Rank: 4141
Overall Rank
MVEU.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
MVEU.L Sortino Ratio Rank: 4343
Sortino Ratio Rank
MVEU.L Omega Ratio Rank: 4343
Omega Ratio Rank
MVEU.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
MVEU.L Martin Ratio Rank: 3939
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. MVEU.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 (Acc) (MVEU.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.

FKUD.LMVEU.LDifference
Sharpe ratioReturn per unit of total volatility
1.48
0.98

+0.49

Sortino ratioReturn per unit of downside risk
2.09
1.40

+0.69

Omega ratioGain probability vs. loss probability

1.27

1.18

+0.09

Calmar ratioReturn relative to maximum drawdown

1.75

1.08

+0.68

Martin ratioReturn relative to average drawdown

5.96

3.07

+2.89

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

The current FKUD.L Sharpe Ratio is 1.48, which is higher than the MVEU.L Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of FKUD.L and MVEU.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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Drawdowns

FKUD.L vs. MVEU.L - Drawdown Comparison

The maximum FKUD.L drawdown since its inception was -45.67%, which is greater than MVEU.L's maximum drawdown of -23.74%. Use the drawdown chart below to compare losses from any high point for FKUD.L and MVEU.L.

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Drawdown Indicators

FKUD.LMVEU.LDifference

Max Drawdown

Largest peak-to-trough decline

-45.67%

-23.74%

-21.93%

Max Drawdown (1Y)

Largest decline over 1 year

-11.78%

-8.32%

-3.46%

Max Drawdown (3Y)

Largest decline over 3 years

-13.10%

-8.32%

-4.78%

Max Drawdown (5Y)

Largest decline over 5 years

-26.92%

-17.42%

-9.50%

Max Drawdown (10Y)

Largest decline over 10 years

-45.67%

-23.74%

-21.93%

Current Drawdown

Current decline from peak

-1.41%

-3.83%

+2.42%

Average Drawdown

Average peak-to-trough decline

-7.06%

-3.52%

-3.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.47%

2.92%

+0.55%

Volatility

FKUD.L vs. MVEU.L - Volatility Comparison

First Trust United Kingdom AlphaDEX UCITS ETF Dist (FKUD.L) has a higher volatility of 4.00% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) at 2.67%. This indicates that FKUD.L's price experiences larger fluctuations and is considered to be riskier than MVEU.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.LMVEU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

2.67%

+1.33%

Volatility (6M)

Calculated over the trailing 6-month period

12.11%

7.64%

+4.47%

Volatility (1Y)

Calculated over the trailing 1-year period

14.01%

9.16%

+4.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.04%

11.30%

+3.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.26%

12.56%

+4.70%

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

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

Dividends

FKUD.L vs. MVEU.L - Dividend Comparison

FKUD.L's dividend yield for the trailing twelve months is around 1.38%, while MVEU.L has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019201820172016
FKUD.L
First Trust United Kingdom AlphaDEX UCITS ETF Dist		1.38%1.56%2.75%2.94%3.95%3.18%1.63%3.13%3.41%2.68%1.59%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FKUD.L and MVEU.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

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