FLPE.L vs. TDGB.L

Last updated Jul 18, 2026

FLPE.L (Northern Trust Listed Private Equity UCITS ETF USD (Acc)) and TDGB.L (VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF) are both Global Equities funds - FLPE.L tracks the MSCI World IMI Listed Private Equity Select (USD Net Total Return) Index while TDGB.L tracks the Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. Both are passively managed. Over the past 3 years, FLPE.L returned 10.30%/yr vs 21.17%/yr for TDGB.L. A 0.51 correlation means they provide meaningful diversification when combined. FLPE.L charges 0.40%/yr vs 0.38%/yr for TDGB.L.

Performance

FLPE.L vs. TDGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Northern Trust Listed Private Equity UCITS ETF USD (Acc) (FLPE.L) and VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLPE.L achieves a -13.52% return, which is significantly lower than TDGB.L's 11.82% return.

FLPE.L

• 1D: -0.18%
• 1M: -0.53%
• 6M: -16.48%
• YTD: -13.52%
• 1Y: -17.64%
• 3Y*: 10.30%
• 5Y*: —
• 10Y*: —

TDGB.L

• 1D: 0.52%
• 1M: 1.79%
• 6M: 9.93%
• YTD: 11.82%
• 1Y: 29.38%
• 3Y*: 21.17%
• 5Y*: 18.38%
• 10Y*: 10.24%

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

FLPE.L vs. TDGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLPE.L Northern Trust Listed Private Equity UCITS ETF USD (Acc)	-13.52%	-1.74%	31.38%	35.15%	-37.39%
TDGB.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	11.82%	30.90%	10.66%	9.04%	15.79%

Correlation

The correlation between FLPE.L and TDGB.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	0.51

Over the past year, the correlation between FLPE.L and TDGB.L has dropped to 0.27 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

Return for Risk

FLPE.L vs. TDGB.L — Risk / Return Rank

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

FLPE.L

FLPE.L Risk / Return Rank: 4
FLPE.L Sharpe Ratio Rank: 3
FLPE.L Sortino Ratio Rank: 3
FLPE.L Omega Ratio Rank: 3
FLPE.L Calmar Ratio Rank: 4
FLPE.L Martin Ratio Rank: 4

TDGB.L

TDGB.L Risk / Return Rank: 95
TDGB.L Sharpe Ratio Rank: 96
TDGB.L Sortino Ratio Rank: 95
TDGB.L Omega Ratio Rank: 95
TDGB.L Calmar Ratio Rank: 95
TDGB.L Martin Ratio Rank: 94

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.

FLPE.L vs. TDGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Listed Private Equity UCITS ETF USD (Acc) (FLPE.L) and VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.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.

	FLPE.L	TDGB.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	3.14	-3.96
Sortino ratio: Return per unit of downside risk	-1.05	4.37	-5.42
Omega ratio: Gain probability vs. loss probability	0.88	1.59	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.62	6.27	-6.89
Martin ratio: Return relative to average drawdown	-1.15	20.45	-21.60

FLPE.L vs. TDGB.L - Sharpe Ratio Comparison

The current FLPE.L Sharpe Ratio is -0.82, which is lower than the TDGB.L Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of FLPE.L and TDGB.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

FLPE.L vs. TDGB.L - Drawdown Comparison

The maximum FLPE.L drawdown since its inception was -43.46%, which is greater than TDGB.L's maximum drawdown of -32.94%. Use the drawdown chart below to compare losses from any high point for FLPE.L and TDGB.L.

Drawdown Indicators

	FLPE.L	TDGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-32.94%	-10.52%
Max Drawdown (1Y) Largest decline over 1 year	-28.35%	-4.66%	-23.69%
Max Drawdown (3Y) Largest decline over 3 years	-30.16%	-12.42%	-17.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-12.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.94%	—
Current Drawdown Current decline from peak	-21.17%	0.00%	-21.17%
Average Drawdown Average peak-to-trough decline	-20.81%	-4.89%	-15.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.30%	1.43%	+13.87%

Volatility

FLPE.L vs. TDGB.L - Volatility Comparison

Northern Trust Listed Private Equity UCITS ETF USD (Acc) (FLPE.L) has a higher volatility of 5.99% compared to VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L) at 2.44%. This indicates that FLPE.L's price experiences larger fluctuations and is considered to be riskier than TDGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLPE.L	TDGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	2.44%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	17.69%	7.26%	+10.43%
Volatility (1Y) Calculated over the trailing 1-year period	21.57%	9.30%	+12.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.09%	11.44%	+14.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.09%	13.66%	+12.43%

FLPE.L vs. TDGB.L - Expense Ratio Comparison

FLPE.L has a 0.40% expense ratio, which is higher than TDGB.L's 0.38% expense ratio.

Dividends

FLPE.L vs. TDGB.L - Dividend Comparison

FLPE.L has not paid dividends to shareholders, while TDGB.L's dividend yield for the trailing twelve months is around 3.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLPE.L Northern Trust Listed Private Equity UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TDGB.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	3.11%	3.50%	4.26%	4.93%	4.40%	4.06%	4.16%	4.52%	4.38%	3.48%

Frequently Asked Questions

Can I hold both FLPE.L and TDGB.L in my portfolio?

FLPE.L and TDGB.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLPE.L or TDGB.L?

On fees, TDGB.L is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLPE.L or TDGB.L?

TDGB.L is cheaper with a 0.38% expense ratio, compared with 0.40% for FLPE.L.

What is the main difference between FLPE.L and TDGB.L?

FLPE.L tracks MSCI World IMI Listed Private Equity Select (USD Net Total Return) Index, while TDGB.L tracks Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. They also come from different issuers: Northern Trust and VanEck. Their fees differ too: 0.40% for FLPE.L and 0.38% for TDGB.L.