FPXE.L vs. MVEU.L
FPXE.L (First Trust IPOX Europe Equity Opportunities UCITS ETF) and MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) are both Europe Equities funds - FPXE.L tracks the First Trust IPOX Europe Equity Opportunities UCITS ETF while MVEU.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, FPXE.L returned 3.93%/yr vs 6.76%/yr for MVEU.L. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
FPXE.L vs. MVEU.L - Performance Comparison
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Different Trading Currencies
FPXE.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, FPXE.L achieves a 7.25% return, which is significantly higher than MVEU.L's 5.58% return.
FPXE.L
- 1D
- -1.63%
- 1M
- -7.21%
- 6M
- 5.78%
- YTD
- 7.25%
- 1Y
- 7.04%
- 3Y*
- 15.00%
- 5Y*
- 3.93%
- 10Y*
- —
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%
FPXE.L vs. MVEU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FPXE.L First Trust IPOX Europe Equity Opportunities UCITS ETF | 7.25% | 14.93% | 17.51% | 8.62% | -27.20% | -6.75% |
MVEU.L iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) | 5.58% | 17.63% | 6.71% | 8.45% | -8.16% | 7.58% |
Correlation
The correlation between FPXE.L and MVEU.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2021 | 0.57 |
The correlation between FPXE.L and MVEU.L shifts across timeframes, from 0.41 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FPXE.L vs. MVEU.L — Risk / Return Rank
FPXE.L
MVEU.L
FPXE.L vs. MVEU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust IPOX Europe Equity Opportunities UCITS ETF (FPXE.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.
| FPXE.L | MVEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.18 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 1.08 | -0.34 |
| Martin ratioReturn relative to average drawdown | 2.17 | 3.07 | -0.91 |
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Drawdowns
FPXE.L vs. MVEU.L - Drawdown Comparison
The maximum FPXE.L drawdown since its inception was -38.82%, 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 FPXE.L and MVEU.L.
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Drawdown Indicators
| FPXE.L | MVEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.82% | -23.74% | -15.08% |
Max Drawdown (1Y)Largest decline over 1 year | -9.55% | -8.32% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -21.19% | -8.32% | -12.87% |
Max Drawdown (5Y)Largest decline over 5 years | -37.41% | -17.42% | -19.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.74% | — |
Current DrawdownCurrent decline from peak | -9.22% | -3.83% | -5.39% |
Average DrawdownAverage peak-to-trough decline | -17.11% | -3.52% | -13.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 2.92% | +0.32% |
Volatility
FPXE.L vs. MVEU.L - Volatility Comparison
First Trust IPOX Europe Equity Opportunities UCITS ETF (FPXE.L) has a higher volatility of 6.06% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) at 2.67%. This indicates that FPXE.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
| FPXE.L | MVEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.06% | 2.67% | +3.39% |
Volatility (6M)Calculated over the trailing 6-month period | 15.30% | 7.64% | +7.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.47% | 9.16% | +8.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.50% | 11.30% | +7.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.29% | 12.56% | +6.73% |
Dividends
FPXE.L vs. MVEU.L - Dividend Comparison
Neither FPXE.L nor MVEU.L has paid dividends to shareholders.
Frequently Asked Questions
FPXE.L and MVEU.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPXE.L tracks First Trust IPOX Europe Equity Opportunities UCITS ETF, while MVEU.L tracks MSCI Europe NR EUR. They also come from different issuers: First Trust and iShares.
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