FREM.L vs. MKUW.L
FREM.L (Franklin EM Multi-Factor Equity UCITS ETF USD (Acc)) and MKUW.L (Invesco MSCI Kuwait UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - FREM.L tracks the LibertyQ Emerging Markets Index-NR while MKUW.L tracks the MSCI Kuwait 20/35 Index. Both are passively managed. Over the past 5 years, FREM.L returned 6.96%/yr vs 7.19%/yr for MKUW.L. At a 0.21 correlation, their price movements are largely independent. FREM.L charges 0.30%/yr vs 0.50%/yr for MKUW.L.
Performance
FREM.L vs. MKUW.L - Performance Comparison
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Returns By Period
In the year-to-date period, FREM.L achieves a 11.87% return, which is significantly higher than MKUW.L's 0.15% return.
FREM.L
- 1D
- -0.71%
- 1M
- -3.96%
- 6M
- 7.88%
- YTD
- 11.87%
- 1Y
- 21.67%
- 3Y*
- 16.78%
- 5Y*
- 6.96%
- 10Y*
- —
MKUW.L
- 1D
- -0.06%
- 1M
- -2.04%
- 6M
- 1.18%
- YTD
- 0.15%
- 1Y
- 3.43%
- 3Y*
- 7.89%
- 5Y*
- 7.19%
- 10Y*
- —
FREM.L vs. MKUW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FREM.L Franklin EM Multi-Factor Equity UCITS ETF USD (Acc) | 11.87% | 27.77% | 6.27% | 12.53% | -19.30% | 7.08% | 1.89% | 4.30% |
MKUW.L Invesco MSCI Kuwait UCITS ETF USD (Acc) | 0.15% | 25.35% | 9.15% | -8.87% | 5.99% | 28.57% | -9.88% | 10.35% |
Correlation
The correlation between FREM.L and MKUW.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 | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.21 |
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Return for Risk
FREM.L vs. MKUW.L — Risk / Return Rank
FREM.L
MKUW.L
FREM.L vs. MKUW.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin EM Multi-Factor Equity UCITS ETF USD (Acc) (FREM.L) and Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.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.
| FREM.L | MKUW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.07 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 0.46 | +1.59 |
| Martin ratioReturn relative to average drawdown | 6.30 | 1.05 | +5.25 |
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Drawdowns
FREM.L vs. MKUW.L - Drawdown Comparison
The maximum FREM.L drawdown since its inception was -39.05%, roughly equal to the maximum MKUW.L drawdown of -37.76%. Use the drawdown chart below to compare losses from any high point for FREM.L and MKUW.L.
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Drawdown Indicators
| FREM.L | MKUW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.05% | -37.76% | -1.29% |
Max Drawdown (1Y)Largest decline over 1 year | -10.52% | -7.47% | -3.05% |
Max Drawdown (3Y)Largest decline over 3 years | -12.98% | -14.16% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -29.99% | -25.13% | -4.86% |
Current DrawdownCurrent decline from peak | -5.08% | -3.60% | -1.48% |
Average DrawdownAverage peak-to-trough decline | -10.94% | -9.42% | -1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.43% | 3.26% | +0.17% |
Volatility
FREM.L vs. MKUW.L - Volatility Comparison
Franklin EM Multi-Factor Equity UCITS ETF USD (Acc) (FREM.L) has a higher volatility of 4.29% compared to Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L) at 1.71%. This indicates that FREM.L's price experiences larger fluctuations and is considered to be riskier than MKUW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FREM.L | MKUW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 1.71% | +2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 13.63% | 8.01% | +5.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.55% | 10.26% | +5.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.34% | 12.76% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 16.49% | +0.45% |
FREM.L vs. MKUW.L - Expense Ratio Comparison
FREM.L has a 0.30% expense ratio, which is lower than MKUW.L's 0.50% expense ratio.
Dividends
FREM.L vs. MKUW.L - Dividend Comparison
Neither FREM.L nor MKUW.L has paid dividends to shareholders.
Frequently Asked Questions
FREM.L and MKUW.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.
On fees, FREM.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FREM.L is cheaper with a 0.30% expense ratio, compared with 0.50% for MKUW.L.
FREM.L tracks LibertyQ Emerging Markets Index-NR, while MKUW.L tracks MSCI Kuwait 20/35 Index. They also come from different issuers: Franklin and Invesco. Their fees differ too: 0.30% for FREM.L and 0.50% for MKUW.L.
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