FREM.L vs. VPAC.L
FREM.L (Franklin EM Multi-Factor Equity UCITS ETF) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds - FREM.L tracks the Franklin EM Multi-Factor Equity UCITS ETF while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, FREM.L returned 7.07%/yr vs 3.51%/yr for VPAC.L. At a 0.43 correlation, their price movements are largely independent. FREM.L charges 0.45%/yr vs 0.50%/yr for VPAC.L.
Performance
FREM.L vs. VPAC.L - Performance Comparison
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Returns By Period
In the year-to-date period, FREM.L achieves a 13.22% return, which is significantly higher than VPAC.L's 2.04% return.
FREM.L
- 1D
- 0.66%
- 1M
- -3.28%
- 6M
- 9.24%
- YTD
- 13.22%
- 1Y
- 23.10%
- 3Y*
- 16.92%
- 5Y*
- 7.07%
- 10Y*
- —
VPAC.L
- 1D
- -0.12%
- 1M
- 0.03%
- 6M
- 1.83%
- YTD
- 2.04%
- 1Y
- 5.32%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
FREM.L vs. VPAC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FREM.L Franklin EM Multi-Factor Equity UCITS ETF | 13.22% | 27.77% | 6.27% | 12.53% | -19.30% | 7.08% | 1.89% | 11.43% | 0.52% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD | 2.04% | 6.34% | 10.84% | 9.27% | -9.70% | 3.64% | 4.81% | 17.14% | -1.27% |
Correlation
The correlation between FREM.L and VPAC.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.43 |
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Return for Risk
FREM.L vs. VPAC.L — Risk / Return Rank
FREM.L
VPAC.L
FREM.L vs. VPAC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin EM Multi-Factor Equity UCITS ETF (FREM.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.32 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.54 | -0.39 |
| Martin ratioReturn relative to average drawdown | 6.68 | 9.98 | -3.30 |
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Drawdowns
FREM.L vs. VPAC.L - Drawdown Comparison
The maximum FREM.L drawdown since its inception was -39.05%, which is greater than VPAC.L's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for FREM.L and VPAC.L.
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Drawdown Indicators
| FREM.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.05% | -34.25% | -4.80% |
Max Drawdown (1Y)Largest decline over 1 year | -10.52% | -2.02% | -8.50% |
Max Drawdown (3Y)Largest decline over 3 years | -12.98% | -3.40% | -9.58% |
Max Drawdown (5Y)Largest decline over 5 years | -29.99% | -13.89% | -16.10% |
Current DrawdownCurrent decline from peak | -3.94% | -0.33% | -3.61% |
Average DrawdownAverage peak-to-trough decline | -10.95% | -3.14% | -7.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 0.52% | +2.88% |
Volatility
FREM.L vs. VPAC.L - Volatility Comparison
Franklin EM Multi-Factor Equity UCITS ETF (FREM.L) has a higher volatility of 4.42% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that FREM.L's price experiences larger fluctuations and is considered to be riskier than VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 0.74% | +3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 13.68% | 2.28% | +11.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.54% | 3.17% | +12.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.34% | 5.30% | +10.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 11.00% | +5.94% |
FREM.L vs. VPAC.L - Expense Ratio Comparison
FREM.L has a 0.45% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.
Dividends
FREM.L vs. VPAC.L - Dividend Comparison
Neither FREM.L nor VPAC.L has paid dividends to shareholders.
Frequently Asked Questions
FREM.L and VPAC.L have a correlation of 0.38, 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 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FREM.L is cheaper with a 0.45% expense ratio, compared with 0.50% for VPAC.L.
FREM.L tracks Franklin EM Multi-Factor Equity UCITS ETF, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. They also come from different issuers: Franklin and Invesco. Their fees differ too: 0.45% for FREM.L and 0.50% for VPAC.L.
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