FSEU.L vs. LCPE.L

Last updated Jun 5, 2026

FSEU.L (iShares Edge MSCI Europe Multifactor UCITS) and LCPE.L (Ossiam Shiller Barclays Cape Europe Sector Value TR UCITS) are both Europe Equities funds tracking the MSCI Europe NR EUR, from iShares and Natixis respectively. Both are passively managed. Over the past 10 years, FSEU.L returned 10.82%/yr vs 10.16%/yr for LCPE.L. At a 0.36 correlation, their price movements are largely independent. FSEU.L charges 0.45%/yr vs 0.65%/yr for LCPE.L.

Performance

FSEU.L vs. LCPE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI Europe Multifactor UCITS (FSEU.L) and Ossiam Shiller Barclays Cape Europe Sector Value TR UCITS (LCPE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSEU.L achieves a 9.29% return, which is significantly lower than LCPE.L's 14.20% return. Over the past 10 years, FSEU.L has outperformed LCPE.L with an annualized return of 10.82%, while LCPE.L has yielded a comparatively lower 10.16% annualized return.

FSEU.L

• 1D: 0.52%
• 1M: 1.83%
• YTD: 9.29%
• 6M: 12.30%
• 1Y: 23.28%
• 3Y*: 18.33%
• 5Y*: 10.74%
• 10Y*: 10.82%

LCPE.L

• 1D: 0.39%
• 1M: 3.01%
• YTD: 14.20%
• 6M: 14.45%
• 1Y: 27.63%
• 3Y*: 11.83%
• 5Y*: 9.64%
• 10Y*: 10.16%

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

FSEU.L vs. LCPE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSEU.L iShares Edge MSCI Europe Multifactor UCITS	9.29%	27.11%	9.24%	16.69%	-10.53%	18.42%	5.03%	18.30%	-10.14%	16.67%
LCPE.L Ossiam Shiller Barclays Cape Europe Sector Value TR UCITS	14.20%	18.88%	-2.83%	10.70%	0.29%	16.28%	8.38%	12.94%	-2.26%	9.54%

Correlation

The correlation between FSEU.L and LCPE.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015	0.36

Over the past year, FSEU.L and LCPE.L have become more correlated (0.66) than their long-term average of 0.36, meaning their price movements have been converging.

FSEU.L vs. LCPE.L - Sectors Allocation Comparison

Sectors	FSEU.L	LCPE.L
Financial Services	28.0%	-
Industrials	17.7%	0.2%
Healthcare	11.5%	32.6%
Technology	8.4%	0.2%
Consumer Defensive	8.2%	32.8%
Consumer Cyclical	6.2%	1.9%
Energy	5.8%	0.0%
Communication Services	5.4%	0.0%
Utilities	5.4%	-
Basic Materials	2.1%	32.3%
Real Estate	1.3%	0.0%

Return for Risk

FSEU.L vs. LCPE.L — Risk / Return Rank

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

FSEU.L

FSEU.L Risk / Return Rank: 60
FSEU.L Sharpe Ratio Rank: 61
FSEU.L Sortino Ratio Rank: 60
FSEU.L Omega Ratio Rank: 63
FSEU.L Calmar Ratio Rank: 55
FSEU.L Martin Ratio Rank: 58

LCPE.L

LCPE.L Risk / Return Rank: 77
LCPE.L Sharpe Ratio Rank: 77
LCPE.L Sortino Ratio Rank: 79
LCPE.L Omega Ratio Rank: 74
LCPE.L Calmar Ratio Rank: 81
LCPE.L Martin Ratio Rank: 73

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.

FSEU.L vs. LCPE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Multifactor UCITS (FSEU.L) and Ossiam Shiller Barclays Cape Europe Sector Value TR UCITS (LCPE.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.

	FSEU.L	LCPE.L	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.44	-0.43
Sortino ratio: Return per unit of downside risk	2.80	3.49	-0.68
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	2.70	4.13	-1.43
Martin ratio: Return relative to average drawdown	10.05	13.66	-3.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSEU.L vs. LCPE.L - Sharpe Ratio Comparison

The current FSEU.L Sharpe Ratio is 2.01, which is comparable to the LCPE.L Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of FSEU.L and LCPE.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.

Sharpe Ratios by Period

	FSEU.L	LCPE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.44	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	1.04	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	1.20	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.98	-0.24

Drawdowns

FSEU.L vs. LCPE.L - Drawdown Comparison

The maximum FSEU.L drawdown since its inception was -29.40%, which is greater than LCPE.L's maximum drawdown of -27.05%. Use the drawdown chart below to compare losses from any high point for FSEU.L and LCPE.L.

Drawdown Indicators

	FSEU.L	LCPE.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.40%	-27.05%	-2.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.57%	-6.66%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.08%	-12.39%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-20.33%	-12.39%	-7.94%
Max Drawdown (10Y) Largest decline over 10 years	-29.40%	-27.05%	-2.35%
Current Drawdown Current decline from peak	-0.47%	-2.71%	+2.24%
Average Drawdown Average peak-to-trough decline	-4.14%	-3.52%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.02%	+0.29%

Volatility

FSEU.L vs. LCPE.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Multifactor UCITS (FSEU.L) is 3.39%, while Ossiam Shiller Barclays Cape Europe Sector Value TR UCITS (LCPE.L) has a volatility of 3.81%. This indicates that FSEU.L experiences smaller price fluctuations and is considered to be less risky than LCPE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSEU.L	LCPE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.81%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	8.48%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.53%	11.29%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	17.74%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	20.60%	-5.95%

FSEU.L vs. LCPE.L - Expense Ratio Comparison

FSEU.L has a 0.45% expense ratio, which is lower than LCPE.L's 0.65% expense ratio.

Dividends

FSEU.L vs. LCPE.L - Dividend Comparison

Neither FSEU.L nor LCPE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FSEU.L and LCPE.L in my portfolio?

FSEU.L and LCPE.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSEU.L or LCPE.L?

On fees, FSEU.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSEU.L or LCPE.L?

FSEU.L is cheaper with a 0.45% expense ratio, compared with 0.65% for LCPE.L.

What is the main difference between FSEU.L and LCPE.L?

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: iShares and Natixis. Their fees differ too: 0.45% for FSEU.L and 0.65% for LCPE.L.