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FSEU.L vs. LDEG.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSEU.L vs. LDEG.L

Last updated Jun 5, 2026

FSEU.L (iShares Edge MSCI Europe Multifactor UCITS) and LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both Europe Equities funds - FSEU.L tracks the MSCI Europe NR EUR while LDEG.L tracks the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 5 years, FSEU.L returned 10.74%/yr vs 16.11%/yr for LDEG.L. A 0.73 correlation means they provide meaningful diversification when combined. FSEU.L charges 0.45%/yr vs 0.25%/yr for LDEG.L.

Performance

FSEU.L vs. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FSEU.L achieves a 9.29% return, which is significantly lower than LDEG.L's 10.41% 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%

LDEG.L

1D
0.89%
1M
1.38%
YTD
10.41%
6M
13.94%
1Y
30.52%
3Y*
23.92%
5Y*
16.11%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
FSEU.L
iShares Edge MSCI Europe Multifactor UCITS		9.29%27.11%9.24%16.69%-10.53%7.21%
LDEG.L
L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF		10.41%44.92%8.83%14.32%3.42%2.83%

Correlation

The correlation between FSEU.L and LDEG.L is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (All Time)
Calculated using the full available price history since May 10, 2021

0.73

The correlation between FSEU.L and LDEG.L shifts across timeframes, from 0.73 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.

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

Sectors
FSEU.L
LDEG.L

Financial Services

28.0%
41.5%

Industrials

17.7%
15.8%

Healthcare

11.5%
3.4%

Technology

8.4%
2.0%

Consumer Defensive

8.2%
3.1%

Consumer Cyclical

6.2%
3.3%

Energy

5.8%
7.7%

Communication Services

5.4%
5.2%

Utilities

5.4%
8.2%

Basic Materials

2.1%
9.9%

Real Estate

1.3%

-

Financial Services

FSEU.L
28.0%
LDEG.L
41.5%

Industrials

FSEU.L
17.7%
LDEG.L
15.8%

Healthcare

FSEU.L
11.5%
LDEG.L
3.4%

Technology

FSEU.L
8.4%
LDEG.L
2.0%

Consumer Defensive

FSEU.L
8.2%
LDEG.L
3.1%

Consumer Cyclical

FSEU.L
6.2%
LDEG.L
3.3%

Energy

FSEU.L
5.8%
LDEG.L
7.7%

Communication Services

FSEU.L
5.4%
LDEG.L
5.2%

Utilities

FSEU.L
5.4%
LDEG.L
8.2%

Basic Materials

FSEU.L
2.1%
LDEG.L
9.9%

Real Estate

FSEU.L
1.3%
LDEG.L

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Edge MSCI Europe Multifactor UCITS

L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF

Often compared with FSEU.L:
FSEU.L vs. BIAHXFSEU.L vs. VHYL.ASFSEU.L vs. SMEA.LFSEU.L vs. GOOGFSEU.L vs. XDEQ.LFSEU.L vs. CS1.LFSEU.L vs. CNDX.L
Often compared with LDEG.L:
LDEG.L vs. TDGB.LLDEG.L vs. LDUK.LLDEG.L vs. FLXD.LLDEG.L vs. UKDV.LLDEG.L vs. S7XP.LLDEG.L vs. EUDVLDEG.L vs. EUHD.L

Return for Risk

FSEU.L vs. LDEG.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: 6060
Overall Rank
FSEU.L Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
FSEU.L Sortino Ratio Rank: 6060
Sortino Ratio Rank
FSEU.L Omega Ratio Rank: 6363
Omega Ratio Rank
FSEU.L Calmar Ratio Rank: 5555
Calmar Ratio Rank
FSEU.L Martin Ratio Rank: 5858
Martin Ratio Rank
LDEG.L
LDEG.L Risk / Return Rank: 7878
Overall Rank
LDEG.L Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
LDEG.L Sortino Ratio Rank: 8080
Sortino Ratio Rank
LDEG.L Omega Ratio Rank: 8080
Omega Ratio Rank
LDEG.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
LDEG.L Martin Ratio Rank: 7474
Martin Ratio Rank
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. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.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.LLDEG.LDifference
Sharpe ratioReturn per unit of total volatility
2.01
2.63

-0.62

Sortino ratioReturn per unit of downside risk
2.80
3.52

-0.72

Omega ratioGain probability vs. loss probability

1.38

1.48

-0.10

Calmar ratioReturn relative to maximum drawdown

2.70

3.78

-1.08

Martin ratioReturn relative to average drawdown

10.05

13.82

-3.77

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. LDEG.L - Sharpe Ratio Comparison

The current FSEU.L Sharpe Ratio is 2.01, which is comparable to the LDEG.L Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of FSEU.L and LDEG.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.

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Sharpe Ratios by Period

FSEU.LLDEG.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.01

2.63

-0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

1.24

-0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

1.24

-0.50

Drawdowns

FSEU.L vs. LDEG.L - Drawdown Comparison

The maximum FSEU.L drawdown since its inception was -29.40%, which is greater than LDEG.L's maximum drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for FSEU.L and LDEG.L.

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Drawdown Indicators

FSEU.LLDEG.LDifference

Max Drawdown

Largest peak-to-trough decline

-29.40%

-15.97%

-13.43%

Max Drawdown (1Y)

Largest decline over 1 year

-8.57%

-8.04%

-0.53%

Max Drawdown (3Y)

Largest decline over 3 years

-12.08%

-12.05%

-0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-20.33%

-15.97%

-4.36%

Max Drawdown (10Y)

Largest decline over 10 years

-29.40%

—

—

Current Drawdown

Current decline from peak

-0.47%

-1.33%

+0.86%

Average Drawdown

Average peak-to-trough decline

-4.14%

-2.95%

-1.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.31%

2.20%

+0.11%

Volatility

FSEU.L vs. LDEG.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Multifactor UCITS (FSEU.L) is 3.39%, while L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) has a volatility of 3.57%. This indicates that FSEU.L experiences smaller price fluctuations and is considered to be less risky than LDEG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FSEU.LLDEG.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.39%

3.57%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

9.41%

9.21%

+0.20%

Volatility (1Y)

Calculated over the trailing 1-year period

11.53%

11.55%

-0.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.57%

15.99%

-2.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.65%

16.01%

-1.36%

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

FSEU.L has a 0.45% expense ratio, which is higher than LDEG.L's 0.25% expense ratio.

Dividends

FSEU.L vs. LDEG.L - Dividend Comparison

FSEU.L has not paid dividends to shareholders, while LDEG.L's dividend yield for the trailing twelve months is around 3.13%.

PositionTTM20252024202320222021
FSEU.L
iShares Edge MSCI Europe Multifactor UCITS		0.00%0.00%0.00%0.00%0.00%0.00%
LDEG.L
L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF		3.13%3.43%4.21%4.11%3.70%3.11%

Frequently Asked Questions

FSEU.L and LDEG.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, LDEG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

LDEG.L is cheaper with a 0.25% expense ratio, compared with 0.45% for FSEU.L.

FSEU.L tracks MSCI Europe NR EUR, while LDEG.L tracks MSCI Europe Ex UK NR EUR. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.45% for FSEU.L and 0.25% for LDEG.L.

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