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

FSEU.L vs. MVED.L

Last updated Jun 5, 2026

FSEU.L (iShares Edge MSCI Europe Multifactor UCITS) and MVED.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)) are both Europe Equities funds tracking the MSCI Europe NR EUR, from iShares and BlackRock respectively. Both are passively managed. Over the past 5 years, FSEU.L returned 10.74%/yr vs 6.21%/yr for MVED.L. Their correlation of 0.81 suggests significant overlap in exposure. FSEU.L charges 0.45%/yr vs 0.25%/yr for MVED.L.

Performance

FSEU.L vs. MVED.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 iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FSEU.L is traded in GBp, while MVED.L is traded in EUR. To make them comparable, the MVED.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FSEU.L achieves a 9.29% return, which is significantly higher than MVED.L's 3.88% 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%

MVED.L

1D
0.45%
1M
0.80%
YTD
3.88%
6M
4.77%
1Y
5.26%
3Y*
8.28%
5Y*
6.21%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
FSEU.L
iShares Edge MSCI Europe Multifactor UCITS		9.29%27.11%9.24%16.69%-10.53%18.42%5.03%18.30%-10.00%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		3.88%14.60%3.94%8.51%-8.08%14.30%1.58%15.71%0.07%

Correlation

The correlation between FSEU.L and MVED.L is 0.67, 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

0.67

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

0.74

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

0.78

Correlation (All Time)
Calculated using the full available price history since Mar 1, 2018

0.81

The correlation between FSEU.L and MVED.L shifts across timeframes, from 0.67 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

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

Sectors
FSEU.L
MVED.L

Financial Services

28.0%
17.8%

Industrials

17.7%
15.7%

Healthcare

11.5%
13.1%

Technology

8.4%
2.8%

Consumer Defensive

8.2%
13.2%

Consumer Cyclical

6.2%
3.7%

Energy

5.8%
6.9%

Communication Services

5.4%
9.5%

Utilities

5.4%
10.1%

Basic Materials

2.1%
5.7%

Real Estate

1.3%
1.6%

Financial Services

FSEU.L
28.0%
MVED.L
17.8%

Industrials

FSEU.L
17.7%
MVED.L
15.7%

Healthcare

FSEU.L
11.5%
MVED.L
13.1%

Technology

FSEU.L
8.4%
MVED.L
2.8%

Consumer Defensive

FSEU.L
8.2%
MVED.L
13.2%

Consumer Cyclical

FSEU.L
6.2%
MVED.L
3.7%

Energy

FSEU.L
5.8%
MVED.L
6.9%

Communication Services

FSEU.L
5.4%
MVED.L
9.5%

Utilities

FSEU.L
5.4%
MVED.L
10.1%

Basic Materials

FSEU.L
2.1%
MVED.L
5.7%

Real Estate

FSEU.L
1.3%
MVED.L
1.6%

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iShares Edge MSCI Europe Multifactor UCITS

iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)

Often compared with FSEU.L:
FSEU.L vs. BIAHXFSEU.L vs. SMEA.LFSEU.L vs. VHYL.ASFSEU.L vs. GOOGFSEU.L vs. XDEQ.LFSEU.L vs. CS1.LFSEU.L vs. CNDX.L
Often compared with MVED.L:
MVED.L vs. MIVO.LMVED.L vs. CSPX.LMVED.L vs. PRUK.LMVED.L vs. WDEP.LMVED.L vs. OPEN.LMVED.L vs. EDIV.LMVED.L vs. FKU.L

Return for Risk

FSEU.L vs. MVED.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
MVED.L
MVED.L Risk / Return Rank: 1313
Overall Rank
MVED.L Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
MVED.L Sortino Ratio Rank: 1212
Sortino Ratio Rank
MVED.L Omega Ratio Rank: 1313
Omega Ratio Rank
MVED.L Calmar Ratio Rank: 1313
Calmar Ratio Rank
MVED.L Martin Ratio Rank: 1313
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. MVED.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 iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.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.LMVED.LDifference
Sharpe ratioReturn per unit of total volatility
2.01
0.57

+1.44

Sortino ratioReturn per unit of downside risk
2.80
0.83

+1.98

Omega ratioGain probability vs. loss probability

1.38

1.11

+0.27

Calmar ratioReturn relative to maximum drawdown

2.70

0.63

+2.07

Martin ratioReturn relative to average drawdown

10.05

1.79

+8.27

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. MVED.L - Sharpe Ratio Comparison

The current FSEU.L Sharpe Ratio is 2.01, which is higher than the MVED.L Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of FSEU.L and MVED.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.LMVED.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.01

0.57

+1.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

0.55

+0.24

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

0.49

+0.25

Drawdowns

FSEU.L vs. MVED.L - Drawdown Comparison

The maximum FSEU.L drawdown since its inception was -29.40%, which is greater than MVED.L's maximum drawdown of -24.31%. Use the drawdown chart below to compare losses from any high point for FSEU.L and MVED.L.

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Drawdown Indicators

FSEU.LMVED.LDifference

Max Drawdown

Largest peak-to-trough decline

-29.40%

-24.31%

-5.09%

Max Drawdown (1Y)

Largest decline over 1 year

-8.57%

-8.28%

-0.29%

Max Drawdown (3Y)

Largest decline over 3 years

-12.08%

-8.28%

-3.80%

Max Drawdown (5Y)

Largest decline over 5 years

-20.33%

-17.36%

-2.97%

Max Drawdown (10Y)

Largest decline over 10 years

-29.40%

—

—

Current Drawdown

Current decline from peak

-0.47%

-5.32%

+4.85%

Average Drawdown

Average peak-to-trough decline

-4.14%

-4.10%

-0.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.31%

2.94%

-0.63%

Volatility

FSEU.L vs. MVED.L - Volatility Comparison

iShares Edge MSCI Europe Multifactor UCITS (FSEU.L) has a higher volatility of 3.39% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) at 2.98%. This indicates that FSEU.L's price experiences larger fluctuations and is considered to be riskier than MVED.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.LMVED.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.39%

2.98%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

9.41%

7.68%

+1.73%

Volatility (1Y)

Calculated over the trailing 1-year period

11.53%

9.18%

+2.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.57%

11.29%

+2.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.65%

12.95%

+1.70%

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

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

Dividends

FSEU.L vs. MVED.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018
FSEU.L
iShares Edge MSCI Europe Multifactor UCITS		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		0.00%0.00%0.00%2.67%2.95%2.16%2.54%2.81%2.50%

Frequently Asked Questions

FSEU.L and MVED.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: iShares and BlackRock. Their fees differ too: 0.45% for FSEU.L and 0.25% for MVED.L.

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