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

FSEU.L vs. MVEU.L

Last updated Jun 26, 2026

FSEU.L (iShares Edge MSCI Europe Multifactor UCITS) and MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, FSEU.L returned 11.87%/yr vs 8.04%/yr for MVEU.L. Their correlation of 0.81 suggests significant overlap in exposure. FSEU.L charges 0.45%/yr vs 0.25%/yr for MVEU.L.

Performance

FSEU.L vs. MVEU.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 (Acc) (MVEU.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 MVEU.L is traded in EUR. To make them comparable, the MVEU.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 11.60% return, which is significantly higher than MVEU.L's 6.38% return. Over the past 10 years, FSEU.L has outperformed MVEU.L with an annualized return of 11.87%, while MVEU.L has yielded a comparatively lower 8.04% annualized return.

FSEU.L

1D
0.74%
1M
1.64%
YTD
11.60%
6M
12.02%
1Y
27.45%
3Y*
19.73%
5Y*
11.05%
10Y*
11.87%

MVEU.L

1D
0.26%
1M
0.18%
YTD
6.38%
6M
6.68%
1Y
11.85%
3Y*
11.79%
5Y*
7.21%
10Y*
8.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
FSEU.L
iShares Edge MSCI Europe Multifactor UCITS		11.60%27.11%9.24%16.69%-10.53%18.42%5.03%18.30%-10.14%16.67%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		6.38%17.63%6.71%8.45%-8.16%14.46%1.57%15.47%-2.87%14.16%

Correlation

The correlation between FSEU.L and MVEU.L is 0.65, 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

0.65

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

0.73

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

0.77

Correlation (10Y)
Calculated over the trailing 10-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Sep 4, 2015

0.81

The correlation between FSEU.L and MVEU.L shifts across timeframes, from 0.65 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

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

Sectors
FSEU.L
MVEU.L

Financial Services

29.2%
17.6%

Industrials

17.9%
15.6%

Healthcare

10.9%
12.3%

Technology

8.9%
3.4%

Consumer Defensive

7.9%
14.1%

Consumer Cyclical

6.0%
3.6%

Energy

5.4%
6.9%

Communication Services

5.2%
9.0%

Utilities

5.2%
10.1%

Basic Materials

2.0%
5.1%

Real Estate

1.3%
1.5%

Financial Services

FSEU.L
29.2%
MVEU.L
17.6%

Industrials

FSEU.L
17.9%
MVEU.L
15.6%

Healthcare

FSEU.L
10.9%
MVEU.L
12.3%

Technology

FSEU.L
8.9%
MVEU.L
3.4%

Consumer Defensive

FSEU.L
7.9%
MVEU.L
14.1%

Consumer Cyclical

FSEU.L
6.0%
MVEU.L
3.6%

Energy

FSEU.L
5.4%
MVEU.L
6.9%

Communication Services

FSEU.L
5.2%
MVEU.L
9.0%

Utilities

FSEU.L
5.2%
MVEU.L
10.1%

Basic Materials

FSEU.L
2.0%
MVEU.L
5.1%

Real Estate

FSEU.L
1.3%
MVEU.L
1.5%

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iShares Edge MSCI Europe Multifactor UCITS

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

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 MVEU.L:
MVEU.L vs. SVOLMVEU.L vs. VTMVEU.L vs. FLXD.LMVEU.L vs. EUHD.LMVEU.L vs. CS1.LMVEU.L vs. CSP1.LMVEU.L vs. PRUK.L

Return for Risk

FSEU.L vs. MVEU.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: 8080
Overall Rank
FSEU.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
FSEU.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
FSEU.L Omega Ratio Rank: 8585
Omega Ratio Rank
FSEU.L Calmar Ratio Rank: 7272
Calmar Ratio Rank
FSEU.L Martin Ratio Rank: 7373
Martin Ratio Rank
MVEU.L
MVEU.L Risk / Return Rank: 3535
Overall Rank
MVEU.L Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
MVEU.L Sortino Ratio Rank: 3636
Sortino Ratio Rank
MVEU.L Omega Ratio Rank: 3636
Omega Ratio Rank
MVEU.L Calmar Ratio Rank: 3333
Calmar Ratio Rank
MVEU.L Martin Ratio Rank: 3434
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. MVEU.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 (Acc) (MVEU.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.

FSEU.LMVEU.LDifference
Sharpe ratioReturn per unit of total volatility
2.37
1.33

+1.04

Sortino ratioReturn per unit of downside risk
3.29
1.84

+1.45

Omega ratioGain probability vs. loss probability

1.45

1.24

+0.21

Calmar ratioReturn relative to maximum drawdown

3.19

1.42

+1.77

Martin ratioReturn relative to average drawdown

11.98

4.19

+7.80

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

The current FSEU.L Sharpe Ratio is 2.37, which is higher than the MVEU.L Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of FSEU.L and MVEU.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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Drawdowns

FSEU.L vs. MVEU.L - Drawdown Comparison

The maximum FSEU.L drawdown since its inception was -29.79%, which is greater than MVEU.L's maximum drawdown of -23.74%. Use the drawdown chart below to compare losses from any high point for FSEU.L and MVEU.L.

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Drawdown Indicators

FSEU.LMVEU.LDifference

Max Drawdown

Largest peak-to-trough decline

-29.79%

-23.74%

-6.05%

Max Drawdown (1Y)

Largest decline over 1 year

-8.57%

-8.32%

-0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-12.08%

-8.32%

-3.76%

Max Drawdown (5Y)

Largest decline over 5 years

-20.33%

-17.42%

-2.91%

Max Drawdown (10Y)

Largest decline over 10 years

-29.40%

-23.74%

-5.66%

Current Drawdown

Current decline from peak

-0.24%

-3.10%

+2.86%

Average Drawdown

Average peak-to-trough decline

-6.43%

-3.52%

-2.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

2.82%

-0.53%

Volatility

FSEU.L vs. MVEU.L - Volatility Comparison

iShares Edge MSCI Europe Multifactor UCITS (FSEU.L) has a higher volatility of 2.62% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) at 1.93%. This indicates that FSEU.L's price experiences larger fluctuations and is considered to be riskier than MVEU.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.LMVEU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.62%

1.93%

+0.69%

Volatility (6M)

Calculated over the trailing 6-month period

9.48%

7.32%

+2.16%

Volatility (1Y)

Calculated over the trailing 1-year period

11.53%

8.92%

+2.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.57%

11.28%

+2.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.58%

12.62%

+1.96%

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

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

Dividends

FSEU.L vs. MVEU.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

FSEU.L and MVEU.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

Both ETFs track MSCI Europe NR EUR. Their fees differ too: 0.45% for FSEU.L and 0.25% for MVEU.L.

Portfolio Optimizer

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