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IEFM.L vs. IEMD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFM.L vs. IEMD.L

Last updated Jun 5, 2026

IEFM.L (iShares Edge MSCI Europe Momentum Factor UCITS ETF) and IEMD.L (iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Dist)) are both Momentum funds from iShares tracking the MSCI Europe Momentum Index. Both are passively managed. Over the past 5 years, IEFM.L returned 11.50%/yr vs 11.50%/yr for IEMD.L. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.

Performance

IEFM.L vs. IEMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) and iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Dist) (IEMD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with IEFM.L having a 6.92% return and IEMD.L slightly higher at 7.25%.

IEFM.L

1D
-0.17%
1M
2.97%
YTD
6.92%
6M
10.23%
1Y
20.60%
3Y*
20.30%
5Y*
11.50%
10Y*
12.41%

IEMD.L

1D
-0.18%
1M
2.84%
YTD
7.25%
6M
10.29%
1Y
20.66%
3Y*
20.35%
5Y*
11.50%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFM.L vs. IEMD.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
IEFM.L
iShares Edge MSCI Europe Momentum Factor UCITS ETF		6.92%33.05%15.03%10.37%-9.80%14.07%17.04%23.39%-8.37%
IEMD.L
iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Dist)		7.25%33.10%15.00%10.29%-10.08%14.69%17.26%22.27%-8.17%

Correlation

The correlation between IEFM.L and IEMD.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.96

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

0.97

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

0.97

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

0.95

The correlation between IEFM.L and IEMD.L has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

IEFM.L vs. IEMD.L - Sectors Allocation Comparison

Sectors
IEFM.L
IEMD.L

Financial Services

23.3%
23.7%

Healthcare

16.0%
15.6%

Industrials

14.8%
15.2%

Utilities

12.2%
12.6%

Energy

11.2%
11.0%

Technology

8.4%
7.9%

Basic Materials

7.3%
7.6%

Consumer Defensive

3.1%
2.8%

Communication Services

3.0%
2.9%

Consumer Cyclical

0.5%
0.5%

Real Estate

0.4%
0.4%

Financial Services

IEFM.L
23.3%
IEMD.L
23.7%

Healthcare

IEFM.L
16.0%
IEMD.L
15.6%

Industrials

IEFM.L
14.8%
IEMD.L
15.2%

Utilities

IEFM.L
12.2%
IEMD.L
12.6%

Energy

IEFM.L
11.2%
IEMD.L
11.0%

Technology

IEFM.L
8.4%
IEMD.L
7.9%

Basic Materials

IEFM.L
7.3%
IEMD.L
7.6%

Consumer Defensive

IEFM.L
3.1%
IEMD.L
2.8%

Communication Services

IEFM.L
3.0%
IEMD.L
2.9%

Consumer Cyclical

IEFM.L
0.5%
IEMD.L
0.5%

Real Estate

IEFM.L
0.4%
IEMD.L
0.4%

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iShares Edge MSCI Europe Momentum Factor UCITS ETF

iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Dist)

Often compared with IEFM.L:
IEFM.L vs. MTUMIEFM.L vs. VUKE.DEIEFM.L vs. CEMR.DEIEFM.L vs. EXO.ASIEFM.L vs. SPYF.DEIEFM.L vs. QDVX.DEIEFM.L vs. ESIF.L
Often compared with IEMD.L:
IEMD.L vs. CEMR.DEIEMD.L vs. EIMI.LIEMD.L vs. ZPDX.DEIEMD.L vs. URTHIEMD.L vs. IVVIEMD.L vs. VOOIEMD.L vs. IWMO.L

Return for Risk

IEFM.L vs. IEMD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFM.L
IEFM.L Risk / Return Rank: 2828
Overall Rank
IEFM.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IEFM.L Sortino Ratio Rank: 2525
Sortino Ratio Rank
IEFM.L Omega Ratio Rank: 3535
Omega Ratio Rank
IEFM.L Calmar Ratio Rank: 3030
Calmar Ratio Rank
IEFM.L Martin Ratio Rank: 2626
Martin Ratio Rank
IEMD.L
IEMD.L Risk / Return Rank: 3131
Overall Rank
IEMD.L Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
IEMD.L Sortino Ratio Rank: 3030
Sortino Ratio Rank
IEMD.L Omega Ratio Rank: 3030
Omega Ratio Rank
IEMD.L Calmar Ratio Rank: 3131
Calmar Ratio Rank
IEMD.L Martin Ratio Rank: 3737
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.

IEFM.L vs. IEMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) and iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Dist) (IEMD.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.

IEFM.LIEMD.LDifference
Sharpe ratioReturn per unit of total volatility
0.82
1.27

-0.45

Sortino ratioReturn per unit of downside risk
1.35
1.87

-0.51

Omega ratioGain probability vs. loss probability

1.23

1.23

0.00

Calmar ratioReturn relative to maximum drawdown

1.46

1.68

-0.22

Martin ratioReturn relative to average drawdown

3.55

6.15

-2.60

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEFM.L vs. IEMD.L - Sharpe Ratio Comparison

The current IEFM.L Sharpe Ratio is 0.82, which is lower than the IEMD.L Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of IEFM.L and IEMD.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

IEFM.LIEMD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.82

1.27

-0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.72

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.68

-0.01

Drawdowns

IEFM.L vs. IEMD.L - Drawdown Comparison

The maximum IEFM.L drawdown since its inception was -23.88%, roughly equal to the maximum IEMD.L drawdown of -23.72%. Use the drawdown chart below to compare losses from any high point for IEFM.L and IEMD.L.

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Drawdown Indicators

IEFM.LIEMD.LDifference

Max Drawdown

Largest peak-to-trough decline

-23.88%

-23.72%

-0.16%

Max Drawdown (1Y)

Largest decline over 1 year

-14.04%

-12.24%

-1.80%

Max Drawdown (3Y)

Largest decline over 3 years

-14.04%

-13.10%

-0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-21.33%

-21.21%

-0.12%

Max Drawdown (10Y)

Largest decline over 10 years

-23.88%

—

—

Current Drawdown

Current decline from peak

-1.75%

-1.78%

+0.03%

Average Drawdown

Average peak-to-trough decline

-5.23%

-5.47%

+0.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.79%

3.35%

+2.44%

Volatility

IEFM.L vs. IEMD.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) is 3.99%, while iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Dist) (IEMD.L) has a volatility of 4.62%. This indicates that IEFM.L experiences smaller price fluctuations and is considered to be less risky than IEMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFM.LIEMD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

4.62%

-0.63%

Volatility (6M)

Calculated over the trailing 6-month period

13.91%

13.95%

-0.04%

Volatility (1Y)

Calculated over the trailing 1-year period

24.98%

16.21%

+8.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.82%

15.87%

+1.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.03%

16.81%

+0.22%

IEFM.L vs. IEMD.L - Expense Ratio Comparison

Both IEFM.L and IEMD.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IEFM.L vs. IEMD.L - Dividend Comparison

IEFM.L has not paid dividends to shareholders, while IEMD.L's dividend yield for the trailing twelve months is around 1.71%.

PositionTTM20252024202320222021202020192018
IEFM.L
iShares Edge MSCI Europe Momentum Factor UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IEMD.L
iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Dist)		1.71%1.85%2.70%2.78%2.90%1.77%1.36%2.00%2.51%

Frequently Asked Questions

With a correlation of 0.96, IEFM.L and IEMD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

IEFM.L and IEMD.L have the same expense ratio: 0.25% per year.

Both ETFs track MSCI Europe Momentum Index.

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