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

IEFM.L vs. IWMO.L

Last updated Jun 5, 2026

IEFM.L (iShares Edge MSCI Europe Momentum Factor UCITS ETF) and IWMO.L (iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)) are both Momentum funds from iShares - IEFM.L tracks the MSCI Europe Momentum Index while IWMO.L tracks the MSCI World Momentum Index. Both are passively managed. Over the past 10 years, IEFM.L returned 12.41%/yr vs 16.44%/yr for IWMO.L. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

IEFM.L vs. IWMO.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 World Momentum Factor UCITS ETF USD (Acc) (IWMO.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 IWMO.L is traded in USD. To make them comparable, the IWMO.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IEFM.L achieves a 6.92% return, which is significantly lower than IWMO.L's 22.38% return. Over the past 10 years, IEFM.L has underperformed IWMO.L with an annualized return of 12.41%, while IWMO.L has yielded a comparatively higher 16.44% annualized return.

IEFM.L

1D
-0.17%
1M
1.10%
YTD
6.92%
6M
10.66%
1Y
19.82%
3Y*
20.30%
5Y*
11.50%
10Y*
12.41%

IWMO.L

1D
-0.78%
1M
8.91%
YTD
22.38%
6M
22.53%
1Y
35.16%
3Y*
26.32%
5Y*
14.85%
10Y*
16.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%-9.90%16.64%
IWMO.L
iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)		22.35%12.41%32.77%6.36%-8.22%15.21%24.80%22.30%1.85%20.67%

Correlation

The correlation between IEFM.L and IWMO.L is 0.74, 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

0.74

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

0.68

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

0.70

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

0.73

Correlation (All Time)
Calculated using the full available price history since Jan 20, 2015

0.74

The correlation between IEFM.L and IWMO.L has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

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

Sectors
IEFM.L
IWMO.L

Financial Services

23.3%
13.1%

Healthcare

16.0%
10.7%

Industrials

14.8%
18.7%

Utilities

12.2%
3.7%

Energy

11.2%
10.6%

Technology

8.4%
26.0%

Basic Materials

7.3%
6.0%

Consumer Defensive

3.1%
1.5%

Communication Services

3.0%
6.8%

Consumer Cyclical

0.5%
1.6%

Real Estate

0.4%
1.4%

Financial Services

IEFM.L
23.3%
IWMO.L
13.1%

Healthcare

IEFM.L
16.0%
IWMO.L
10.7%

Industrials

IEFM.L
14.8%
IWMO.L
18.7%

Utilities

IEFM.L
12.2%
IWMO.L
3.7%

Energy

IEFM.L
11.2%
IWMO.L
10.6%

Technology

IEFM.L
8.4%
IWMO.L
26.0%

Basic Materials

IEFM.L
7.3%
IWMO.L
6.0%

Consumer Defensive

IEFM.L
3.1%
IWMO.L
1.5%

Communication Services

IEFM.L
3.0%
IWMO.L
6.8%

Consumer Cyclical

IEFM.L
0.5%
IWMO.L
1.6%

Real Estate

IEFM.L
0.4%
IWMO.L
1.4%

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iShares Edge MSCI Europe Momentum Factor UCITS ETF

iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)

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 IWMO.L:
IWMO.L vs. SPYIWMO.L vs. QMOMIWMO.L vs. VWRA.LIWMO.L vs. JPGL.LIWMO.L vs. IPRV.LIWMO.L vs. IWVL.LIWMO.L vs. AVUV

Return for Risk

IEFM.L vs. IWMO.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
IWMO.L
IWMO.L Risk / Return Rank: 6060
Overall Rank
IWMO.L Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
IWMO.L Sortino Ratio Rank: 6161
Sortino Ratio Rank
IWMO.L Omega Ratio Rank: 5656
Omega Ratio Rank
IWMO.L Calmar Ratio Rank: 6060
Calmar Ratio Rank
IWMO.L Martin Ratio Rank: 6969
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. IWMO.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 World Momentum Factor UCITS ETF USD (Acc) (IWMO.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.LIWMO.LDifference
Sharpe ratioReturn per unit of total volatility
0.82
2.02

-1.20

Sortino ratioReturn per unit of downside risk
1.35
2.96

-1.60

Omega ratioGain probability vs. loss probability

1.23

1.37

-0.14

Calmar ratioReturn relative to maximum drawdown

1.46

3.78

-2.32

Martin ratioReturn relative to average drawdown

3.55

14.86

-11.31

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. IWMO.L - Sharpe Ratio Comparison

The current IEFM.L Sharpe Ratio is 0.82, which is lower than the IWMO.L Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of IEFM.L and IWMO.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.LIWMO.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.82

2.02

-1.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.85

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.92

-0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.89

-0.22

Drawdowns

IEFM.L vs. IWMO.L - Drawdown Comparison

The maximum IEFM.L drawdown since its inception was -23.88%, roughly equal to the maximum IWMO.L drawdown of -23.32%. Use the drawdown chart below to compare losses from any high point for IEFM.L and IWMO.L.

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Drawdown Indicators

IEFM.LIWMO.LDifference

Max Drawdown

Largest peak-to-trough decline

-23.88%

-23.32%

-0.56%

Max Drawdown (1Y)

Largest decline over 1 year

-14.04%

-9.26%

-4.78%

Max Drawdown (3Y)

Largest decline over 3 years

-14.04%

-20.19%

+6.15%

Max Drawdown (5Y)

Largest decline over 5 years

-21.33%

-20.31%

-1.02%

Max Drawdown (10Y)

Largest decline over 10 years

-23.88%

-23.32%

-0.56%

Current Drawdown

Current decline from peak

-1.75%

-0.78%

-0.97%

Average Drawdown

Average peak-to-trough decline

-5.23%

-4.92%

-0.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.79%

2.36%

+3.43%

Volatility

IEFM.L vs. IWMO.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) is 3.99%, while iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc) (IWMO.L) has a volatility of 6.28%. This indicates that IEFM.L experiences smaller price fluctuations and is considered to be less risky than IWMO.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.LIWMO.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

6.28%

-2.29%

Volatility (6M)

Calculated over the trailing 6-month period

13.91%

14.91%

-1.00%

Volatility (1Y)

Calculated over the trailing 1-year period

24.98%

17.32%

+7.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.82%

17.41%

+0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.03%

17.92%

-0.89%

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

Both IEFM.L and IWMO.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. IWMO.L - Dividend Comparison

Neither IEFM.L nor IWMO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

IEFM.L and IWMO.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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 IWMO.L have the same expense ratio: 0.25% per year.

IEFM.L tracks MSCI Europe Momentum Index, while IWMO.L tracks MSCI World Momentum Index.

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