IEFS.L vs. LDEG.L
IEFS.L (iShares Edge MSCI Europe Size Factor UCITS ETF) and LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both Europe Equities funds - IEFS.L tracks the MSCI Europe SMID NR EUR while LDEG.L tracks the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 5 years, IEFS.L returned 5.82%/yr vs 15.91%/yr for LDEG.L. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.
Performance
IEFS.L vs. LDEG.L - Performance Comparison
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Returns By Period
In the year-to-date period, IEFS.L achieves a 5.78% return, which is significantly lower than LDEG.L's 9.44% return.
IEFS.L
- 1D
- -0.28%
- 1M
- 1.57%
- YTD
- 5.78%
- 6M
- 8.60%
- 1Y
- 16.22%
- 3Y*
- 12.43%
- 5Y*
- 5.82%
- 10Y*
- 8.37%
LDEG.L
- 1D
- -0.29%
- 1M
- 0.09%
- YTD
- 9.44%
- 6M
- 13.37%
- 1Y
- 29.75%
- 3Y*
- 23.56%
- 5Y*
- 15.91%
- 10Y*
- —
IEFS.L vs. LDEG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IEFS.L iShares Edge MSCI Europe Size Factor UCITS ETF | 5.78% | 24.40% | 0.75% | 11.87% | -13.35% | 3.80% |
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF | 9.44% | 44.92% | 8.83% | 14.32% | 3.42% | 2.83% |
Correlation
The correlation between IEFS.L and LDEG.L is 0.84, 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 | 0.84 |
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 | 0.74 |
The correlation between IEFS.L and LDEG.L shifts across timeframes, from 0.74 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
IEFS.L vs. LDEG.L — Risk / Return Rank
IEFS.L
LDEG.L
IEFS.L vs. LDEG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Size Factor UCITS ETF (IEFS.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.
| IEFS.L | LDEG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.47 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 3.68 | -2.05 |
| Martin ratioReturn relative to average drawdown | 5.83 | 13.49 | -7.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IEFS.L | LDEG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 2.57 | -1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 1.23 | -0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 1.22 | -0.70 |
Drawdowns
IEFS.L vs. LDEG.L - Drawdown Comparison
The maximum IEFS.L drawdown since its inception was -31.02%, 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 IEFS.L and LDEG.L.
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Drawdown Indicators
| IEFS.L | LDEG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.02% | -15.97% | -15.05% |
Max Drawdown (1Y)Largest decline over 1 year | -9.91% | -8.04% | -1.87% |
Max Drawdown (3Y)Largest decline over 3 years | -11.84% | -12.05% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -26.40% | -15.97% | -10.43% |
Max Drawdown (10Y)Largest decline over 10 years | -31.02% | — | — |
Current DrawdownCurrent decline from peak | -2.40% | -2.19% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -5.84% | -2.95% | -2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.78% | 2.20% | +0.58% |
Volatility
IEFS.L vs. LDEG.L - Volatility Comparison
iShares Edge MSCI Europe Size Factor UCITS ETF (IEFS.L) has a higher volatility of 3.78% compared to L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) at 3.49%. This indicates that IEFS.L's price experiences larger fluctuations and is considered to be riskier 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
| IEFS.L | LDEG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 3.49% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 9.75% | 9.18% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.72% | 11.56% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.99% | 15.99% | -1.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.59% | 16.01% | -0.42% |
IEFS.L vs. LDEG.L - Expense Ratio Comparison
Both IEFS.L and LDEG.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
IEFS.L vs. LDEG.L - Dividend Comparison
IEFS.L has not paid dividends to shareholders, while LDEG.L's dividend yield for the trailing twelve months is around 3.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IEFS.L iShares Edge MSCI Europe Size Factor UCITS ETF | 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 | 3.16% | 3.43% | 4.21% | 4.11% | 3.70% | 3.11% |
Frequently Asked Questions
IEFS.L and LDEG.L have a correlation of 0.84, 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.
IEFS.L and LDEG.L have the same expense ratio: 0.25% per year.
IEFS.L tracks MSCI Europe SMID NR EUR, while LDEG.L tracks MSCI Europe Ex UK NR EUR. They also come from different issuers: iShares and Legal & General.
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