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IEMU.L vs. LDEG.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEMU.L vs. LDEG.L

Last updated Jun 6, 2026

IEMU.L (iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc)) and LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both Europe Equities funds - IEMU.L tracks the MSCI EMU NR EUR while LDEG.L tracks the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 5 years, IEMU.L returned 9.30%/yr vs 14.48%/yr for LDEG.L. Their correlation of 0.88 suggests significant overlap in exposure. IEMU.L charges 0.12%/yr vs 0.25%/yr for LDEG.L.

Performance

IEMU.L vs. LDEG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc) (IEMU.L) and L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IEMU.L is traded in USD, while LDEG.L is traded in GBp. To make them comparable, the LDEG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IEMU.L achieves a 6.52% return, which is significantly lower than LDEG.L's 8.39% return.

IEMU.L

1D
-1.37%
1M
-0.53%
YTD
6.52%
6M
9.09%
1Y
17.90%
3Y*
18.77%
5Y*
9.30%
10Y*
11.41%

LDEG.L

1D
-1.60%
1M
-3.14%
YTD
8.39%
6M
13.12%
1Y
26.71%
3Y*
26.49%
5Y*
14.48%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEMU.L vs. LDEG.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IEMU.L
iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc)		6.52%39.99%3.03%23.26%-16.41%5.49%
LDEG.L
L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF		8.39%55.84%7.00%20.34%-8.98%-9.64%

Correlation

The correlation between IEMU.L and LDEG.L is 0.86, 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

0.86

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

0.88

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

0.88

Correlation (All Time)
Calculated using the full available price history since Apr 13, 2021

0.88

The correlation between IEMU.L and LDEG.L has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

IEMU.L vs. LDEG.L - Sectors Allocation Comparison

Sectors
IEMU.L
LDEG.L

Financial Services

24.0%
41.5%

Industrials

21.0%
15.8%

Technology

15.9%
2.0%

Consumer Cyclical

8.4%
3.3%

Utilities

6.4%
8.2%

Healthcare

5.6%
3.4%

Consumer Defensive

5.6%
3.1%

Communication Services

4.3%
5.2%

Basic Materials

4.0%
9.9%

Energy

3.9%
7.7%

Real Estate

0.9%

-

Financial Services

IEMU.L
24.0%
LDEG.L
41.5%

Industrials

IEMU.L
21.0%
LDEG.L
15.8%

Technology

IEMU.L
15.9%
LDEG.L
2.0%

Consumer Cyclical

IEMU.L
8.4%
LDEG.L
3.3%

Utilities

IEMU.L
6.4%
LDEG.L
8.2%

Healthcare

IEMU.L
5.6%
LDEG.L
3.4%

Consumer Defensive

IEMU.L
5.6%
LDEG.L
3.1%

Communication Services

IEMU.L
4.3%
LDEG.L
5.2%

Basic Materials

IEMU.L
4.0%
LDEG.L
9.9%

Energy

IEMU.L
3.9%
LDEG.L
7.7%

Real Estate

IEMU.L
0.9%
LDEG.L

-

Compare stocks, funds, or ETFs

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iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc)

L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF

Often compared with IEMU.L:
IEMU.L vs. IMEU.ASIEMU.L vs. VEUR.ASIEMU.L vs. CSPX.LIEMU.L vs. VXUSIEMU.L vs. ASEAIEMU.L vs. ACWIIEMU.L vs. BBEU
Often compared with LDEG.L:
LDEG.L vs. TDGB.LLDEG.L vs. LDUK.LLDEG.L vs. FLXD.LLDEG.L vs. UKDV.LLDEG.L vs. S7XP.LLDEG.L vs. EUDVLDEG.L vs. EUHD.L

Return for Risk

IEMU.L vs. LDEG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEMU.L
IEMU.L Risk / Return Rank: 3333
Overall Rank
IEMU.L Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
IEMU.L Sortino Ratio Rank: 3333
Sortino Ratio Rank
IEMU.L Omega Ratio Rank: 3232
Omega Ratio Rank
IEMU.L Calmar Ratio Rank: 3232
Calmar Ratio Rank
IEMU.L Martin Ratio Rank: 3737
Martin Ratio Rank
LDEG.L
LDEG.L Risk / Return Rank: 8080
Overall Rank
LDEG.L Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
LDEG.L Sortino Ratio Rank: 8181
Sortino Ratio Rank
LDEG.L Omega Ratio Rank: 8282
Omega Ratio Rank
LDEG.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
LDEG.L Martin Ratio Rank: 7575
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.

IEMU.L vs. LDEG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc) (IEMU.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.

IEMU.LLDEG.LDifference
Sharpe ratioReturn per unit of total volatility
1.05
1.93

-0.88

Sortino ratioReturn per unit of downside risk
1.62
2.69

-1.07

Omega ratioGain probability vs. loss probability

1.20

1.34

-0.14

Calmar ratioReturn relative to maximum drawdown

1.45

2.98

-1.53

Martin ratioReturn relative to average drawdown

5.20

10.09

-4.89

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

IEMU.L vs. LDEG.L - Sharpe Ratio Comparison

The current IEMU.L Sharpe Ratio is 1.05, which is lower than the LDEG.L Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of IEMU.L and LDEG.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

IEMU.LLDEG.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.05

1.93

-0.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.45

0.82

-0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.65

-0.20

Drawdowns

IEMU.L vs. LDEG.L - Drawdown Comparison

The maximum IEMU.L drawdown since its inception was -38.08%, which is greater than LDEG.L's maximum drawdown of -36.14%. Use the drawdown chart below to compare losses from any high point for IEMU.L and LDEG.L.

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Drawdown Indicators

IEMU.LLDEG.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.08%

-36.14%

-1.94%

Max Drawdown (1Y)

Largest decline over 1 year

-12.28%

-8.91%

-3.37%

Max Drawdown (3Y)

Largest decline over 3 years

-14.51%

-13.44%

-1.07%

Max Drawdown (5Y)

Largest decline over 5 years

-35.94%

-32.24%

-3.70%

Max Drawdown (10Y)

Largest decline over 10 years

-38.08%

—

—

Current Drawdown

Current decline from peak

-1.67%

-3.14%

+1.47%

Average Drawdown

Average peak-to-trough decline

-7.54%

-8.78%

+1.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

2.64%

+0.79%

Volatility

IEMU.L vs. LDEG.L - Volatility Comparison

iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc) (IEMU.L) has a higher volatility of 4.97% compared to L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) at 3.95%. This indicates that IEMU.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

IEMU.LLDEG.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.97%

3.95%

+1.02%

Volatility (6M)

Calculated over the trailing 6-month period

14.21%

10.95%

+3.26%

Volatility (1Y)

Calculated over the trailing 1-year period

17.01%

13.78%

+3.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.72%

17.67%

+3.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.41%

18.46%

+1.95%

IEMU.L vs. LDEG.L - Expense Ratio Comparison

IEMU.L has a 0.12% expense ratio, which is lower than LDEG.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IEMU.L vs. LDEG.L - Dividend Comparison

IEMU.L has not paid dividends to shareholders, while LDEG.L's dividend yield for the trailing twelve months is around 3.15%.

PositionTTM20252024202320222021
IEMU.L
iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc)		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		3.15%3.42%4.20%4.10%3.69%3.06%

Frequently Asked Questions

IEMU.L and LDEG.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEMU.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEMU.L is cheaper with a 0.12% expense ratio, compared with 0.25% for LDEG.L.

IEMU.L tracks MSCI EMU NR EUR, while LDEG.L tracks MSCI Europe Ex UK NR EUR. They also come from different issuers: iShares and Legal & General. Their fees differ too: 0.12% for IEMU.L and 0.25% for LDEG.L.

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