IESG.L vs. V3NM.L

Last updated Jun 5, 2026

IESG.L (iShares MSCI Europe SRI UCITS ETF) and V3NM.L (Vanguard ESG North America All Cap UCITS ETF USD Income) are both ESG funds - IESG.L tracks the MSCI Europe SRI Select Reduced Fossil Fuel Index while V3NM.L tracks the FTSE North America All Cap Choice Index. Both are passively managed. Over the past 3 years, IESG.L returned 7.12%/yr vs 18.93%/yr for V3NM.L. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

IESG.L vs. V3NM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Europe SRI UCITS ETF (IESG.L) and Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IESG.L is traded in GBp, while V3NM.L is traded in GBP. To make them comparable, the V3NM.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IESG.L achieves a 6.07% return, which is significantly lower than V3NM.L's 10.38% return.

IESG.L

• 1D: 0.99%
• 1M: 3.90%
• YTD: 6.07%
• 6M: 7.58%
• 1Y: 8.35%
• 3Y*: 7.12%
• 5Y*: 5.54%
• 10Y*: 8.90%

V3NM.L

• 1D: 0.19%
• 1M: 6.47%
• YTD: 10.38%
• 6M: 10.33%
• 1Y: 29.16%
• 3Y*: 18.93%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IESG.L vs. V3NM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IESG.L iShares MSCI Europe SRI UCITS ETF	6.07%	8.44%	0.88%	14.27%	-0.34%
V3NM.L Vanguard ESG North America All Cap UCITS ETF USD Income	10.38%	8.72%	26.63%	23.61%	-13.01%

Correlation

The correlation between IESG.L and V3NM.L is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Aug 19, 2022	0.61

The correlation between IESG.L and V3NM.L has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Return for Risk

IESG.L vs. V3NM.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IESG.L

IESG.L Risk / Return Rank: 20
IESG.L Sharpe Ratio Rank: 20
IESG.L Sortino Ratio Rank: 20
IESG.L Omega Ratio Rank: 20
IESG.L Calmar Ratio Rank: 19
IESG.L Martin Ratio Rank: 21

V3NM.L

V3NM.L Risk / Return Rank: 69
V3NM.L Sharpe Ratio Rank: 76
V3NM.L Sortino Ratio Rank: 74
V3NM.L Omega Ratio Rank: 78
V3NM.L Calmar Ratio Rank: 59
V3NM.L Martin Ratio Rank: 58

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.

IESG.L vs. V3NM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe SRI UCITS ETF (IESG.L) and Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.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.

	IESG.L	V3NM.L	Difference
Sharpe ratio: Return per unit of total volatility	0.65	2.42	-1.77
Sortino ratio: Return per unit of downside risk	1.00	3.27	-2.27
Omega ratio: Gain probability vs. loss probability	1.12	1.45	-0.33
Calmar ratio: Return relative to maximum drawdown	0.73	2.84	-2.11
Martin ratio: Return relative to average drawdown	2.41	10.15	-7.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IESG.L vs. V3NM.L - Sharpe Ratio Comparison

The current IESG.L Sharpe Ratio is 0.65, which is lower than the V3NM.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of IESG.L and V3NM.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.

Sharpe Ratios by Period

	IESG.L	V3NM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	2.42	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.93	-0.42

Drawdowns

IESG.L vs. V3NM.L - Drawdown Comparison

The maximum IESG.L drawdown since its inception was -25.95%, which is greater than V3NM.L's maximum drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for IESG.L and V3NM.L.

Drawdown Indicators

	IESG.L	V3NM.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.95%	-22.46%	-3.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.32%	-10.20%	-1.12%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-22.46%	+7.39%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.95%	—	—
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-4.72%	-4.20%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	2.87%	+0.59%

Volatility

IESG.L vs. V3NM.L - Volatility Comparison

iShares MSCI Europe SRI UCITS ETF (IESG.L) has a higher volatility of 3.93% compared to Vanguard ESG North America All Cap UCITS ETF USD Income (V3NM.L) at 3.04%. This indicates that IESG.L's price experiences larger fluctuations and is considered to be riskier than V3NM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IESG.L	V3NM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	3.04%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	8.47%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	11.98%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	14.86%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	14.86%	-0.02%

Dividends

IESG.L vs. V3NM.L - Dividend Comparison

IESG.L has not paid dividends to shareholders, while V3NM.L's dividend yield for the trailing twelve months is around 0.73%.

Position	TTM	2025	2024	2023	2022
IESG.L iShares MSCI Europe SRI UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%
V3NM.L Vanguard ESG North America All Cap UCITS ETF USD Income	0.73%	0.80%	0.85%	1.06%	0.41%

Frequently Asked Questions

Can I hold both IESG.L and V3NM.L in my portfolio?

IESG.L and V3NM.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between IESG.L and V3NM.L?

IESG.L tracks MSCI Europe SRI Select Reduced Fossil Fuel Index, while V3NM.L tracks FTSE North America All Cap Choice Index. They also come from different issuers: iShares and Vanguard.