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IEUX.L vs. UD03.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEUX.L vs. UD03.L

Last updated Jun 5, 2026

IEUX.L (iShares MSCI Europe ex-UK UCITS) and UD03.L (UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis) are both Europe Equities funds - IEUX.L tracks the MSCI Europe ex-UK NR EUR while UD03.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 5 years, IEUX.L returned 9.21%/yr vs 10.72%/yr for UD03.L. At a 0.25 correlation, their price movements are largely independent. IEUX.L charges 0.40%/yr vs 0.28%/yr for UD03.L.

Performance

IEUX.L vs. UD03.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Europe ex-UK UCITS (IEUX.L) and UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEUX.L achieves a 7.00% return, which is significantly lower than UD03.L's 12.28% return.

IEUX.L

1D
0.97%
1M
4.29%
YTD
7.00%
6M
9.12%
1Y
18.55%
3Y*
13.29%
5Y*
9.21%
10Y*
10.42%

UD03.L

1D
0.26%
1M
4.71%
YTD
12.28%
6M
15.08%
1Y
24.17%
3Y*
14.83%
5Y*
10.72%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEUX.L vs. UD03.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
IEUX.L
iShares MSCI Europe ex-UK UCITS		7.00%25.52%1.87%14.91%-6.98%16.31%7.53%1.70%
UD03.L
UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis		12.28%25.20%0.78%19.24%-4.62%10.81%5.72%0.00%

Correlation

The correlation between IEUX.L and UD03.L is 0.56, 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

0.56

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

0.36

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

0.29

Correlation (All Time)
Calculated using the full available price history since Dec 17, 2019

0.25

Over the past year, IEUX.L and UD03.L have become more correlated (0.56) than their long-term average of 0.25, meaning their price movements have been converging.

IEUX.L vs. UD03.L - Sectors Allocation Comparison

Sectors
IEUX.L
UD03.L

Financial Services

22.7%
28.5%

Industrials

21.2%
12.1%

Healthcare

12.7%
4.1%

Technology

11.9%
16.2%

Consumer Cyclical

7.1%
7.0%

Consumer Defensive

6.9%
14.6%

Utilities

4.7%
7.7%

Basic Materials

4.5%
4.2%

Communication Services

4.3%
3.1%

Energy

3.2%
2.7%

Real Estate

0.8%

-

Financial Services

IEUX.L
22.7%
UD03.L
28.5%

Industrials

IEUX.L
21.2%
UD03.L
12.1%

Healthcare

IEUX.L
12.7%
UD03.L
4.1%

Technology

IEUX.L
11.9%
UD03.L
16.2%

Consumer Cyclical

IEUX.L
7.1%
UD03.L
7.0%

Consumer Defensive

IEUX.L
6.9%
UD03.L
14.6%

Utilities

IEUX.L
4.7%
UD03.L
7.7%

Basic Materials

IEUX.L
4.5%
UD03.L
4.2%

Communication Services

IEUX.L
4.3%
UD03.L
3.1%

Energy

IEUX.L
3.2%
UD03.L
2.7%

Real Estate

IEUX.L
0.8%
UD03.L

-

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iShares MSCI Europe ex-UK UCITS

UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis

Often compared with IEUX.L:
IEUX.L vs. VERX.ASIEUX.L vs. VERX.LIEUX.L vs. ^GSPCIEUX.L vs. VUKG.LIEUX.L vs. VUAG.LIEUX.L vs. VMIG.LIEUX.L vs. XDEM.L
Often compared with UD03.L:
UD03.L vs. XUEK.LUD03.L vs. CE2D.LUD03.L vs. IEDL.LUD03.L vs. IEFS.LUD03.L vs. EUDI.LUD03.L vs. HDEU.LUD03.L vs. OMXS.L

Return for Risk

IEUX.L vs. UD03.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEUX.L
IEUX.L Risk / Return Rank: 4040
Overall Rank
IEUX.L Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEUX.L Sortino Ratio Rank: 4242
Sortino Ratio Rank
IEUX.L Omega Ratio Rank: 4343
Omega Ratio Rank
IEUX.L Calmar Ratio Rank: 3535
Calmar Ratio Rank
IEUX.L Martin Ratio Rank: 3939
Martin Ratio Rank
UD03.L
UD03.L Risk / Return Rank: 9090
Overall Rank
UD03.L Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
UD03.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
UD03.L Omega Ratio Rank: 9292
Omega Ratio Rank
UD03.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
UD03.L Martin Ratio Rank: 8282
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.

IEUX.L vs. UD03.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe ex-UK UCITS (IEUX.L) and UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.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.

IEUX.LUD03.LDifference
Sharpe ratioReturn per unit of total volatility
1.43
3.47

-2.04

Sortino ratioReturn per unit of downside risk
2.08
4.46

-2.38

Omega ratioGain probability vs. loss probability

1.27

1.61

-0.34

Calmar ratioReturn relative to maximum drawdown

1.72

5.70

-3.98

Martin ratioReturn relative to average drawdown

6.10

16.25

-10.14

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

IEUX.L vs. UD03.L - Sharpe Ratio Comparison

The current IEUX.L Sharpe Ratio is 1.43, which is lower than the UD03.L Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of IEUX.L and UD03.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

IEUX.LUD03.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.43

3.47

-2.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

1.75

-1.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

1.19

-0.78

Drawdowns

IEUX.L vs. UD03.L - Drawdown Comparison

The maximum IEUX.L drawdown since its inception was -45.67%, which is greater than UD03.L's maximum drawdown of -30.85%. Use the drawdown chart below to compare losses from any high point for IEUX.L and UD03.L.

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Drawdown Indicators

IEUX.LUD03.LDifference

Max Drawdown

Largest peak-to-trough decline

-45.67%

-30.85%

-14.82%

Max Drawdown (1Y)

Largest decline over 1 year

-10.76%

-9.80%

-0.96%

Max Drawdown (3Y)

Largest decline over 3 years

-13.16%

-11.72%

-1.44%

Max Drawdown (5Y)

Largest decline over 5 years

-19.67%

-18.67%

-1.00%

Max Drawdown (10Y)

Largest decline over 10 years

-27.53%

—

—

Current Drawdown

Current decline from peak

-0.19%

-1.19%

+1.00%

Average Drawdown

Average peak-to-trough decline

-7.45%

-3.31%

-4.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

3.56%

-0.53%

Volatility

IEUX.L vs. UD03.L - Volatility Comparison

iShares MSCI Europe ex-UK UCITS (IEUX.L) has a higher volatility of 4.10% compared to UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) at 3.58%. This indicates that IEUX.L's price experiences larger fluctuations and is considered to be riskier than UD03.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEUX.LUD03.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.10%

3.58%

+0.52%

Volatility (6M)

Calculated over the trailing 6-month period

10.65%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

12.91%

16.13%

-3.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.69%

27.46%

-12.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.44%

47.29%

-31.85%

IEUX.L vs. UD03.L - Expense Ratio Comparison

IEUX.L has a 0.40% expense ratio, which is higher than UD03.L's 0.28% expense ratio.

Dividends

IEUX.L vs. UD03.L - Dividend Comparison

IEUX.L's dividend yield for the trailing twelve months is around 1.96%, less than UD03.L's 2.54% yield.

PositionTTM20252024202320222021202020192018201720162015
IEUX.L
iShares MSCI Europe ex-UK UCITS		1.96%2.12%2.41%2.33%2.25%1.65%1.44%2.42%2.60%2.23%2.17%2.11%
UD03.L
UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis		2.54%2.97%2.84%3.67%3.96%3.50%2.07%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IEUX.L and UD03.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UD03.L is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UD03.L is cheaper with a 0.28% expense ratio, compared with 0.40% for IEUX.L.

IEUX.L tracks MSCI Europe ex-UK NR EUR, while UD03.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and UBS. Their fees differ too: 0.40% for IEUX.L and 0.28% for UD03.L.

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