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IMV.L vs. UD02.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IMV.L vs. UD02.L

Last updated Jun 25, 2026

IMV.L (iShares Edge MSCI Europe Min Volatility UCITS) and UD02.L (UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis) are both Europe Equities funds - IMV.L tracks the MSCI Europe NR EUR while UD02.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, IMV.L returned 7.94%/yr vs 7.91%/yr for UD02.L. Their correlation of 0.93 suggests significant overlap in exposure. IMV.L charges 0.25%/yr vs 0.28%/yr for UD02.L.

Performance

IMV.L vs. UD02.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI Europe Min Volatility UCITS (IMV.L) and UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis (UD02.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, IMV.L achieves a 5.80% return, which is significantly lower than UD02.L's 8.93% return. Both investments have delivered pretty close results over the past 10 years, with IMV.L having a 7.94% annualized return and UD02.L not far behind at 7.91%.

IMV.L

1D
0.44%
1M
0.05%
YTD
5.80%
6M
5.96%
1Y
10.53%
3Y*
11.63%
5Y*
7.18%
10Y*
7.94%

UD02.L

1D
0.76%
1M
2.39%
YTD
8.93%
6M
9.35%
1Y
13.52%
3Y*
12.40%
5Y*
6.66%
10Y*
7.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IMV.L vs. UD02.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IMV.L
iShares Edge MSCI Europe Min Volatility UCITS		5.80%17.66%6.63%8.56%-7.83%13.68%1.50%16.37%-2.91%13.29%
UD02.L
UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis		8.93%22.44%0.56%9.91%-9.99%11.20%-2.65%16.38%-5.80%18.66%

Correlation

The correlation between IMV.L and UD02.L is 0.90, 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

0.90

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

0.89

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

0.90

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

0.93

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2015

0.93

The correlation between IMV.L and UD02.L has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

IMV.L vs. UD02.L - Sectors Allocation Comparison

Sectors
IMV.L
UD02.L

Financial Services

17.9%
22.8%

Industrials

16.2%
19.0%

Consumer Defensive

13.8%
18.3%

Healthcare

12.6%
3.2%

Utilities

10.2%
18.7%

Communication Services

8.8%
8.6%

Energy

7.1%
2.2%

Basic Materials

5.2%
2.8%

Technology

3.5%

-

Consumer Cyclical

3.4%
1.4%

Real Estate

1.6%
3.1%

Financial Services

IMV.L
17.9%
UD02.L
22.8%

Industrials

IMV.L
16.2%
UD02.L
19.0%

Consumer Defensive

IMV.L
13.8%
UD02.L
18.3%

Healthcare

IMV.L
12.6%
UD02.L
3.2%

Utilities

IMV.L
10.2%
UD02.L
18.7%

Communication Services

IMV.L
8.8%
UD02.L
8.6%

Energy

IMV.L
7.1%
UD02.L
2.2%

Basic Materials

IMV.L
5.2%
UD02.L
2.8%

Technology

IMV.L
3.5%
UD02.L

-

Consumer Cyclical

IMV.L
3.4%
UD02.L
1.4%

Real Estate

IMV.L
1.6%
UD02.L
3.1%

Compare stocks, funds, or ETFs

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iShares Edge MSCI Europe Min Volatility UCITS

UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis

Often compared with IMV.L:
IMV.L vs. MIVO.LIMV.L vs. SPYIMV.L vs. MINV.LIMV.L vs. MVUS.LIMV.L vs. XDEQ.LIMV.L vs. UB06.LIMV.L vs. CSWG.L
Often compared with UD02.L:
UD02.L vs. FEUZ.LUD02.L vs. VLEU.DEUD02.L vs. EEIP.LUD02.L vs. SX5S.LUD02.L vs. HDEU.LUD02.L vs. CEUR.LUD02.L vs. PRUK.L

Return for Risk

IMV.L vs. UD02.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IMV.L
IMV.L Risk / Return Rank: 3232
Overall Rank
IMV.L Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
IMV.L Sortino Ratio Rank: 3333
Sortino Ratio Rank
IMV.L Omega Ratio Rank: 3636
Omega Ratio Rank
IMV.L Calmar Ratio Rank: 2828
Calmar Ratio Rank
IMV.L Martin Ratio Rank: 2828
Martin Ratio Rank
UD02.L
UD02.L Risk / Return Rank: 3838
Overall Rank
UD02.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
UD02.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
UD02.L Omega Ratio Rank: 4444
Omega Ratio Rank
UD02.L Calmar Ratio Rank: 3131
Calmar Ratio Rank
UD02.L Martin Ratio Rank: 3232
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.

IMV.L vs. UD02.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Min Volatility UCITS (IMV.L) and UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis (UD02.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

IMV.LUD02.LDifference
Sharpe ratioReturn per unit of total volatility
1.15
1.35

-0.20

Sortino ratioReturn per unit of downside risk
1.60
1.78

-0.18

Omega ratioGain probability vs. loss probability

1.22

1.25

-0.04

Calmar ratioReturn relative to maximum drawdown

1.23

1.41

-0.18

Martin ratioReturn relative to average drawdown

3.55

4.14

-0.59

IMV.L vs. UD02.L - Sharpe Ratio Comparison

The current IMV.L Sharpe Ratio is 1.15, which is comparable to the UD02.L Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of IMV.L and UD02.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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Drawdowns

IMV.L vs. UD02.L - Drawdown Comparison

The maximum IMV.L drawdown since its inception was -24.48%, smaller than the maximum UD02.L drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for IMV.L and UD02.L.

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Drawdown Indicators

IMV.LUD02.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.48%

-33.25%

+8.77%

Max Drawdown (1Y)

Largest decline over 1 year

-8.50%

-9.54%

+1.04%

Max Drawdown (3Y)

Largest decline over 3 years

-8.50%

-9.54%

+1.04%

Max Drawdown (5Y)

Largest decline over 5 years

-17.42%

-21.37%

+3.95%

Max Drawdown (10Y)

Largest decline over 10 years

-24.48%

-29.80%

+5.32%

Current Drawdown

Current decline from peak

-3.63%

-2.11%

-1.52%

Average Drawdown

Average peak-to-trough decline

-4.02%

-7.23%

+3.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

3.26%

-0.30%

Volatility

IMV.L vs. UD02.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Min Volatility UCITS (IMV.L) is 1.63%, while UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis (UD02.L) has a volatility of 2.23%. This indicates that IMV.L experiences smaller price fluctuations and is considered to be less risky than UD02.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IMV.LUD02.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.63%

2.23%

-0.60%

Volatility (6M)

Calculated over the trailing 6-month period

7.59%

8.30%

-0.71%

Volatility (1Y)

Calculated over the trailing 1-year period

9.09%

9.94%

-0.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.95%

12.43%

-1.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.28%

13.83%

-1.55%

IMV.L vs. UD02.L - Expense Ratio Comparison

IMV.L has a 0.25% expense ratio, which is lower than UD02.L's 0.28% expense ratio.

Dividends

IMV.L vs. UD02.L - Dividend Comparison

IMV.L has not paid dividends to shareholders, while UD02.L's dividend yield for the trailing twelve months is around 2.26%.

PositionTTM2025202420232022202120202019201820172016
IMV.L
iShares Edge MSCI Europe Min Volatility UCITS		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UD02.L
UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis		2.26%3.03%4.76%2.56%2.38%2.25%2.16%2.80%2.65%1.92%2.37%

Frequently Asked Questions

With a correlation of 0.90, IMV.L and UD02.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, IMV.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IMV.L is cheaper with a 0.25% expense ratio, compared with 0.28% for UD02.L.

IMV.L tracks MSCI Europe NR EUR, while UD02.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and UBS. Their fees differ too: 0.25% for IMV.L and 0.28% for UD02.L.

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