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IPXE.L vs. MVED.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IPXE.L vs. MVED.L

Last updated Jul 16, 2026
Documentation

IPXE.L (First Trust IPOX Europe Equity Opportunities UCITS ETF) and MVED.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)) are both Europe Equities funds - IPXE.L tracks the First Trust IPOX Europe Equity Opportunities UCITS ETF while MVED.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, IPXE.L returned 3.32%/yr vs 6.41%/yr for MVED.L. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

IPXE.L vs. MVED.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust IPOX Europe Equity Opportunities UCITS ETF (IPXE.L) and iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IPXE.L is traded in USD, while MVED.L is traded in EUR. To make them comparable, the MVED.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IPXE.L achieves a 6.58% return, which is significantly higher than MVED.L's 5.93% return.

IPXE.L

1D
-0.78%
1M
-7.61%
6M
5.17%
YTD
6.58%
1Y
6.86%
3Y*
15.74%
5Y*
3.32%
10Y*
—

MVED.L

1D
0.32%
1M
0.34%
6M
5.03%
YTD
5.93%
1Y
10.13%
3Y*
12.64%
5Y*
6.41%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IPXE.L vs. MVED.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IPXE.L
First Trust IPOX Europe Equity Opportunities UCITS ETF		6.58%23.15%15.84%14.82%-34.82%25.55%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		5.93%26.83%4.79%14.18%-17.85%4.36%

Correlation

The correlation between IPXE.L and MVED.L is 0.53, 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

0.53

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

0.56

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

0.67

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2021

0.68

The correlation between IPXE.L and MVED.L shifts across timeframes, from 0.53 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

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First Trust IPOX Europe Equity Opportunities UCITS ETF

iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)

Often compared with MVED.L:
MVED.L vs. MIVO.LMVED.L vs. CSPX.LMVED.L vs. OPEN.LMVED.L vs. WDEP.LMVED.L vs. PRUK.LMVED.L vs. EDIV.LMVED.L vs. CES1.L

Return for Risk

IPXE.L vs. MVED.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IPXE.L
IPXE.L Risk / Return Rank: 1616
Overall Rank
IPXE.L Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
IPXE.L Sortino Ratio Rank: 1515
Sortino Ratio Rank
IPXE.L Omega Ratio Rank: 1414
Omega Ratio Rank
IPXE.L Calmar Ratio Rank: 1818
Calmar Ratio Rank
IPXE.L Martin Ratio Rank: 1919
Martin Ratio Rank
MVED.L
MVED.L Risk / Return Rank: 4141
Overall Rank
MVED.L Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MVED.L Sortino Ratio Rank: 4040
Sortino Ratio Rank
MVED.L Omega Ratio Rank: 4444
Omega Ratio Rank
MVED.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
MVED.L Martin Ratio Rank: 3939
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.

IPXE.L vs. MVED.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust IPOX Europe Equity Opportunities UCITS ETF (IPXE.L) and iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.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.

IPXE.LMVED.LDifference
Sharpe ratioReturn per unit of total volatility
0.33
0.91

-0.58

Sortino ratioReturn per unit of downside risk
0.63
1.28

-0.65

Omega ratioGain probability vs. loss probability

1.07

1.17

-0.10

Calmar ratioReturn relative to maximum drawdown

0.60

1.15

-0.55

Martin ratioReturn relative to average drawdown

1.61

3.03

-1.42

IPXE.L vs. MVED.L - Sharpe Ratio Comparison

The current IPXE.L Sharpe Ratio is 0.33, which is lower than the MVED.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of IPXE.L and MVED.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

IPXE.L vs. MVED.L - Drawdown Comparison

The maximum IPXE.L drawdown since its inception was -49.41%, which is greater than MVED.L's maximum drawdown of -31.87%. Use the drawdown chart below to compare losses from any high point for IPXE.L and MVED.L.

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Drawdown Indicators

IPXE.LMVED.LDifference

Max Drawdown

Largest peak-to-trough decline

-49.41%

-31.87%

-17.54%

Max Drawdown (1Y)

Largest decline over 1 year

-10.85%

-8.77%

-2.08%

Max Drawdown (3Y)

Largest decline over 3 years

-19.60%

-10.24%

-9.36%

Max Drawdown (5Y)

Largest decline over 5 years

-49.41%

-31.87%

-17.54%

Current Drawdown

Current decline from peak

-8.94%

-3.48%

-5.46%

Average Drawdown

Average peak-to-trough decline

-19.91%

-6.46%

-13.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.05%

3.33%

+0.72%

Volatility

IPXE.L vs. MVED.L - Volatility Comparison

First Trust IPOX Europe Equity Opportunities UCITS ETF (IPXE.L) has a higher volatility of 5.95% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) at 3.44%. This indicates that IPXE.L's price experiences larger fluctuations and is considered to be riskier than MVED.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IPXE.LMVED.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.95%

3.44%

+2.51%

Volatility (6M)

Calculated over the trailing 6-month period

17.48%

9.10%

+8.38%

Volatility (1Y)

Calculated over the trailing 1-year period

19.75%

11.11%

+8.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.53%

14.32%

+8.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.29%

14.89%

+9.40%

Dividends

IPXE.L vs. MVED.L - Dividend Comparison

IPXE.L has not paid dividends to shareholders, while MVED.L's dividend yield for the trailing twelve months is around 2.52%.

PositionTTM20252024202320222021202020192018
IPXE.L
First Trust IPOX Europe Equity Opportunities UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		2.52%2.69%2.56%2.67%2.95%2.16%2.54%2.81%2.51%

Frequently Asked Questions

IPXE.L and MVED.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IPXE.L tracks First Trust IPOX Europe Equity Opportunities UCITS ETF, while MVED.L tracks MSCI Europe NR EUR. They also come from different issuers: First Trust and BlackRock.

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