IUES.L vs. ENGE.L
IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and ENGE.L (SPDR MSCI Europe Energy UCITS ETF) are both Energy Equities funds tracking the MSCI World/Energy NR USD, from iShares and State Street respectively. Both are passively managed. Over the past 3 years, IUES.L returned 16.84%/yr vs 20.65%/yr for ENGE.L. A 0.74 correlation means they provide meaningful diversification when combined. IUES.L charges 0.15%/yr vs 0.18%/yr for ENGE.L.
Performance
IUES.L vs. ENGE.L - Performance Comparison
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Different Trading Currencies
IUES.L is traded in USD, while ENGE.L is traded in GBP. To make them comparable, the ENGE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IUES.L achieves a 30.45% return, which is significantly lower than ENGE.L's 33.14% return.
IUES.L
- 1D
- -0.36%
- 1M
- -1.09%
- YTD
- 30.45%
- 6M
- 29.22%
- 1Y
- 46.28%
- 3Y*
- 16.84%
- 5Y*
- 20.33%
- 10Y*
- 9.21%
ENGE.L
- 1D
- -0.74%
- 1M
- -3.05%
- YTD
- 33.14%
- 6M
- 30.54%
- 1Y
- 56.86%
- 3Y*
- 20.65%
- 5Y*
- —
- 10Y*
- —
IUES.L vs. ENGE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 30.45% | 9.82% | 3.87% | -0.63% | 16.85% |
ENGE.L SPDR MSCI Europe Energy UCITS ETF | 33.14% | 29.19% | -10.70% | 11.50% | 11.78% |
Correlation
The correlation between IUES.L and ENGE.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.74 |
The correlation between IUES.L and ENGE.L has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.
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Return for Risk
IUES.L vs. ENGE.L — Risk / Return Rank
IUES.L
ENGE.L
IUES.L vs. ENGE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and SPDR MSCI Europe Energy UCITS ETF (ENGE.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.
| IUES.L | ENGE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.42 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 5.77 | -2.59 |
| Martin ratioReturn relative to average drawdown | 9.97 | 18.32 | -8.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IUES.L | ENGE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 2.54 | -0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.76 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.69 | -0.38 |
Drawdowns
IUES.L vs. ENGE.L - Drawdown Comparison
The maximum IUES.L drawdown since its inception was -66.78%, which is greater than ENGE.L's maximum drawdown of -24.19%. Use the drawdown chart below to compare losses from any high point for IUES.L and ENGE.L.
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Drawdown Indicators
| IUES.L | ENGE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.78% | -24.19% | -42.59% |
Max Drawdown (1Y)Largest decline over 1 year | -14.49% | -9.81% | -4.68% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -23.33% | +2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -27.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.78% | — | — |
Current DrawdownCurrent decline from peak | -7.45% | -5.80% | -1.65% |
Average DrawdownAverage peak-to-trough decline | -14.21% | -6.42% | -7.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.63% | 3.10% | +1.53% |
Volatility
IUES.L vs. ENGE.L - Volatility Comparison
iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and SPDR MSCI Europe Energy UCITS ETF (ENGE.L) have volatilities of 8.13% and 8.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IUES.L | ENGE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.13% | 8.27% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 18.58% | 19.10% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.81% | 22.34% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.72% | 24.32% | +2.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.49% | 24.32% | +4.17% |
IUES.L vs. ENGE.L - Expense Ratio Comparison
IUES.L has a 0.15% expense ratio, which is lower than ENGE.L's 0.18% 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
IUES.L vs. ENGE.L - Dividend Comparison
Neither IUES.L nor ENGE.L has paid dividends to shareholders.
Frequently Asked Questions
IUES.L and ENGE.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IUES.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IUES.L is cheaper with a 0.15% expense ratio, compared with 0.18% for ENGE.L.
Both ETFs track MSCI World/Energy NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for IUES.L and 0.18% for ENGE.L.
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