IWFM.L vs. IEFM.L

Last updated Jun 26, 2026

IWFM.L (iShares Edge MSCI World Momentum Factor UCITS ETF (Acc)) and IEFM.L (iShares Edge MSCI Europe Momentum Factor UCITS ETF) are both Momentum funds from iShares - IWFM.L tracks the MSCI World Momentum Index while IEFM.L tracks the MSCI Europe Momentum Index. Both are passively managed. Over the past 10 years, IWFM.L returned 16.28%/yr vs 12.69%/yr for IEFM.L. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

IWFM.L vs. IEFM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI World Momentum Factor UCITS ETF (Acc) (IWFM.L) and iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWFM.L achieves a 27.91% return, which is significantly higher than IEFM.L's 8.14% return. Over the past 10 years, IWFM.L has outperformed IEFM.L with an annualized return of 16.28%, while IEFM.L has yielded a comparatively lower 12.69% annualized return.

IWFM.L

• 1D: 1.72%
• 1M: 6.70%
• YTD: 27.91%
• 6M: 27.20%
• 1Y: 41.65%
• 3Y*: 28.63%
• 5Y*: 15.31%
• 10Y*: 16.28%

IEFM.L

• 1D: 1.08%
• 1M: 0.27%
• YTD: 8.14%
• 6M: 8.60%
• 1Y: 22.99%
• 3Y*: 21.29%
• 5Y*: 11.69%
• 10Y*: 12.69%

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

IWFM.L vs. IEFM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWFM.L iShares Edge MSCI World Momentum Factor UCITS ETF (Acc)	27.91%	12.72%	32.62%	5.85%	-8.21%	15.58%	24.16%	23.25%	1.62%	20.40%
IEFM.L iShares Edge MSCI Europe Momentum Factor UCITS ETF	8.14%	33.05%	15.03%	10.37%	-9.80%	14.07%	17.04%	23.39%	-9.34%	15.91%

Correlation

The correlation between IWFM.L and IEFM.L is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 19, 2015	0.78

The correlation between IWFM.L and IEFM.L shifts across timeframes, from 0.68 (3 years) to 0.78 (all time), reflecting how their relationship changes across market environments.

IWFM.L vs. IEFM.L - Sectors Allocation Comparison

Sectors	IWFM.L	IEFM.L
Technology	35.1%	12.8%
Industrials	15.6%	13.8%
Financial Services	12.3%	22.6%
Energy	10.2%	11.4%
Healthcare	7.6%	15.3%
Basic Materials	5.7%	7.6%
Communication Services	5.7%	2.8%
Utilities	2.8%	10.8%
Consumer Defensive	2.1%	2.5%
Consumer Cyclical	1.8%	0.1%
Real Estate	1.2%	0.3%

Return for Risk

IWFM.L vs. IEFM.L — Risk / Return Rank

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

IWFM.L

IWFM.L Risk / Return Rank: 87
IWFM.L Sharpe Ratio Rank: 85
IWFM.L Sortino Ratio Rank: 87
IWFM.L Omega Ratio Rank: 83
IWFM.L Calmar Ratio Rank: 89
IWFM.L Martin Ratio Rank: 90

IEFM.L

IEFM.L Risk / Return Rank: 46
IEFM.L Sharpe Ratio Rank: 46
IEFM.L Sortino Ratio Rank: 47
IEFM.L Omega Ratio Rank: 46
IEFM.L Calmar Ratio Rank: 43
IEFM.L Martin Ratio Rank: 47

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.

IWFM.L vs. IEFM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Momentum Factor UCITS ETF (Acc) (IWFM.L) and iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.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.

	IWFM.L	IEFM.L	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.41	+0.97
Sortino ratio: Return per unit of downside risk	3.40	2.09	+1.31
Omega ratio: Gain probability vs. loss probability	1.43	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	4.63	1.90	+2.73
Martin ratio: Return relative to average drawdown	17.51	6.97	+10.54

IWFM.L vs. IEFM.L - Sharpe Ratio Comparison

The current IWFM.L Sharpe Ratio is 2.38, which is higher than the IEFM.L Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of IWFM.L and IEFM.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.

Drawdowns

IWFM.L vs. IEFM.L - Drawdown Comparison

The maximum IWFM.L drawdown since its inception was -41.86%, which is greater than IEFM.L's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for IWFM.L and IEFM.L.

Drawdown Indicators

	IWFM.L	IEFM.L	Difference
Max Drawdown Largest peak-to-trough decline	-41.86%	-23.88%	-17.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-12.05%	+3.10%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-12.95%	-8.20%
Max Drawdown (5Y) Largest decline over 5 years	-21.15%	-21.33%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-22.58%	-23.88%	+1.30%
Current Drawdown Current decline from peak	-1.27%	-0.85%	-0.42%
Average Drawdown Average peak-to-trough decline	-9.39%	-5.02%	-4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	3.29%	-0.92%

Volatility

IWFM.L vs. IEFM.L - Volatility Comparison

iShares Edge MSCI World Momentum Factor UCITS ETF (Acc) (IWFM.L) has a higher volatility of 7.32% compared to iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) at 4.10%. This indicates that IWFM.L's price experiences larger fluctuations and is considered to be riskier than IEFM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWFM.L	IEFM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	4.10%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	14.90%	14.14%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	16.23%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.73%	15.66%	+6.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	15.94%	+3.63%

IWFM.L vs. IEFM.L - Expense Ratio Comparison

Both IWFM.L and IEFM.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IWFM.L vs. IEFM.L - Dividend Comparison

Neither IWFM.L nor IEFM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWFM.L and IEFM.L in my portfolio?

IWFM.L and IEFM.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWFM.L or IEFM.L?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWFM.L or IEFM.L?

IWFM.L and IEFM.L have the same expense ratio: 0.25% per year.

What is the main difference between IWFM.L and IEFM.L?

IWFM.L tracks MSCI World Momentum Index, while IEFM.L tracks MSCI Europe Momentum Index.