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IWMO.L vs. IEFM.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWMO.L vs. IEFM.L

Last updated Jun 5, 2026

IWMO.L (iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)) and IEFM.L (iShares Edge MSCI Europe Momentum Factor UCITS ETF) are both Momentum funds from iShares - IWMO.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, IWMO.L returned 15.58%/yr vs 11.59%/yr for IEFM.L. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

IWMO.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 USD (Acc) (IWMO.L) and iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IWMO.L is traded in USD, while IEFM.L is traded in GBp. To make them comparable, the IEFM.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IWMO.L achieves a 21.89% return, which is significantly higher than IEFM.L's 6.65% return. Over the past 10 years, IWMO.L has outperformed IEFM.L with an annualized return of 15.58%, while IEFM.L has yielded a comparatively lower 11.59% annualized return.

IWMO.L

1D
-0.78%
1M
5.62%
YTD
21.89%
6M
23.45%
1Y
33.45%
3Y*
29.58%
5Y*
13.62%
10Y*
15.58%

IEFM.L

1D
-0.12%
1M
2.09%
YTD
6.65%
6M
11.05%
1Y
19.46%
3Y*
23.40%
5Y*
10.32%
10Y*
11.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IWMO.L
iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)		21.89%21.04%30.50%11.96%-17.97%14.13%28.58%27.14%-3.85%32.09%
IEFM.L
iShares Edge MSCI Europe Momentum Factor UCITS ETF		6.66%43.09%13.12%16.19%-19.44%13.04%20.63%28.34%-15.00%27.74%

Correlation

The correlation between IWMO.L and IEFM.L is 0.77, 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

0.77

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

0.73

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

0.77

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

0.75

Correlation (All Time)
Calculated using the full available price history since Jan 20, 2015

0.75

The correlation between IWMO.L and IEFM.L has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

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

Sectors
IWMO.L
IEFM.L

Technology

26.0%
8.4%

Industrials

18.7%
14.8%

Financial Services

13.1%
23.3%

Healthcare

10.7%
16.0%

Energy

10.6%
11.2%

Communication Services

6.8%
3.0%

Basic Materials

6.0%
7.3%

Utilities

3.7%
12.2%

Consumer Cyclical

1.6%
0.5%

Consumer Defensive

1.5%
3.1%

Real Estate

1.4%
0.4%

Technology

IWMO.L
26.0%
IEFM.L
8.4%

Industrials

IWMO.L
18.7%
IEFM.L
14.8%

Financial Services

IWMO.L
13.1%
IEFM.L
23.3%

Healthcare

IWMO.L
10.7%
IEFM.L
16.0%

Energy

IWMO.L
10.6%
IEFM.L
11.2%

Communication Services

IWMO.L
6.8%
IEFM.L
3.0%

Basic Materials

IWMO.L
6.0%
IEFM.L
7.3%

Utilities

IWMO.L
3.7%
IEFM.L
12.2%

Consumer Cyclical

IWMO.L
1.6%
IEFM.L
0.5%

Consumer Defensive

IWMO.L
1.5%
IEFM.L
3.1%

Real Estate

IWMO.L
1.4%
IEFM.L
0.4%

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iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc)

iShares Edge MSCI Europe Momentum Factor UCITS ETF

Often compared with IWMO.L:
IWMO.L vs. SPYIWMO.L vs. QMOMIWMO.L vs. VWRA.LIWMO.L vs. JPGL.LIWMO.L vs. IPRV.LIWMO.L vs. IWVL.LIWMO.L vs. AVUV
Often compared with IEFM.L:
IEFM.L vs. MTUMIEFM.L vs. VUKE.DEIEFM.L vs. CEMR.DEIEFM.L vs. EXO.ASIEFM.L vs. SPYF.DEIEFM.L vs. QDVX.DEIEFM.L vs. ESIF.L

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWMO.L
IWMO.L Risk / Return Rank: 6060
Overall Rank
IWMO.L Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
IWMO.L Sortino Ratio Rank: 6161
Sortino Ratio Rank
IWMO.L Omega Ratio Rank: 5656
Omega Ratio Rank
IWMO.L Calmar Ratio Rank: 6060
Calmar Ratio Rank
IWMO.L Martin Ratio Rank: 6969
Martin Ratio Rank
IEFM.L
IEFM.L Risk / Return Rank: 2828
Overall Rank
IEFM.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IEFM.L Sortino Ratio Rank: 2525
Sortino Ratio Rank
IEFM.L Omega Ratio Rank: 3535
Omega Ratio Rank
IEFM.L Calmar Ratio Rank: 3030
Calmar Ratio Rank
IEFM.L Martin Ratio Rank: 2626
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.

IWMO.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 USD (Acc) (IWMO.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.

IWMO.LIEFM.LDifference
Sharpe ratioReturn per unit of total volatility
1.85
0.74

+1.12

Sortino ratioReturn per unit of downside risk
2.81
1.25

+1.56

Omega ratioGain probability vs. loss probability

1.34

1.20

+0.14

Calmar ratioReturn relative to maximum drawdown

2.90

1.26

+1.64

Martin ratioReturn relative to average drawdown

12.73

3.18

+9.56

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

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

The current IWMO.L Sharpe Ratio is 1.85, which is higher than the IEFM.L Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of IWMO.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.

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Sharpe Ratios by Period

IWMO.LIEFM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

0.74

+1.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.50

+0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

0.60

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.55

+0.25

Drawdowns

IWMO.L vs. IEFM.L - Drawdown Comparison

The maximum IWMO.L drawdown since its inception was -31.52%, smaller than the maximum IEFM.L drawdown of -35.97%. Use the drawdown chart below to compare losses from any high point for IWMO.L and IEFM.L.

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Drawdown Indicators

IWMO.LIEFM.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.52%

-35.97%

+4.45%

Max Drawdown (1Y)

Largest decline over 1 year

-11.61%

-15.37%

+3.76%

Max Drawdown (3Y)

Largest decline over 3 years

-19.40%

-15.37%

-4.03%

Max Drawdown (5Y)

Largest decline over 5 years

-29.63%

-35.97%

+6.34%

Max Drawdown (10Y)

Largest decline over 10 years

-31.52%

-35.97%

+4.45%

Current Drawdown

Current decline from peak

-0.78%

-2.51%

+1.73%

Average Drawdown

Average peak-to-trough decline

-6.03%

-7.82%

+1.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

6.11%

-3.46%

Volatility

IWMO.L vs. IEFM.L - Volatility Comparison

iShares Edge MSCI World Momentum Factor UCITS ETF USD (Acc) (IWMO.L) has a higher volatility of 6.56% compared to iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) at 4.87%. This indicates that IWMO.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.

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Volatility by Period

IWMO.LIEFM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.56%

4.87%

+1.69%

Volatility (6M)

Calculated over the trailing 6-month period

15.84%

15.81%

+0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

18.21%

26.32%

-8.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.50%

20.65%

-2.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

19.18%

-1.17%

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

Both IWMO.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

IWMO.L vs. IEFM.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

IWMO.L and IEFM.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

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