JRZE.L vs. LDEG.L

Last updated Jun 5, 2026

JRZE.L (JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc)) and LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both Europe Equities funds - JRZE.L tracks the MSCI EMU NR EUR while LDEG.L tracks the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 3 years, JRZE.L returned 15.69%/yr vs 23.92%/yr for LDEG.L. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

JRZE.L vs. LDEG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc) (JRZE.L) and L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JRZE.L achieves a 8.11% return, which is significantly lower than LDEG.L's 10.41% return.

JRZE.L

• 1D: 0.42%
• 1M: 4.70%
• YTD: 8.11%
• 6M: 9.51%
• 1Y: 21.36%
• 3Y*: 15.69%
• 5Y*: —
• 10Y*: —

LDEG.L

• 1D: 0.89%
• 1M: 1.38%
• YTD: 10.41%
• 6M: 13.94%
• 1Y: 30.52%
• 3Y*: 23.92%
• 5Y*: 16.11%
• 10Y*: —

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

JRZE.L vs. LDEG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JRZE.L JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc)	8.11%	29.94%	3.35%	17.82%	5.89%
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	10.41%	44.92%	8.83%	14.32%	5.88%

Correlation

The correlation between JRZE.L and LDEG.L is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.85

The correlation between JRZE.L and LDEG.L has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

JRZE.L vs. LDEG.L — Risk / Return Rank

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

JRZE.L

JRZE.L Risk / Return Rank: 42
JRZE.L Sharpe Ratio Rank: 43
JRZE.L Sortino Ratio Rank: 43
JRZE.L Omega Ratio Rank: 43
JRZE.L Calmar Ratio Rank: 40
JRZE.L Martin Ratio Rank: 43

LDEG.L

LDEG.L Risk / Return Rank: 78
LDEG.L Sharpe Ratio Rank: 82
LDEG.L Sortino Ratio Rank: 80
LDEG.L Omega Ratio Rank: 80
LDEG.L Calmar Ratio Rank: 76
LDEG.L Martin Ratio Rank: 74

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.

JRZE.L vs. LDEG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc) (JRZE.L) and L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.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.

	JRZE.L	LDEG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.63	-1.15
Sortino ratio: Return per unit of downside risk	2.15	3.52	-1.36
Omega ratio: Gain probability vs. loss probability	1.27	1.48	-0.20
Calmar ratio: Return relative to maximum drawdown	1.92	3.78	-1.86
Martin ratio: Return relative to average drawdown	6.73	13.82	-7.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JRZE.L vs. LDEG.L - Sharpe Ratio Comparison

The current JRZE.L Sharpe Ratio is 1.48, which is lower than the LDEG.L Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of JRZE.L and LDEG.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.

Sharpe Ratios by Period

	JRZE.L	LDEG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.63	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.24	-0.42

Drawdowns

JRZE.L vs. LDEG.L - Drawdown Comparison

The maximum JRZE.L drawdown since its inception was -17.17%, which is greater than LDEG.L's maximum drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for JRZE.L and LDEG.L.

Drawdown Indicators

	JRZE.L	LDEG.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.17%	-15.97%	-1.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.09%	-8.04%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-17.17%	-12.05%	-5.12%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.97%	—
Current Drawdown Current decline from peak	-0.07%	-1.33%	+1.26%
Average Drawdown Average peak-to-trough decline	-5.49%	-2.95%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	2.20%	+0.97%

Volatility

JRZE.L vs. LDEG.L - Volatility Comparison

JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc) (JRZE.L) has a higher volatility of 4.64% compared to L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) at 3.57%. This indicates that JRZE.L's price experiences larger fluctuations and is considered to be riskier than LDEG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JRZE.L	LDEG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	3.57%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	9.21%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	14.37%	11.55%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.13%	15.99%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.13%	16.01%	+3.12%

JRZE.L vs. LDEG.L - Expense Ratio Comparison

Both JRZE.L and LDEG.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

JRZE.L vs. LDEG.L - Dividend Comparison

JRZE.L has not paid dividends to shareholders, while LDEG.L's dividend yield for the trailing twelve months is around 3.13%.

Position	TTM	2025	2024	2023	2022	2021
JRZE.L JPMorgan Eurozone Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	3.13%	3.43%	4.21%	4.11%	3.70%	3.11%

Frequently Asked Questions

Can I hold both JRZE.L and LDEG.L in my portfolio?

JRZE.L and LDEG.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JRZE.L or LDEG.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, JRZE.L or LDEG.L?

JRZE.L and LDEG.L have the same expense ratio: 0.25% per year.

What is the main difference between JRZE.L and LDEG.L?

JRZE.L tracks MSCI EMU NR EUR, while LDEG.L tracks MSCI Europe Ex UK NR EUR. They also come from different issuers: JPMorgan and Legal & General.