LDEG.L vs. LDEU.L

Last updated Jul 16, 2026

LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) and LDEU.L (L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis) are both Europe Equities funds - LDEG.L tracks the MSCI Europe Ex UK NR EUR while LDEU.L tracks the L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis. Both are passively managed. Over the past 5 years, LDEG.L returned 16.65%/yr vs 16.82%/yr for LDEU.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.

Performance

LDEG.L vs. LDEU.L - Performance Comparison

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

Different Trading Currencies

LDEG.L is traded in GBp, while LDEU.L is traded in EUR. To make them comparable, the LDEU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with LDEG.L having a 11.91% return and LDEU.L slightly higher at 11.99%.

LDEG.L

• 1D: -0.90%
• 1M: 0.19%
• 6M: 9.63%
• YTD: 11.91%
• 1Y: 26.80%
• 3Y*: 24.69%
• 5Y*: 16.65%
• 10Y*: —

LDEU.L

• 1D: 0.00%
• 1M: -0.65%
• 6M: 9.70%
• YTD: 11.99%
• 1Y: 26.76%
• 3Y*: 24.77%
• 5Y*: 16.82%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	11.91%	44.91%	8.81%	14.31%	1.91%	-8.28%
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis	11.99%	44.92%	9.43%	14.43%	1.84%	5.93%

Correlation

The correlation between LDEG.L and LDEU.L is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.96

The correlation between LDEG.L and LDEU.L has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

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

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

LDEG.L

LDEG.L Risk / Return Rank: 83
LDEG.L Sharpe Ratio Rank: 87
LDEG.L Sortino Ratio Rank: 84
LDEG.L Omega Ratio Rank: 83
LDEG.L Calmar Ratio Rank: 79
LDEG.L Martin Ratio Rank: 79

LDEU.L

LDEU.L Risk / Return Rank: 90
LDEU.L Sharpe Ratio Rank: 92
LDEU.L Sortino Ratio Rank: 90
LDEU.L Omega Ratio Rank: 89
LDEU.L Calmar Ratio Rank: 90
LDEU.L Martin Ratio Rank: 88

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.

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

This table presents a comparison of risk-adjusted performance metrics for L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) and L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis (LDEU.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.

	LDEG.L	LDEU.L	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.28	-0.05
Sortino ratio: Return per unit of downside risk	3.03	3.08	-0.04
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	3.32	3.40	-0.08
Martin ratio: Return relative to average drawdown	11.87	12.02	-0.15

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

The current LDEG.L Sharpe Ratio is 2.24, which is comparable to the LDEU.L Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of LDEG.L and LDEU.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

LDEG.L vs. LDEU.L - Drawdown Comparison

The maximum LDEG.L drawdown since its inception was -21.96%, which is greater than LDEU.L's maximum drawdown of -17.44%. Use the drawdown chart below to compare losses from any high point for LDEG.L and LDEU.L.

Drawdown Indicators

	LDEG.L	LDEU.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.96%	-17.44%	-4.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-7.91%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-13.34%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-17.39%	-17.44%	+0.05%
Current Drawdown Current decline from peak	-1.30%	-1.58%	+0.28%
Average Drawdown Average peak-to-trough decline	-5.32%	-2.98%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.24%	+0.01%

Volatility

LDEG.L vs. LDEU.L - Volatility Comparison

L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) has a higher volatility of 3.78% compared to L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis (LDEU.L) at 2.99%. This indicates that LDEG.L's price experiences larger fluctuations and is considered to be riskier than LDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LDEG.L	LDEU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	2.99%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	9.93%	9.61%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	11.77%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.24%	14.58%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	14.43%	+0.76%

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

Both LDEG.L and LDEU.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

LDEG.L vs. LDEU.L - Dividend Comparison

LDEG.L's dividend yield for the trailing twelve months is around 3.56%, more than LDEU.L's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	3.56%	3.42%	4.20%	4.10%	3.69%	3.06%
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis	3.52%	3.47%	4.36%	4.44%	4.17%	2.93%

Frequently Asked Questions

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

With a correlation of 0.92, LDEG.L and LDEU.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

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

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

LDEG.L tracks MSCI Europe Ex UK NR EUR, while LDEU.L tracks L&G Europe ex-UK Quality Dividends Equal Weight ETF EUR Dis. They also come from different issuers: Legal & General and L&G.