LDEG.L vs. SPX4.L

Last updated Jun 5, 2026

LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) and SPX4.L (SPDR S&P 400 US Mid Cap UCITS ETF) are both exchange-traded funds - LDEG.L is a Europe Equities fund tracking the MSCI Europe Ex UK NR EUR, while SPX4.L is a Mid Cap Blend Equities fund tracking the Russell Mid Cap TR USD. Both are passively managed. Over the past 3 years, LDEG.L returned 23.92%/yr vs 13.07%/yr for SPX4.L. A 0.51 correlation means they provide meaningful diversification when combined. LDEG.L charges 0.25%/yr vs 0.30%/yr for SPX4.L.

Performance

LDEG.L vs. SPX4.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 SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LDEG.L is traded in GBp, while SPX4.L is traded in GBP. To make them comparable, the SPX4.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, LDEG.L achieves a 10.41% return, which is significantly lower than SPX4.L's 13.69% return.

LDEG.L

• 1D: 0.89%
• 1M: -0.33%
• YTD: 10.41%
• 6M: 14.16%
• 1Y: 30.16%
• 3Y*: 23.92%
• 5Y*: 16.11%
• 10Y*: —

SPX4.L

• 1D: 0.40%
• 1M: 4.30%
• YTD: 13.69%
• 6M: 13.60%
• 1Y: 26.50%
• 3Y*: 13.07%
• 5Y*: —
• 10Y*: —

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

LDEG.L vs. SPX4.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	10.41%	44.92%	8.83%	14.32%	4.89%
SPX4.L SPDR S&P 400 US Mid Cap UCITS ETF	13.69%	0.12%	14.37%	10.71%	-1.28%

Correlation

The correlation between LDEG.L and SPX4.L is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.51

The correlation between LDEG.L and SPX4.L has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.

Return for Risk

LDEG.L vs. SPX4.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: 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

SPX4.L

SPX4.L Risk / Return Rank: 64
SPX4.L Sharpe Ratio Rank: 59
SPX4.L Sortino Ratio Rank: 57
SPX4.L Omega Ratio Rank: 56
SPX4.L Calmar Ratio Rank: 79
SPX4.L Martin Ratio Rank: 70

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. SPX4.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 SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.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.

	LDEG.L	SPX4.L	Difference
Sharpe ratio: Return per unit of total volatility	2.63	1.96	+0.68
Sortino ratio: Return per unit of downside risk	3.52	2.70	+0.82
Omega ratio: Gain probability vs. loss probability	1.48	1.34	+0.14
Calmar ratio: Return relative to maximum drawdown	3.78	3.98	-0.20
Martin ratio: Return relative to average drawdown	13.82	12.97	+0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LDEG.L vs. SPX4.L - Sharpe Ratio Comparison

The current LDEG.L Sharpe Ratio is 2.63, which is higher than the SPX4.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of LDEG.L and SPX4.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

	LDEG.L	SPX4.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	1.96	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	0.39	+0.84

Drawdowns

LDEG.L vs. SPX4.L - Drawdown Comparison

The maximum LDEG.L drawdown since its inception was -15.97%, smaller than the maximum SPX4.L drawdown of -26.24%. Use the drawdown chart below to compare losses from any high point for LDEG.L and SPX4.L.

Drawdown Indicators

	LDEG.L	SPX4.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.97%	-26.24%	+10.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-6.63%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-26.24%	+14.19%
Max Drawdown (5Y) Largest decline over 5 years	-15.97%	—	—
Current Drawdown Current decline from peak	-1.33%	0.00%	-1.33%
Average Drawdown Average peak-to-trough decline	-2.95%	-7.81%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.04%	+0.16%

Volatility

LDEG.L vs. SPX4.L - Volatility Comparison

L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) and SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) have volatilities of 3.57% and 3.61%, 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.

Volatility by Period

	LDEG.L	SPX4.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.61%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	9.44%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.55%	13.50%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	22.46%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	22.46%	-6.45%

LDEG.L vs. SPX4.L - Expense Ratio Comparison

LDEG.L has a 0.25% expense ratio, which is lower than SPX4.L's 0.30% expense ratio.

Dividends

LDEG.L vs. SPX4.L - Dividend Comparison

LDEG.L's dividend yield for the trailing twelve months is around 3.13%, while SPX4.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
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%
SPX4.L SPDR S&P 400 US Mid Cap UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LDEG.L and SPX4.L in my portfolio?

LDEG.L and SPX4.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LDEG.L or SPX4.L?

On fees, LDEG.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LDEG.L or SPX4.L?

LDEG.L is cheaper with a 0.25% expense ratio, compared with 0.30% for SPX4.L.

What is the main difference between LDEG.L and SPX4.L?

LDEG.L is categorized as Europe Equities, while SPX4.L is Mid Cap Blend Equities. LDEG.L tracks MSCI Europe Ex UK NR EUR, while SPX4.L tracks Russell Mid Cap TR USD. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.25% for LDEG.L and 0.30% for SPX4.L.