MKUW.L vs. ESES.L
MKUW.L (Invesco MSCI Kuwait UCITS ETF USD (Acc)) and ESES.L (Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)) are both Emerging Markets Equities funds from Invesco - MKUW.L tracks the MSCI Kuwait 20/35 Index while ESES.L tracks the MSCI EM Universal Select Business Screens Index. Both are passively managed. Over the past 5 years, MKUW.L returned 7.19%/yr vs 6.51%/yr for ESES.L. At a 0.20 correlation, their price movements are largely independent. MKUW.L charges 0.50%/yr vs 0.19%/yr for ESES.L.
Performance
MKUW.L vs. ESES.L - Performance Comparison
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Different Trading Currencies
MKUW.L is traded in USD, while ESES.L is traded in GBp. To make them comparable, the ESES.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, MKUW.L achieves a 0.15% return, which is significantly lower than ESES.L's 20.00% return.
MKUW.L
- 1D
- -0.06%
- 1M
- -2.04%
- 6M
- 1.18%
- YTD
- 0.15%
- 1Y
- 3.43%
- 3Y*
- 7.89%
- 5Y*
- 7.19%
- 10Y*
- —
ESES.L
- 1D
- -1.61%
- 1M
- -7.19%
- 6M
- 14.45%
- YTD
- 20.00%
- 1Y
- 35.44%
- 3Y*
- 19.30%
- 5Y*
- 6.51%
- 10Y*
- —
MKUW.L vs. ESES.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MKUW.L Invesco MSCI Kuwait UCITS ETF USD (Acc) | 0.15% | 25.35% | 9.15% | -8.87% | 5.99% | 7.42% |
ESES.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) | 20.00% | 33.41% | 5.75% | 8.37% | -20.64% | 6,714.49% |
Correlation
The correlation between MKUW.L and ESES.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021 | 0.20 |
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Return for Risk
MKUW.L vs. ESES.L — Risk / Return Rank
MKUW.L
ESES.L
MKUW.L vs. ESES.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L) and Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.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.
| MKUW.L | ESES.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.31 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 2.69 | -2.23 |
| Martin ratioReturn relative to average drawdown | 1.05 | 9.13 | -8.08 |
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Drawdowns
MKUW.L vs. ESES.L - Drawdown Comparison
The maximum MKUW.L drawdown since its inception was -37.76%, which is greater than ESES.L's maximum drawdown of -35.50%. Use the drawdown chart below to compare losses from any high point for MKUW.L and ESES.L.
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Drawdown Indicators
| MKUW.L | ESES.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.76% | -35.50% | -2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -7.47% | -13.13% | +5.66% |
Max Drawdown (3Y)Largest decline over 3 years | -14.16% | -21.98% | +7.82% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -35.02% | +9.89% |
Current DrawdownCurrent decline from peak | -3.60% | -8.69% | +5.09% |
Average DrawdownAverage peak-to-trough decline | -9.42% | -13.86% | +4.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 3.87% | -0.61% |
Volatility
MKUW.L vs. ESES.L - Volatility Comparison
The current volatility for Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L) is 1.71%, while Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.L) has a volatility of 7.68%. This indicates that MKUW.L experiences smaller price fluctuations and is considered to be less risky than ESES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MKUW.L | ESES.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 7.68% | -5.97% |
Volatility (6M)Calculated over the trailing 6-month period | 8.01% | 18.81% | -10.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.26% | 20.87% | -10.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.76% | 23.55% | -10.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.49% | 3,189.82% | -3,173.33% |
MKUW.L vs. ESES.L - Expense Ratio Comparison
MKUW.L has a 0.50% expense ratio, which is higher than ESES.L's 0.19% expense ratio.
Dividends
MKUW.L vs. ESES.L - Dividend Comparison
Neither MKUW.L nor ESES.L has paid dividends to shareholders.
Frequently Asked Questions
MKUW.L and ESES.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ESES.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ESES.L is cheaper with a 0.19% expense ratio, compared with 0.50% for MKUW.L.
MKUW.L tracks MSCI Kuwait 20/35 Index, while ESES.L tracks MSCI EM Universal Select Business Screens Index. Their fees differ too: 0.50% for MKUW.L and 0.19% for ESES.L.
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