MKUW.L vs. HDEM.L
MKUW.L (Invesco MSCI Kuwait UCITS ETF USD (Acc)) and HDEM.L (Invesco FTSE EM High Dividend Low Volatility UCITS ETF) are both Emerging Markets Equities funds from Invesco - MKUW.L tracks the MSCI Kuwait 20/35 Index while HDEM.L tracks the MSCI EM NR USD. Both are passively managed. Over the past 5 years, MKUW.L returned 7.19%/yr vs 6.54%/yr for HDEM.L. At a 0.15 correlation, their price movements are largely independent. MKUW.L charges 0.50%/yr vs 0.49%/yr for HDEM.L.
Performance
MKUW.L vs. HDEM.L - Performance Comparison
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Different Trading Currencies
MKUW.L is traded in USD, while HDEM.L is traded in GBp. To make them comparable, the HDEM.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 HDEM.L's 9.10% 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*
- —
HDEM.L
- 1D
- 0.76%
- 1M
- 2.00%
- 6M
- 6.76%
- YTD
- 9.10%
- 1Y
- 21.13%
- 3Y*
- 14.52%
- 5Y*
- 6.54%
- 10Y*
- 6.49%
MKUW.L vs. HDEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MKUW.L Invesco MSCI Kuwait UCITS ETF USD (Acc) | 0.15% | 25.35% | 9.15% | -8.87% | 5.99% | 28.57% | -9.88% | 10.35% |
HDEM.L Invesco FTSE EM High Dividend Low Volatility UCITS ETF | 9.10% | 27.25% | 2.18% | 9.21% | -16.40% | 14.05% | -7.24% | 7.35% |
Correlation
The correlation between MKUW.L and HDEM.L is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.15 |
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Return for Risk
MKUW.L vs. HDEM.L — Risk / Return Rank
MKUW.L
HDEM.L
MKUW.L vs. HDEM.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 FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.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 | HDEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.29 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 2.51 | -2.06 |
| Martin ratioReturn relative to average drawdown | 1.05 | 7.02 | -5.97 |
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Drawdowns
MKUW.L vs. HDEM.L - Drawdown Comparison
The maximum MKUW.L drawdown since its inception was -37.76%, roughly equal to the maximum HDEM.L drawdown of -38.97%. Use the drawdown chart below to compare losses from any high point for MKUW.L and HDEM.L.
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Drawdown Indicators
| MKUW.L | HDEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.76% | -38.97% | +1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -7.47% | -8.36% | +0.89% |
Max Drawdown (3Y)Largest decline over 3 years | -14.16% | -14.02% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -29.56% | +4.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.97% | — |
Current DrawdownCurrent decline from peak | -3.60% | -3.74% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -9.42% | -11.98% | +2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 3.00% | +0.26% |
Volatility
MKUW.L vs. HDEM.L - Volatility Comparison
The current volatility for Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L) is 1.71%, while Invesco FTSE EM High Dividend Low Volatility UCITS ETF (HDEM.L) has a volatility of 4.08%. This indicates that MKUW.L experiences smaller price fluctuations and is considered to be less risky than HDEM.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 | HDEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 4.08% | -2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 8.01% | 9.52% | -1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.26% | 12.12% | -1.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.76% | 15.36% | -2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.49% | 16.64% | -0.15% |
MKUW.L vs. HDEM.L - Expense Ratio Comparison
MKUW.L has a 0.50% expense ratio, which is higher than HDEM.L's 0.49% expense ratio.
Dividends
MKUW.L vs. HDEM.L - Dividend Comparison
MKUW.L has not paid dividends to shareholders, while HDEM.L's dividend yield for the trailing twelve months is around 4.83%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HDEM.L Invesco FTSE EM High Dividend Low Volatility UCITS ETF | 4.83% | 5.18% | 5.61% | 6.08% | 8.92% | 5.96% | 4.31% | 5.23% | 5.37% | 5.06% | 2.27% |
MKUW.L Invesco MSCI Kuwait UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MKUW.L and HDEM.L have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HDEM.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HDEM.L is cheaper with a 0.49% expense ratio, compared with 0.50% for MKUW.L.
MKUW.L tracks MSCI Kuwait 20/35 Index, while HDEM.L tracks MSCI EM NR USD. Their fees differ too: 0.50% for MKUW.L and 0.49% for HDEM.L.
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