MSAP.L vs. IWVG.L
MSAP.L (Invesco MSCI Saudi Arabia ETF) and IWVG.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Dist)) are both Global Equities funds - MSAP.L tracks the Invesco MSCI Saudi Arabia ETF while IWVG.L tracks the MSCI ACWI Value NR USD. Both are passively managed. Over the past 5 years, MSAP.L returned 2.40%/yr vs 16.93%/yr for IWVG.L. At a 0.33 correlation, their price movements are largely independent. MSAP.L charges 0.50%/yr vs 0.30%/yr for IWVG.L.
Performance
MSAP.L vs. IWVG.L - Performance Comparison
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Different Trading Currencies
MSAP.L is traded in GBp, while IWVG.L is traded in GBP. To make them comparable, the IWVG.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, MSAP.L achieves a 3.41% return, which is significantly lower than IWVG.L's 28.47% return.
MSAP.L
- 1D
- -0.28%
- 1M
- -3.59%
- 6M
- -2.38%
- YTD
- 3.41%
- 1Y
- 1.98%
- 3Y*
- -1.62%
- 5Y*
- 2.40%
- 10Y*
- —
IWVG.L
- 1D
- -2.49%
- 1M
- -4.98%
- 6M
- 24.42%
- YTD
- 28.47%
- 1Y
- 54.93%
- 3Y*
- 25.26%
- 5Y*
- 16.93%
- 10Y*
- —
MSAP.L vs. IWVG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MSAP.L Invesco MSCI Saudi Arabia ETF | 3.41% | -12.17% | 1.88% | 3.56% | 6.09% | 37.74% | -2.87% | 2.76% | -24.41% |
IWVG.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 28.47% | 31.27% | 6.58% | 13.08% | 1.04% | 21.24% | -6.86% | 14.68% | -10.30% |
Correlation
The correlation between MSAP.L and IWVG.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2018 | 0.33 |
The correlation between MSAP.L and IWVG.L shifts across timeframes, from 0.17 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MSAP.L vs. IWVG.L — Risk / Return Rank
MSAP.L
IWVG.L
MSAP.L vs. IWVG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Saudi Arabia ETF (MSAP.L) and iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVG.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.
| MSAP.L | IWVG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.48 | ||
| Sortino ratioReturn per unit of downside risk | -4.47 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.67 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 7.82 | -7.60 |
| Martin ratioReturn relative to average drawdown | 0.50 | 25.39 | -24.89 |
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Drawdowns
MSAP.L vs. IWVG.L - Drawdown Comparison
The maximum MSAP.L drawdown since its inception was -46.44%, which is greater than IWVG.L's maximum drawdown of -28.07%. Use the drawdown chart below to compare losses from any high point for MSAP.L and IWVG.L.
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Drawdown Indicators
| MSAP.L | IWVG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.44% | -28.07% | -18.37% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -6.99% | -5.25% |
Max Drawdown (3Y)Largest decline over 3 years | -20.20% | -13.92% | -6.28% |
Max Drawdown (5Y)Largest decline over 5 years | -30.35% | -13.92% | -16.43% |
Current DrawdownCurrent decline from peak | -25.14% | -6.26% | -18.88% |
Average DrawdownAverage peak-to-trough decline | -19.39% | -4.29% | -15.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.44% | 2.16% | +3.28% |
Volatility
MSAP.L vs. IWVG.L - Volatility Comparison
The current volatility for Invesco MSCI Saudi Arabia ETF (MSAP.L) is 3.63%, while iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVG.L) has a volatility of 6.15%. This indicates that MSAP.L experiences smaller price fluctuations and is considered to be less risky than IWVG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSAP.L | IWVG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 6.15% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 9.87% | 13.11% | -3.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.67% | 14.94% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 13.44% | +2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.32% | 15.68% | +4.64% |
MSAP.L vs. IWVG.L - Expense Ratio Comparison
MSAP.L has a 0.50% expense ratio, which is higher than IWVG.L's 0.30% expense ratio.
Dividends
MSAP.L vs. IWVG.L - Dividend Comparison
MSAP.L has not paid dividends to shareholders, while IWVG.L's dividend yield for the trailing twelve months is around 1.93%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IWVG.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 1.93% | 2.48% | 3.12% | 3.22% | 3.11% | 2.61% | 2.37% | 2.90% | 2.48% |
MSAP.L Invesco MSCI Saudi Arabia ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSAP.L and IWVG.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IWVG.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IWVG.L is cheaper with a 0.30% expense ratio, compared with 0.50% for MSAP.L.
MSAP.L tracks Invesco MSCI Saudi Arabia ETF, while IWVG.L tracks MSCI ACWI Value NR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for MSAP.L and 0.30% for IWVG.L.
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