MSAP.L vs. VPAC.L
MSAP.L (Invesco MSCI Saudi Arabia ETF) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds from Invesco - MSAP.L tracks the Invesco MSCI Saudi Arabia ETF while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, MSAP.L returned 2.40%/yr vs 4.29%/yr for VPAC.L. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
MSAP.L vs. VPAC.L - Performance Comparison
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Different Trading Currencies
MSAP.L is traded in GBp, while VPAC.L is traded in USD. To make them comparable, the VPAC.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 higher than VPAC.L's 3.01% 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*
- —
VPAC.L
- 1D
- 0.27%
- 1M
- 0.51%
- 6M
- 2.59%
- YTD
- 3.01%
- 1Y
- 5.62%
- 3Y*
- 7.72%
- 5Y*
- 4.29%
- 10Y*
- —
MSAP.L vs. VPAC.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% | -0.06% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD | 3.01% | -1.24% | 12.77% | 3.80% | 1.04% | 4.62% | 1.73% | 12.68% | -2.79% |
Correlation
The correlation between MSAP.L and VPAC.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.33 |
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Return for Risk
MSAP.L vs. VPAC.L — Risk / Return Rank
MSAP.L
VPAC.L
MSAP.L vs. VPAC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Saudi Arabia ETF (MSAP.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 1.27 | -1.05 |
| Martin ratioReturn relative to average drawdown | 0.50 | 3.30 | -2.80 |
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Drawdowns
MSAP.L vs. VPAC.L - Drawdown Comparison
The maximum MSAP.L drawdown since its inception was -46.44%, which is greater than VPAC.L's maximum drawdown of -26.87%. Use the drawdown chart below to compare losses from any high point for MSAP.L and VPAC.L.
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Drawdown Indicators
| MSAP.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.44% | -26.87% | -19.57% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -4.94% | -7.30% |
Max Drawdown (3Y)Largest decline over 3 years | -20.20% | -9.34% | -10.86% |
Max Drawdown (5Y)Largest decline over 5 years | -30.35% | -15.98% | -14.37% |
Current DrawdownCurrent decline from peak | -25.14% | -1.48% | -23.66% |
Average DrawdownAverage peak-to-trough decline | -19.39% | -4.54% | -14.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.44% | 1.90% | +3.54% |
Volatility
MSAP.L vs. VPAC.L - Volatility Comparison
Invesco MSCI Saudi Arabia ETF (MSAP.L) has a higher volatility of 3.63% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 1.91%. This indicates that MSAP.L's price experiences larger fluctuations and is considered to be riskier than VPAC.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 | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 1.91% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 9.87% | 5.14% | +4.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.67% | 6.72% | +7.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 8.70% | +6.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.32% | 12.35% | +7.97% |
MSAP.L vs. VPAC.L - Expense Ratio Comparison
Both MSAP.L and VPAC.L have an expense ratio of 0.50%.
Dividends
MSAP.L vs. VPAC.L - Dividend Comparison
Neither MSAP.L nor VPAC.L has paid dividends to shareholders.
Frequently Asked Questions
MSAP.L and VPAC.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
MSAP.L and VPAC.L have the same expense ratio: 0.50% per year.
MSAP.L tracks Invesco MSCI Saudi Arabia ETF, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD.
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