MSEA.L vs. UD03.L

Last updated Jun 5, 2026

MSEA.L (UBS Core MSCI Europe UCITS ETF Capitalisation A) and UD03.L (UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis) are both Europe Equities funds from UBS - MSEA.L tracks the MSCI Europe Index while UD03.L tracks the MSCI EMU NR EUR. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. MSEA.L charges 0.10%/yr vs 0.28%/yr for UD03.L.

Performance

MSEA.L vs. UD03.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS Core MSCI Europe UCITS ETF Capitalisation A (MSEA.L) and UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSEA.L achieves a 7.55% return, which is significantly lower than UD03.L's 12.35% return.

MSEA.L

• 1D: 0.46%
• 1M: 1.04%
• YTD: 7.55%
• 6M: 8.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UD03.L

• 1D: 0.26%
• 1M: 2.79%
• YTD: 12.35%
• 6M: 14.89%
• 1Y: 23.67%
• 3Y*: 14.85%
• 5Y*: 10.39%
• 10Y*: 10.19%

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

MSEA.L vs. UD03.L - Yearly Performance Comparison

	2026 (YTD)	2025
MSEA.L UBS Core MSCI Europe UCITS ETF Capitalisation A	7.55%	7.48%
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis	12.35%	7.92%

Correlation

The correlation between MSEA.L and UD03.L is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 28, 2025	0.73

Return for Risk

MSEA.L vs. UD03.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UD03.L

UD03.L Risk / Return Rank: 60
UD03.L Sharpe Ratio Rank: 65
UD03.L Sortino Ratio Rank: 62
UD03.L Omega Ratio Rank: 67
UD03.L Calmar Ratio Rank: 53
UD03.L Martin Ratio Rank: 54

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.

MSEA.L vs. UD03.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS Core MSCI Europe UCITS ETF Capitalisation A (MSEA.L) and UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MSEA.L	UD03.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.94	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.99	0.35	+1.63

Drawdowns

MSEA.L vs. UD03.L - Drawdown Comparison

The maximum MSEA.L drawdown since its inception was -10.45%, smaller than the maximum UD03.L drawdown of -35.99%. Use the drawdown chart below to compare losses from any high point for MSEA.L and UD03.L.

Drawdown Indicators

	MSEA.L	UD03.L	Difference
Max Drawdown Largest peak-to-trough decline	-10.45%	-35.99%	+25.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.92%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.99%	—
Current Drawdown Current decline from peak	-1.14%	-1.19%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.48%	-7.64%	+5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.77%	—

Volatility

Volatility by Period

	MSEA.L	UD03.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.18%	12.21%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	15.07%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.18%	16.80%	-1.62%

MSEA.L vs. UD03.L - Expense Ratio Comparison

MSEA.L has a 0.10% expense ratio, which is lower than UD03.L's 0.28% expense ratio.

Dividends

MSEA.L vs. UD03.L - Dividend Comparison

MSEA.L has not paid dividends to shareholders, while UD03.L's dividend yield for the trailing twelve months is around 2.54%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSEA.L UBS Core MSCI Europe UCITS ETF Capitalisation A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis	2.54%	2.98%	2.83%	3.66%	3.82%	3.47%	2.06%	3.57%	4.89%	2.14%

Frequently Asked Questions

Can I hold both MSEA.L and UD03.L in my portfolio?

MSEA.L and UD03.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSEA.L or UD03.L?

On fees, MSEA.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSEA.L or UD03.L?

MSEA.L is cheaper with a 0.10% expense ratio, compared with 0.28% for UD03.L.

What is the main difference between MSEA.L and UD03.L?

MSEA.L tracks MSCI Europe Index, while UD03.L tracks MSCI EMU NR EUR. Their fees differ too: 0.10% for MSEA.L and 0.28% for UD03.L.