MVED.L vs. OPEN.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) and iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc) (OPEN.L).

MVED.L and OPEN.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MVED.L is a passively managed fund by BlackRock that tracks the performance of the MSCI Europe NR EUR. It was launched on Feb 23, 2018. OPEN.L is a passively managed fund by BlackRock that tracks the performance of the MSCI ACWI Value NR USD. It was launched on Sep 7, 2018. Both MVED.L and OPEN.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MVED.L vs. OPEN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) and iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc) (OPEN.L). The values are adjusted to include any dividend payments, if applicable.

MVED.L vs. OPEN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MVED.L iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)	5.12%	8.77%	8.89%	10.72%	-12.60%	21.51%	-3.86%	22.67%	-6.24%
OPEN.L iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc)	0.99%	9.35%	14.72%	11.92%	-3.38%	26.12%	1.34%	23.53%	-7.56%

Different Trading Currencies

MVED.L is traded in EUR, while OPEN.L is traded in USD. To make them comparable, the OPEN.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, MVED.L achieves a 5.12% return, which is significantly higher than OPEN.L's 0.99% return.

MVED.L

• 1D: 1.33%
• 1M: -2.87%
• YTD: 5.12%
• 6M: 5.68%
• 1Y: 5.50%
• 3Y*: 8.82%
• 5Y*: 7.11%
• 10Y*: —

OPEN.L

• 1D: 2.65%
• 1M: -4.34%
• YTD: 0.99%
• 6M: 5.18%
• 1Y: 9.84%
• 3Y*: 11.07%
• 5Y*: 8.79%
• 10Y*: —

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

MVED.L vs. OPEN.L - Expense Ratio Comparison

Both MVED.L and OPEN.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

MVED.L

iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)

OPEN.L

iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc)

Return for Risk

MVED.L vs. OPEN.L — Risk / Return Rank

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

MVED.L

MVED.L Risk / Return Rank: 24
MVED.L Sharpe Ratio Rank: 24
MVED.L Sortino Ratio Rank: 22
MVED.L Omega Ratio Rank: 25
MVED.L Calmar Ratio Rank: 26
MVED.L Martin Ratio Rank: 23

OPEN.L

OPEN.L Risk / Return Rank: 57
OPEN.L Sharpe Ratio Rank: 59
OPEN.L Sortino Ratio Rank: 55
OPEN.L Omega Ratio Rank: 60
OPEN.L Calmar Ratio Rank: 58
OPEN.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.

MVED.L vs. OPEN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) and iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc) (OPEN.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.

	MVED.L	OPEN.L	Difference
Sharpe ratio Return per unit of total volatility	0.46	0.63	-0.17
Sortino ratio Return per unit of downside risk	0.66	0.91	-0.25
Omega ratio Gain probability vs. loss probability	1.10	1.13	-0.03
Calmar ratio Return relative to maximum drawdown	0.68	1.01	-0.33
Martin ratio Return relative to average drawdown	1.88	3.68	-1.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVED.L vs. OPEN.L - Sharpe Ratio Comparison

The current MVED.L Sharpe Ratio is 0.46, which is comparable to the OPEN.L Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of MVED.L and OPEN.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MVED.L	OPEN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.63	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.63	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.60	-0.06

Correlation

The correlation between MVED.L and OPEN.L is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MVED.L vs. OPEN.L - Dividend Comparison

Neither MVED.L nor OPEN.L has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MVED.L iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)	0.00%	0.00%	0.00%	2.67%	2.95%	2.16%	2.54%	2.81%	2.50%
OPEN.L iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MVED.L vs. OPEN.L - Drawdown Comparison

The maximum MVED.L drawdown since its inception was -30.56%, smaller than the maximum OPEN.L drawdown of -32.61%. Use the drawdown chart below to compare losses from any high point for MVED.L and OPEN.L.

Drawdown Indicators

	MVED.L	OPEN.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.56%	-33.45%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-12.40%	+3.30%
Max Drawdown (5Y) Largest decline over 5 years	-19.54%	-22.59%	+3.05%
Current Drawdown Current decline from peak	-3.68%	-7.50%	+3.82%
Average Drawdown Average peak-to-trough decline	-5.22%	-5.27%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.98%	+0.28%

Volatility

MVED.L vs. OPEN.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) is 4.01%, while iShares Refinitiv Inclusion and Diversity UCITS ETF USD (Acc) (OPEN.L) has a volatility of 5.78%. This indicates that MVED.L experiences smaller price fluctuations and is considered to be less risky than OPEN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVED.L	OPEN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	5.78%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	6.69%	9.14%	-2.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.84%	15.54%	-3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.98%	13.86%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	16.15%	-3.46%