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MVED.L vs. UD03.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MVED.L vs. UD03.L

Last updated Jun 5, 2026

MVED.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)) and UD03.L (UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis) are both Europe Equities funds - MVED.L tracks the MSCI Europe NR EUR while UD03.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 5 years, MVED.L returned 6.05%/yr vs 10.65%/yr for UD03.L. At a 0.21 correlation, their price movements are largely independent. MVED.L charges 0.25%/yr vs 0.28%/yr for UD03.L.

Performance

MVED.L vs. UD03.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 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.

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Different Trading Currencies

MVED.L is traded in EUR, while UD03.L is traded in GBp. To make them comparable, the UD03.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 4.65% return, which is significantly lower than UD03.L's 13.28% return.

MVED.L

1D
0.33%
1M
0.58%
YTD
4.65%
6M
5.79%
1Y
2.49%
3Y*
8.12%
5Y*
6.05%
10Y*
—

UD03.L

1D
0.17%
1M
4.51%
YTD
13.28%
6M
16.24%
1Y
21.24%
3Y*
14.66%
5Y*
10.65%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
MVED.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist)		4.65%8.77%8.89%10.72%-12.60%21.51%-3.86%0.09%
UD03.L
UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis		13.28%18.94%5.44%19.64%-6.99%19.59%-3.56%0.00%

Correlation

The correlation between MVED.L and UD03.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (All Time)
Calculated using the full available price history since Dec 17, 2019

0.21

Over the past year, MVED.L and UD03.L have become more correlated (0.45) than their long-term average of 0.21, meaning their price movements have been converging.

MVED.L vs. UD03.L - Sectors Allocation Comparison

Sectors
MVED.L
UD03.L

Financial Services

17.8%
28.5%

Industrials

15.7%
12.1%

Consumer Defensive

13.2%
14.6%

Healthcare

13.1%
4.1%

Utilities

10.1%
7.7%

Communication Services

9.5%
3.1%

Energy

6.9%
2.7%

Basic Materials

5.7%
4.2%

Consumer Cyclical

3.7%
7.0%

Technology

2.8%
16.2%

Real Estate

1.6%

-

Financial Services

MVED.L
17.8%
UD03.L
28.5%

Industrials

MVED.L
15.7%
UD03.L
12.1%

Consumer Defensive

MVED.L
13.2%
UD03.L
14.6%

Healthcare

MVED.L
13.1%
UD03.L
4.1%

Utilities

MVED.L
10.1%
UD03.L
7.7%

Communication Services

MVED.L
9.5%
UD03.L
3.1%

Energy

MVED.L
6.9%
UD03.L
2.7%

Basic Materials

MVED.L
5.7%
UD03.L
4.2%

Consumer Cyclical

MVED.L
3.7%
UD03.L
7.0%

Technology

MVED.L
2.8%
UD03.L
16.2%

Real Estate

MVED.L
1.6%
UD03.L

-

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

UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis

Often compared with MVED.L:
MVED.L vs. MIVO.LMVED.L vs. CSPX.LMVED.L vs. PRUK.LMVED.L vs. WDEP.LMVED.L vs. OPEN.LMVED.L vs. EDIV.LMVED.L vs. FKU.L
Often compared with UD03.L:
UD03.L vs. XUEK.LUD03.L vs. CE2D.LUD03.L vs. IEDL.LUD03.L vs. IEFS.LUD03.L vs. EUDI.LUD03.L vs. HDEU.LUD03.L vs. OMXS.L

Return for Risk

MVED.L vs. UD03.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: 1313
Overall Rank
MVED.L Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
MVED.L Sortino Ratio Rank: 1212
Sortino Ratio Rank
MVED.L Omega Ratio Rank: 1313
Omega Ratio Rank
MVED.L Calmar Ratio Rank: 1313
Calmar Ratio Rank
MVED.L Martin Ratio Rank: 1313
Martin Ratio Rank
UD03.L
UD03.L Risk / Return Rank: 9090
Overall Rank
UD03.L Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
UD03.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
UD03.L Omega Ratio Rank: 9292
Omega Ratio Rank
UD03.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
UD03.L Martin Ratio Rank: 8282
Martin Ratio Rank
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. UD03.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 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.

MVED.LUD03.LDifference
Sharpe ratioReturn per unit of total volatility
0.28
2.96

-2.68

Sortino ratioReturn per unit of downside risk
0.44
3.92

-3.48

Omega ratioGain probability vs. loss probability

1.06

1.52

-0.46

Calmar ratioReturn relative to maximum drawdown

0.35

5.56

-5.20

Martin ratioReturn relative to average drawdown

0.78

16.13

-15.35

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. UD03.L - Sharpe Ratio Comparison

The current MVED.L Sharpe Ratio is 0.28, which is lower than the UD03.L Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of MVED.L and UD03.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MVED.LUD03.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.28

2.96

-2.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.55

1.63

-1.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

1.02

-0.50

Drawdowns

MVED.L vs. UD03.L - Drawdown Comparison

The maximum MVED.L drawdown since its inception was -30.56%, smaller than the maximum UD03.L drawdown of -36.77%. Use the drawdown chart below to compare losses from any high point for MVED.L and UD03.L.

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Drawdown Indicators

MVED.LUD03.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.56%

-36.77%

+6.21%

Max Drawdown (1Y)

Largest decline over 1 year

-7.00%

-8.71%

+1.71%

Max Drawdown (3Y)

Largest decline over 3 years

-10.51%

-13.75%

+3.24%

Max Drawdown (5Y)

Largest decline over 5 years

-19.54%

-19.79%

+0.25%

Current Drawdown

Current decline from peak

-4.11%

-1.09%

-3.02%

Average Drawdown

Average peak-to-trough decline

-5.19%

-3.54%

-1.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.18%

3.39%

-0.21%

Volatility

MVED.L vs. UD03.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Dist) (MVED.L) is 2.93%, while UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) has a volatility of 3.62%. This indicates that MVED.L experiences smaller price fluctuations and is considered to be less risky than UD03.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MVED.LUD03.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.93%

3.62%

-0.69%

Volatility (6M)

Calculated over the trailing 6-month period

7.14%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

8.78%

16.41%

-7.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.99%

29.22%

-18.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.63%

51.35%

-38.72%

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

MVED.L has a 0.25% expense ratio, which is lower than UD03.L's 0.28% expense ratio.

Dividends

MVED.L vs. UD03.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018
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%
UD03.L
UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis		2.54%2.97%2.84%3.67%3.96%3.50%2.07%0.00%0.00%

Frequently Asked Questions

MVED.L and UD03.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, MVED.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

MVED.L is cheaper with a 0.25% expense ratio, compared with 0.28% for UD03.L.

MVED.L tracks MSCI Europe NR EUR, while UD03.L tracks MSCI EMU NR EUR. They also come from different issuers: BlackRock and UBS. Their fees differ too: 0.25% for MVED.L and 0.28% for UD03.L.

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