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MVEU.L vs. HMEU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MVEU.L vs. HMEU.L

Last updated Jun 26, 2026

MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) and HMEU.L (HSBC MSCI Europe UCITS ETF) are both Europe Equities funds tracking the MSCI Europe NR EUR, from iShares and HSBC respectively. Both are passively managed. Over the past 10 years, MVEU.L returned 7.69%/yr vs 10.50%/yr for HMEU.L. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

MVEU.L vs. HMEU.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 (Acc) (MVEU.L) and HSBC MSCI Europe UCITS ETF (HMEU.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

MVEU.L is traded in EUR, while HMEU.L is traded in GBp. To make them comparable, the HMEU.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, MVEU.L achieves a 7.70% return, which is significantly lower than HMEU.L's 10.17% return. Over the past 10 years, MVEU.L has underperformed HMEU.L with an annualized return of 7.69%, while HMEU.L has yielded a comparatively higher 10.50% annualized return.

MVEU.L

1D
0.42%
1M
0.63%
YTD
7.70%
6M
8.02%
1Y
10.85%
3Y*
11.65%
5Y*
7.18%
10Y*
7.69%

HMEU.L

1D
0.95%
1M
2.37%
YTD
10.17%
6M
10.59%
1Y
21.14%
3Y*
15.10%
5Y*
10.20%
10Y*
10.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MVEU.L vs. HMEU.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		7.70%11.66%11.79%10.66%-12.67%21.67%-3.86%22.42%-3.82%9.48%
HMEU.L
HSBC MSCI Europe UCITS ETF		10.17%19.31%8.53%15.68%-8.33%24.69%-3.29%27.36%-10.54%10.38%

Correlation

The correlation between MVEU.L and HMEU.L is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.70

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

0.77

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

0.82

Correlation (10Y)
Calculated over the trailing 10-year period

0.83

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2012

0.84

The correlation between MVEU.L and HMEU.L shifts across timeframes, from 0.70 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

MVEU.L vs. HMEU.L - Sectors Allocation Comparison

Sectors
MVEU.L
HMEU.L

Financial Services

17.6%
23.2%

Industrials

15.6%
19.7%

Consumer Defensive

14.1%
8.5%

Healthcare

12.3%
13.1%

Utilities

10.1%
4.7%

Communication Services

9.0%
3.8%

Energy

6.9%
4.9%

Basic Materials

5.1%
5.6%

Consumer Cyclical

3.6%
6.4%

Technology

3.4%
9.6%

Real Estate

1.5%
0.7%

Financial Services

MVEU.L
17.6%
HMEU.L
23.2%

Industrials

MVEU.L
15.6%
HMEU.L
19.7%

Consumer Defensive

MVEU.L
14.1%
HMEU.L
8.5%

Healthcare

MVEU.L
12.3%
HMEU.L
13.1%

Utilities

MVEU.L
10.1%
HMEU.L
4.7%

Communication Services

MVEU.L
9.0%
HMEU.L
3.8%

Energy

MVEU.L
6.9%
HMEU.L
4.9%

Basic Materials

MVEU.L
5.1%
HMEU.L
5.6%

Consumer Cyclical

MVEU.L
3.6%
HMEU.L
6.4%

Technology

MVEU.L
3.4%
HMEU.L
9.6%

Real Estate

MVEU.L
1.5%
HMEU.L
0.7%

Compare stocks, funds, or ETFs

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

HSBC MSCI Europe UCITS ETF

Often compared with MVEU.L:
MVEU.L vs. SVOLMVEU.L vs. VTMVEU.L vs. FLXD.LMVEU.L vs. EUHD.LMVEU.L vs. CS1.LMVEU.L vs. CSP1.LMVEU.L vs. PRUK.L
Often compared with HMEU.L:
HMEU.L vs. MEUD.LHMEU.L vs. H50E.LHMEU.L vs. H4ZE.DEHMEU.L vs. VEUR.LHMEU.L vs. FLXD.LHMEU.L vs. HSPX.LHMEU.L vs. JRDE.L

Return for Risk

MVEU.L vs. HMEU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MVEU.L
MVEU.L Risk / Return Rank: 3535
Overall Rank
MVEU.L Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
MVEU.L Sortino Ratio Rank: 3636
Sortino Ratio Rank
MVEU.L Omega Ratio Rank: 3636
Omega Ratio Rank
MVEU.L Calmar Ratio Rank: 3333
Calmar Ratio Rank
MVEU.L Martin Ratio Rank: 3434
Martin Ratio Rank
HMEU.L
HMEU.L Risk / Return Rank: 5757
Overall Rank
HMEU.L Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
HMEU.L Sortino Ratio Rank: 6262
Sortino Ratio Rank
HMEU.L Omega Ratio Rank: 6464
Omega Ratio Rank
HMEU.L Calmar Ratio Rank: 4848
Calmar Ratio Rank
HMEU.L Martin Ratio Rank: 5050
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.

MVEU.L vs. HMEU.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 (Acc) (MVEU.L) and HSBC MSCI Europe UCITS ETF (HMEU.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.

MVEU.LHMEU.LDifference
Sharpe ratioReturn per unit of total volatility
1.25
1.67

-0.41

Sortino ratioReturn per unit of downside risk
1.76
2.40

-0.64

Omega ratioGain probability vs. loss probability

1.23

1.31

-0.09

Calmar ratioReturn relative to maximum drawdown

1.53

2.24

-0.70

Martin ratioReturn relative to average drawdown

4.75

8.48

-3.74

MVEU.L vs. HMEU.L - Sharpe Ratio Comparison

The current MVEU.L Sharpe Ratio is 1.25, which is comparable to the HMEU.L Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of MVEU.L and HMEU.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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Drawdowns

MVEU.L vs. HMEU.L - Drawdown Comparison

The maximum MVEU.L drawdown since its inception was -30.56%, smaller than the maximum HMEU.L drawdown of -35.98%. Use the drawdown chart below to compare losses from any high point for MVEU.L and HMEU.L.

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Drawdown Indicators

MVEU.LHMEU.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.56%

-35.98%

+5.42%

Max Drawdown (1Y)

Largest decline over 1 year

-7.04%

-9.41%

+2.37%

Max Drawdown (3Y)

Largest decline over 3 years

-10.78%

-15.73%

+4.95%

Max Drawdown (5Y)

Largest decline over 5 years

-19.51%

-19.24%

-0.27%

Max Drawdown (10Y)

Largest decline over 10 years

-30.56%

-35.98%

+5.42%

Current Drawdown

Current decline from peak

-1.37%

0.00%

-1.37%

Average Drawdown

Average peak-to-trough decline

-4.55%

-6.80%

+2.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.28%

2.49%

-0.21%

Volatility

MVEU.L vs. HMEU.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) is 2.07%, while HSBC MSCI Europe UCITS ETF (HMEU.L) has a volatility of 2.83%. This indicates that MVEU.L experiences smaller price fluctuations and is considered to be less risky than HMEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MVEU.LHMEU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.07%

2.83%

-0.76%

Volatility (6M)

Calculated over the trailing 6-month period

6.99%

10.55%

-3.56%

Volatility (1Y)

Calculated over the trailing 1-year period

8.68%

12.64%

-3.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.06%

14.21%

-3.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.27%

15.34%

-3.07%

MVEU.L vs. HMEU.L - Expense Ratio Comparison

Both MVEU.L and HMEU.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%.

Dividends

MVEU.L vs. HMEU.L - Dividend Comparison

MVEU.L has not paid dividends to shareholders, while HMEU.L's dividend yield for the trailing twelve months is around 1.81%.

PositionTTM20252024202320222021202020192018201720162015
HMEU.L
HSBC MSCI Europe UCITS ETF		1.81%2.55%2.97%2.80%2.85%2.16%2.13%3.10%3.29%2.77%2.81%2.62%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MVEU.L and HMEU.L have a correlation of 0.70, 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 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

MVEU.L and HMEU.L have the same expense ratio: 0.25% per year.

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: iShares and HSBC.

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