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

MVEU.L vs. LDEG.L

Last updated Jun 6, 2026

MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) and LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both Europe Equities funds - MVEU.L tracks the MSCI Europe NR EUR while LDEG.L tracks the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 5 years, MVEU.L returned 7.49%/yr vs 15.74%/yr for LDEG.L. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

MVEU.L vs. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.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 LDEG.L is traded in GBp. To make them comparable, the LDEG.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 6.31% return, which is significantly lower than LDEG.L's 10.51% return.

MVEU.L

1D
0.44%
1M
0.22%
YTD
6.31%
6M
7.60%
1Y
5.80%
3Y*
10.44%
5Y*
7.49%
10Y*
6.63%

LDEG.L

1D
-0.81%
1M
-1.23%
YTD
10.51%
6M
14.31%
1Y
25.87%
3Y*
23.39%
5Y*
15.74%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		6.31%11.66%11.79%10.66%-12.67%16.02%
LDEG.L
L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF		10.51%37.35%14.06%16.73%-3.34%-5.32%

Correlation

The correlation between MVEU.L and LDEG.L is 0.64, 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

0.64

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

0.69

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

0.71

Correlation (All Time)
Calculated using the full available price history since Apr 13, 2021

0.70

The correlation between MVEU.L and LDEG.L has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

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

Sectors
MVEU.L
LDEG.L

Financial Services

17.6%
41.5%

Industrials

14.8%
15.8%

Consumer Defensive

13.1%
3.1%

Healthcare

12.8%
3.4%

Utilities

10.2%
8.2%

Communication Services

9.6%
5.2%

Energy

7.0%
7.7%

Basic Materials

5.5%
9.9%

Consumer Cyclical

3.8%
3.3%

Technology

2.8%
2.0%

Real Estate

1.6%

-

Financial Services

MVEU.L
17.6%
LDEG.L
41.5%

Industrials

MVEU.L
14.8%
LDEG.L
15.8%

Consumer Defensive

MVEU.L
13.1%
LDEG.L
3.1%

Healthcare

MVEU.L
12.8%
LDEG.L
3.4%

Utilities

MVEU.L
10.2%
LDEG.L
8.2%

Communication Services

MVEU.L
9.6%
LDEG.L
5.2%

Energy

MVEU.L
7.0%
LDEG.L
7.7%

Basic Materials

MVEU.L
5.5%
LDEG.L
9.9%

Consumer Cyclical

MVEU.L
3.8%
LDEG.L
3.3%

Technology

MVEU.L
2.8%
LDEG.L
2.0%

Real Estate

MVEU.L
1.6%
LDEG.L

-

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

L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF

Often compared with MVEU.L:
MVEU.L vs. SVOLMVEU.L vs. VTMVEU.L vs. FLXD.LMVEU.L vs. CS1.LMVEU.L vs. CSP1.LMVEU.L vs. IITU.LMVEU.L vs. EUHD.L
Often compared with LDEG.L:
LDEG.L vs. TDGB.LLDEG.L vs. LDUK.LLDEG.L vs. FLXD.LLDEG.L vs. UKDV.LLDEG.L vs. S7XP.LLDEG.L vs. EUDVLDEG.L vs. EUHD.L

Return for Risk

MVEU.L vs. LDEG.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: 2121
Overall Rank
MVEU.L Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
MVEU.L Sortino Ratio Rank: 2020
Sortino Ratio Rank
MVEU.L Omega Ratio Rank: 2020
Omega Ratio Rank
MVEU.L Calmar Ratio Rank: 2020
Calmar Ratio Rank
MVEU.L Martin Ratio Rank: 2121
Martin Ratio Rank
LDEG.L
LDEG.L Risk / Return Rank: 8080
Overall Rank
LDEG.L Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
LDEG.L Sortino Ratio Rank: 8181
Sortino Ratio Rank
LDEG.L Omega Ratio Rank: 8282
Omega Ratio Rank
LDEG.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
LDEG.L Martin Ratio Rank: 7575
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. LDEG.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 L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.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.

MVEU.LLDEG.LDifference
Sharpe ratioReturn per unit of total volatility
0.67
2.20

-1.53

Sortino ratioReturn per unit of downside risk
0.98
3.04

-2.06

Omega ratioGain probability vs. loss probability

1.12

1.39

-0.27

Calmar ratioReturn relative to maximum drawdown

0.82

3.72

-2.90

Martin ratioReturn relative to average drawdown

2.15

13.09

-10.94

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current MVEU.L Sharpe Ratio is 0.67, which is lower than the LDEG.L Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of MVEU.L and LDEG.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

MVEU.LLDEG.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.67

2.20

-1.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.68

1.10

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.83

-0.18

Drawdowns

MVEU.L vs. LDEG.L - Drawdown Comparison

The maximum MVEU.L drawdown since its inception was -30.56%, which is greater than LDEG.L's maximum drawdown of -21.67%. Use the drawdown chart below to compare losses from any high point for MVEU.L and LDEG.L.

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Drawdown Indicators

MVEU.LLDEG.LDifference

Max Drawdown

Largest peak-to-trough decline

-30.56%

-21.67%

-8.89%

Max Drawdown (1Y)

Largest decline over 1 year

-7.04%

-6.92%

-0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-10.78%

-13.74%

+2.96%

Max Drawdown (5Y)

Largest decline over 5 years

-19.51%

-20.07%

+0.56%

Max Drawdown (10Y)

Largest decline over 10 years

-30.56%

—

—

Current Drawdown

Current decline from peak

-2.64%

-2.14%

-0.50%

Average Drawdown

Average peak-to-trough decline

-4.56%

-4.69%

+0.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.57%

1.97%

+0.60%

Volatility

MVEU.L vs. LDEG.L - Volatility Comparison

The current volatility for iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) is 2.52%, while L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) has a volatility of 3.23%. This indicates that MVEU.L experiences smaller price fluctuations and is considered to be less risky than LDEG.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.LLDEG.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.52%

3.23%

-0.71%

Volatility (6M)

Calculated over the trailing 6-month period

6.90%

9.15%

-2.25%

Volatility (1Y)

Calculated over the trailing 1-year period

8.59%

11.69%

-3.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.06%

14.33%

-3.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.49%

15.32%

-2.83%

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

Both MVEU.L and LDEG.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. LDEG.L - Dividend Comparison

MVEU.L has not paid dividends to shareholders, while LDEG.L's dividend yield for the trailing twelve months is around 3.15%.

PositionTTM20252024202320222021
LDEG.L
L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF		3.15%3.42%4.20%4.10%3.69%3.06%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MVEU.L and LDEG.L have a correlation of 0.64, 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 LDEG.L have the same expense ratio: 0.25% per year.

MVEU.L tracks MSCI Europe NR EUR, while LDEG.L tracks MSCI Europe Ex UK NR EUR. They also come from different issuers: iShares and Legal & General.

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