MVOL.L vs. EXCS.L

Last updated Jul 18, 2026

MVOL.L (iShares Edge MSCI World Minimum Volatility UCITS) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both exchange-traded funds - MVOL.L is a Global Equities fund tracking the MSCI ACWI NR USD, while EXCS.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 3 years, MVOL.L returned 9.17%/yr vs 22.59%/yr for EXCS.L. At a 0.40 correlation, their price movements are largely independent. MVOL.L charges 0.35%/yr vs 0.18%/yr for EXCS.L.

Performance

MVOL.L vs. EXCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MVOL.L is traded in USD, while EXCS.L is traded in GBP. To make them comparable, the EXCS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MVOL.L achieves a 2.60% return, which is significantly lower than EXCS.L's 26.14% return.

MVOL.L

• 1D: 0.65%
• 1M: 1.99%
• 6M: 2.88%
• YTD: 2.60%
• 1Y: 4.67%
• 3Y*: 9.17%
• 5Y*: 5.10%
• 10Y*: 6.83%

EXCS.L

• 1D: -2.17%
• 1M: -10.75%
• 6M: 19.03%
• YTD: 26.14%
• 1Y: 45.45%
• 3Y*: 22.59%
• 5Y*: —
• 10Y*: —

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

MVOL.L vs. EXCS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MVOL.L iShares Edge MSCI World Minimum Volatility UCITS	2.60%	11.02%	11.08%	7.28%	-9.62%	2.52%
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	26.14%	35.75%	3.67%	16.90%	-18.20%	-24.55%

Correlation

The correlation between MVOL.L and EXCS.L is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021	0.40

Over the past year, the correlation between MVOL.L and EXCS.L has dropped to 0.06 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

MVOL.L vs. EXCS.L - Sectors Allocation Comparison

Sectors	MVOL.L	EXCS.L
Technology	24.0%	53.4%
Healthcare	13.8%	1.9%
Financial Services	13.1%	18.0%
Communication Services	11.4%	2.9%
Consumer Defensive	10.3%	2.4%
Industrials	8.9%	6.5%
Utilities	7.4%	1.8%
Consumer Cyclical	5.2%	3.8%
Energy	4.0%	3.1%
Real Estate	1.1%	0.8%
Basic Materials	0.9%	5.5%

Return for Risk

MVOL.L vs. EXCS.L — Risk / Return Rank

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

MVOL.L

MVOL.L Risk / Return Rank: 20
MVOL.L Sharpe Ratio Rank: 21
MVOL.L Sortino Ratio Rank: 19
MVOL.L Omega Ratio Rank: 19
MVOL.L Calmar Ratio Rank: 22
MVOL.L Martin Ratio Rank: 20

EXCS.L

EXCS.L Risk / Return Rank: 76
EXCS.L Sharpe Ratio Rank: 79
EXCS.L Sortino Ratio Rank: 72
EXCS.L Omega Ratio Rank: 78
EXCS.L Calmar Ratio Rank: 75
EXCS.L Martin Ratio Rank: 76

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.

MVOL.L vs. EXCS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L) and iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.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.

	MVOL.L	EXCS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.87	-1.28
Sortino ratio: Return per unit of downside risk	0.87	2.45	-1.57
Omega ratio: Gain probability vs. loss probability	1.11	1.34	-0.23
Calmar ratio: Return relative to maximum drawdown	0.81	3.23	-2.42
Martin ratio: Return relative to average drawdown	1.76	10.20	-8.44

MVOL.L vs. EXCS.L - Sharpe Ratio Comparison

The current MVOL.L Sharpe Ratio is 0.59, which is lower than the EXCS.L Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of MVOL.L and EXCS.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.

Drawdowns

MVOL.L vs. EXCS.L - Drawdown Comparison

The maximum MVOL.L drawdown since its inception was -28.82%, smaller than the maximum EXCS.L drawdown of -44.14%. Use the drawdown chart below to compare losses from any high point for MVOL.L and EXCS.L.

Drawdown Indicators

	MVOL.L	EXCS.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.82%	-44.14%	+15.32%
Max Drawdown (1Y) Largest decline over 1 year	-5.78%	-14.02%	+8.24%
Max Drawdown (3Y) Largest decline over 3 years	-8.15%	-19.69%	+11.54%
Max Drawdown (5Y) Largest decline over 5 years	-18.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.82%	—	—
Current Drawdown Current decline from peak	-2.01%	-13.75%	+11.74%
Average Drawdown Average peak-to-trough decline	-3.30%	-23.94%	+20.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	4.44%	-1.79%

Volatility

MVOL.L vs. EXCS.L - Volatility Comparison

The current volatility for iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L) is 2.29%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 10.40%. This indicates that MVOL.L experiences smaller price fluctuations and is considered to be less risky than EXCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVOL.L	EXCS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	10.40%	-8.11%
Volatility (6M) Calculated over the trailing 6-month period	6.07%	22.19%	-16.12%
Volatility (1Y) Calculated over the trailing 1-year period	7.87%	24.22%	-16.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.67%	26.08%	-15.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.62%	26.08%	-14.46%

MVOL.L vs. EXCS.L - Expense Ratio Comparison

MVOL.L has a 0.35% expense ratio, which is higher than EXCS.L's 0.18% expense ratio.

Dividends

MVOL.L vs. EXCS.L - Dividend Comparison

Neither MVOL.L nor EXCS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MVOL.L and EXCS.L in my portfolio?

MVOL.L and EXCS.L have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MVOL.L or EXCS.L?

On fees, EXCS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MVOL.L or EXCS.L?

EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.35% for MVOL.L.

What is the main difference between MVOL.L and EXCS.L?

MVOL.L is categorized as Global Equities, while EXCS.L is Emerging Markets Equities. MVOL.L tracks MSCI ACWI NR USD, while EXCS.L tracks MSCI EM NR USD. Their fees differ too: 0.35% for MVOL.L and 0.18% for EXCS.L.