MXFP.L vs. EXCS.L

Last updated Jun 5, 2026

MXFP.L (Invesco MSCI Emerging Markets UCITS ETF) and EXCS.L (iShares MSCI EM ex-China UCITS ETF USD (Acc)) are both Emerging Markets Equities funds tracking the MSCI EM NR USD, from Invesco and iShares respectively. Both are passively managed. Over the past 3 years, MXFP.L returned 20.66%/yr vs 24.90%/yr for EXCS.L. Their correlation of 0.85 suggests significant overlap in exposure. MXFP.L charges 0.19%/yr vs 0.18%/yr for EXCS.L.

Performance

MXFP.L vs. EXCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Emerging Markets UCITS ETF (MXFP.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

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

Returns By Period

In the year-to-date period, MXFP.L achieves a 26.12% return, which is significantly lower than EXCS.L's 38.77% return.

MXFP.L

• 1D: -1.62%
• 1M: 6.48%
• YTD: 26.12%
• 6M: 28.40%
• 1Y: 54.01%
• 3Y*: 20.66%
• 5Y*: 8.33%
• 10Y*: 10.75%

EXCS.L

• 1D: -1.64%
• 1M: 8.94%
• YTD: 38.77%
• 6M: 43.14%
• 1Y: 73.63%
• 3Y*: 24.90%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
MXFP.L Invesco MSCI Emerging Markets UCITS ETF	26.12%	24.86%	8.78%	2.95%	-10.46%	0.58%
EXCS.L iShares MSCI EM ex-China UCITS ETF USD (Acc)	38.77%	26.13%	5.55%	10.95%	-8.31%	2.81%

Correlation

The correlation between MXFP.L and EXCS.L is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 30, 2021	0.85

The correlation between MXFP.L and EXCS.L has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

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

Sectors	MXFP.L	EXCS.L
Technology	36.9%	45.1%
Financial Services	19.5%	19.5%
Consumer Cyclical	9.6%	4.5%
Industrials	7.5%	8.3%
Communication Services	6.9%	3.4%
Basic Materials	6.6%	6.8%
Energy	4.1%	4.2%
Consumer Defensive	3.0%	2.9%
Healthcare	2.9%	2.2%
Utilities	2.1%	2.3%
Real Estate	1.0%	1.0%

Return for Risk

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

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

MXFP.L

MXFP.L Risk / Return Rank: 89
MXFP.L Sharpe Ratio Rank: 92
MXFP.L Sortino Ratio Rank: 89
MXFP.L Omega Ratio Rank: 91
MXFP.L Calmar Ratio Rank: 88
MXFP.L Martin Ratio Rank: 86

EXCS.L

EXCS.L Risk / Return Rank: 94
EXCS.L Sharpe Ratio Rank: 95
EXCS.L Sortino Ratio Rank: 94
EXCS.L Omega Ratio Rank: 95
EXCS.L Calmar Ratio Rank: 92
EXCS.L Martin Ratio Rank: 92

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Emerging Markets UCITS ETF (MXFP.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.

	MXFP.L	EXCS.L	Difference
Sharpe ratio: Return per unit of total volatility	3.18	3.88	-0.70
Sortino ratio: Return per unit of downside risk	4.08	4.79	-0.71
Omega ratio: Gain probability vs. loss probability	1.59	1.70	-0.11
Calmar ratio: Return relative to maximum drawdown	5.03	6.20	-1.17
Martin ratio: Return relative to average drawdown	17.75	22.70	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current MXFP.L Sharpe Ratio is 3.18, which is comparable to the EXCS.L Sharpe Ratio of 3.88. The chart below compares the historical Sharpe Ratios of MXFP.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.

Sharpe Ratios by Period

	MXFP.L	EXCS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.18	3.88	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.03	-0.41

Drawdowns

MXFP.L vs. EXCS.L - Drawdown Comparison

The maximum MXFP.L drawdown since its inception was -27.23%, which is greater than EXCS.L's maximum drawdown of -17.51%. Use the drawdown chart below to compare losses from any high point for MXFP.L and EXCS.L.

Drawdown Indicators

	MXFP.L	EXCS.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.23%	-17.51%	-9.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-11.81%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.38%	-17.51%	+2.13%
Max Drawdown (5Y) Largest decline over 5 years	-23.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.23%	—	—
Current Drawdown Current decline from peak	-2.51%	-2.34%	-0.17%
Average Drawdown Average peak-to-trough decline	-8.99%	-4.85%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.23%	-0.20%

Volatility

MXFP.L vs. EXCS.L - Volatility Comparison

The current volatility for Invesco MSCI Emerging Markets UCITS ETF (MXFP.L) is 7.48%, while iShares MSCI EM ex-China UCITS ETF USD (Acc) (EXCS.L) has a volatility of 8.66%. This indicates that MXFP.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

	MXFP.L	EXCS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	8.66%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	14.41%	16.55%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.92%	18.88%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	15.36%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	15.36%	+2.63%

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

MXFP.L has a 0.19% expense ratio, which is higher than EXCS.L's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MXFP.L vs. EXCS.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.93, MXFP.L and EXCS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

EXCS.L is cheaper with a 0.18% expense ratio, compared with 0.19% for MXFP.L.

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

Both ETFs track MSCI EM NR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for MXFP.L and 0.18% for EXCS.L.