MXUD.L vs. ESES.L

Last updated Jul 18, 2026

MXUD.L (Invesco MSCI USA UCITS ETF Dist) and ESES.L (Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)) are both exchange-traded funds - MXUD.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while ESES.L is a Emerging Markets Equities fund tracking the MSCI EM Universal Select Business Screens Index. Both are passively managed. Over the past 5 years, MXUD.L returned 12.51%/yr vs 6.51%/yr for ESES.L. A 0.58 correlation means they provide meaningful diversification when combined. MXUD.L charges 0.05%/yr vs 0.19%/yr for ESES.L.

Performance

MXUD.L vs. ESES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI USA UCITS ETF Dist (MXUD.L) and Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MXUD.L is traded in USD, while ESES.L is traded in GBp. To make them comparable, the ESES.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MXUD.L achieves a 9.03% return, which is significantly lower than ESES.L's 20.00% return.

MXUD.L

• 1D: -1.19%
• 1M: -0.34%
• 6M: 8.12%
• YTD: 9.03%
• 1Y: 19.77%
• 3Y*: 19.62%
• 5Y*: 12.51%
• 10Y*: —

ESES.L

• 1D: -1.61%
• 1M: -7.19%
• 6M: 14.45%
• YTD: 20.00%
• 1Y: 35.44%
• 3Y*: 19.30%
• 5Y*: 6.51%
• 10Y*: —

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

MXUD.L vs. ESES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MXUD.L Invesco MSCI USA UCITS ETF Dist	9.03%	17.43%	25.46%	27.85%	-19.90%	9.90%
ESES.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)	20.00%	33.41%	5.75%	8.37%	-20.64%	6,714.49%

Correlation

The correlation between MXUD.L and ESES.L is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.58

The correlation between MXUD.L and ESES.L has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.

Return for Risk

MXUD.L vs. ESES.L — Risk / Return Rank

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

MXUD.L

MXUD.L Risk / Return Rank: 65
MXUD.L Sharpe Ratio Rank: 64
MXUD.L Sortino Ratio Rank: 68
MXUD.L Omega Ratio Rank: 63
MXUD.L Calmar Ratio Rank: 61
MXUD.L Martin Ratio Rank: 70

ESES.L

ESES.L Risk / Return Rank: 76
ESES.L Sharpe Ratio Rank: 76
ESES.L Sortino Ratio Rank: 73
ESES.L Omega Ratio Rank: 77
ESES.L Calmar Ratio Rank: 82
ESES.L Martin Ratio Rank: 74

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.

MXUD.L vs. ESES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI USA UCITS ETF Dist (MXUD.L) and Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.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.

	MXUD.L	ESES.L	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.69	-0.08
Sortino ratio: Return per unit of downside risk	2.40	2.33	+0.06
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.33	2.69	-0.35
Martin ratio: Return relative to average drawdown	9.45	9.13	+0.32

MXUD.L vs. ESES.L - Sharpe Ratio Comparison

The current MXUD.L Sharpe Ratio is 1.62, which is comparable to the ESES.L Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of MXUD.L and ESES.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

MXUD.L vs. ESES.L - Drawdown Comparison

The maximum MXUD.L drawdown since its inception was -34.42%, roughly equal to the maximum ESES.L drawdown of -35.50%. Use the drawdown chart below to compare losses from any high point for MXUD.L and ESES.L.

Drawdown Indicators

	MXUD.L	ESES.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.42%	-35.50%	+1.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-13.13%	+4.69%
Max Drawdown (3Y) Largest decline over 3 years	-19.43%	-21.98%	+2.55%
Max Drawdown (5Y) Largest decline over 5 years	-25.22%	-35.02%	+9.80%
Current Drawdown Current decline from peak	-1.68%	-8.69%	+7.01%
Average Drawdown Average peak-to-trough decline	-5.60%	-13.86%	+8.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	3.87%	-1.78%

Volatility

MXUD.L vs. ESES.L - Volatility Comparison

The current volatility for Invesco MSCI USA UCITS ETF Dist (MXUD.L) is 3.16%, while Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.L) has a volatility of 7.68%. This indicates that MXUD.L experiences smaller price fluctuations and is considered to be less risky than ESES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXUD.L	ESES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	7.68%	-4.52%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	18.81%	-9.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.21%	20.87%	-8.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.31%	23.55%	-7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	3,189.82%	-3,171.59%

MXUD.L vs. ESES.L - Expense Ratio Comparison

MXUD.L has a 0.05% expense ratio, which is lower than ESES.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MXUD.L vs. ESES.L - Dividend Comparison

MXUD.L's dividend yield for the trailing twelve months is around 1.08%, while ESES.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ESES.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MXUD.L Invesco MSCI USA UCITS ETF Dist	1.08%	1.13%	1.30%	1.47%	1.66%	1.27%	1.47%	0.20%

Frequently Asked Questions

Can I hold both MXUD.L and ESES.L in my portfolio?

MXUD.L and ESES.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MXUD.L or ESES.L?

On fees, MXUD.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MXUD.L or ESES.L?

MXUD.L is cheaper with a 0.05% expense ratio, compared with 0.19% for ESES.L.

What is the main difference between MXUD.L and ESES.L?

MXUD.L is categorized as Large Cap Blend Equities, while ESES.L is Emerging Markets Equities. MXUD.L tracks Russell 1000 TR USD, while ESES.L tracks MSCI EM Universal Select Business Screens Index. Their fees differ too: 0.05% for MXUD.L and 0.19% for ESES.L.