PAES.L vs. HDEU.L
PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and HDEU.L (PowerShares EURO STOXX High Dividend Low Volatility UCITS) are both Europe Equities funds from Invesco - PAES.L tracks the MSCI Europe NR EUR while HDEU.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 3 years, PAES.L returned 12.56%/yr vs 22.01%/yr for HDEU.L. A 0.72 correlation means they provide meaningful diversification when combined. PAES.L charges 0.16%/yr vs 0.30%/yr for HDEU.L.
Performance
PAES.L vs. HDEU.L - Performance Comparison
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Different Trading Currencies
PAES.L is traded in GBp, while HDEU.L is traded in EUR. To make them comparable, the HDEU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, PAES.L achieves a 7.62% return, which is significantly lower than HDEU.L's 10.12% return.
PAES.L
- 1D
- -1.03%
- 1M
- 1.99%
- YTD
- 7.62%
- 6M
- 7.96%
- 1Y
- 16.30%
- 3Y*
- 12.56%
- 5Y*
- —
- 10Y*
- —
HDEU.L
- 1D
- -0.98%
- 1M
- -1.01%
- YTD
- 10.12%
- 6M
- 10.76%
- 1Y
- 23.92%
- 3Y*
- 22.01%
- 5Y*
- 13.02%
- 10Y*
- 9.86%
PAES.L vs. HDEU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAES.L Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc | 7.62% | 19.00% | 1.22% | 14.38% | -12.18% | 8,263.00% |
HDEU.L PowerShares EURO STOXX High Dividend Low Volatility UCITS | 10.12% | 43.13% | 5.16% | 11.32% | -3.47% | 2.76% |
Correlation
The correlation between PAES.L and HDEU.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 | 0.70 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.72 |
The correlation between PAES.L and HDEU.L has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.
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Return for Risk
PAES.L vs. HDEU.L — Risk / Return Rank
PAES.L
HDEU.L
PAES.L vs. HDEU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) and PowerShares EURO STOXX High Dividend Low Volatility UCITS (HDEU.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.
| PAES.L | HDEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | +168.47 | ||
| Omega ratioGain probability vs. loss probability | 82.48 | 1.41 | +81.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 3.33 | -3.15 |
| Martin ratioReturn relative to average drawdown | 0.80 | 11.32 | -10.52 |
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Drawdowns
PAES.L vs. HDEU.L - Drawdown Comparison
The maximum PAES.L drawdown since its inception was -99.03%, which is greater than HDEU.L's maximum drawdown of -35.89%. Use the drawdown chart below to compare losses from any high point for PAES.L and HDEU.L.
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Drawdown Indicators
| PAES.L | HDEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.03% | -35.89% | -63.14% |
Max Drawdown (1Y)Largest decline over 1 year | -99.03% | -7.16% | -91.87% |
Max Drawdown (3Y)Largest decline over 3 years | -99.03% | -11.66% | -87.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.82% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.89% | — |
Current DrawdownCurrent decline from peak | -1.05% | -1.84% | +0.79% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -5.41% | -1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.84% | 2.11% | +19.73% |
Volatility
PAES.L vs. HDEU.L - Volatility Comparison
Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) has a higher volatility of 3.24% compared to PowerShares EURO STOXX High Dividend Low Volatility UCITS (HDEU.L) at 2.48%. This indicates that PAES.L's price experiences larger fluctuations and is considered to be riskier than HDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAES.L | HDEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 2.48% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 8.20% | +2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 17,060.70% | 10.58% | +17,050.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8,952.50% | 13.95% | +8,938.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8,952.50% | 15.97% | +8,936.53% |
PAES.L vs. HDEU.L - Expense Ratio Comparison
PAES.L has a 0.16% expense ratio, which is lower than HDEU.L's 0.30% expense ratio.
Dividends
PAES.L vs. HDEU.L - Dividend Comparison
PAES.L has not paid dividends to shareholders, while HDEU.L's dividend yield for the trailing twelve months is around 3.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HDEU.L PowerShares EURO STOXX High Dividend Low Volatility UCITS | 3.78% | 4.71% | 5.78% | 5.56% | 5.60% | 4.21% | 3.04% | 4.50% | 4.38% | 3.44% | 3.59% |
PAES.L Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc | 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
PAES.L and HDEU.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.
On fees, PAES.L is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PAES.L is cheaper with a 0.16% expense ratio, compared with 0.30% for HDEU.L.
PAES.L tracks MSCI Europe NR EUR, while HDEU.L tracks MSCI EMU NR EUR. Their fees differ too: 0.16% for PAES.L and 0.30% for HDEU.L.
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