PAES.L vs. IEFV.L
PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and IEFV.L (iShares Edge MSCI Europe Value Factor UCITS ETF) are both Europe Equities funds - PAES.L tracks the MSCI Europe NR EUR while IEFV.L tracks the MSCI Europe Value NR EUR. Both are passively managed. Over the past 3 years, PAES.L returned 12.69%/yr vs 22.78%/yr for IEFV.L. A 0.79 correlation means they provide meaningful diversification when combined. PAES.L charges 0.16%/yr vs 0.25%/yr for IEFV.L.
Performance
PAES.L vs. IEFV.L - Performance Comparison
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Returns By Period
In the year-to-date period, PAES.L achieves a 7.98% return, which is significantly lower than IEFV.L's 14.64% return.
PAES.L
- 1D
- 0.34%
- 1M
- 1.61%
- YTD
- 7.98%
- 6M
- 8.33%
- 1Y
- 17.43%
- 3Y*
- 12.69%
- 5Y*
- —
- 10Y*
- —
IEFV.L
- 1D
- 1.36%
- 1M
- 1.12%
- YTD
- 14.64%
- 6M
- 15.38%
- 1Y
- 38.77%
- 3Y*
- 22.78%
- 5Y*
- 15.04%
- 10Y*
- 12.59%
PAES.L vs. IEFV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAES.L Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc | 7.98% | 19.00% | 1.22% | 14.38% | -12.18% | 8,263.00% |
IEFV.L iShares Edge MSCI Europe Value Factor UCITS ETF | 14.64% | 42.20% | 5.40% | 11.41% | 1.47% | 4.34% |
Correlation
The correlation between PAES.L and IEFV.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.79 |
The correlation between PAES.L and IEFV.L has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.
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Return for Risk
PAES.L vs. IEFV.L — Risk / Return Rank
PAES.L
IEFV.L
PAES.L vs. IEFV.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 iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.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 | IEFV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | +167.57 | ||
| Omega ratioGain probability vs. loss probability | 82.48 | 1.53 | +80.95 |
| Calmar ratioReturn relative to maximum drawdown | 0.17 | 3.65 | -3.48 |
| Martin ratioReturn relative to average drawdown | 0.77 | 13.42 | -12.65 |
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Drawdowns
PAES.L vs. IEFV.L - Drawdown Comparison
The maximum PAES.L drawdown since its inception was -99.03%, which is greater than IEFV.L's maximum drawdown of -34.64%. Use the drawdown chart below to compare losses from any high point for PAES.L and IEFV.L.
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Drawdown Indicators
| PAES.L | IEFV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.03% | -34.64% | -64.39% |
Max Drawdown (1Y)Largest decline over 1 year | -99.03% | -10.57% | -88.46% |
Max Drawdown (3Y)Largest decline over 3 years | -99.03% | -15.02% | -84.01% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.16% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.64% | — |
Current DrawdownCurrent decline from peak | -0.72% | 0.00% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -6.18% | -0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.84% | 2.88% | +18.96% |
Volatility
PAES.L vs. IEFV.L - Volatility Comparison
The current volatility for Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) is 3.19%, while iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.L) has a volatility of 3.84%. This indicates that PAES.L experiences smaller price fluctuations and is considered to be less risky than IEFV.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 | IEFV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 3.84% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | 11.09% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 17,060.70% | 13.43% | +17,047.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8,948.60% | 17.10% | +8,931.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8,948.60% | 17.58% | +8,931.02% |
PAES.L vs. IEFV.L - Expense Ratio Comparison
PAES.L has a 0.16% expense ratio, which is lower than IEFV.L's 0.25% 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
PAES.L vs. IEFV.L - Dividend Comparison
Neither PAES.L nor IEFV.L has paid dividends to shareholders.
Frequently Asked Questions
PAES.L and IEFV.L have a correlation of 0.79, 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 0.25% for IEFV.L.
PAES.L tracks MSCI Europe NR EUR, while IEFV.L tracks MSCI Europe Value NR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.16% for PAES.L and 0.25% for IEFV.L.
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