PAES.L vs. IMIB.L
PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and IMIB.L (iShares FTSE MIB UCITS ETF EUR (Dist)) are both Europe Equities funds - PAES.L tracks the MSCI Europe NR EUR while IMIB.L tracks the FTSE Italia AllShare TR EUR. Both are passively managed. Over the past 3 years, PAES.L returned 12.56%/yr vs 29.79%/yr for IMIB.L. A 0.76 correlation means they provide meaningful diversification when combined. PAES.L charges 0.16%/yr vs 0.35%/yr for IMIB.L.
Performance
PAES.L vs. IMIB.L - Performance Comparison
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Returns By Period
In the year-to-date period, PAES.L achieves a 7.62% return, which is significantly lower than IMIB.L's 16.78% return.
PAES.L
- 1D
- -1.03%
- 1M
- 1.99%
- YTD
- 7.62%
- 6M
- 7.96%
- 1Y
- 16.30%
- 3Y*
- 12.56%
- 5Y*
- —
- 10Y*
- —
IMIB.L
- 1D
- -0.73%
- 1M
- 4.20%
- YTD
- 16.78%
- 6M
- 17.43%
- 1Y
- 37.72%
- 3Y*
- 29.79%
- 5Y*
- 20.47%
- 10Y*
- 17.18%
PAES.L vs. IMIB.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% |
IMIB.L iShares FTSE MIB UCITS ETF EUR (Dist) | 16.78% | 43.78% | 13.17% | 30.55% | -3.59% | 3.51% |
Correlation
The correlation between PAES.L and IMIB.L is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.76 |
The correlation between PAES.L and IMIB.L has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.
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Return for Risk
PAES.L vs. IMIB.L — Risk / Return Rank
PAES.L
IMIB.L
PAES.L vs. IMIB.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 FTSE MIB UCITS ETF EUR (Dist) (IMIB.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 | IMIB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | +168.12 | ||
| Omega ratioGain probability vs. loss probability | 82.48 | 1.44 | +81.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 3.65 | -3.48 |
| Martin ratioReturn relative to average drawdown | 0.80 | 13.36 | -12.56 |
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Drawdowns
PAES.L vs. IMIB.L - Drawdown Comparison
The maximum PAES.L drawdown since its inception was -99.03%, which is greater than IMIB.L's maximum drawdown of -70.29%. Use the drawdown chart below to compare losses from any high point for PAES.L and IMIB.L.
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Drawdown Indicators
| PAES.L | IMIB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.03% | -70.29% | -28.74% |
Max Drawdown (1Y)Largest decline over 1 year | -99.03% | -10.28% | -88.75% |
Max Drawdown (3Y)Largest decline over 3 years | -99.03% | -15.58% | -83.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.68% | — |
Current DrawdownCurrent decline from peak | -1.05% | -2.87% | +1.82% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -32.97% | +26.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.84% | 2.82% | +19.02% |
Volatility
PAES.L vs. IMIB.L - Volatility Comparison
The current volatility for Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) is 3.24%, while iShares FTSE MIB UCITS ETF EUR (Dist) (IMIB.L) has a volatility of 4.08%. This indicates that PAES.L experiences smaller price fluctuations and is considered to be less risky than IMIB.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 | IMIB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 4.08% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 12.35% | -1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 17,060.70% | 15.10% | +17,045.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8,952.50% | 17.94% | +8,934.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8,952.50% | 19.35% | +8,933.15% |
PAES.L vs. IMIB.L - Expense Ratio Comparison
PAES.L has a 0.16% expense ratio, which is lower than IMIB.L's 0.35% expense ratio.
Dividends
PAES.L vs. IMIB.L - Dividend Comparison
PAES.L has not paid dividends to shareholders, while IMIB.L's dividend yield for the trailing twelve months is around 3.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMIB.L iShares FTSE MIB UCITS ETF EUR (Dist) | 3.75% | 3.83% | 4.53% | 3.77% | 3.90% | 3.15% | 1.44% | 3.41% | 3.25% | 2.29% | 2.82% | 2.15% |
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% | 0.00% |
Frequently Asked Questions
PAES.L and IMIB.L have a correlation of 0.71, 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 0.35% for IMIB.L.
PAES.L tracks MSCI Europe NR EUR, while IMIB.L tracks FTSE Italia AllShare TR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.16% for PAES.L and 0.35% for IMIB.L.
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