PAES.L vs. LCUK.L

Last updated Jun 25, 2026

PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and LCUK.L (Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist) are both Europe Equities funds - PAES.L tracks the MSCI Europe NR EUR while LCUK.L tracks the FTSE AllSh TR GBP. Both are passively managed. Over the past 3 years, PAES.L returned 12.56%/yr vs 15.69%/yr for LCUK.L. A 0.74 correlation means they provide meaningful diversification when combined. PAES.L charges 0.16%/yr vs 0.04%/yr for LCUK.L.

Performance

PAES.L vs. LCUK.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) and Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist (LCUK.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PAES.L is traded in GBp, while LCUK.L is traded in GBP. To make them comparable, the LCUK.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 higher than LCUK.L's 6.81% return.

PAES.L

• 1D: -1.03%
• 1M: 1.99%
• YTD: 7.62%
• 6M: 7.96%
• 1Y: 16.30%
• 3Y*: 12.56%
• 5Y*: —
• 10Y*: —

LCUK.L

• 1D: 0.20%
• 1M: 0.14%
• YTD: 6.81%
• 6M: 7.28%
• 1Y: 21.51%
• 3Y*: 15.69%
• 5Y*: 10.73%
• 10Y*: —

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

PAES.L vs. LCUK.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%
LCUK.L Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist	6.81%	24.84%	9.06%	7.19%	2.22%	3.76%

Correlation

The correlation between PAES.L and LCUK.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021	0.74

The correlation between PAES.L and LCUK.L has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

Return for Risk

PAES.L vs. LCUK.L — Risk / Return Rank

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

PAES.L

PAES.L Risk / Return Rank: 46
PAES.L Sharpe Ratio Rank: 9
PAES.L Sortino Ratio Rank: 100
PAES.L Omega Ratio Rank: 100
PAES.L Calmar Ratio Rank: 11
PAES.L Martin Ratio Rank: 12

LCUK.L

LCUK.L Risk / Return Rank: 58
LCUK.L Sharpe Ratio Rank: 63
LCUK.L Sortino Ratio Rank: 64
LCUK.L Omega Ratio Rank: 62
LCUK.L Calmar Ratio Rank: 53
LCUK.L Martin Ratio Rank: 50

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.

PAES.L vs. LCUK.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 Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist (LCUK.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	LCUK.L	Difference
Sharpe ratio: Return per unit of total volatility	0.00	1.84	-1.84
Sortino ratio: Return per unit of downside risk	171.48	2.60	+168.88
Omega ratio: Gain probability vs. loss probability	82.48	1.33	+81.15
Calmar ratio: Return relative to maximum drawdown	0.18	2.34	-2.17
Martin ratio: Return relative to average drawdown	0.80	7.56	-6.76

PAES.L vs. LCUK.L - Sharpe Ratio Comparison

The current PAES.L Sharpe Ratio is 0.00, which is lower than the LCUK.L Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of PAES.L and LCUK.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

PAES.L vs. LCUK.L - Drawdown Comparison

The maximum PAES.L drawdown since its inception was -99.03%, which is greater than LCUK.L's maximum drawdown of -35.53%. Use the drawdown chart below to compare losses from any high point for PAES.L and LCUK.L.

Drawdown Indicators

	PAES.L	LCUK.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.03%	-35.53%	-63.50%
Max Drawdown (1Y) Largest decline over 1 year	-99.03%	-9.13%	-89.90%
Max Drawdown (3Y) Largest decline over 3 years	-99.03%	-12.63%	-86.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-12.63%	—
Current Drawdown Current decline from peak	-1.05%	-3.15%	+2.10%
Average Drawdown Average peak-to-trough decline	-6.58%	-4.94%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.84%	2.84%	+19.00%

Volatility

PAES.L vs. LCUK.L - Volatility Comparison

Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) has a higher volatility of 3.24% compared to Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist (LCUK.L) at 2.69%. This indicates that PAES.L's price experiences larger fluctuations and is considered to be riskier than LCUK.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAES.L	LCUK.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	2.69%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	9.71%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	17,060.70%	11.61%	+17,049.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8,952.50%	12.89%	+8,939.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8,952.50%	15.55%	+8,936.95%

PAES.L vs. LCUK.L - Expense Ratio Comparison

PAES.L has a 0.16% expense ratio, which is higher than LCUK.L's 0.04% 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

PAES.L vs. LCUK.L - Dividend Comparison

PAES.L has not paid dividends to shareholders, while LCUK.L's dividend yield for the trailing twelve months is around 2.85%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
LCUK.L Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist	2.85%	3.04%	3.68%	3.05%	3.93%	3.87%	2.99%	3.48%
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%

Frequently Asked Questions

Can I hold both PAES.L and LCUK.L in my portfolio?

PAES.L and LCUK.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAES.L or LCUK.L?

On fees, LCUK.L is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAES.L or LCUK.L?

LCUK.L is cheaper with a 0.04% expense ratio, compared with 0.16% for PAES.L.

What is the main difference between PAES.L and LCUK.L?

PAES.L tracks MSCI Europe NR EUR, while LCUK.L tracks FTSE AllSh TR GBP. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.16% for PAES.L and 0.04% for LCUK.L.