PAES.L vs. MVEU.L
PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) are both Europe Equities funds tracking the MSCI Europe NR EUR, from Invesco and iShares respectively. Both are passively managed. Over the past 3 years, PAES.L returned 12.56%/yr vs 11.60%/yr for MVEU.L. A 0.77 correlation means they provide meaningful diversification when combined. PAES.L charges 0.16%/yr vs 0.25%/yr for MVEU.L.
Performance
PAES.L vs. MVEU.L - Performance Comparison
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Different Trading Currencies
PAES.L is traded in GBp, while MVEU.L is traded in EUR. To make them comparable, the MVEU.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 MVEU.L's 5.99% return.
PAES.L
- 1D
- -1.03%
- 1M
- 1.99%
- YTD
- 7.62%
- 6M
- 7.96%
- 1Y
- 16.30%
- 3Y*
- 12.56%
- 5Y*
- —
- 10Y*
- —
MVEU.L
- 1D
- 0.50%
- 1M
- -0.08%
- YTD
- 5.99%
- 6M
- 6.28%
- 1Y
- 10.48%
- 3Y*
- 11.60%
- 5Y*
- 7.13%
- 10Y*
- 7.98%
PAES.L vs. MVEU.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% |
MVEU.L iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) | 5.99% | 17.63% | 6.71% | 8.45% | -8.16% | 3.58% |
Correlation
The correlation between PAES.L and MVEU.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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.77 |
The correlation between PAES.L and MVEU.L shifts across timeframes, from 0.63 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAES.L vs. MVEU.L — Risk / Return Rank
PAES.L
MVEU.L
PAES.L vs. MVEU.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 Minimum Volatility UCITS ETF EUR (Acc) (MVEU.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 | MVEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | +169.85 | ||
| Omega ratioGain probability vs. loss probability | 82.48 | 1.21 | +81.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 1.25 | -1.08 |
| Martin ratioReturn relative to average drawdown | 0.80 | 3.71 | -2.91 |
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Drawdowns
PAES.L vs. MVEU.L - Drawdown Comparison
The maximum PAES.L drawdown since its inception was -99.03%, which is greater than MVEU.L's maximum drawdown of -23.74%. Use the drawdown chart below to compare losses from any high point for PAES.L and MVEU.L.
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Drawdown Indicators
| PAES.L | MVEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.03% | -23.74% | -75.29% |
Max Drawdown (1Y)Largest decline over 1 year | -99.03% | -8.32% | -90.71% |
Max Drawdown (3Y)Largest decline over 3 years | -99.03% | -8.32% | -90.71% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.74% | — |
Current DrawdownCurrent decline from peak | -1.05% | -3.45% | +2.40% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -3.52% | -3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.84% | 2.82% | +19.02% |
Volatility
PAES.L vs. MVEU.L - Volatility Comparison
Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) has a higher volatility of 3.24% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) at 1.88%. This indicates that PAES.L's price experiences larger fluctuations and is considered to be riskier than MVEU.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 | MVEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 1.88% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 7.31% | +3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 17,060.70% | 8.92% | +17,051.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8,952.50% | 11.28% | +8,941.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8,952.50% | 12.62% | +8,939.88% |
PAES.L vs. MVEU.L - Expense Ratio Comparison
PAES.L has a 0.16% expense ratio, which is lower than MVEU.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. MVEU.L - Dividend Comparison
Neither PAES.L nor MVEU.L has paid dividends to shareholders.
Frequently Asked Questions
PAES.L and MVEU.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.
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 MVEU.L.
Both ETFs track MSCI Europe NR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.16% for PAES.L and 0.25% for MVEU.L.
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