PAES.L vs. SPOL.L
PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and SPOL.L (iShares MSCI Poland UCITS ETF USD (Acc)) are both Europe Equities funds - PAES.L tracks the MSCI Europe NR EUR while SPOL.L tracks the MSCI Poland NR EUR. Both are passively managed. Over the past 3 years, PAES.L returned 12.56%/yr vs 28.39%/yr for SPOL.L. A 0.54 correlation means they provide meaningful diversification when combined. PAES.L charges 0.16%/yr vs 0.74%/yr for SPOL.L.
Performance
PAES.L vs. SPOL.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 SPOL.L's 11.61% return.
PAES.L
- 1D
- -1.03%
- 1M
- 1.99%
- YTD
- 7.62%
- 6M
- 7.96%
- 1Y
- 16.30%
- 3Y*
- 12.56%
- 5Y*
- —
- 10Y*
- —
SPOL.L
- 1D
- -1.74%
- 1M
- -2.11%
- YTD
- 11.61%
- 6M
- 12.04%
- 1Y
- 36.23%
- 3Y*
- 28.39%
- 5Y*
- 14.14%
- 10Y*
- 9.86%
PAES.L vs. SPOL.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% |
SPOL.L iShares MSCI Poland UCITS ETF USD (Acc) | 11.61% | 61.27% | -4.98% | 41.52% | -17.96% | 2.07% |
Correlation
The correlation between PAES.L and SPOL.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.54 |
The correlation between PAES.L and SPOL.L has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
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Return for Risk
PAES.L vs. SPOL.L — Risk / Return Rank
PAES.L
SPOL.L
PAES.L vs. SPOL.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 MSCI Poland UCITS ETF USD (Acc) (SPOL.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 | SPOL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | +169.30 | ||
| Omega ratioGain probability vs. loss probability | 82.48 | 1.26 | +81.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 3.79 | -3.61 |
| Martin ratioReturn relative to average drawdown | 0.80 | 8.99 | -8.19 |
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Drawdowns
PAES.L vs. SPOL.L - Drawdown Comparison
The maximum PAES.L drawdown since its inception was -99.03%, which is greater than SPOL.L's maximum drawdown of -67.31%. Use the drawdown chart below to compare losses from any high point for PAES.L and SPOL.L.
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Drawdown Indicators
| PAES.L | SPOL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.03% | -67.31% | -31.72% |
Max Drawdown (1Y)Largest decline over 1 year | -99.03% | -9.51% | -89.52% |
Max Drawdown (3Y)Largest decline over 3 years | -99.03% | -22.70% | -76.33% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.27% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -56.64% | — |
Current DrawdownCurrent decline from peak | -1.05% | -5.78% | +4.73% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -41.64% | +35.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.84% | 4.02% | +17.82% |
Volatility
PAES.L vs. SPOL.L - Volatility Comparison
The current volatility for Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) is 3.24%, while iShares MSCI Poland UCITS ETF USD (Acc) (SPOL.L) has a volatility of 6.83%. This indicates that PAES.L experiences smaller price fluctuations and is considered to be less risky than SPOL.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 | SPOL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 6.83% | -3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 17.93% | -6.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 17,060.70% | 23.40% | +17,037.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8,952.50% | 30.68% | +8,921.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8,952.50% | 27.33% | +8,925.17% |
PAES.L vs. SPOL.L - Expense Ratio Comparison
PAES.L has a 0.16% expense ratio, which is lower than SPOL.L's 0.74% expense ratio.
Dividends
PAES.L vs. SPOL.L - Dividend Comparison
Neither PAES.L nor SPOL.L has paid dividends to shareholders.
Frequently Asked Questions
PAES.L and SPOL.L have a correlation of 0.49, 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 0.74% for SPOL.L.
PAES.L tracks MSCI Europe NR EUR, while SPOL.L tracks MSCI Poland NR EUR. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.16% for PAES.L and 0.74% for SPOL.L.
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