PAES.L vs. UD03.L

Last updated Jun 25, 2026

PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and UD03.L (UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis) are both Europe Equities funds - PAES.L tracks the MSCI Europe NR EUR while UD03.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 3 years, PAES.L returned 12.56%/yr vs 16.31%/yr for UD03.L. Their correlation of 0.81 suggests significant overlap in exposure. PAES.L charges 0.16%/yr vs 0.28%/yr for UD03.L.

Performance

PAES.L vs. UD03.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 UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAES.L achieves a 7.62% return, which is significantly lower than UD03.L's 15.33% return.

PAES.L

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

UD03.L

• 1D: 0.20%
• 1M: 3.07%
• YTD: 15.33%
• 6M: 16.02%
• 1Y: 27.59%
• 3Y*: 16.31%
• 5Y*: 11.02%
• 10Y*: 10.89%

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

PAES.L vs. UD03.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%
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis	15.33%	24.15%	1.50%	14.98%	-2.05%	2.93%

Correlation

The correlation between PAES.L and UD03.L is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021	0.81

The correlation between PAES.L and UD03.L has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

PAES.L vs. UD03.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

UD03.L

UD03.L Risk / Return Rank: 74
UD03.L Sharpe Ratio Rank: 82
UD03.L Sortino Ratio Rank: 78
UD03.L Omega Ratio Rank: 83
UD03.L Calmar Ratio Rank: 64
UD03.L Martin Ratio Rank: 63

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. UD03.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 UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.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	UD03.L	Difference
Sharpe ratio: Return per unit of total volatility	0.00	2.28	-2.28
Sortino ratio: Return per unit of downside risk	171.48	3.05	+168.44
Omega ratio: Gain probability vs. loss probability	82.48	1.43	+81.04
Calmar ratio: Return relative to maximum drawdown	0.18	2.77	-2.59
Martin ratio: Return relative to average drawdown	0.80	9.99	-9.19

PAES.L vs. UD03.L - Sharpe Ratio Comparison

The current PAES.L Sharpe Ratio is 0.00, which is lower than the UD03.L Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of PAES.L and UD03.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. UD03.L - Drawdown Comparison

The maximum PAES.L drawdown since its inception was -99.03%, which is greater than UD03.L's maximum drawdown of -35.99%. Use the drawdown chart below to compare losses from any high point for PAES.L and UD03.L.

Drawdown Indicators

	PAES.L	UD03.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.03%	-35.99%	-63.04%
Max Drawdown (1Y) Largest decline over 1 year	-99.03%	-9.92%	-89.11%
Max Drawdown (3Y) Largest decline over 3 years	-99.03%	-12.34%	-86.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.99%	—
Current Drawdown Current decline from peak	-1.05%	-0.40%	-0.65%
Average Drawdown Average peak-to-trough decline	-6.58%	-7.60%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.84%	2.75%	+19.09%

Volatility

PAES.L vs. UD03.L - Volatility Comparison

Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) has a higher volatility of 3.24% compared to UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) at 1.95%. This indicates that PAES.L's price experiences larger fluctuations and is considered to be riskier than UD03.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAES.L	UD03.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	1.95%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	9.80%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	17,060.70%	12.04%	+17,048.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8,952.50%	15.04%	+8,937.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8,952.50%	16.75%	+8,935.75%

PAES.L vs. UD03.L - Expense Ratio Comparison

PAES.L has a 0.16% expense ratio, which is lower than UD03.L's 0.28% expense ratio.

Dividends

PAES.L vs. UD03.L - Dividend Comparison

PAES.L has not paid dividends to shareholders, while UD03.L's dividend yield for the trailing twelve months is around 2.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis	2.48%	2.98%	2.83%	3.66%	3.82%	3.47%	2.06%	3.57%	4.89%	2.14%

Frequently Asked Questions

Can I hold both PAES.L and UD03.L in my portfolio?

PAES.L and UD03.L have a correlation of 0.80, 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 UD03.L?

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.

Which ETF is cheaper, PAES.L or UD03.L?

PAES.L is cheaper with a 0.16% expense ratio, compared with 0.28% for UD03.L.

What is the main difference between PAES.L and UD03.L?

PAES.L tracks MSCI Europe NR EUR, while UD03.L tracks MSCI EMU NR EUR. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.16% for PAES.L and 0.28% for UD03.L.