S100.L vs. LDEG.L

Last updated Jun 5, 2026

S100.L (Invesco FTSE 100 UCITS ETF) and LDEG.L (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both Europe Equities funds - S100.L tracks the FTSE AllSh TR GBP while LDEG.L tracks the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 5 years, S100.L returned 11.75%/yr vs 16.11%/yr for LDEG.L. A 0.62 correlation means they provide meaningful diversification when combined. S100.L charges 0.09%/yr vs 0.25%/yr for LDEG.L.

Performance

S100.L vs. LDEG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco FTSE 100 UCITS ETF (S100.L) and L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, S100.L achieves a 5.86% return, which is significantly lower than LDEG.L's 10.41% return.

S100.L

• 1D: 0.30%
• 1M: 1.64%
• YTD: 5.86%
• 6M: 8.26%
• 1Y: 21.25%
• 3Y*: 14.67%
• 5Y*: 11.75%
• 10Y*: 8.88%

LDEG.L

• 1D: 0.89%
• 1M: 1.38%
• YTD: 10.41%
• 6M: 13.94%
• 1Y: 30.52%
• 3Y*: 23.92%
• 5Y*: 16.11%
• 10Y*: —

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

S100.L vs. LDEG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
S100.L Invesco FTSE 100 UCITS ETF	5.86%	25.76%	9.34%	7.33%	4.91%	5.53%
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	10.41%	44.92%	8.83%	14.32%	3.42%	2.83%

Correlation

The correlation between S100.L and LDEG.L is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 10, 2021	0.62

The correlation between S100.L and LDEG.L shifts across timeframes, from 0.62 (all time) to 0.73 (3 years), reflecting how their relationship changes across market environments.

S100.L vs. LDEG.L - Sectors Allocation Comparison

Sectors	S100.L	LDEG.L
Financial Services	24.5%	41.5%
Consumer Defensive	13.9%	3.1%
Industrials	13.7%	15.8%
Healthcare	13.6%	3.4%
Energy	11.7%	7.7%
Basic Materials	8.5%	9.9%
Utilities	5.3%	8.2%
Consumer Cyclical	4.7%	3.3%
Communication Services	2.6%	5.2%
Real Estate	0.9%	-
Technology	0.8%	2.0%

Return for Risk

S100.L vs. LDEG.L — Risk / Return Rank

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

S100.L

S100.L Risk / Return Rank: 54
S100.L Sharpe Ratio Rank: 58
S100.L Sortino Ratio Rank: 57
S100.L Omega Ratio Rank: 59
S100.L Calmar Ratio Rank: 48
S100.L Martin Ratio Rank: 49

LDEG.L

LDEG.L Risk / Return Rank: 78
LDEG.L Sharpe Ratio Rank: 82
LDEG.L Sortino Ratio Rank: 80
LDEG.L Omega Ratio Rank: 80
LDEG.L Calmar Ratio Rank: 76
LDEG.L Martin Ratio Rank: 74

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.

S100.L vs. LDEG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE 100 UCITS ETF (S100.L) and L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.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.

	S100.L	LDEG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.63	-0.70
Sortino ratio: Return per unit of downside risk	2.68	3.52	-0.84
Omega ratio: Gain probability vs. loss probability	1.36	1.48	-0.12
Calmar ratio: Return relative to maximum drawdown	2.35	3.78	-1.43
Martin ratio: Return relative to average drawdown	8.00	13.82	-5.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

S100.L vs. LDEG.L - Sharpe Ratio Comparison

The current S100.L Sharpe Ratio is 1.93, which is comparable to the LDEG.L Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of S100.L and LDEG.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.

Sharpe Ratios by Period

	S100.L	LDEG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.63	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	1.24	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.24	-0.66

Drawdowns

S100.L vs. LDEG.L - Drawdown Comparison

The maximum S100.L drawdown since its inception was -34.58%, which is greater than LDEG.L's maximum drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for S100.L and LDEG.L.

Drawdown Indicators

	S100.L	LDEG.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.58%	-15.97%	-18.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-8.04%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-13.04%	-12.05%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-13.04%	-15.97%	+2.93%
Max Drawdown (10Y) Largest decline over 10 years	-34.58%	—	—
Current Drawdown Current decline from peak	-3.98%	-1.33%	-2.65%
Average Drawdown Average peak-to-trough decline	-4.49%	-2.95%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.20%	+0.45%

Volatility

S100.L vs. LDEG.L - Volatility Comparison

Invesco FTSE 100 UCITS ETF (S100.L) has a higher volatility of 3.91% compared to L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LDEG.L) at 3.57%. This indicates that S100.L's price experiences larger fluctuations and is considered to be riskier than LDEG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	S100.L	LDEG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	3.57%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	9.53%	9.21%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	11.55%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	15.99%	-3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	16.01%	-0.92%

S100.L vs. LDEG.L - Expense Ratio Comparison

S100.L has a 0.09% expense ratio, which is lower than LDEG.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

S100.L vs. LDEG.L - Dividend Comparison

S100.L has not paid dividends to shareholders, while LDEG.L's dividend yield for the trailing twelve months is around 3.13%.

Position	TTM	2025	2024	2023	2022	2021
LDEG.L L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	3.13%	3.43%	4.21%	4.11%	3.70%	3.11%
S100.L Invesco FTSE 100 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both S100.L and LDEG.L in my portfolio?

S100.L and LDEG.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, S100.L or LDEG.L?

On fees, S100.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, S100.L or LDEG.L?

S100.L is cheaper with a 0.09% expense ratio, compared with 0.25% for LDEG.L.

What is the main difference between S100.L and LDEG.L?

S100.L tracks FTSE AllSh TR GBP, while LDEG.L tracks MSCI Europe Ex UK NR EUR. They also come from different issuers: Invesco and Legal & General. Their fees differ too: 0.09% for S100.L and 0.25% for LDEG.L.