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SMEA.L vs. IEFQ.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMEA.L vs. IEFQ.L

Last updated Jun 5, 2026

SMEA.L (iShares Core MSCI Europe UCITS ETF EUR (Acc)) and IEFQ.L (iShares Edge MSCIope Quality Factor UCITS) are both Europe Equities funds from iShares tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, SMEA.L returned 10.22%/yr vs 8.84%/yr for IEFQ.L. Their correlation of 0.91 suggests significant overlap in exposure. SMEA.L charges 0.12%/yr vs 0.25%/yr for IEFQ.L.

Performance

SMEA.L vs. IEFQ.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) and iShares Edge MSCIope Quality Factor UCITS (IEFQ.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMEA.L achieves a 6.71% return, which is significantly higher than IEFQ.L's 3.66% return. Over the past 10 years, SMEA.L has outperformed IEFQ.L with an annualized return of 10.22%, while IEFQ.L has yielded a comparatively lower 8.84% annualized return.

SMEA.L

1D
0.75%
1M
3.62%
YTD
6.71%
6M
8.81%
1Y
19.31%
3Y*
13.80%
5Y*
10.14%
10Y*
10.22%

IEFQ.L

1D
0.91%
1M
1.52%
YTD
3.66%
6M
4.93%
1Y
9.60%
3Y*
7.89%
5Y*
6.05%
10Y*
8.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMEA.L vs. IEFQ.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMEA.L
iShares Core MSCI Europe UCITS ETF EUR (Acc)		6.71%25.88%3.68%13.36%-3.48%16.94%2.44%19.63%-9.48%14.91%
IEFQ.L
iShares Edge MSCIope Quality Factor UCITS		3.66%14.94%-0.69%12.31%-6.34%18.16%6.81%24.09%-5.79%14.92%

Correlation

The correlation between SMEA.L and IEFQ.L is 0.92, 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

0.92

Correlation (3Y)
Calculated over the trailing 3-year period

0.94

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Jan 20, 2015

0.91

The correlation between SMEA.L and IEFQ.L has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

SMEA.L vs. IEFQ.L - Sectors Allocation Comparison

Sectors
SMEA.L
IEFQ.L

Financial Services

23.3%
20.6%

Industrials

19.7%
19.1%

Healthcare

13.1%
14.4%

Technology

8.6%
12.0%

Consumer Defensive

8.4%
7.9%

Consumer Cyclical

6.3%
6.7%

Basic Materials

5.6%
5.6%

Energy

5.4%
4.9%

Utilities

5.1%
4.8%

Communication Services

3.7%
3.1%

Real Estate

0.8%
0.8%

Financial Services

SMEA.L
23.3%
IEFQ.L
20.6%

Industrials

SMEA.L
19.7%
IEFQ.L
19.1%

Healthcare

SMEA.L
13.1%
IEFQ.L
14.4%

Technology

SMEA.L
8.6%
IEFQ.L
12.0%

Consumer Defensive

SMEA.L
8.4%
IEFQ.L
7.9%

Consumer Cyclical

SMEA.L
6.3%
IEFQ.L
6.7%

Basic Materials

SMEA.L
5.6%
IEFQ.L
5.6%

Energy

SMEA.L
5.4%
IEFQ.L
4.9%

Utilities

SMEA.L
5.1%
IEFQ.L
4.8%

Communication Services

SMEA.L
3.7%
IEFQ.L
3.1%

Real Estate

SMEA.L
0.8%
IEFQ.L
0.8%

Compare stocks, funds, or ETFs

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iShares Core MSCI Europe UCITS ETF EUR (Acc)

iShares Edge MSCIope Quality Factor UCITS

Often compared with SMEA.L:
SMEA.L vs. S600.LSMEA.L vs. MEUD.LSMEA.L vs. IEUSSMEA.L vs. CSPX.LSMEA.L vs. CS51.LSMEA.L vs. SWDA.LSMEA.L vs. EXI1.DE
Often compared with IEFQ.L:
IEFQ.L vs. CS51.LIEFQ.L vs. EUN.LIEFQ.L vs. AVDEIEFQ.L vs. VEUA.LIEFQ.L vs. IMEU.LIEFQ.L vs. VOOIEFQ.L vs. CSX5.L

Return for Risk

SMEA.L vs. IEFQ.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMEA.L
SMEA.L Risk / Return Rank: 4444
Overall Rank
SMEA.L Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SMEA.L Sortino Ratio Rank: 4747
Sortino Ratio Rank
SMEA.L Omega Ratio Rank: 4949
Omega Ratio Rank
SMEA.L Calmar Ratio Rank: 3737
Calmar Ratio Rank
SMEA.L Martin Ratio Rank: 4141
Martin Ratio Rank
IEFQ.L
IEFQ.L Risk / Return Rank: 2424
Overall Rank
IEFQ.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IEFQ.L Sortino Ratio Rank: 2323
Sortino Ratio Rank
IEFQ.L Omega Ratio Rank: 2424
Omega Ratio Rank
IEFQ.L Calmar Ratio Rank: 2222
Calmar Ratio Rank
IEFQ.L Martin Ratio Rank: 2525
Martin Ratio Rank
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.

SMEA.L vs. IEFQ.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) and iShares Edge MSCIope Quality Factor UCITS (IEFQ.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.

SMEA.LIEFQ.LDifference
Sharpe ratioReturn per unit of total volatility
1.60
0.84

+0.77

Sortino ratioReturn per unit of downside risk
2.29
1.22

+1.07

Omega ratioGain probability vs. loss probability

1.30

1.15

+0.15

Calmar ratioReturn relative to maximum drawdown

1.82

0.99

+0.83

Martin ratioReturn relative to average drawdown

6.51

3.18

+3.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMEA.L vs. IEFQ.L - Sharpe Ratio Comparison

The current SMEA.L Sharpe Ratio is 1.60, which is higher than the IEFQ.L Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of SMEA.L and IEFQ.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.

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Sharpe Ratios by Period

SMEA.LIEFQ.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.60

0.84

+0.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.45

+0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.62

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.60

0.00

Drawdowns

SMEA.L vs. IEFQ.L - Drawdown Comparison

The maximum SMEA.L drawdown since its inception was -28.48%, which is greater than IEFQ.L's maximum drawdown of -26.38%. Use the drawdown chart below to compare losses from any high point for SMEA.L and IEFQ.L.

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Drawdown Indicators

SMEA.LIEFQ.LDifference

Max Drawdown

Largest peak-to-trough decline

-28.48%

-26.38%

-2.10%

Max Drawdown (1Y)

Largest decline over 1 year

-10.56%

-9.67%

-0.89%

Max Drawdown (3Y)

Largest decline over 3 years

-12.46%

-11.47%

-0.99%

Max Drawdown (5Y)

Largest decline over 5 years

-15.76%

-17.73%

+1.97%

Max Drawdown (10Y)

Largest decline over 10 years

-28.48%

-26.38%

-2.10%

Current Drawdown

Current decline from peak

-1.27%

-3.33%

+2.06%

Average Drawdown

Average peak-to-trough decline

-4.54%

-4.00%

-0.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

3.02%

-0.06%

Volatility

SMEA.L vs. IEFQ.L - Volatility Comparison

iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) has a higher volatility of 3.91% compared to iShares Edge MSCIope Quality Factor UCITS (IEFQ.L) at 3.63%. This indicates that SMEA.L's price experiences larger fluctuations and is considered to be riskier than IEFQ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMEA.LIEFQ.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.91%

3.63%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

10.09%

9.39%

+0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

12.02%

11.46%

+0.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.64%

13.52%

+0.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.04%

14.26%

+0.78%

SMEA.L vs. IEFQ.L - Expense Ratio Comparison

SMEA.L has a 0.12% expense ratio, which is lower than IEFQ.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

SMEA.L vs. IEFQ.L - Dividend Comparison

Neither SMEA.L nor IEFQ.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

With a correlation of 0.92, SMEA.L and IEFQ.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, SMEA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SMEA.L is cheaper with a 0.12% expense ratio, compared with 0.25% for IEFQ.L.

Both ETFs track MSCI Europe NR EUR. Their fees differ too: 0.12% for SMEA.L and 0.25% for IEFQ.L.

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