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UB12.L vs. MVEU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UB12.L vs. MVEU.L

Last updated Jul 18, 2026
Documentation

UB12.L (UBS ETF (LU) MSCI Europe UCITS ETF (EUR) A-dis) 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 UBS and iShares respectively. Both are passively managed. Over the past 10 years, UB12.L returned 9.70%/yr vs 7.07%/yr for MVEU.L. Their correlation of 0.83 suggests significant overlap in exposure. UB12.L charges 0.20%/yr vs 0.25%/yr for MVEU.L.

Performance

UB12.L vs. MVEU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) MSCI Europe UCITS ETF (EUR) A-dis (UB12.L) and iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UB12.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, UB12.L achieves a 8.11% return, which is significantly higher than MVEU.L's 6.67% return. Over the past 10 years, UB12.L has outperformed MVEU.L with an annualized return of 9.70%, while MVEU.L has yielded a comparatively lower 7.07% annualized return.

UB12.L

1D
-0.01%
1M
-1.28%
6M
4.80%
YTD
8.11%
1Y
18.56%
3Y*
14.34%
5Y*
10.33%
10Y*
9.70%

MVEU.L

1D
0.91%
1M
0.51%
6M
5.14%
YTD
6.67%
1Y
10.00%
3Y*
11.58%
5Y*
6.98%
10Y*
7.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UB12.L vs. MVEU.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UB12.L
UBS ETF (LU) MSCI Europe UCITS ETF (EUR) A-dis		8.11%25.97%3.91%13.08%-3.54%16.84%2.37%19.34%-9.57%15.00%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		6.67%17.63%6.71%8.45%-8.16%14.46%1.57%15.47%-2.87%14.16%

Correlation

The correlation between UB12.L and MVEU.L is 0.68, 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

0.68

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

0.75

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

0.79

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

0.82

Correlation (All Time)
Calculated using the full available price history since Nov 30, 2012

0.83

The correlation between UB12.L and MVEU.L shifts across timeframes, from 0.68 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

UB12.L vs. MVEU.L - Sectors Allocation Comparison

Sectors
UB12.L
MVEU.L

Financial Services

23.9%
17.7%

Industrials

19.5%
15.6%

Healthcare

13.3%
12.8%

Technology

10.1%
3.5%

Consumer Defensive

8.6%
14.5%

Consumer Cyclical

6.2%
3.6%

Basic Materials

5.3%
5.2%

Utilities

4.7%
10.0%

Energy

4.4%
6.6%

Communication Services

3.5%
8.3%

Real Estate

0.7%
1.5%

Financial Services

UB12.L
23.9%
MVEU.L
17.7%

Industrials

UB12.L
19.5%
MVEU.L
15.6%

Healthcare

UB12.L
13.3%
MVEU.L
12.8%

Technology

UB12.L
10.1%
MVEU.L
3.5%

Consumer Defensive

UB12.L
8.6%
MVEU.L
14.5%

Consumer Cyclical

UB12.L
6.2%
MVEU.L
3.6%

Basic Materials

UB12.L
5.3%
MVEU.L
5.2%

Utilities

UB12.L
4.7%
MVEU.L
10.0%

Energy

UB12.L
4.4%
MVEU.L
6.6%

Communication Services

UB12.L
3.5%
MVEU.L
8.3%

Real Estate

UB12.L
0.7%
MVEU.L
1.5%

Compare stocks, funds, or ETFs

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UBS ETF (LU) MSCI Europe UCITS ETF (EUR) A-dis

iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)

Often compared with UB12.L:
UB12.L vs. CEMU.ASUB12.L vs. IWYUB12.L vs. iwyUB12.L vs. IMEU.LUB12.L vs. S5SD.LUB12.L vs. CS1.LUB12.L vs. HDEU.L
Often compared with MVEU.L:
MVEU.L vs. SVOLMVEU.L vs. VTMVEU.L vs. FLXD.LMVEU.L vs. CS1.LMVEU.L vs. EUHD.LMVEU.L vs. PRUK.LMVEU.L vs. CSP1.L

Return for Risk

UB12.L vs. MVEU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UB12.L
UB12.L Risk / Return Rank: 5353
Overall Rank
UB12.L Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
UB12.L Sortino Ratio Rank: 5757
Sortino Ratio Rank
UB12.L Omega Ratio Rank: 6060
Omega Ratio Rank
UB12.L Calmar Ratio Rank: 4343
Calmar Ratio Rank
UB12.L Martin Ratio Rank: 4848
Martin Ratio Rank
MVEU.L
MVEU.L Risk / Return Rank: 4747
Overall Rank
MVEU.L Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
MVEU.L Sortino Ratio Rank: 4949
Sortino Ratio Rank
MVEU.L Omega Ratio Rank: 5050
Omega Ratio Rank
MVEU.L Calmar Ratio Rank: 4242
Calmar Ratio Rank
MVEU.L Martin Ratio Rank: 4242
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.

UB12.L vs. MVEU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) MSCI Europe UCITS ETF (EUR) A-dis (UB12.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.

UB12.LMVEU.LDifference
Sharpe ratioReturn per unit of total volatility
1.50
1.08

+0.42

Sortino ratioReturn per unit of downside risk
2.11
1.54

+0.57

Omega ratioGain probability vs. loss probability

1.28

1.19

+0.09

Calmar ratioReturn relative to maximum drawdown

1.73

1.20

+0.53

Martin ratioReturn relative to average drawdown

6.06

3.40

+2.66

UB12.L vs. MVEU.L - Sharpe Ratio Comparison

The current UB12.L Sharpe Ratio is 1.50, which is higher than the MVEU.L Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of UB12.L and MVEU.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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Drawdowns

UB12.L vs. MVEU.L - Drawdown Comparison

The maximum UB12.L drawdown since its inception was -28.66%, 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 UB12.L and MVEU.L.

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Drawdown Indicators

UB12.LMVEU.LDifference

Max Drawdown

Largest peak-to-trough decline

-28.66%

-23.74%

-4.92%

Max Drawdown (1Y)

Largest decline over 1 year

-10.68%

-8.32%

-2.36%

Max Drawdown (3Y)

Largest decline over 3 years

-12.68%

-8.32%

-4.36%

Max Drawdown (5Y)

Largest decline over 5 years

-15.68%

-17.42%

+1.74%

Max Drawdown (10Y)

Largest decline over 10 years

-28.66%

-23.74%

-4.92%

Current Drawdown

Current decline from peak

-2.55%

-2.83%

+0.28%

Average Drawdown

Average peak-to-trough decline

-3.96%

-3.52%

-0.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.06%

2.94%

+0.12%

Volatility

UB12.L vs. MVEU.L - Volatility Comparison

UBS ETF (LU) MSCI Europe UCITS ETF (EUR) A-dis (UB12.L) has a higher volatility of 3.25% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) at 2.82%. This indicates that UB12.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

UB12.LMVEU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.25%

2.82%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

10.60%

7.70%

+2.90%

Volatility (1Y)

Calculated over the trailing 1-year period

12.30%

9.18%

+3.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.70%

11.30%

+2.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.75%

12.56%

+2.19%

UB12.L vs. MVEU.L - Expense Ratio Comparison

UB12.L has a 0.20% 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

UB12.L vs. MVEU.L - Dividend Comparison

UB12.L's dividend yield for the trailing twelve months is around 3.14%, while MVEU.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UB12.L
UBS ETF (LU) MSCI Europe UCITS ETF (EUR) A-dis		3.14%2.45%2.75%2.73%2.73%2.08%2.03%3.07%3.33%2.90%3.73%3.17%

Frequently Asked Questions

UB12.L and MVEU.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UB12.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UB12.L is cheaper with a 0.20% expense ratio, compared with 0.25% for MVEU.L.

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: UBS and iShares. Their fees differ too: 0.20% for UB12.L and 0.25% for MVEU.L.

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