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UD02.L vs. UC04.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UD02.L vs. UC04.L

Last updated Jun 5, 2026

UD02.L (UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis) and UC04.L (UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis) are both exchange-traded funds - UD02.L is a Europe Equities fund tracking the MSCI EMU NR EUR, while UC04.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 3 years, UD02.L returned 10.08%/yr vs 19.17%/yr for UC04.L. At a 0.11 correlation, their price movements are largely independent. UD02.L charges 0.28%/yr vs 0.14%/yr for UC04.L.

Performance

UD02.L vs. UC04.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis (UD02.L) and UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis (UC04.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, UD02.L achieves a 4.77% return, which is significantly lower than UC04.L's 10.50% return.

UD02.L

1D
0.06%
1M
-1.90%
YTD
4.77%
6M
6.38%
1Y
8.84%
3Y*
10.08%
5Y*
—
10Y*
—

UC04.L

1D
0.01%
1M
4.68%
YTD
10.50%
6M
9.68%
1Y
28.68%
3Y*
19.17%
5Y*
14.74%
10Y*
16.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UD02.L vs. UC04.L - Yearly Performance Comparison

2026 (YTD)202520242023
UD02.L
UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis		4.77%23.66%0.46%5.59%
UC04.L
UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis		10.50%9.28%27.38%21.41%

Correlation

The correlation between UD02.L and UC04.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

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

0.13

Correlation (All Time)
Calculated using the full available price history since Jan 20, 2023

0.11

The correlation between UD02.L and UC04.L shifts across timeframes, from 0.11 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

UD02.L vs. UC04.L - Sectors Allocation Comparison

Sectors
UD02.L
UC04.L

Financial Services

21.4%
11.2%

Utilities

19.2%
2.1%

Industrials

19.0%
8.1%

Consumer Defensive

16.2%
4.7%

Communication Services

10.8%
10.9%

Healthcare

3.6%
8.5%

Energy

3.3%
3.4%

Basic Materials

2.7%
1.7%

Real Estate

2.6%
1.9%

Consumer Cyclical

1.2%
9.9%

Technology

-

37.7%

Financial Services

UD02.L
21.4%
UC04.L
11.2%

Utilities

UD02.L
19.2%
UC04.L
2.1%

Industrials

UD02.L
19.0%
UC04.L
8.1%

Consumer Defensive

UD02.L
16.2%
UC04.L
4.7%

Communication Services

UD02.L
10.8%
UC04.L
10.9%

Healthcare

UD02.L
3.6%
UC04.L
8.5%

Energy

UD02.L
3.3%
UC04.L
3.4%

Basic Materials

UD02.L
2.7%
UC04.L
1.7%

Real Estate

UD02.L
2.6%
UC04.L
1.9%

Consumer Cyclical

UD02.L
1.2%
UC04.L
9.9%

Technology

UD02.L

-

UC04.L
37.7%

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UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis

UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis

Often compared with UD02.L:
UD02.L vs. FEUZ.LUD02.L vs. VLEU.DEUD02.L vs. SX5S.LUD02.L vs. EEIP.LUD02.L vs. CEUR.LUD02.L vs. IMV.LUD02.L vs. SPOL.L
Often compared with UC04.L:
UC04.L vs. SMHUC04.L vs. HMCA.LUC04.L vs. QQQUC04.L vs. ^GSPCUC04.L vs. SPX5.LUC04.L vs. SPYUC04.L vs. USFM.L

Return for Risk

UD02.L vs. UC04.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UD02.L
UD02.L Risk / Return Rank: 2626
Overall Rank
UD02.L Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
UD02.L Sortino Ratio Rank: 2626
Sortino Ratio Rank
UD02.L Omega Ratio Rank: 2929
Omega Ratio Rank
UD02.L Calmar Ratio Rank: 2424
Calmar Ratio Rank
UD02.L Martin Ratio Rank: 2525
Martin Ratio Rank
UC04.L
UC04.L Risk / Return Rank: 7979
Overall Rank
UC04.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
UC04.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
UC04.L Omega Ratio Rank: 8484
Omega Ratio Rank
UC04.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
UC04.L Martin Ratio Rank: 7171
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.

UD02.L vs. UC04.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis (UD02.L) and UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis (UC04.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.

UD02.LUC04.LDifference
Sharpe ratioReturn per unit of total volatility
1.01
2.70

-1.69

Sortino ratioReturn per unit of downside risk
1.36
3.61

-2.24

Omega ratioGain probability vs. loss probability

1.19

1.50

-0.31

Calmar ratioReturn relative to maximum drawdown

1.10

3.74

-2.64

Martin ratioReturn relative to average drawdown

3.13

13.07

-9.94

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

UD02.L vs. UC04.L - Sharpe Ratio Comparison

The current UD02.L Sharpe Ratio is 1.01, which is lower than the UC04.L Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of UD02.L and UC04.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

UD02.LUC04.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.01

2.70

-1.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.01

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.02

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.74

0.98

+0.76

Drawdowns

UD02.L vs. UC04.L - Drawdown Comparison

The maximum UD02.L drawdown since its inception was -9.54%, smaller than the maximum UC04.L drawdown of -25.93%. Use the drawdown chart below to compare losses from any high point for UD02.L and UC04.L.

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Drawdown Indicators

UD02.LUC04.LDifference

Max Drawdown

Largest peak-to-trough decline

-9.54%

-25.93%

+16.39%

Max Drawdown (1Y)

Largest decline over 1 year

-9.54%

-7.67%

-1.87%

Max Drawdown (3Y)

Largest decline over 3 years

-9.54%

-21.14%

+11.60%

Max Drawdown (5Y)

Largest decline over 5 years

—

-21.14%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.93%

—

Current Drawdown

Current decline from peak

-5.84%

-0.17%

-5.67%

Average Drawdown

Average peak-to-trough decline

-2.33%

-3.46%

+1.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.22%

2.20%

+1.02%

Volatility

UD02.L vs. UC04.L - Volatility Comparison

UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis (UD02.L) has a higher volatility of 2.92% compared to UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis (UC04.L) at 2.72%. This indicates that UD02.L's price experiences larger fluctuations and is considered to be riskier than UC04.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UD02.LUC04.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.92%

2.72%

+0.20%

Volatility (6M)

Calculated over the trailing 6-month period

8.34%

7.24%

+1.10%

Volatility (1Y)

Calculated over the trailing 1-year period

10.42%

10.63%

-0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.10%

14.66%

+2.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.10%

15.86%

+1.24%

UD02.L vs. UC04.L - Expense Ratio Comparison

UD02.L has a 0.28% expense ratio, which is higher than UC04.L's 0.14% expense ratio.

Dividends

UD02.L vs. UC04.L - Dividend Comparison

UD02.L's dividend yield for the trailing twelve months is around 2.35%, more than UC04.L's 0.84% yield.

PositionTTM20252024202320222021202020192018201720162015
UC04.L
UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis		0.84%0.96%0.95%1.12%1.19%0.89%1.28%1.40%1.50%1.32%1.52%1.44%
UD02.L
UBS ETF (LU) Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis		2.35%3.03%4.80%2.58%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

UD02.L and UC04.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UC04.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UC04.L is cheaper with a 0.14% expense ratio, compared with 0.28% for UD02.L.

UD02.L is categorized as Europe Equities, while UC04.L is Large Cap Blend Equities. UD02.L tracks MSCI EMU NR EUR, while UC04.L tracks Russell 1000 TR USD. Their fees differ too: 0.28% for UD02.L and 0.14% for UC04.L.

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