UD03.L vs. IEFS.L
UD03.L (UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis) and IEFS.L (iShares Edge MSCI Europe Size Factor UCITS ETF) are both Europe Equities funds - UD03.L tracks the MSCI EMU NR EUR while IEFS.L tracks the MSCI Europe SMID NR EUR. Both are passively managed. Over the past 5 years, UD03.L returned 10.66%/yr vs 5.82%/yr for IEFS.L. At a 0.25 correlation, their price movements are largely independent. UD03.L charges 0.28%/yr vs 0.25%/yr for IEFS.L.
Performance
UD03.L vs. IEFS.L - Performance Comparison
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Returns By Period
In the year-to-date period, UD03.L achieves a 11.99% return, which is significantly higher than IEFS.L's 5.78% return.
UD03.L
- 1D
- -0.34%
- 1M
- 3.74%
- YTD
- 11.99%
- 6M
- 14.95%
- 1Y
- 23.84%
- 3Y*
- 14.71%
- 5Y*
- 10.66%
- 10Y*
- —
IEFS.L
- 1D
- -0.28%
- 1M
- 1.57%
- YTD
- 5.78%
- 6M
- 8.60%
- 1Y
- 16.22%
- 3Y*
- 12.43%
- 5Y*
- 5.82%
- 10Y*
- 8.37%
UD03.L vs. IEFS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis | 11.99% | 25.20% | 0.78% | 19.24% | -4.62% | 10.81% | 5.72% | 0.00% |
IEFS.L iShares Edge MSCI Europe Size Factor UCITS ETF | 5.78% | 24.40% | 0.75% | 11.87% | -13.35% | 12.21% | 7.23% | 0.93% |
Correlation
The correlation between UD03.L and IEFS.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2019 | 0.25 |
Over the past year, UD03.L and IEFS.L have become more correlated (0.53) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
UD03.L vs. IEFS.L — Risk / Return Rank
UD03.L
IEFS.L
UD03.L vs. IEFS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) and iShares Edge MSCI Europe Size Factor UCITS ETF (IEFS.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.
| UD03.L | IEFS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.26 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 5.67 | 1.63 | +4.04 |
| Martin ratioReturn relative to average drawdown | 16.11 | 5.83 | +10.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UD03.L | IEFS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.44 | 1.38 | +2.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.74 | 0.39 | +1.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.19 | 0.52 | +0.66 |
Drawdowns
UD03.L vs. IEFS.L - Drawdown Comparison
The maximum UD03.L drawdown since its inception was -30.85%, roughly equal to the maximum IEFS.L drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for UD03.L and IEFS.L.
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Drawdown Indicators
| UD03.L | IEFS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.85% | -31.02% | +0.17% |
Max Drawdown (1Y)Largest decline over 1 year | -9.80% | -9.91% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -11.72% | -11.84% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -18.67% | -26.40% | +7.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.02% | — |
Current DrawdownCurrent decline from peak | -1.45% | -2.40% | +0.95% |
Average DrawdownAverage peak-to-trough decline | -3.32% | -5.84% | +2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 2.78% | +0.78% |
Volatility
UD03.L vs. IEFS.L - Volatility Comparison
UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) and iShares Edge MSCI Europe Size Factor UCITS ETF (IEFS.L) have volatilities of 3.69% and 3.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UD03.L | IEFS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.69% | 3.78% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.75% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.20% | 11.72% | +4.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.51% | 14.99% | +12.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.36% | 15.59% | +31.77% |
UD03.L vs. IEFS.L - Expense Ratio Comparison
UD03.L has a 0.28% expense ratio, which is higher than IEFS.L's 0.25% expense ratio.
Dividends
UD03.L vs. IEFS.L - Dividend Comparison
UD03.L's dividend yield for the trailing twelve months is around 2.55%, while IEFS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IEFS.L iShares Edge MSCI Europe Size Factor UCITS ETF | 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 | 2.55% | 2.97% | 2.84% | 3.67% | 3.96% | 3.50% | 2.07% |
Frequently Asked Questions
UD03.L and IEFS.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEFS.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEFS.L is cheaper with a 0.25% expense ratio, compared with 0.28% for UD03.L.
UD03.L tracks MSCI EMU NR EUR, while IEFS.L tracks MSCI Europe SMID NR EUR. They also come from different issuers: UBS and iShares. Their fees differ too: 0.28% for UD03.L and 0.25% for IEFS.L.
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