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UD03.L vs. MVEU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UD03.L vs. MVEU.L

Last updated Jun 25, 2026

UD03.L (UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis) and MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) are both Europe Equities funds - UD03.L tracks the MSCI EMU NR EUR while MVEU.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, UD03.L returned 10.89%/yr vs 7.98%/yr for MVEU.L. A 0.73 correlation means they provide meaningful diversification when combined. UD03.L charges 0.28%/yr vs 0.25%/yr for MVEU.L.

Performance

UD03.L vs. MVEU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.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

UD03.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, UD03.L achieves a 15.33% return, which is significantly higher than MVEU.L's 5.99% return. Over the past 10 years, UD03.L has outperformed MVEU.L with an annualized return of 10.89%, while MVEU.L has yielded a comparatively lower 7.98% annualized return.

UD03.L

1D
0.20%
1M
3.07%
YTD
15.33%
6M
16.02%
1Y
27.59%
3Y*
16.31%
5Y*
11.02%
10Y*
10.89%

MVEU.L

1D
0.50%
1M
-0.08%
YTD
5.99%
6M
6.28%
1Y
10.48%
3Y*
11.60%
5Y*
7.13%
10Y*
7.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UD03.L vs. MVEU.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UD03.L
UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis		15.33%24.15%1.50%14.98%-2.05%11.79%5.56%16.65%-13.74%16.63%
MVEU.L
iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)		5.99%17.63%6.71%8.45%-8.16%14.46%1.57%15.47%-2.87%14.16%

Correlation

The correlation between UD03.L and MVEU.L is 0.69, 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

0.69

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

0.70

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

0.71

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

0.73

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2015

0.73

The correlation between UD03.L and MVEU.L has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

UD03.L vs. MVEU.L - Sectors Allocation Comparison

Sectors
UD03.L
MVEU.L

Financial Services

32.7%
17.6%

Consumer Defensive

15.4%
14.1%

Industrials

13.7%
15.6%

Technology

8.6%
3.4%

Consumer Cyclical

8.5%
3.6%

Utilities

7.2%
10.1%

Healthcare

6.0%
12.3%

Communication Services

2.9%
9.0%

Basic Materials

2.8%
5.1%

Energy

2.2%
6.9%

Real Estate

-

1.5%

Financial Services

UD03.L
32.7%
MVEU.L
17.6%

Consumer Defensive

UD03.L
15.4%
MVEU.L
14.1%

Industrials

UD03.L
13.7%
MVEU.L
15.6%

Technology

UD03.L
8.6%
MVEU.L
3.4%

Consumer Cyclical

UD03.L
8.5%
MVEU.L
3.6%

Utilities

UD03.L
7.2%
MVEU.L
10.1%

Healthcare

UD03.L
6.0%
MVEU.L
12.3%

Communication Services

UD03.L
2.9%
MVEU.L
9.0%

Basic Materials

UD03.L
2.8%
MVEU.L
5.1%

Energy

UD03.L
2.2%
MVEU.L
6.9%

Real Estate

UD03.L

-

MVEU.L
1.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis

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

Often compared with UD03.L:
UD03.L vs. XUEK.LUD03.L vs. CE2D.LUD03.L vs. IEFS.LUD03.L vs. EUDI.LUD03.L vs. IEDL.LUD03.L vs. HDEU.LUD03.L vs. EGRW.L
Often compared with MVEU.L:
MVEU.L vs. SVOLMVEU.L vs. VTMVEU.L vs. FLXD.LMVEU.L vs. EUHD.LMVEU.L vs. CS1.LMVEU.L vs. CSP1.LMVEU.L vs. IITU.L

Return for Risk

UD03.L vs. MVEU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UD03.L
UD03.L Risk / Return Rank: 7474
Overall Rank
UD03.L Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
UD03.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
UD03.L Omega Ratio Rank: 8383
Omega Ratio Rank
UD03.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
UD03.L Martin Ratio Rank: 6363
Martin Ratio Rank
MVEU.L
MVEU.L Risk / Return Rank: 3131
Overall Rank
MVEU.L Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
MVEU.L Sortino Ratio Rank: 3131
Sortino Ratio Rank
MVEU.L Omega Ratio Rank: 3131
Omega Ratio Rank
MVEU.L Calmar Ratio Rank: 3030
Calmar Ratio Rank
MVEU.L Martin Ratio Rank: 3232
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.

UD03.L vs. MVEU.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 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.

UD03.LMVEU.LDifference
Sharpe ratioReturn per unit of total volatility
2.28
1.17

+1.11

Sortino ratioReturn per unit of downside risk
3.05
1.63

+1.41

Omega ratioGain probability vs. loss probability

1.43

1.21

+0.22

Calmar ratioReturn relative to maximum drawdown

2.77

1.25

+1.51

Martin ratioReturn relative to average drawdown

9.99

3.71

+6.28

UD03.L vs. MVEU.L - Sharpe Ratio Comparison

The current UD03.L Sharpe Ratio is 2.28, which is higher than the MVEU.L Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of UD03.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

UD03.L vs. MVEU.L - Drawdown Comparison

The maximum UD03.L drawdown since its inception was -35.99%, 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 UD03.L and MVEU.L.

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Drawdown Indicators

UD03.LMVEU.LDifference

Max Drawdown

Largest peak-to-trough decline

-35.99%

-23.74%

-12.25%

Max Drawdown (1Y)

Largest decline over 1 year

-9.92%

-8.32%

-1.60%

Max Drawdown (3Y)

Largest decline over 3 years

-12.34%

-8.32%

-4.02%

Max Drawdown (5Y)

Largest decline over 5 years

-19.54%

-17.42%

-2.12%

Max Drawdown (10Y)

Largest decline over 10 years

-35.99%

-23.74%

-12.25%

Current Drawdown

Current decline from peak

-0.40%

-3.45%

+3.05%

Average Drawdown

Average peak-to-trough decline

-7.60%

-3.52%

-4.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.75%

2.82%

-0.07%

Volatility

UD03.L vs. MVEU.L - Volatility Comparison

UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) and iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) have volatilities of 1.95% and 1.88%, 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.LMVEU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.95%

1.88%

+0.07%

Volatility (6M)

Calculated over the trailing 6-month period

9.80%

7.31%

+2.49%

Volatility (1Y)

Calculated over the trailing 1-year period

12.04%

8.92%

+3.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.04%

11.28%

+3.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.75%

12.62%

+4.13%

UD03.L vs. MVEU.L - Expense Ratio Comparison

UD03.L has a 0.28% expense ratio, which is higher than MVEU.L's 0.25% expense ratio.

Dividends

UD03.L vs. MVEU.L - Dividend Comparison

UD03.L's dividend yield for the trailing twelve months is around 2.48%, while MVEU.L has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
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%
UD03.L
UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis		2.48%2.98%2.83%3.66%3.82%3.47%2.06%3.57%4.89%2.14%

Frequently Asked Questions

UD03.L and MVEU.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, MVEU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

MVEU.L is cheaper with a 0.25% expense ratio, compared with 0.28% for UD03.L.

UD03.L tracks MSCI EMU NR EUR, while MVEU.L tracks MSCI Europe NR EUR. They also come from different issuers: UBS and iShares. Their fees differ too: 0.28% for UD03.L and 0.25% for MVEU.L.

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