VNRG.L vs. ESES.L

Last updated Jul 21, 2026

VNRG.L (Vanguard FTSE North America UCITS ETF (USD) Accumulating) and ESES.L (Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)) are both exchange-traded funds - VNRG.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while ESES.L is a Emerging Markets Equities fund tracking the MSCI EM Universal Select Business Screens Index. Both are passively managed. Over the past 5 years, VNRG.L returned 12.86%/yr vs 7.44%/yr for ESES.L. A 0.53 correlation means they provide meaningful diversification when combined. VNRG.L charges 0.10%/yr vs 0.19%/yr for ESES.L.

Performance

VNRG.L vs. ESES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRG.L) and Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VNRG.L is traded in GBP, while ESES.L is traded in GBp. To make them comparable, the ESES.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VNRG.L achieves a 9.32% return, which is significantly lower than ESES.L's 21.44% return.

VNRG.L

• 1D: 0.30%
• 1M: -1.42%
• 6M: 9.53%
• YTD: 9.32%
• 1Y: 20.09%
• 3Y*: 17.88%
• 5Y*: 12.86%
• 10Y*: —
• ALL TIME*: 14.06%

ESES.L

• 1D: 1.14%
• 1M: -8.02%
• 6M: 15.00%
• YTD: 21.44%
• 1Y: 36.60%
• 3Y*: 18.22%
• 5Y*: 7.44%
• 10Y*: —
• ALL TIME*: 151.04%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VNRG.L vs. ESES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VNRG.L Vanguard FTSE North America UCITS ETF (USD) Accumulating	9.32%	10.01%	27.28%	19.88%	-9.85%	11.94%
ESES.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)	21.44%	24.05%	7.54%	2.94%	-11.14%	6,848.44%

Correlation

The correlation between VNRG.L and ESES.L is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.53

The correlation between VNRG.L and ESES.L has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

VNRG.L vs. ESES.L - Sectors Allocation Comparison

Sectors	VNRG.L	ESES.L
Technology	37.8%	29.5%
Financial Services	12.3%	32.0%
Communication Services	10.4%	7.9%
Consumer Cyclical	9.6%	9.4%
Healthcare	8.0%	3.2%
Industrials	7.8%	4.9%
Consumer Defensive	4.3%	2.9%
Energy	3.9%	2.7%
Basic Materials	2.3%	5.4%
Utilities	2.1%	1.2%
Real Estate	1.6%	1.0%

Return for Risk

VNRG.L vs. ESES.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VNRG.L

VNRG.L Risk / Return Rank: 76
VNRG.L Sharpe Ratio Rank: 78
VNRG.L Sortino Ratio Rank: 75
VNRG.L Omega Ratio Rank: 77
VNRG.L Calmar Ratio Rank: 74
VNRG.L Martin Ratio Rank: 74

ESES.L

ESES.L Risk / Return Rank: 79
ESES.L Sharpe Ratio Rank: 80
ESES.L Sortino Ratio Rank: 77
ESES.L Omega Ratio Rank: 80
ESES.L Calmar Ratio Rank: 84
ESES.L Martin Ratio Rank: 76

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.

VNRG.L vs. ESES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRG.L) and Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.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.

	VNRG.L	ESES.L	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.91	-0.06
Sortino ratio: Return per unit of downside risk	2.54	2.58	-0.03
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	2.80	3.38	-0.58
Martin ratio: Return relative to average drawdown	9.98	10.21	-0.23

VNRG.L vs. ESES.L - Sharpe Ratio Comparison

The current VNRG.L Sharpe Ratio is 1.85, which is comparable to the ESES.L Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VNRG.L and ESES.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.

Drawdowns

VNRG.L vs. ESES.L - Drawdown Comparison

The maximum VNRG.L drawdown since its inception was -26.12%, which is greater than ESES.L's maximum drawdown of -23.59%. Use the drawdown chart below to compare losses from any high point for VNRG.L and ESES.L.

Drawdown Indicators

	VNRG.L	ESES.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-23.59%	-2.53%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-10.79%	+3.64%
Max Drawdown (3Y) Largest decline over 3 years	-20.91%	-23.59%	+2.68%
Max Drawdown (5Y) Largest decline over 5 years	-20.91%	-23.59%	+2.68%
Current Drawdown Current decline from peak	-1.42%	-9.02%	+7.60%
Average Drawdown Average peak-to-trough decline	-3.70%	-10.51%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.58%	-1.57%

Volatility

VNRG.L vs. ESES.L - Volatility Comparison

The current volatility for Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRG.L) is 2.91%, while Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc) (ESES.L) has a volatility of 7.36%. This indicates that VNRG.L experiences smaller price fluctuations and is considered to be less risky than ESES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNRG.L	ESES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	7.36%	-4.45%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	17.08%	-9.53%
Volatility (1Y) Calculated over the trailing 1-year period	10.84%	19.15%	-8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.35%	21.67%	-7.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	3,194.14%	-3,178.02%

VNRG.L vs. ESES.L - Expense Ratio Comparison

VNRG.L has a 0.10% expense ratio, which is lower than ESES.L's 0.19% 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

VNRG.L vs. ESES.L - Dividend Comparison

Neither VNRG.L nor ESES.L has paid dividends to shareholders.

Position	TTM	2025	2024
ESES.L Invesco MSCI Emerging Markets Universal Screened UCITS ETF USD (Acc)	0.00%	0.00%	0.00%
VNRG.L Vanguard FTSE North America UCITS ETF (USD) Accumulating	0.00%	0.00%	0.27%

Frequently Asked Questions

Can I hold both VNRG.L and ESES.L in my portfolio?

VNRG.L and ESES.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VNRG.L or ESES.L?

On fees, VNRG.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VNRG.L or ESES.L?

VNRG.L is cheaper with a 0.10% expense ratio, compared with 0.19% for ESES.L.

What is the main difference between VNRG.L and ESES.L?

VNRG.L is categorized as Large Cap Blend Equities, while ESES.L is Emerging Markets Equities. VNRG.L tracks Russell 1000 TR USD, while ESES.L tracks MSCI EM Universal Select Business Screens Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.10% for VNRG.L and 0.19% for ESES.L.