VNRG.L vs. MXUD.L

Last updated Jun 5, 2026

VNRG.L (Vanguard FTSE North America UCITS ETF (USD) Accumulating) and MXUD.L (Invesco MSCI USA UCITS ETF Dist) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from Vanguard and Invesco respectively. Both are passively managed. Over the past 5 years, VNRG.L returned 14.50%/yr vs 14.83%/yr for MXUD.L. Their correlation of 0.93 suggests significant overlap in exposure. VNRG.L charges 0.10%/yr vs 0.05%/yr for MXUD.L.

Performance

VNRG.L vs. MXUD.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 USA UCITS ETF Dist (MXUD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with VNRG.L having a 10.37% return and MXUD.L slightly higher at 10.85%.

VNRG.L

• 1D: 0.11%
• 1M: 4.70%
• YTD: 10.37%
• 6M: 9.73%
• 1Y: 28.68%
• 3Y*: 19.20%
• 5Y*: 14.50%
• 10Y*: —

MXUD.L

• 1D: 0.01%
• 1M: 5.65%
• YTD: 10.85%
• 6M: 10.32%
• 1Y: 28.94%
• 3Y*: 19.44%
• 5Y*: 14.83%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VNRG.L Vanguard FTSE North America UCITS ETF (USD) Accumulating	10.37%	10.01%	26.94%	19.89%	-9.87%	28.98%	15.46%	1.23%
MXUD.L Invesco MSCI USA UCITS ETF Dist	10.81%	9.07%	27.65%	21.47%	-10.39%	28.01%	15.33%	0.70%

Correlation

The correlation between VNRG.L and MXUD.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019	0.93

The correlation between VNRG.L and MXUD.L has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

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

Sectors	VNRG.L	MXUD.L
Technology	34.4%	35.4%
Financial Services	13.0%	11.6%
Communication Services	10.9%	11.3%
Consumer Cyclical	9.8%	10.1%
Industrials	8.3%	8.6%
Healthcare	8.2%	8.6%
Consumer Defensive	4.7%	4.8%
Energy	4.3%	3.6%
Basic Materials	2.4%	1.8%
Utilities	2.3%	2.3%
Real Estate	1.8%	1.9%

Return for Risk

VNRG.L vs. MXUD.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: 82
VNRG.L Sharpe Ratio Rank: 85
VNRG.L Sortino Ratio Rank: 83
VNRG.L Omega Ratio Rank: 85
VNRG.L Calmar Ratio Rank: 79
VNRG.L Martin Ratio Rank: 77

MXUD.L

MXUD.L Risk / Return Rank: 73
MXUD.L Sharpe Ratio Rank: 74
MXUD.L Sortino Ratio Rank: 78
MXUD.L Omega Ratio Rank: 74
MXUD.L Calmar Ratio Rank: 67
MXUD.L Martin Ratio Rank: 75

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. MXUD.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 USA UCITS ETF Dist (MXUD.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.

	VNRG.L	MXUD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.41	+0.34
Sortino ratio: Return per unit of downside risk	3.70	3.26	+0.45
Omega ratio: Gain probability vs. loss probability	1.52	1.44	+0.07
Calmar ratio: Return relative to maximum drawdown	4.01	3.82	+0.19
Martin ratio: Return relative to average drawdown	14.70	12.47	+2.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VNRG.L Sharpe Ratio is 2.76, which is comparable to the MXUD.L Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of VNRG.L and MXUD.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.

Sharpe Ratios by Period

	VNRG.L	MXUD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	2.41	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.95	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.86	+0.04

Drawdowns

VNRG.L vs. MXUD.L - Drawdown Comparison

The maximum VNRG.L drawdown since its inception was -26.12%, roughly equal to the maximum MXUD.L drawdown of -26.88%. Use the drawdown chart below to compare losses from any high point for VNRG.L and MXUD.L.

Drawdown Indicators

	VNRG.L	MXUD.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-26.88%	+0.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-7.54%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-20.92%	-21.48%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-21.48%	+0.56%
Current Drawdown Current decline from peak	-0.14%	-0.08%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.76%	-3.96%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.32%	-0.37%

Volatility

VNRG.L vs. MXUD.L - Volatility Comparison

The current volatility for Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRG.L) is 2.56%, while Invesco MSCI USA UCITS ETF Dist (MXUD.L) has a volatility of 3.55%. This indicates that VNRG.L experiences smaller price fluctuations and is considered to be less risky than MXUD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNRG.L	MXUD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	3.55%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	8.62%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	11.93%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	15.67%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	17.70%	-1.44%

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

VNRG.L has a 0.10% expense ratio, which is higher than MXUD.L's 0.05% expense ratio. However, 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. MXUD.L - Dividend Comparison

VNRG.L has not paid dividends to shareholders, while MXUD.L's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021
MXUD.L Invesco MSCI USA UCITS ETF Dist	1.05%	1.14%	1.30%	1.47%	1.66%	0.62%
VNRG.L Vanguard FTSE North America UCITS ETF (USD) Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

With a correlation of 0.91, VNRG.L and MXUD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, MXUD.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

MXUD.L is cheaper with a 0.05% expense ratio, compared with 0.10% for VNRG.L.

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

Both ETFs track Russell 1000 TR USD. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.10% for VNRG.L and 0.05% for MXUD.L.