X7PS.L vs. EMUM.L
X7PS.L (Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc)) and EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) are both Europe Equities funds - X7PS.L tracks the STOXX Europe 600 Optimised Banks Index (EUR) while EMUM.L tracks the MSCI EMU Mid Cap Net Index. Both are passively managed. Over the past 3 years, X7PS.L returned 43.64%/yr vs 19.95%/yr for EMUM.L. At a 0.35 correlation, their price movements are largely independent. X7PS.L charges 0.20%/yr vs 0.49%/yr for EMUM.L.
Performance
X7PS.L vs. EMUM.L - Performance Comparison
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Returns By Period
In the year-to-date period, X7PS.L achieves a 16.55% return, which is significantly higher than EMUM.L's 13.23% return.
X7PS.L
- 1D
- -1.11%
- 1M
- 1.77%
- 6M
- 12.78%
- YTD
- 16.55%
- 1Y
- 50.38%
- 3Y*
- 43.64%
- 5Y*
- 31.77%
- 10Y*
- 16.22%
EMUM.L
- 1D
- -0.25%
- 1M
- 0.56%
- 6M
- 9.90%
- YTD
- 13.23%
- 1Y
- 21.20%
- 3Y*
- 19.95%
- 5Y*
- —
- 10Y*
- —
X7PS.L vs. EMUM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
X7PS.L Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) | 16.55% | 78.30% | 33.17% | 25.70% | -8.62% |
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 13.23% | 31.38% | 11.63% | 9.56% | -14.55% |
Correlation
The correlation between X7PS.L and EMUM.L is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.35 |
Over the past year, X7PS.L and EMUM.L have become more correlated (0.66) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
X7PS.L vs. EMUM.L — Risk / Return Rank
X7PS.L
EMUM.L
X7PS.L vs. EMUM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) (X7PS.L) and iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.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.
| X7PS.L | EMUM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.31 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | 2.73 | +0.31 |
| Martin ratioReturn relative to average drawdown | 10.00 | 9.68 | +0.32 |
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Drawdowns
X7PS.L vs. EMUM.L - Drawdown Comparison
The maximum X7PS.L drawdown since its inception was -60.64%, which is greater than EMUM.L's maximum drawdown of -23.13%. Use the drawdown chart below to compare losses from any high point for X7PS.L and EMUM.L.
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Drawdown Indicators
| X7PS.L | EMUM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.64% | -23.13% | -37.51% |
Max Drawdown (1Y)Largest decline over 1 year | -16.49% | -7.87% | -8.62% |
Max Drawdown (3Y)Largest decline over 3 years | -20.14% | -14.40% | -5.74% |
Max Drawdown (5Y)Largest decline over 5 years | -29.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -56.51% | — | — |
Current DrawdownCurrent decline from peak | -2.10% | -1.19% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -17.84% | -2.58% | -15.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.02% | 2.21% | +2.81% |
Volatility
X7PS.L vs. EMUM.L - Volatility Comparison
Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) (X7PS.L) has a higher volatility of 5.59% compared to iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) at 3.07%. This indicates that X7PS.L's price experiences larger fluctuations and is considered to be riskier than EMUM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| X7PS.L | EMUM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.59% | 3.07% | +2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 18.93% | 10.57% | +8.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.42% | 13.15% | +9.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.71% | 25.54% | -1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.86% | 25.54% | -0.68% |
X7PS.L vs. EMUM.L - Expense Ratio Comparison
X7PS.L has a 0.20% expense ratio, which is lower than EMUM.L's 0.49% expense ratio.
Dividends
X7PS.L vs. EMUM.L - Dividend Comparison
Neither X7PS.L nor EMUM.L has paid dividends to shareholders.
Frequently Asked Questions
X7PS.L and EMUM.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, X7PS.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
X7PS.L is cheaper with a 0.20% expense ratio, compared with 0.49% for EMUM.L.
X7PS.L tracks STOXX Europe 600 Optimised Banks Index (EUR), while EMUM.L tracks MSCI EMU Mid Cap Net Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.20% for X7PS.L and 0.49% for EMUM.L.
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