84X0.DE vs. AW12.DE

Last updated Jun 5, 2026

84X0.DE (iShares MSCI EM ex-China UCITS ETF USD Acc) and AW12.DE (UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc) are both Emerging Markets Equities funds - 84X0.DE tracks the MSCI Emerging Markets ex China Index (Net) while AW12.DE tracks the MSCI Emerging Markets Climate Paris Aligned. Both are passively managed. Over the past year, 84X0.DE returned 68.88% vs 46.00% for AW12.DE. Their correlation of 0.85 suggests significant overlap in exposure. 84X0.DE charges 0.18%/yr vs 0.16%/yr for AW12.DE.

Performance

84X0.DE vs. AW12.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares MSCI EM ex-China UCITS ETF USD Acc (84X0.DE) and UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc (AW12.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 84X0.DE achieves a 40.37% return, which is significantly higher than AW12.DE's 24.98% return.

84X0.DE

• 1D: -1.73%
• 1M: 8.33%
• YTD: 40.37%
• 6M: 44.02%
• 1Y: 68.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AW12.DE

• 1D: -1.17%
• 1M: 4.69%
• YTD: 24.98%
• 6M: 27.25%
• 1Y: 46.00%
• 3Y*: 18.73%
• 5Y*: —
• 10Y*: —

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

84X0.DE vs. AW12.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
84X0.DE iShares MSCI EM ex-China UCITS ETF USD Acc	40.37%	19.85%	9.62%	7.38%
AW12.DE UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc	24.98%	18.87%	12.31%	3.71%

Correlation

The correlation between 84X0.DE and AW12.DE is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.85

The correlation between 84X0.DE and AW12.DE has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

84X0.DE vs. AW12.DE — Risk / Return Rank

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

84X0.DE

84X0.DE Risk / Return Rank: 93
84X0.DE Sharpe Ratio Rank: 94
84X0.DE Sortino Ratio Rank: 93
84X0.DE Omega Ratio Rank: 93
84X0.DE Calmar Ratio Rank: 91
84X0.DE Martin Ratio Rank: 91

AW12.DE

AW12.DE Risk / Return Rank: 80
AW12.DE Sharpe Ratio Rank: 79
AW12.DE Sortino Ratio Rank: 77
AW12.DE Omega Ratio Rank: 79
AW12.DE Calmar Ratio Rank: 85
AW12.DE Martin Ratio Rank: 82

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.

84X0.DE vs. AW12.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM ex-China UCITS ETF USD Acc (84X0.DE) and UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc (AW12.DE). 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.

	84X0.DE	AW12.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.52	2.52	+1.00
Sortino ratio: Return per unit of downside risk	4.51	3.40	+1.11
Omega ratio: Gain probability vs. loss probability	1.64	1.46	+0.18
Calmar ratio: Return relative to maximum drawdown	5.88	4.61	+1.27
Martin ratio: Return relative to average drawdown	21.92	16.28	+5.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

84X0.DE vs. AW12.DE - Sharpe Ratio Comparison

The current 84X0.DE Sharpe Ratio is 3.52, which is higher than the AW12.DE Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of 84X0.DE and AW12.DE, 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

	84X0.DE	AW12.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	2.52	+1.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.43	+1.34

Drawdowns

84X0.DE vs. AW12.DE - Drawdown Comparison

The maximum 84X0.DE drawdown since its inception was -19.72%, smaller than the maximum AW12.DE drawdown of -24.09%. Use the drawdown chart below to compare losses from any high point for 84X0.DE and AW12.DE.

Drawdown Indicators

	84X0.DE	AW12.DE	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-24.09%	+4.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.66%	-9.94%	-1.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.93%	—
Current Drawdown Current decline from peak	-2.49%	-2.26%	-0.23%
Average Drawdown Average peak-to-trough decline	-2.70%	-9.89%	+7.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	2.82%	+0.31%

Volatility

84X0.DE vs. AW12.DE - Volatility Comparison

iShares MSCI EM ex-China UCITS ETF USD Acc (84X0.DE) has a higher volatility of 8.41% compared to UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc (AW12.DE) at 7.44%. This indicates that 84X0.DE's price experiences larger fluctuations and is considered to be riskier than AW12.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	84X0.DE	AW12.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	7.44%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	16.93%	14.88%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	19.46%	18.18%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	17.92%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	17.92%	-0.81%

84X0.DE vs. AW12.DE - Expense Ratio Comparison

84X0.DE has a 0.18% expense ratio, which is higher than AW12.DE's 0.16% 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

84X0.DE vs. AW12.DE - Dividend Comparison

Neither 84X0.DE nor AW12.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 84X0.DE and AW12.DE in my portfolio?

84X0.DE and AW12.DE have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 84X0.DE or AW12.DE?

On fees, AW12.DE is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 84X0.DE or AW12.DE?

AW12.DE is cheaper with a 0.16% expense ratio, compared with 0.18% for 84X0.DE.

What is the main difference between 84X0.DE and AW12.DE?

84X0.DE tracks MSCI Emerging Markets ex China Index (Net), while AW12.DE tracks MSCI Emerging Markets Climate Paris Aligned. They also come from different issuers: iShares and UBS. Their fees differ too: 0.18% for 84X0.DE and 0.16% for AW12.DE.