ADIV vs. IEUR

Last updated Jun 4, 2026

ADIV (SmartETFs Asia Pacific Dividend Builder ETF) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - ADIV is a Asia Pacific Equities fund actively managed by Guinness Atkinson Asset Management, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. ADIV is actively managed, while IEUR is passively managed. Over the past 5 years, ADIV returned 6.49%/yr vs 8.03%/yr for IEUR. A 0.71 correlation means they provide meaningful diversification when combined. ADIV charges 0.78%/yr vs 0.09%/yr for IEUR.

Performance

ADIV vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SmartETFs Asia Pacific Dividend Builder ETF (ADIV) and iShares Core MSCI Europe ETF (IEUR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADIV achieves a 8.00% return, which is significantly higher than IEUR's 5.64% return.

ADIV

• 1D: -1.20%
• 1M: 4.12%
• YTD: 8.00%
• 6M: 7.65%
• 1Y: 19.14%
• 3Y*: 17.71%
• 5Y*: 6.49%
• 10Y*: —

IEUR

• 1D: -1.20%
• 1M: 2.77%
• YTD: 5.64%
• 6M: 8.52%
• 1Y: 17.47%
• 3Y*: 16.09%
• 5Y*: 8.03%
• 10Y*: 9.15%

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

ADIV vs. IEUR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.00%	21.86%	14.47%	12.28%	-18.00%	1.50%
IEUR iShares Core MSCI Europe ETF	5.64%	35.67%	1.40%	19.71%	-15.90%	10.92%

Correlation

The correlation between ADIV and IEUR 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	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021	0.71

The correlation between ADIV and IEUR has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

ADIV vs. IEUR - Sectors Allocation Comparison

Sectors	ADIV	IEUR
Financial Services	32.4%	22.5%
Technology	25.5%	8.4%
Consumer Cyclical	16.3%	6.9%
Real Estate	7.9%	1.6%
Healthcare	5.6%	12.5%
Consumer Defensive	4.7%	8.0%
Communication Services	2.7%	3.8%
Utilities	2.5%	4.8%
Industrials	2.4%	20.4%
Basic Materials	-	5.8%
Energy	-	5.3%

Return for Risk

ADIV vs. IEUR — Risk / Return Rank

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

ADIV

ADIV Risk / Return Rank: 39
ADIV Sharpe Ratio Rank: 40
ADIV Sortino Ratio Rank: 39
ADIV Omega Ratio Rank: 39
ADIV Calmar Ratio Rank: 38
ADIV Martin Ratio Rank: 39

IEUR

IEUR Risk / Return Rank: 31
IEUR Sharpe Ratio Rank: 31
IEUR Sortino Ratio Rank: 31
IEUR Omega Ratio Rank: 30
IEUR Calmar Ratio Rank: 29
IEUR Martin Ratio Rank: 35

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.

ADIV vs. IEUR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SmartETFs Asia Pacific Dividend Builder ETF (ADIV) and iShares Core MSCI Europe ETF (IEUR). 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.

	ADIV	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.15	+0.28
Sortino ratio: Return per unit of downside risk	2.03	1.69	+0.34
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.05
Calmar ratio: Return relative to maximum drawdown	1.89	1.46	+0.44
Martin ratio: Return relative to average drawdown	6.27	5.47	+0.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADIV vs. IEUR - Sharpe Ratio Comparison

The current ADIV Sharpe Ratio is 1.43, which is comparable to the IEUR Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of ADIV and IEUR, 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

	ADIV	IEUR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	1.15	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.46	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.35	+0.07

Drawdowns

ADIV vs. IEUR - Drawdown Comparison

The maximum ADIV drawdown since its inception was -31.55%, smaller than the maximum IEUR drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for ADIV and IEUR.

Drawdown Indicators

	ADIV	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-31.55%	-36.96%	+5.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-12.04%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	-14.25%	-4.28%
Max Drawdown (5Y) Largest decline over 5 years	-31.55%	-32.75%	+1.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.96%	—
Current Drawdown Current decline from peak	-1.20%	-2.31%	+1.11%
Average Drawdown Average peak-to-trough decline	-8.45%	-8.23%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	3.20%	-0.14%

Volatility

ADIV vs. IEUR - Volatility Comparison

The current volatility for SmartETFs Asia Pacific Dividend Builder ETF (ADIV) is 4.35%, while iShares Core MSCI Europe ETF (IEUR) has a volatility of 5.60%. This indicates that ADIV experiences smaller price fluctuations and is considered to be less risky than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADIV	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	5.60%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	10.54%	12.75%	-2.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.49%	15.32%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	17.73%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	18.68%	-2.31%

ADIV vs. IEUR - Expense Ratio Comparison

ADIV has a 0.78% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

ADIV vs. IEUR - Dividend Comparison

ADIV's dividend yield for the trailing twelve months is around 2.79%, which matches IEUR's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.79%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IEUR iShares Core MSCI Europe ETF	2.81%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both ADIV and IEUR in my portfolio?

ADIV and IEUR 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.

Which is riskier, ADIV or IEUR?

IEUR has higher volatility (5.60%) compared to ADIV (4.35%). In terms of maximum drawdown, ADIV dropped -31.55% vs IEUR's -36.96%.

Which ETF is better, ADIV or IEUR?

On 5-year performance, IEUR leads with 8.03% vs 6.49% for ADIV. On fees, IEUR is cheaper at 0.09% per year. On volatility, ADIV has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADIV or IEUR?

Over the 5-year period, IEUR has performed better with a 8.03% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADIV or IEUR?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, ADIV or IEUR?

IEUR has the higher dividend yield at 2.81%, compared with 2.79% for ADIV.

What is the main difference between ADIV and IEUR?

ADIV is categorized as Asia Pacific Equities, while IEUR is Europe Equities. They also come from different issuers: Guinness Atkinson Asset Management and iShares. Their fees differ too: 0.78% for ADIV and 0.09% for IEUR.

Which has better risk-adjusted returns?

ADIV currently has the higher Sharpe Ratio (1.43 vs 1.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.