AYE2.DE vs. CEMS.DE
AYE2.DE (iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc) and CEMS.DE (iShares Edge MSCI Europe Value Factor UCITS ETF) are both exchange-traded funds - AYE2.DE is a European High Yield Bonds fund tracking the Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond, while CEMS.DE is a Europe Equities fund tracking the MSCI Europe Enhanced Value. Both are passively managed. Over the past 5 years, AYE2.DE returned 2.45%/yr vs 14.47%/yr for CEMS.DE. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.
Performance
AYE2.DE vs. CEMS.DE - Performance Comparison
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Returns By Period
In the year-to-date period, AYE2.DE achieves a 0.71% return, which is significantly lower than CEMS.DE's 13.72% return.
AYE2.DE
- 1D
- -0.10%
- 1M
- 0.88%
- YTD
- 0.71%
- 6M
- 1.00%
- 1Y
- 3.78%
- 3Y*
- 6.88%
- 5Y*
- 2.45%
- 10Y*
- —
CEMS.DE
- 1D
- 0.10%
- 1M
- 4.58%
- YTD
- 13.72%
- 6M
- 16.86%
- 1Y
- 33.02%
- 3Y*
- 21.63%
- 5Y*
- 14.47%
- 10Y*
- 10.71%
AYE2.DE vs. CEMS.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AYE2.DE iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc | 0.71% | 5.88% | 6.36% | 10.77% | -10.72% | 0.80% |
CEMS.DE iShares Edge MSCI Europe Value Factor UCITS ETF | 13.72% | 35.97% | 9.93% | 13.90% | -4.54% | 11.79% |
Correlation
The correlation between AYE2.DE and CEMS.DE 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 | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2021 | 0.61 |
The correlation between AYE2.DE and CEMS.DE has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
AYE2.DE vs. CEMS.DE — Risk / Return Rank
AYE2.DE
CEMS.DE
AYE2.DE vs. CEMS.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) and iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.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.
| AYE2.DE | CEMS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.43 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 3.29 | -2.08 |
| Martin ratioReturn relative to average drawdown | 5.15 | 12.37 | -7.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AYE2.DE | CEMS.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 2.37 | -1.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.94 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.49 | -0.04 |
Drawdowns
AYE2.DE vs. CEMS.DE - Drawdown Comparison
The maximum AYE2.DE drawdown since its inception was -16.48%, smaller than the maximum CEMS.DE drawdown of -40.20%. Use the drawdown chart below to compare losses from any high point for AYE2.DE and CEMS.DE.
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Drawdown Indicators
| AYE2.DE | CEMS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.48% | -40.20% | +23.72% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -9.99% | +6.89% |
Max Drawdown (3Y)Largest decline over 3 years | -3.69% | -17.57% | +13.88% |
Max Drawdown (5Y)Largest decline over 5 years | -16.48% | -19.55% | +3.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.20% | — |
Current DrawdownCurrent decline from peak | -0.33% | -1.26% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -7.49% | +3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 2.66% | -1.93% |
Volatility
AYE2.DE vs. CEMS.DE - Volatility Comparison
The current volatility for iShares EUR High Yield Corporate Bond ESG UCITS ETF EUR Acc (AYE2.DE) is 0.98%, while iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.DE) has a volatility of 4.65%. This indicates that AYE2.DE experiences smaller price fluctuations and is considered to be less risky than CEMS.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AYE2.DE | CEMS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 4.65% | -3.67% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 11.17% | -8.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 13.87% | -10.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 15.23% | -9.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 17.43% | -12.17% |
AYE2.DE vs. CEMS.DE - Expense Ratio Comparison
Both AYE2.DE and CEMS.DE have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
AYE2.DE vs. CEMS.DE - Dividend Comparison
Neither AYE2.DE nor CEMS.DE has paid dividends to shareholders.
Frequently Asked Questions
AYE2.DE and CEMS.DE 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.
Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AYE2.DE and CEMS.DE have the same expense ratio: 0.25% per year.
AYE2.DE is categorized as European High Yield Bonds, while CEMS.DE is Europe Equities. AYE2.DE tracks Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond, while CEMS.DE tracks MSCI Europe Enhanced Value.
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