CE2D.L vs. VNQ

Last updated Jun 4, 2026

CE2D.L (Amundi Index MSCI Europe UCITS ETF DR EUR (D)) and VNQ (Vanguard Real Estate ETF) are both exchange-traded funds - CE2D.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 5 years, CE2D.L returned 9.93%/yr vs 3.28%/yr for VNQ. At a 0.14 correlation, their price movements are largely independent. CE2D.L charges 0.15%/yr vs 0.13%/yr for VNQ.

Performance

CE2D.L vs. VNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi Index MSCI Europe UCITS ETF DR EUR (D) (CE2D.L) and Vanguard Real Estate ETF (VNQ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CE2D.L is traded in GBp, while VNQ is traded in USD. To make them comparable, the VNQ values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CE2D.L achieves a 6.08% return, which is significantly lower than VNQ's 8.23% return.

CE2D.L

• 1D: -0.59%
• 1M: 2.34%
• YTD: 6.08%
• 6M: 8.48%
• 1Y: 19.17%
• 3Y*: 14.11%
• 5Y*: 9.93%
• 10Y*: —

VNQ

• 1D: 0.15%
• 1M: -0.30%
• YTD: 8.23%
• 6M: 6.19%
• 1Y: 10.74%
• 3Y*: 6.45%
• 5Y*: 3.28%
• 10Y*: 6.03%

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

CE2D.L vs. VNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CE2D.L Amundi Index MSCI Europe UCITS ETF DR EUR (D)	6.08%	25.78%	3.75%	14.43%	-4.94%	18.18%
VNQ Vanguard Real Estate ETF	8.23%	-4.11%	6.64%	6.26%	-17.48%	42.57%

Correlation

The correlation between CE2D.L and VNQ is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 5, 2021	0.14

The correlation between CE2D.L and VNQ shifts across timeframes, from 0.14 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

CE2D.L vs. VNQ - Sectors Allocation Comparison

Sectors	CE2D.L	VNQ
Financial Services	23.5%	0.1%
Industrials	20.1%	0.0%
Healthcare	13.3%	-
Technology	8.7%	0.3%
Consumer Defensive	8.3%	-
Consumer Cyclical	6.4%	-
Energy	5.4%	0.1%
Basic Materials	5.0%	1.1%
Utilities	4.8%	-
Communication Services	3.7%	0.6%
Real Estate	0.8%	97.3%

Return for Risk

CE2D.L vs. VNQ — Risk / Return Rank

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

CE2D.L

CE2D.L Risk / Return Rank: 43
CE2D.L Sharpe Ratio Rank: 46
CE2D.L Sortino Ratio Rank: 45
CE2D.L Omega Ratio Rank: 48
CE2D.L Calmar Ratio Rank: 37
CE2D.L Martin Ratio Rank: 41

VNQ

VNQ Risk / Return Rank: 23
VNQ Sharpe Ratio Rank: 22
VNQ Sortino Ratio Rank: 21
VNQ Omega Ratio Rank: 20
VNQ Calmar Ratio Rank: 25
VNQ Martin Ratio Rank: 27

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.

CE2D.L vs. VNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Index MSCI Europe UCITS ETF DR EUR (D) (CE2D.L) and Vanguard Real Estate ETF (VNQ). 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.

	CE2D.L	VNQ	Difference
Sharpe ratio: Return per unit of total volatility	1.58	0.84	+0.74
Sortino ratio: Return per unit of downside risk	2.24	1.24	+1.01
Omega ratio: Gain probability vs. loss probability	1.30	1.15	+0.15
Calmar ratio: Return relative to maximum drawdown	1.83	1.45	+0.38
Martin ratio: Return relative to average drawdown	6.46	4.09	+2.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CE2D.L vs. VNQ - Sharpe Ratio Comparison

The current CE2D.L Sharpe Ratio is 1.58, which is higher than the VNQ Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of CE2D.L and VNQ, 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

	CE2D.L	VNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	0.84	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.19	+0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.28	+0.85

Drawdowns

CE2D.L vs. VNQ - Drawdown Comparison

The maximum CE2D.L drawdown since its inception was -15.74%, smaller than the maximum VNQ drawdown of -57.05%. Use the drawdown chart below to compare losses from any high point for CE2D.L and VNQ.

Drawdown Indicators

	CE2D.L	VNQ	Difference
Max Drawdown Largest peak-to-trough decline	-15.74%	-57.05%	+41.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-7.44%	-3.04%
Max Drawdown (3Y) Largest decline over 3 years	-12.91%	-18.24%	+5.33%
Max Drawdown (5Y) Largest decline over 5 years	-15.74%	-28.76%	+13.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.51%	—
Current Drawdown Current decline from peak	-1.95%	-5.39%	+3.44%
Average Drawdown Average peak-to-trough decline	-2.73%	-10.79%	+8.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.63%	+0.34%

Volatility

CE2D.L vs. VNQ - Volatility Comparison

Amundi Index MSCI Europe UCITS ETF DR EUR (D) (CE2D.L) has a higher volatility of 4.10% compared to Vanguard Real Estate ETF (VNQ) at 3.11%. This indicates that CE2D.L's price experiences larger fluctuations and is considered to be riskier than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CE2D.L	VNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	3.11%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	9.41%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	12.83%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	17.59%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	20.60%	-2.98%

CE2D.L vs. VNQ - Expense Ratio Comparison

CE2D.L has a 0.15% expense ratio, which is higher than VNQ's 0.13% 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

CE2D.L vs. VNQ - Dividend Comparison

CE2D.L's dividend yield for the trailing twelve months is around 2.38%, less than VNQ's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CE2D.L Amundi Index MSCI Europe UCITS ETF DR EUR (D)	2.38%	2.52%	2.79%	2.74%	3.00%	2.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNQ Vanguard Real Estate ETF	3.69%	3.92%	3.85%	3.95%	3.91%	2.56%	3.93%	3.39%	4.74%	4.23%	4.82%	3.92%

Frequently Asked Questions

Can I hold both CE2D.L and VNQ in my portfolio?

CE2D.L and VNQ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CE2D.L or VNQ?

On fees, VNQ is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CE2D.L or VNQ?

VNQ is cheaper with a 0.13% expense ratio, compared with 0.15% for CE2D.L.

What is the main difference between CE2D.L and VNQ?

CE2D.L is categorized as Europe Equities, while VNQ is REIT. CE2D.L tracks MSCI Europe NR EUR, while VNQ tracks MSCI US Investable Market Real Estate 25/50 Index. They also come from different issuers: Amundi and Vanguard. Their fees differ too: 0.15% for CE2D.L and 0.13% for VNQ.