CE31.L vs. IEFA
CE31.L (iShares Euro Government Bond 1-3yr UCITS ETF (Acc)) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - CE31.L is a European Government Bonds fund tracking the Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, CE31.L returned 1.34%/yr vs 10.06%/yr for IEFA. At a 0.17 correlation, their price movements are largely independent. CE31.L charges 0.15%/yr vs 0.07%/yr for IEFA.
Performance
CE31.L vs. IEFA - Performance Comparison
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Different Trading Currencies
CE31.L is traded in GBp, while IEFA is traded in USD. To make them comparable, the IEFA values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CE31.L achieves a -0.69% return, which is significantly lower than IEFA's 10.11% return. Over the past 10 years, CE31.L has underperformed IEFA with an annualized return of 1.34%, while IEFA has yielded a comparatively higher 10.06% annualized return.
CE31.L
- 1D
- 0.18%
- 1M
- 0.53%
- YTD
- -0.69%
- 6M
- -0.65%
- 1Y
- 3.69%
- 3Y*
- 2.80%
- 5Y*
- 0.96%
- 10Y*
- 1.34%
IEFA
- 1D
- 0.75%
- 1M
- 3.75%
- YTD
- 10.11%
- 6M
- 11.22%
- 1Y
- 23.48%
- 3Y*
- 14.30%
- 5Y*
- 9.40%
- 10Y*
- 10.06%
CE31.L vs. IEFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | -0.69% | 7.55% | -1.61% | 1.46% | 1.17% | -7.40% | 5.40% | -4.80% | 0.64% | 3.54% |
IEFA iShares Core MSCI EAFE ETF | 10.11% | 22.67% | 5.07% | 12.06% | -5.16% | 12.69% | 5.00% | 17.98% | -9.05% | 15.62% |
Correlation
The correlation between CE31.L and IEFA is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2013 | 0.17 |
The correlation between CE31.L and IEFA shifts across timeframes, from 0.09 (1 year) to 0.20 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CE31.L vs. IEFA — Risk / Return Rank
CE31.L
IEFA
CE31.L vs. IEFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) and iShares Core MSCI EAFE ETF (IEFA). 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.
| CE31.L | IEFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.36 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.26 | -0.86 |
| Martin ratioReturn relative to average drawdown | 3.13 | 8.96 | -5.82 |
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
| CE31.L | IEFA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 1.90 | -1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.72 | -0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.66 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.66 | -0.58 |
Drawdowns
CE31.L vs. IEFA - Drawdown Comparison
The maximum CE31.L drawdown since its inception was -18.33%, smaller than the maximum IEFA drawdown of -29.04%. Use the drawdown chart below to compare losses from any high point for CE31.L and IEFA.
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Drawdown Indicators
| CE31.L | IEFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -29.04% | +10.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -10.45% | +7.83% |
Max Drawdown (3Y)Largest decline over 3 years | -3.05% | -12.44% | +9.39% |
Max Drawdown (5Y)Largest decline over 5 years | -5.98% | -15.06% | +9.08% |
Max Drawdown (10Y)Largest decline over 10 years | -13.14% | -29.04% | +15.90% |
Current DrawdownCurrent decline from peak | -3.78% | -0.00% | -3.78% |
Average DrawdownAverage peak-to-trough decline | -7.24% | -3.81% | -3.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 2.63% | -1.46% |
Volatility
CE31.L vs. IEFA - Volatility Comparison
The current volatility for iShares Euro Government Bond 1-3yr UCITS ETF (Acc) (CE31.L) is 1.27%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 3.73%. This indicates that CE31.L experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CE31.L | IEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 3.73% | -2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 10.34% | -7.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 12.42% | -8.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.29% | 13.20% | -7.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.07% | 15.37% | -8.30% |
CE31.L vs. IEFA - Expense Ratio Comparison
CE31.L has a 0.15% expense ratio, which is higher than IEFA's 0.07% 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
CE31.L vs. IEFA - Dividend Comparison
CE31.L has not paid dividends to shareholders, while IEFA's dividend yield for the trailing twelve months is around 3.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CE31.L iShares Euro Government Bond 1-3yr UCITS ETF (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEFA iShares Core MSCI EAFE ETF | 3.24% | 3.55% | 3.47% | 3.20% | 2.70% | 3.32% | 1.90% | 3.18% | 3.46% | 2.57% | 2.96% | 2.63% |
Frequently Asked Questions
CE31.L and IEFA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEFA is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEFA is cheaper with a 0.07% expense ratio, compared with 0.15% for CE31.L.
CE31.L is categorized as European Government Bonds, while IEFA is Foreign Large Cap Equities. CE31.L tracks Bloomberg Euro Agg Govt 1-3 Yr TR EUR, while IEFA tracks MSCI EAFE IMI Index (Net). Their fees differ too: 0.15% for CE31.L and 0.07% for IEFA.
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