CEBP.DE vs. XESP.DE
CEBP.DE (iShares MSCI EMU USD Hedged UCITS ETF (Acc)) and XESP.DE (Xtrackers Spanish Equity UCITS ETF) are both Europe Equities funds - CEBP.DE tracks the MSCI EMU 100% Hedged to USD Index while XESP.DE tracks the Solactive Spain 40. Both are passively managed. Over the past 10 years, CEBP.DE returned 13.04%/yr vs 13.60%/yr for XESP.DE. A 0.72 correlation means they provide meaningful diversification when combined. CEBP.DE charges 0.38%/yr vs 0.30%/yr for XESP.DE.
Performance
CEBP.DE vs. XESP.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CEBP.DE achieves a 18.33% return, which is significantly higher than XESP.DE's 17.40% return. Both investments have delivered pretty close results over the past 10 years, with CEBP.DE having a 13.04% annualized return and XESP.DE not far ahead at 13.60%.
CEBP.DE
- 1D
- 1.07%
- 1M
- 6.87%
- 6M
- 17.26%
- YTD
- 18.33%
- 1Y
- 30.12%
- 3Y*
- 17.21%
- 5Y*
- 14.39%
- 10Y*
- 13.04%
XESP.DE
- 1D
- 1.01%
- 1M
- 10.02%
- 6M
- 16.19%
- YTD
- 17.40%
- 1Y
- 46.79%
- 3Y*
- 31.60%
- 5Y*
- 21.32%
- 10Y*
- 13.60%
CEBP.DE vs. XESP.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEBP.DE iShares MSCI EMU USD Hedged UCITS ETF (Acc) | 18.33% | 12.28% | 17.61% | 17.66% | -3.75% | 33.16% | -8.03% | 34.07% | -6.38% | 1.04% |
XESP.DE Xtrackers Spanish Equity UCITS ETF | 17.40% | 58.64% | 14.63% | 26.81% | -1.62% | 10.85% | -10.20% | 15.89% | -12.41% | 12.92% |
Correlation
The correlation between CEBP.DE and XESP.DE is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2015 | 0.72 |
The correlation between CEBP.DE and XESP.DE has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.
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Return for Risk
CEBP.DE vs. XESP.DE — Risk / Return Rank
CEBP.DE
XESP.DE
CEBP.DE vs. XESP.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU USD Hedged UCITS ETF (Acc) (CEBP.DE) and Xtrackers Spanish Equity UCITS ETF (XESP.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CEBP.DE | XESP.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.49 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.65 | 4.58 | -0.93 |
| Martin ratioReturn relative to average drawdown | 13.30 | 16.27 | -2.97 |
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Drawdowns
CEBP.DE vs. XESP.DE - Drawdown Comparison
The maximum CEBP.DE drawdown since its inception was -38.05%, smaller than the maximum XESP.DE drawdown of -40.70%. Use the drawdown chart below to compare losses from any high point for CEBP.DE and XESP.DE.
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Drawdown Indicators
| CEBP.DE | XESP.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.05% | -40.70% | +2.65% |
Max Drawdown (1Y)Largest decline over 1 year | -8.21% | -10.17% | +1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -19.71% | -12.92% | -6.79% |
Max Drawdown (5Y)Largest decline over 5 years | -19.71% | -18.56% | -1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -38.05% | -39.03% | +0.98% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -10.04% | +3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 2.87% | -0.61% |
Volatility
CEBP.DE vs. XESP.DE - Volatility Comparison
The current volatility for iShares MSCI EMU USD Hedged UCITS ETF (Acc) (CEBP.DE) is 3.22%, while Xtrackers Spanish Equity UCITS ETF (XESP.DE) has a volatility of 4.15%. This indicates that CEBP.DE experiences smaller price fluctuations and is considered to be less risky than XESP.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEBP.DE | XESP.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.22% | 4.15% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 14.49% | -3.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.68% | 16.94% | -2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.58% | 16.71% | -1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.19% | 18.38% | -1.19% |
CEBP.DE vs. XESP.DE - Expense Ratio Comparison
CEBP.DE has a 0.38% expense ratio, which is higher than XESP.DE's 0.30% expense ratio.
Dividends
CEBP.DE vs. XESP.DE - Dividend Comparison
Neither CEBP.DE nor XESP.DE has paid dividends to shareholders.
Frequently Asked Questions
CEBP.DE and XESP.DE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XESP.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XESP.DE is cheaper with a 0.30% expense ratio, compared with 0.38% for CEBP.DE.
CEBP.DE tracks MSCI EMU 100% Hedged to USD Index, while XESP.DE tracks Solactive Spain 40. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.38% for CEBP.DE and 0.30% for XESP.DE.
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