CEBP.DE vs. ZPAB.DE
CEBP.DE (iShares MSCI EMU USD Hedged UCITS ETF (Acc)) and ZPAB.DE (Amundi S&P Eurozone PAB Net Zero Ambition UCITS ETF Acc) are both Europe Equities funds - CEBP.DE tracks the MSCI EMU 100% Hedged to USD Index while ZPAB.DE tracks the S&P Eurozone LargeMidCap Paris-Aligned Climate. Both are passively managed. Over the past 5 years, CEBP.DE returned 13.84%/yr vs 10.22%/yr for ZPAB.DE. Their correlation of 0.84 suggests significant overlap in exposure. CEBP.DE charges 0.38%/yr vs 0.20%/yr for ZPAB.DE.
Performance
CEBP.DE vs. ZPAB.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CEBP.DE achieves a 14.84% return, which is significantly higher than ZPAB.DE's 8.38% return.
CEBP.DE
- 1D
- -0.77%
- 1M
- -0.54%
- 6M
- 8.97%
- YTD
- 14.84%
- 1Y
- 23.72%
- 3Y*
- 17.15%
- 5Y*
- 13.84%
- 10Y*
- 12.11%
ZPAB.DE
- 1D
- -1.16%
- 1M
- -2.06%
- 6M
- 5.51%
- YTD
- 8.38%
- 1Y
- 16.39%
- 3Y*
- 15.96%
- 5Y*
- 10.22%
- 10Y*
- —
CEBP.DE vs. ZPAB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEBP.DE iShares MSCI EMU USD Hedged UCITS ETF (Acc) | 14.84% | 12.28% | 17.61% | 17.66% | -3.75% | 33.16% | 2.94% |
ZPAB.DE Amundi S&P Eurozone PAB Net Zero Ambition UCITS ETF Acc | 8.38% | 22.01% | 13.92% | 22.06% | -17.12% | 24.77% | 9.80% |
Correlation
The correlation between CEBP.DE and ZPAB.DE is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2020 | 0.84 |
The correlation between CEBP.DE and ZPAB.DE has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.
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Return for Risk
CEBP.DE vs. ZPAB.DE — Risk / Return Rank
CEBP.DE
ZPAB.DE
CEBP.DE vs. ZPAB.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 Amundi S&P Eurozone PAB Net Zero Ambition UCITS ETF Acc (ZPAB.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 | ZPAB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | 1.46 | +1.42 |
| Martin ratioReturn relative to average drawdown | 10.40 | 5.24 | +5.15 |
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Drawdowns
CEBP.DE vs. ZPAB.DE - Drawdown Comparison
The maximum CEBP.DE drawdown since its inception was -38.05%, which is greater than ZPAB.DE's maximum drawdown of -28.69%. Use the drawdown chart below to compare losses from any high point for CEBP.DE and ZPAB.DE.
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Drawdown Indicators
| CEBP.DE | ZPAB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.05% | -28.69% | -9.36% |
Max Drawdown (1Y)Largest decline over 1 year | -8.21% | -11.18% | +2.97% |
Max Drawdown (3Y)Largest decline over 3 years | -19.71% | -16.25% | -3.46% |
Max Drawdown (5Y)Largest decline over 5 years | -19.71% | -28.69% | +8.98% |
Max Drawdown (10Y)Largest decline over 10 years | -38.05% | — | — |
Current DrawdownCurrent decline from peak | -2.95% | -2.41% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -6.56% | -5.63% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 3.12% | -0.85% |
Volatility
CEBP.DE vs. ZPAB.DE - Volatility Comparison
The current volatility for iShares MSCI EMU USD Hedged UCITS ETF (Acc) (CEBP.DE) is 3.47%, while Amundi S&P Eurozone PAB Net Zero Ambition UCITS ETF Acc (ZPAB.DE) has a volatility of 3.89%. This indicates that CEBP.DE experiences smaller price fluctuations and is considered to be less risky than ZPAB.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 | ZPAB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 3.89% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 11.01% | 13.69% | -2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.57% | 16.04% | -1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 17.12% | -1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.17% | 16.90% | +0.27% |
CEBP.DE vs. ZPAB.DE - Expense Ratio Comparison
CEBP.DE has a 0.38% expense ratio, which is higher than ZPAB.DE's 0.20% expense ratio.
Dividends
CEBP.DE vs. ZPAB.DE - Dividend Comparison
Neither CEBP.DE nor ZPAB.DE has paid dividends to shareholders.
Frequently Asked Questions
CEBP.DE and ZPAB.DE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPAB.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPAB.DE is cheaper with a 0.20% expense ratio, compared with 0.38% for CEBP.DE.
CEBP.DE tracks MSCI EMU 100% Hedged to USD Index, while ZPAB.DE tracks S&P Eurozone LargeMidCap Paris-Aligned Climate. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.38% for CEBP.DE and 0.20% for ZPAB.DE.
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