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CEMA.L vs. CSPX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CEMA.L vs. CSPX.L

Last updated Jun 4, 2026

CEMA.L (iShares MSCI EM Asia UCITS ETF USD Acc) and CSPX.L (iShares Core S&P 500 UCITS ETF USD (Acc)) are both exchange-traded funds - CEMA.L is a Asia Pacific Equities fund tracking the MSCI EM Asia Index Net, while CSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CEMA.L returned 11.62%/yr vs 15.22%/yr for CSPX.L. A 0.59 correlation means they provide meaningful diversification when combined. CEMA.L charges 0.20%/yr vs 0.07%/yr for CSPX.L.

Performance

CEMA.L vs. CSPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EM Asia UCITS ETF USD Acc (CEMA.L) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CEMA.L achieves a 32.32% return, which is significantly higher than CSPX.L's 10.32% return. Over the past 10 years, CEMA.L has underperformed CSPX.L with an annualized return of 11.62%, while CSPX.L has yielded a comparatively higher 15.22% annualized return.

CEMA.L

1D
-1.33%
1M
11.44%
YTD
32.32%
6M
36.37%
1Y
63.33%
3Y*
26.83%
5Y*
8.33%
10Y*
11.62%

CSPX.L

1D
0.01%
1M
4.51%
YTD
10.32%
6M
11.15%
1Y
27.85%
3Y*
22.17%
5Y*
13.72%
10Y*
15.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CEMA.L vs. CSPX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CEMA.L
iShares MSCI EM Asia UCITS ETF USD Acc		32.32%33.97%12.43%6.65%-21.47%-5.32%28.23%17.50%-15.71%42.34%
CSPX.L
iShares Core S&P 500 UCITS ETF USD (Acc)		10.32%17.45%25.25%26.74%-18.72%29.35%17.62%30.55%-5.46%21.60%

Correlation

The correlation between CEMA.L and CSPX.L is 0.69, 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

0.69

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (10Y)
Calculated over the trailing 10-year period

0.65

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2010

0.59

The correlation between CEMA.L and CSPX.L has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.

CEMA.L vs. CSPX.L - Sectors Allocation Comparison

Sectors
CEMA.L
CSPX.L

Technology

49.6%
38.2%

Financial Services

13.7%
11.1%

Consumer Cyclical

9.9%
10.0%

Industrials

7.2%
7.9%

Communication Services

6.5%
10.9%

Basic Materials

3.4%
1.7%

Healthcare

3.0%
8.3%

Energy

2.5%
3.2%

Consumer Defensive

2.2%
4.7%

Utilities

1.4%
2.2%

Real Estate

0.7%
1.9%

Technology

CEMA.L
49.6%
CSPX.L
38.2%

Financial Services

CEMA.L
13.7%
CSPX.L
11.1%

Consumer Cyclical

CEMA.L
9.9%
CSPX.L
10.0%

Industrials

CEMA.L
7.2%
CSPX.L
7.9%

Communication Services

CEMA.L
6.5%
CSPX.L
10.9%

Basic Materials

CEMA.L
3.4%
CSPX.L
1.7%

Healthcare

CEMA.L
3.0%
CSPX.L
8.3%

Energy

CEMA.L
2.5%
CSPX.L
3.2%

Consumer Defensive

CEMA.L
2.2%
CSPX.L
4.7%

Utilities

CEMA.L
1.4%
CSPX.L
2.2%

Real Estate

CEMA.L
0.7%
CSPX.L
1.9%

Compare stocks, funds, or ETFs

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iShares MSCI EM Asia UCITS ETF USD Acc

iShares Core S&P 500 UCITS ETF USD (Acc)

Often compared with CEMA.L:
CEMA.L vs. ESPS.LCEMA.L vs. IKOR.LCEMA.L vs. ISAC.LCEMA.L vs. CSP1.LCEMA.L vs. EIMI.LCEMA.L vs. LCAL.LCEMA.L vs. PAXJ.L
Often compared with CSPX.L:
CSPX.L vs. VOOCSPX.L vs. VUAA.LCSPX.L vs. SPYCSPX.L vs. CSPX.ASCSPX.L vs. CSP1.LCSPX.L vs. VWRL.ASCSPX.L vs. IVV

Return for Risk

CEMA.L vs. CSPX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CEMA.L
CEMA.L Risk / Return Rank: 8686
Overall Rank
CEMA.L Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
CEMA.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
CEMA.L Omega Ratio Rank: 8787
Omega Ratio Rank
CEMA.L Calmar Ratio Rank: 8484
Calmar Ratio Rank
CEMA.L Martin Ratio Rank: 8484
Martin Ratio Rank
CSPX.L
CSPX.L Risk / Return Rank: 7373
Overall Rank
CSPX.L Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
CSPX.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
CSPX.L Omega Ratio Rank: 7272
Omega Ratio Rank
CSPX.L Calmar Ratio Rank: 6868
Calmar Ratio Rank
CSPX.L Martin Ratio Rank: 7777
Martin Ratio Rank
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.

CEMA.L vs. CSPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM Asia UCITS ETF USD Acc (CEMA.L) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L). 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.

CEMA.LCSPX.LDifference
Sharpe ratioReturn per unit of total volatility
3.00
2.32

+0.68

Sortino ratioReturn per unit of downside risk
3.93
3.41

+0.52

Omega ratioGain probability vs. loss probability

1.53

1.42

+0.11

Calmar ratioReturn relative to maximum drawdown

4.58

3.35

+1.23

Martin ratioReturn relative to average drawdown

16.97

14.51

+2.46

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEMA.L vs. CSPX.L - Sharpe Ratio Comparison

The current CEMA.L Sharpe Ratio is 3.00, which is comparable to the CSPX.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of CEMA.L and CSPX.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CEMA.LCSPX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.00

2.32

+0.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.86

-0.44

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.94

-0.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.94

-0.53

Drawdowns

CEMA.L vs. CSPX.L - Drawdown Comparison

The maximum CEMA.L drawdown since its inception was -45.51%, which is greater than CSPX.L's maximum drawdown of -33.90%. Use the drawdown chart below to compare losses from any high point for CEMA.L and CSPX.L.

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Drawdown Indicators

CEMA.LCSPX.LDifference

Max Drawdown

Largest peak-to-trough decline

-45.51%

-33.90%

-11.61%

Max Drawdown (1Y)

Largest decline over 1 year

-13.77%

-8.17%

-5.60%

Max Drawdown (3Y)

Largest decline over 3 years

-19.95%

-18.50%

-1.45%

Max Drawdown (5Y)

Largest decline over 5 years

-41.15%

-24.39%

-16.76%

Max Drawdown (10Y)

Largest decline over 10 years

-45.51%

-33.90%

-11.61%

Current Drawdown

Current decline from peak

-1.33%

-0.53%

-0.80%

Average Drawdown

Average peak-to-trough decline

-15.08%

-3.72%

-11.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.72%

1.90%

+1.82%

Volatility

CEMA.L vs. CSPX.L - Volatility Comparison

iShares MSCI EM Asia UCITS ETF USD Acc (CEMA.L) has a higher volatility of 9.45% compared to iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L) at 3.13%. This indicates that CEMA.L's price experiences larger fluctuations and is considered to be riskier than CSPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CEMA.LCSPX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.45%

3.13%

+6.32%

Volatility (6M)

Calculated over the trailing 6-month period

18.12%

8.70%

+9.42%

Volatility (1Y)

Calculated over the trailing 1-year period

21.02%

11.80%

+9.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.23%

15.97%

+4.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.95%

16.19%

+3.76%

CEMA.L vs. CSPX.L - Expense Ratio Comparison

CEMA.L has a 0.20% expense ratio, which is higher than CSPX.L'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

CEMA.L vs. CSPX.L - Dividend Comparison

Neither CEMA.L nor CSPX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

CEMA.L and CSPX.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CSPX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CSPX.L is cheaper with a 0.07% expense ratio, compared with 0.20% for CEMA.L.

CEMA.L is categorized as Asia Pacific Equities, while CSPX.L is S&P 500. CEMA.L tracks MSCI EM Asia Index Net, while CSPX.L tracks S&P 500 Index. They also come from different issuers: iShares and BlackRock. Their fees differ too: 0.20% for CEMA.L and 0.07% for CSPX.L.

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