CEMS.DE vs. CEMU.AS
CEMS.DE (iShares Edge MSCI Europe Value Factor UCITS ETF) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares - CEMS.DE tracks the MSCI Europe Enhanced Value while CEMU.AS tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, CEMS.DE returned 11.60%/yr vs 10.03%/yr for CEMU.AS. Their correlation of 0.91 suggests significant overlap in exposure. CEMS.DE charges 0.25%/yr vs 0.12%/yr for CEMU.AS.
Performance
CEMS.DE vs. CEMU.AS - Performance Comparison
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Returns By Period
In the year-to-date period, CEMS.DE achieves a 14.37% return, which is significantly higher than CEMU.AS's 8.68% return. Over the past 10 years, CEMS.DE has outperformed CEMU.AS with an annualized return of 11.60%, while CEMU.AS has yielded a comparatively lower 10.03% annualized return.
CEMS.DE
- 1D
- 2.48%
- 1M
- 3.42%
- YTD
- 14.37%
- 6M
- 17.13%
- 1Y
- 32.78%
- 3Y*
- 21.17%
- 5Y*
- 14.39%
- 10Y*
- 11.60%
CEMU.AS
- 1D
- 0.60%
- 1M
- 4.11%
- YTD
- 8.68%
- 6M
- 10.61%
- 1Y
- 18.65%
- 3Y*
- 16.12%
- 5Y*
- 10.62%
- 10Y*
- 10.03%
CEMS.DE vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEMS.DE iShares Edge MSCI Europe Value Factor UCITS ETF | 14.37% | 36.00% | 9.92% | 13.88% | -4.51% | 26.64% | -8.83% | 23.35% | -14.05% | 10.13% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.68% | 24.42% | 10.08% | 18.65% | -11.71% | 23.11% | -0.54% | 25.09% | -11.82% | 12.65% |
Correlation
The correlation between CEMS.DE and CEMU.AS is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2015 | 0.91 |
The correlation between CEMS.DE and CEMU.AS has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
CEMS.DE vs. CEMU.AS — Risk / Return Rank
CEMS.DE
CEMU.AS
CEMS.DE vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.DE) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS). 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.
| CEMS.DE | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.23 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 1.74 | +1.51 |
| Martin ratioReturn relative to average drawdown | 12.19 | 6.36 | +5.83 |
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Drawdowns
CEMS.DE vs. CEMU.AS - Drawdown Comparison
The maximum CEMS.DE drawdown since its inception was -40.22%, roughly equal to the maximum CEMU.AS drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for CEMS.DE and CEMU.AS.
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Drawdown Indicators
| CEMS.DE | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.22% | -38.38% | -1.84% |
Max Drawdown (1Y)Largest decline over 1 year | -10.02% | -10.17% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -17.61% | -15.40% | -2.21% |
Max Drawdown (5Y)Largest decline over 5 years | -19.56% | -24.51% | +4.95% |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | -38.38% | -1.84% |
Current DrawdownCurrent decline from peak | -0.66% | -0.56% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -7.50% | -6.24% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 2.79% | -0.11% |
Volatility
CEMS.DE vs. CEMU.AS - Volatility Comparison
iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.DE) has a higher volatility of 4.88% compared to iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) at 4.60%. This indicates that CEMS.DE's price experiences larger fluctuations and is considered to be riskier than CEMU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMS.DE | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 4.60% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 11.54% | 11.95% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.15% | 14.49% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.31% | 16.16% | -0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.46% | 17.08% | +0.38% |
CEMS.DE vs. CEMU.AS - Expense Ratio Comparison
CEMS.DE has a 0.25% expense ratio, which is higher than CEMU.AS's 0.12% 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
CEMS.DE vs. CEMU.AS - Dividend Comparison
Neither CEMS.DE nor CEMU.AS has paid dividends to shareholders.
Frequently Asked Questions
CEMS.DE and CEMU.AS have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMU.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.25% for CEMS.DE.
CEMS.DE tracks MSCI Europe Enhanced Value, while CEMU.AS tracks MSCI EMU NR EUR. Their fees differ too: 0.25% for CEMS.DE and 0.12% for CEMU.AS.
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