CEMS.DE vs. XESP.DE
CEMS.DE (iShares Edge MSCI Europe Value Factor UCITS ETF) and XESP.DE (Xtrackers Spanish Equity UCITS ETF) are both Europe Equities funds - CEMS.DE tracks the MSCI Europe Enhanced Value while XESP.DE tracks the Solactive Spain 40. Both are passively managed. Over the past 10 years, CEMS.DE returned 12.21%/yr vs 14.03%/yr for XESP.DE. Their correlation of 0.84 suggests significant overlap in exposure. CEMS.DE charges 0.25%/yr vs 0.30%/yr for XESP.DE.
Performance
CEMS.DE vs. XESP.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CEMS.DE achieves a 15.97% return, which is significantly higher than XESP.DE's 14.86% return. Over the past 10 years, CEMS.DE has underperformed XESP.DE with an annualized return of 12.21%, while XESP.DE has yielded a comparatively higher 14.03% annualized return.
CEMS.DE
- 1D
- 1.47%
- 1M
- 1.40%
- YTD
- 15.97%
- 6M
- 16.95%
- 1Y
- 37.59%
- 3Y*
- 22.65%
- 5Y*
- 14.97%
- 10Y*
- 12.21%
XESP.DE
- 1D
- 0.87%
- 1M
- 6.89%
- YTD
- 14.86%
- 6M
- 15.90%
- 1Y
- 48.43%
- 3Y*
- 32.37%
- 5Y*
- 20.37%
- 10Y*
- 14.03%
CEMS.DE vs. XESP.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEMS.DE iShares Edge MSCI Europe Value Factor UCITS ETF | 15.97% | 36.00% | 9.92% | 13.88% | -4.51% | 26.64% | -8.83% | 23.35% | -14.05% | 10.13% |
XESP.DE Xtrackers Spanish Equity UCITS ETF | 14.86% | 58.64% | 14.63% | 26.81% | -1.62% | 10.85% | -10.20% | 15.89% | -12.41% | 12.92% |
Correlation
The correlation between CEMS.DE and XESP.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 | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2015 | 0.84 |
The correlation between CEMS.DE and XESP.DE has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.
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Return for Risk
CEMS.DE vs. XESP.DE — Risk / Return Rank
CEMS.DE
XESP.DE
CEMS.DE vs. XESP.DE - 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 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.
| CEMS.DE | XESP.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.51 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 4.74 | -1.00 |
| Martin ratioReturn relative to average drawdown | 14.09 | 16.84 | -2.76 |
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Drawdowns
CEMS.DE vs. XESP.DE - Drawdown Comparison
The maximum CEMS.DE drawdown since its inception was -40.22%, roughly equal to the maximum XESP.DE drawdown of -40.70%. Use the drawdown chart below to compare losses from any high point for CEMS.DE and XESP.DE.
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Drawdown Indicators
| CEMS.DE | XESP.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.22% | -40.70% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -10.02% | -10.17% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -17.61% | -12.92% | -4.69% |
Max Drawdown (5Y)Largest decline over 5 years | -19.56% | -18.56% | -1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | -39.03% | -1.19% |
Current DrawdownCurrent decline from peak | 0.00% | -0.10% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -10.06% | +2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 2.87% | -0.21% |
Volatility
CEMS.DE vs. XESP.DE - Volatility Comparison
The current volatility for iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.DE) is 3.86%, while Xtrackers Spanish Equity UCITS ETF (XESP.DE) has a volatility of 4.20%. This indicates that CEMS.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
| CEMS.DE | XESP.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.86% | 4.20% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 11.64% | 14.44% | -2.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.09% | 17.00% | -2.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.29% | 16.73% | -1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.18% | 18.44% | -1.26% |
CEMS.DE vs. XESP.DE - Expense Ratio Comparison
CEMS.DE has a 0.25% expense ratio, which is lower than XESP.DE's 0.30% expense ratio.
Dividends
CEMS.DE vs. XESP.DE - Dividend Comparison
Neither CEMS.DE nor XESP.DE has paid dividends to shareholders.
Frequently Asked Questions
CEMS.DE and XESP.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, CEMS.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMS.DE is cheaper with a 0.25% expense ratio, compared with 0.30% for XESP.DE.
CEMS.DE tracks MSCI Europe Enhanced Value, while XESP.DE tracks Solactive Spain 40. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.25% for CEMS.DE and 0.30% for XESP.DE.
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