CEMU.AS vs. DFEN.DE
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and DFEN.DE (VanEck Defense UCITS ETF A) are both exchange-traded funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Both are passively managed. Over the past 3 years, CEMU.AS returned 16.12%/yr vs 37.67%/yr for DFEN.DE. At a 0.41 correlation, their price movements are largely independent. CEMU.AS charges 0.12%/yr vs 0.55%/yr for DFEN.DE.
Performance
CEMU.AS vs. DFEN.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CEMU.AS achieves a 8.68% return, which is significantly higher than DFEN.DE's 1.84% return.
CEMU.AS
- 1D
- 0.60%
- 1M
- 3.80%
- YTD
- 8.68%
- 6M
- 10.52%
- 1Y
- 17.45%
- 3Y*
- 16.12%
- 5Y*
- 10.62%
- 10Y*
- 10.03%
DFEN.DE
- 1D
- 0.53%
- 1M
- -0.93%
- YTD
- 1.84%
- 6M
- 3.89%
- 1Y
- 10.60%
- 3Y*
- 37.67%
- 5Y*
- —
- 10Y*
- —
CEMU.AS vs. DFEN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.68% | 24.42% | 10.08% | 6.28% |
DFEN.DE VanEck Defense UCITS ETF A | 1.84% | 50.76% | 51.97% | 22.65% |
Correlation
The correlation between CEMU.AS and DFEN.DE is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023 | 0.41 |
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Return for Risk
CEMU.AS vs. DFEN.DE — Risk / Return Rank
CEMU.AS
DFEN.DE
CEMU.AS vs. DFEN.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) and VanEck Defense UCITS ETF A (DFEN.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.
| CEMU.AS | DFEN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.10 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 0.62 | +1.12 |
| Martin ratioReturn relative to average drawdown | 6.36 | 1.46 | +4.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CEMU.AS | DFEN.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 0.46 | +0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 1.84 | -1.34 |
Drawdowns
CEMU.AS vs. DFEN.DE - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, which is greater than DFEN.DE's maximum drawdown of -18.60%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and DFEN.DE.
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Drawdown Indicators
| CEMU.AS | DFEN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -18.60% | -19.78% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -18.60% | +8.43% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -18.60% | +3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -16.99% | +16.43% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -3.20% | -3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 7.93% | -5.14% |
Volatility
CEMU.AS vs. DFEN.DE - Volatility Comparison
The current volatility for iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) is 4.60%, while VanEck Defense UCITS ETF A (DFEN.DE) has a volatility of 7.01%. This indicates that CEMU.AS experiences smaller price fluctuations and is considered to be less risky than DFEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMU.AS | DFEN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 7.01% | -2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 19.21% | -7.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 24.92% | -10.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 21.20% | -5.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 21.20% | -4.12% |
CEMU.AS vs. DFEN.DE - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is lower than DFEN.DE's 0.55% expense ratio.
Dividends
CEMU.AS vs. DFEN.DE - Dividend Comparison
Neither CEMU.AS nor DFEN.DE has paid dividends to shareholders.
Frequently Asked Questions
CEMU.AS and DFEN.DE have a correlation of 0.33, 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 0.55% for DFEN.DE.
CEMU.AS is categorized as Europe Equities, while DFEN.DE is Aerospace & Defense. CEMU.AS tracks MSCI EMU NR EUR, while DFEN.DE tracks MarketVector Global Defense Industry Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.12% for CEMU.AS and 0.55% for DFEN.DE.
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