CEMU.AS vs. DFND.AS

Last updated Jun 5, 2026

CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and DFND.AS (iShares Global Aerospace & Defence UCITS ETF) are both exchange-traded funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while DFND.AS is a Industrials Equities fund tracking the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. Both are passively managed. At a 0.20 correlation, their price movements are largely independent. CEMU.AS charges 0.12%/yr vs 0.35%/yr for DFND.AS.

Performance

CEMU.AS vs. DFND.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) and iShares Global Aerospace & Defence UCITS ETF (DFND.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CEMU.AS is traded in EUR, while DFND.AS is traded in USD. To make them comparable, the DFND.AS values have been converted to EUR using the latest available exchange rates.

Returns By Period

CEMU.AS

• 1D: 0.60%
• 1M: 4.75%
• YTD: 8.68%
• 6M: 10.69%
• 1Y: 17.98%
• 3Y*: 16.12%
• 5Y*: 10.62%
• 10Y*: 10.03%

DFND.AS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CEMU.AS vs. DFND.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc)	8.68%	24.42%	6.12%
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	19.34%

Correlation

The correlation between CEMU.AS and DFND.AS is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2024	0.20

Return for Risk

CEMU.AS vs. DFND.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CEMU.AS

CEMU.AS Risk / Return Rank: 37
CEMU.AS Sharpe Ratio Rank: 35
CEMU.AS Sortino Ratio Rank: 36
CEMU.AS Omega Ratio Rank: 36
CEMU.AS Calmar Ratio Rank: 36
CEMU.AS Martin Ratio Rank: 41

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.

CEMU.AS vs. DFND.AS - 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 iShares Global Aerospace & Defence UCITS ETF (DFND.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.

	CEMU.AS	DFND.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.23	—	—
Sortino ratio: Return per unit of downside risk	1.86	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.74	—	—
Martin ratio: Return relative to average drawdown	6.36	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CEMU.AS	DFND.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	—	—
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	—	—

Drawdowns

Drawdown Indicators

	CEMU.AS	DFND.AS	Difference
Max Drawdown Largest peak-to-trough decline	-38.38%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-10.17%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.38%	—	—
Current Drawdown Current decline from peak	-0.56%	—	—
Average Drawdown Average peak-to-trough decline	-6.24%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	—	—

Volatility

Volatility by Period

	CEMU.AS	DFND.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	—	—

CEMU.AS vs. DFND.AS - Expense Ratio Comparison

CEMU.AS has a 0.12% expense ratio, which is lower than DFND.AS's 0.35% expense ratio.

Dividends

CEMU.AS vs. DFND.AS - Dividend Comparison

Neither CEMU.AS nor DFND.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CEMU.AS and DFND.AS in my portfolio?

CEMU.AS and DFND.AS have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEMU.AS or DFND.AS?

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.

Which ETF is cheaper, CEMU.AS or DFND.AS?

CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.35% for DFND.AS.

What is the main difference between CEMU.AS and DFND.AS?

CEMU.AS is categorized as Europe Equities, while DFND.AS is Industrials Equities. CEMU.AS tracks MSCI EMU NR EUR, while DFND.AS tracks S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. Their fees differ too: 0.12% for CEMU.AS and 0.35% for DFND.AS.