CEMU.AS vs. EPOL
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and EPOL (iShares MSCI Poland ETF) are both Europe Equities funds from iShares - CEMU.AS tracks the MSCI EMU NR EUR while EPOL tracks the MSCI Poland Investable Market Index. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 11.25%/yr for EPOL. At a 0.45 correlation, their price movements are largely independent. CEMU.AS charges 0.12%/yr vs 0.61%/yr for EPOL.
Performance
CEMU.AS vs. EPOL - Performance Comparison
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Different Trading Currencies
CEMU.AS is traded in EUR, while EPOL is traded in USD. To make them comparable, the EPOL values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, CEMU.AS achieves a 8.68% return, which is significantly lower than EPOL's 14.06% return. Over the past 10 years, CEMU.AS has underperformed EPOL with an annualized return of 10.03%, while EPOL has yielded a comparatively higher 11.25% annualized 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%
EPOL
- 1D
- 1.19%
- 1M
- 3.18%
- YTD
- 14.06%
- 6M
- 22.66%
- 1Y
- 38.98%
- 3Y*
- 31.02%
- 5Y*
- 17.16%
- 10Y*
- 11.25%
CEMU.AS vs. EPOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
EPOL iShares MSCI Poland ETF | 14.06% | 56.29% | 3.82% | 46.18% | -19.95% | 20.60% | -15.93% | -4.01% | -9.71% | 33.70% |
Correlation
The correlation between CEMU.AS and EPOL is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014 | 0.45 |
The correlation between CEMU.AS and EPOL has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.
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Return for Risk
CEMU.AS vs. EPOL — Risk / Return Rank
CEMU.AS
EPOL
CEMU.AS vs. EPOL - 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 MSCI Poland ETF (EPOL). 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 | EPOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.30 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 4.32 | -2.57 |
| Martin ratioReturn relative to average drawdown | 6.36 | 11.13 | -4.76 |
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 | EPOL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.84 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.66 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.45 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.25 | +0.25 |
Drawdowns
CEMU.AS vs. EPOL - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, smaller than the maximum EPOL drawdown of -52.18%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and EPOL.
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Drawdown Indicators
| CEMU.AS | EPOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -52.18% | +13.80% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -9.08% | -1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -17.83% | +2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -45.52% | +21.01% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -52.18% | +13.80% |
Current DrawdownCurrent decline from peak | -0.56% | -1.95% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -16.62% | +10.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 3.51% | -0.72% |
Volatility
CEMU.AS vs. EPOL - Volatility Comparison
The current volatility for iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) is 4.60%, while iShares MSCI Poland ETF (EPOL) has a volatility of 6.52%. This indicates that CEMU.AS experiences smaller price fluctuations and is considered to be less risky than EPOL 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 | EPOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 6.52% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 15.77% | -3.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 21.38% | -6.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 26.11% | -9.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 25.36% | -8.28% |
CEMU.AS vs. EPOL - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is lower than EPOL's 0.61% expense ratio.
Dividends
CEMU.AS vs. EPOL - Dividend Comparison
CEMU.AS has not paid dividends to shareholders, while EPOL's dividend yield for the trailing twelve months is around 4.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EPOL iShares MSCI Poland ETF | 4.27% | 4.78% | 6.04% | 2.87% | 2.65% | 1.33% | 1.44% | 2.51% | 1.44% | 1.88% | 2.14% | 2.53% |
Frequently Asked Questions
CEMU.AS and EPOL have a correlation of 0.50, 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 0.61% for EPOL.
CEMU.AS tracks MSCI EMU NR EUR, while EPOL tracks MSCI Poland Investable Market Index. Their fees differ too: 0.12% for CEMU.AS and 0.61% for EPOL.
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