CEMU.AS vs. EUEA.AS
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and EUEA.AS (iShares EURO STOXX 50 UCITS ETF) are both Europe Equities funds from iShares tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 10.53%/yr for EUEA.AS. With a 0.99 correlation, they move nearly in lockstep. CEMU.AS charges 0.12%/yr vs 0.10%/yr for EUEA.AS.
Performance
CEMU.AS vs. EUEA.AS - 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 EUEA.AS's 7.45% return. Both investments have delivered pretty close results over the past 10 years, with CEMU.AS having a 10.03% annualized return and EUEA.AS not far ahead at 10.53%.
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%
EUEA.AS
- 1D
- 0.82%
- 1M
- 4.69%
- YTD
- 7.45%
- 6M
- 8.63%
- 1Y
- 15.80%
- 3Y*
- 15.60%
- 5Y*
- 11.52%
- 10Y*
- 10.53%
CEMU.AS vs. EUEA.AS - 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% |
EUEA.AS iShares EURO STOXX 50 UCITS ETF | 7.45% | 21.70% | 11.49% | 23.09% | -9.29% | 24.04% | -2.55% | 27.75% | -11.10% | 9.82% |
Correlation
The correlation between CEMU.AS and EUEA.AS is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.99 |
The correlation between CEMU.AS and EUEA.AS has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
CEMU.AS vs. EUEA.AS — Risk / Return Rank
CEMU.AS
EUEA.AS
CEMU.AS vs. EUEA.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 EURO STOXX 50 UCITS ETF (EUEA.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 | EUEA.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.18 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.43 | +0.31 |
| Martin ratioReturn relative to average drawdown | 6.36 | 4.86 | +1.50 |
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 | EUEA.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 0.99 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.65 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.57 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.12 | +0.37 |
Drawdowns
CEMU.AS vs. EUEA.AS - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, smaller than the maximum EUEA.AS drawdown of -62.53%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and EUEA.AS.
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Drawdown Indicators
| CEMU.AS | EUEA.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -62.53% | +24.15% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -10.91% | +0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -16.32% | +0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -23.35% | -1.16% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -38.22% | -0.16% |
Current DrawdownCurrent decline from peak | -0.56% | -0.49% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -24.30% | +18.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 3.22% | -0.43% |
Volatility
CEMU.AS vs. EUEA.AS - Volatility Comparison
The current volatility for iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) is 4.60%, while iShares EURO STOXX 50 UCITS ETF (EUEA.AS) has a volatility of 4.91%. This indicates that CEMU.AS experiences smaller price fluctuations and is considered to be less risky than EUEA.AS 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 | EUEA.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.91% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 12.92% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 15.80% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 17.37% | -1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 18.11% | -1.03% |
CEMU.AS vs. EUEA.AS - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is higher than EUEA.AS's 0.10% 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
CEMU.AS vs. EUEA.AS - Dividend Comparison
CEMU.AS has not paid dividends to shareholders, while EUEA.AS's dividend yield for the trailing twelve months is around 2.55%.
| 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% |
EUEA.AS iShares EURO STOXX 50 UCITS ETF | 2.55% | 2.52% | 3.01% | 3.02% | 2.94% | 2.05% | 2.16% | 3.05% | 3.67% | 2.85% | 3.38% | 2.96% |
Frequently Asked Questions
With a correlation of 0.98, CEMU.AS and EUEA.AS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, EUEA.AS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUEA.AS is cheaper with a 0.10% expense ratio, compared with 0.12% for CEMU.AS.
Both ETFs track MSCI EMU NR EUR. Their fees differ too: 0.12% for CEMU.AS and 0.10% for EUEA.AS.
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