CEMU.AS vs. I500.DE
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and I500.DE (iShares S&P 500 Swap UCITS ETF USD (Acc)) are both exchange-traded funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while I500.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, CEMU.AS returned 10.62%/yr vs 15.00%/yr for I500.DE. A 0.64 correlation means they provide meaningful diversification when combined. CEMU.AS charges 0.12%/yr vs 0.07%/yr for I500.DE.
Performance
CEMU.AS vs. I500.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 lower than I500.DE's 11.45% return.
CEMU.AS
- 1D
- 0.60%
- 1M
- 4.11%
- YTD
- 8.68%
- 6M
- 10.61%
- 1Y
- 18.65%
- 3Y*
- 16.12%
- 5Y*
- 10.62%
- 10Y*
- 10.03%
I500.DE
- 1D
- -0.12%
- 1M
- 2.96%
- YTD
- 11.45%
- 6M
- 12.73%
- 1Y
- 26.34%
- 3Y*
- 19.08%
- 5Y*
- 15.00%
- 10Y*
- —
CEMU.AS vs. I500.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.68% | 24.42% | 10.08% | 18.65% | -11.71% | 23.11% | 11.87% |
I500.DE iShares S&P 500 Swap UCITS ETF USD (Acc) | 11.45% | 4.94% | 32.50% | 22.82% | -14.07% | 41.05% | 6.32% |
Correlation
The correlation between CEMU.AS and I500.DE is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2020 | 0.64 |
The correlation between CEMU.AS and I500.DE has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.
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Return for Risk
CEMU.AS vs. I500.DE — Risk / Return Rank
CEMU.AS
I500.DE
CEMU.AS vs. I500.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 iShares S&P 500 Swap UCITS ETF USD (Acc) (I500.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.
| CEMU.AS | I500.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.41 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 3.60 | -1.86 |
| Martin ratioReturn relative to average drawdown | 6.36 | 12.82 | -6.46 |
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Drawdowns
CEMU.AS vs. I500.DE - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, which is greater than I500.DE's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and I500.DE.
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Drawdown Indicators
| CEMU.AS | I500.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -23.24% | -15.14% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -7.12% | -3.05% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -23.24% | +7.84% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -23.24% | -1.27% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.46% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -4.06% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.01% | +0.78% |
Volatility
CEMU.AS vs. I500.DE - Volatility Comparison
iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a higher volatility of 4.60% compared to iShares S&P 500 Swap UCITS ETF USD (Acc) (I500.DE) at 2.65%. This indicates that CEMU.AS's price experiences larger fluctuations and is considered to be riskier than I500.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 | I500.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 2.65% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 7.60% | +4.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 11.65% | +2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 15.19% | +0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 15.13% | +1.95% |
CEMU.AS vs. I500.DE - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is higher than I500.DE's 0.07% 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. I500.DE - Dividend Comparison
Neither CEMU.AS nor I500.DE has paid dividends to shareholders.
Frequently Asked Questions
CEMU.AS and I500.DE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, I500.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
I500.DE is cheaper with a 0.07% expense ratio, compared with 0.12% for CEMU.AS.
CEMU.AS is categorized as Europe Equities, while I500.DE is S&P 500. CEMU.AS tracks MSCI EMU NR EUR, while I500.DE tracks S&P 500 Index. Their fees differ too: 0.12% for CEMU.AS and 0.07% for I500.DE.
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