CEMU.AS vs. IAU
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and IAU (iShares Gold Trust) are both exchange-traded funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 12.43%/yr for IAU. At a correlation of -0.02, they often move in opposite directions. CEMU.AS charges 0.12%/yr vs 0.25%/yr for IAU.
Performance
CEMU.AS vs. IAU - Performance Comparison
Loading charts...
Different Trading Currencies
CEMU.AS is traded in EUR, while IAU is traded in USD. To make them comparable, the IAU 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 higher than IAU's 2.11% return. Over the past 10 years, CEMU.AS has underperformed IAU with an annualized return of 10.03%, while IAU has yielded a comparatively higher 12.43% 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%
IAU
- 1D
- 0.08%
- 1M
- -6.43%
- YTD
- 2.11%
- 6M
- 4.00%
- 1Y
- 28.68%
- 3Y*
- 26.88%
- 5Y*
- 19.00%
- 10Y*
- 12.43%
CEMU.AS vs. IAU - 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% |
IAU iShares Gold Trust | 2.11% | 44.49% | 35.22% | 9.45% | 5.53% | 3.18% | 14.73% | 20.65% | 2.85% | -0.97% |
Correlation
The correlation between CEMU.AS and IAU is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014 | -0.02 |
The correlation between CEMU.AS and IAU shifts across timeframes, from -0.03 (10 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CEMU.AS vs. IAU — Risk / Return Rank
CEMU.AS
IAU
CEMU.AS vs. IAU - 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 Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.61 | +0.13 |
| Martin ratioReturn relative to average drawdown | 6.36 | 3.93 | +2.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CEMU.AS | IAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.15 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 1.14 | -0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.84 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.65 | -0.16 |
Drawdowns
CEMU.AS vs. IAU - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, roughly equal to the maximum IAU drawdown of -37.42%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and IAU.
Loading charts...
Drawdown Indicators
| CEMU.AS | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -37.42% | -0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -17.90% | +7.73% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -17.90% | +2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -17.90% | -6.61% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -18.61% | -19.77% |
Current DrawdownCurrent decline from peak | -0.56% | -17.83% | +17.27% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -12.02% | +5.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 7.32% | -4.53% |
Volatility
CEMU.AS vs. IAU - Volatility Comparison
iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) and iShares Gold Trust (IAU) have volatilities of 4.60% and 4.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CEMU.AS | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.59% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 21.86% | -9.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 25.18% | -10.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 16.69% | -0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 14.88% | +2.20% |
CEMU.AS vs. IAU - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, 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. IAU - Dividend Comparison
Neither CEMU.AS nor IAU has paid dividends to shareholders.
Frequently Asked Questions
CEMU.AS and IAU have a correlation of 0.17, 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 0.25% for IAU.
CEMU.AS is categorized as Europe Equities, while IAU is Gold. CEMU.AS tracks MSCI EMU NR EUR, while IAU tracks LBMA Gold Price. Their fees differ too: 0.12% for CEMU.AS and 0.25% for IAU.
Find the right allocation for CEMU.AS and IAU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer