CEMU.AS vs. IEFM.L
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and IEFM.L (iShares Edge MSCI Europe Momentum Factor UCITS ETF) are both exchange-traded funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while IEFM.L is a Momentum fund tracking the MSCI Europe Momentum Index. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 12.06%/yr for IEFM.L. Their correlation of 0.81 suggests significant overlap in exposure. CEMU.AS charges 0.12%/yr vs 0.25%/yr for IEFM.L.
Performance
CEMU.AS vs. IEFM.L - Performance Comparison
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Different Trading Currencies
CEMU.AS is traded in EUR, while IEFM.L is traded in GBp. To make them comparable, the IEFM.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with CEMU.AS having a 8.68% return and IEFM.L slightly higher at 9.01%. Over the past 10 years, CEMU.AS has underperformed IEFM.L with an annualized return of 10.03%, while IEFM.L has yielded a comparatively higher 12.06% annualized 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%
IEFM.L
- 1D
- 1.51%
- 1M
- 2.63%
- YTD
- 9.01%
- 6M
- 12.00%
- 1Y
- 20.40%
- 3Y*
- 20.15%
- 5Y*
- 11.53%
- 10Y*
- 12.06%
CEMU.AS vs. IEFM.L - 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% |
IEFM.L iShares Edge MSCI Europe Momentum Factor UCITS ETF | 9.01% | 26.11% | 20.58% | 12.71% | -14.45% | 21.49% | 10.68% | 31.24% | -10.45% | 11.34% |
Correlation
The correlation between CEMU.AS and IEFM.L is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2015 | 0.81 |
The correlation between CEMU.AS and IEFM.L has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.
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Return for Risk
CEMU.AS vs. IEFM.L — Risk / Return Rank
CEMU.AS
IEFM.L
CEMU.AS vs. IEFM.L - 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 Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L). 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 | IEFM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.75 | -0.01 |
| Martin ratioReturn relative to average drawdown | 6.36 | 6.59 | -0.23 |
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Drawdowns
CEMU.AS vs. IEFM.L - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, which is greater than IEFM.L's maximum drawdown of -31.80%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and IEFM.L.
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Drawdown Indicators
| CEMU.AS | IEFM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -31.80% | -6.58% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -11.58% | +1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -15.88% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -24.28% | -0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -31.80% | -6.58% |
Current DrawdownCurrent decline from peak | -0.56% | 0.00% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -6.01% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 3.09% | -0.30% |
Volatility
CEMU.AS vs. IEFM.L - Volatility Comparison
iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a higher volatility of 4.60% compared to iShares Edge MSCI Europe Momentum Factor UCITS ETF (IEFM.L) at 4.18%. This indicates that CEMU.AS's price experiences larger fluctuations and is considered to be riskier than IEFM.L 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 | IEFM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.18% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 14.38% | -2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 16.70% | -2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 16.21% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 16.39% | +0.69% |
CEMU.AS vs. IEFM.L - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is lower than IEFM.L'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. IEFM.L - Dividend Comparison
Neither CEMU.AS nor IEFM.L has paid dividends to shareholders.
Frequently Asked Questions
CEMU.AS and IEFM.L have a correlation of 0.81, 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 IEFM.L.
CEMU.AS is categorized as Europe Equities, while IEFM.L is Momentum. CEMU.AS tracks MSCI EMU NR EUR, while IEFM.L tracks MSCI Europe Momentum Index. Their fees differ too: 0.12% for CEMU.AS and 0.25% for IEFM.L.
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