CEMU.AS vs. IEFV.L
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and IEFV.L (iShares Edge MSCI Europe Value Factor UCITS ETF) are both Europe Equities funds from iShares - CEMU.AS tracks the MSCI EMU NR EUR while IEFV.L tracks the MSCI Europe Value NR EUR. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 11.59%/yr for IEFV.L. Their correlation of 0.86 suggests significant overlap in exposure. CEMU.AS charges 0.12%/yr vs 0.25%/yr for IEFV.L.
Performance
CEMU.AS vs. IEFV.L - Performance Comparison
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Different Trading Currencies
CEMU.AS is traded in EUR, while IEFV.L is traded in GBp. To make them comparable, the IEFV.L 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 IEFV.L's 14.51% return. Over the past 10 years, CEMU.AS has underperformed IEFV.L with an annualized return of 10.03%, while IEFV.L has yielded a comparatively higher 11.59% 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%
IEFV.L
- 1D
- 2.24%
- 1M
- 3.40%
- YTD
- 14.51%
- 6M
- 16.80%
- 1Y
- 32.50%
- 3Y*
- 21.11%
- 5Y*
- 14.40%
- 10Y*
- 11.59%
CEMU.AS vs. IEFV.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% |
IEFV.L iShares Edge MSCI Europe Value Factor UCITS ETF | 14.51% | 34.79% | 10.49% | 13.77% | -3.76% | 26.29% | -8.97% | 23.07% | -13.74% | 9.78% |
Correlation
The correlation between CEMU.AS and IEFV.L is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2015 | 0.86 |
The correlation between CEMU.AS and IEFV.L has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.
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Return for Risk
CEMU.AS vs. IEFV.L — Risk / Return Rank
CEMU.AS
IEFV.L
CEMU.AS vs. IEFV.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 Value Factor UCITS ETF (IEFV.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 | IEFV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.42 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 3.29 | -1.55 |
| Martin ratioReturn relative to average drawdown | 6.36 | 12.14 | -5.78 |
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Drawdowns
CEMU.AS vs. IEFV.L - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, smaller than the maximum IEFV.L drawdown of -40.78%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and IEFV.L.
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Drawdown Indicators
| CEMU.AS | IEFV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -40.78% | +2.40% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -9.82% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -16.66% | +1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -19.43% | -5.08% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -40.78% | +2.40% |
Current DrawdownCurrent decline from peak | -0.56% | -0.11% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -7.72% | +1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.67% | +0.12% |
Volatility
CEMU.AS vs. IEFV.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 Value Factor UCITS ETF (IEFV.L) at 4.29%. This indicates that CEMU.AS's price experiences larger fluctuations and is considered to be riskier than IEFV.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 | IEFV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.29% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 11.08% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 13.84% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 17.48% | -1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 18.49% | -1.41% |
CEMU.AS vs. IEFV.L - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is lower than IEFV.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. IEFV.L - Dividend Comparison
Neither CEMU.AS nor IEFV.L has paid dividends to shareholders.
Frequently Asked Questions
CEMU.AS and IEFV.L have a correlation of 0.82, 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 IEFV.L.
CEMU.AS tracks MSCI EMU NR EUR, while IEFV.L tracks MSCI Europe Value NR EUR. Their fees differ too: 0.12% for CEMU.AS and 0.25% for IEFV.L.
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