CEMU.AS vs. IFSW.L
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and IFSW.L (iShares Edge MSCI World Multifactor UCITS) are both exchange-traded funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while IFSW.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 11.41%/yr for IFSW.L. A 0.74 correlation means they provide meaningful diversification when combined. CEMU.AS charges 0.12%/yr vs 0.55%/yr for IFSW.L.
Performance
CEMU.AS vs. IFSW.L - Performance Comparison
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Different Trading Currencies
CEMU.AS is traded in EUR, while IFSW.L is traded in USD. To make them comparable, the IFSW.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 IFSW.L's 13.12% return. Over the past 10 years, CEMU.AS has underperformed IFSW.L with an annualized return of 10.03%, while IFSW.L has yielded a comparatively higher 11.41% annualized return.
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%
IFSW.L
- 1D
- -0.64%
- 1M
- 5.67%
- YTD
- 13.12%
- 6M
- 13.43%
- 1Y
- 27.46%
- 3Y*
- 18.53%
- 5Y*
- 11.92%
- 10Y*
- 11.41%
CEMU.AS vs. IFSW.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% |
IFSW.L iShares Edge MSCI World Multifactor UCITS | 13.12% | 10.81% | 24.77% | 11.89% | -10.15% | 29.36% | 1.57% | 24.18% | -8.22% | 10.91% |
Correlation
The correlation between CEMU.AS and IFSW.L is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2015 | 0.74 |
The correlation between CEMU.AS and IFSW.L has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.
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Return for Risk
CEMU.AS vs. IFSW.L — Risk / Return Rank
CEMU.AS
IFSW.L
CEMU.AS vs. IFSW.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 World Multifactor UCITS (IFSW.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.
| CEMU.AS | IFSW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.40 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 5.40 | -3.65 |
| Martin ratioReturn relative to average drawdown | 6.36 | 20.20 | -13.83 |
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 | IFSW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 2.23 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.78 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.71 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.66 | -0.17 |
Drawdowns
CEMU.AS vs. IFSW.L - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, which is greater than IFSW.L's maximum drawdown of -34.00%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and IFSW.L.
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Drawdown Indicators
| CEMU.AS | IFSW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -34.00% | -4.38% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -5.06% | -5.11% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -19.58% | +4.18% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -19.58% | -4.93% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -34.00% | -4.38% |
Current DrawdownCurrent decline from peak | -0.56% | -0.86% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -4.57% | -1.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 1.36% | +1.43% |
Volatility
CEMU.AS vs. IFSW.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 World Multifactor UCITS (IFSW.L) at 3.33%. This indicates that CEMU.AS's price experiences larger fluctuations and is considered to be riskier than IFSW.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 | IFSW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 3.33% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 9.18% | +2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 12.28% | +2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 15.18% | +0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 16.17% | +0.91% |
CEMU.AS vs. IFSW.L - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is lower than IFSW.L's 0.55% expense ratio.
Dividends
CEMU.AS vs. IFSW.L - Dividend Comparison
Neither CEMU.AS nor IFSW.L has paid dividends to shareholders.
Frequently Asked Questions
CEMU.AS and IFSW.L have a correlation of 0.72, 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 0.55% for IFSW.L.
CEMU.AS is categorized as Europe Equities, while IFSW.L is Global Equities. CEMU.AS tracks MSCI EMU NR EUR, while IFSW.L tracks MSCI ACWI NR USD. Their fees differ too: 0.12% for CEMU.AS and 0.55% for IFSW.L.
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