CEMU.AS vs. IMAE.AS
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and IMAE.AS (iShares Core MSCI Europe UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares - CEMU.AS tracks the MSCI EMU NR EUR while IMAE.AS tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 9.17%/yr for IMAE.AS. With a 0.96 correlation, they move nearly in lockstep. CEMU.AS charges 0.12%/yr vs 0.20%/yr for IMAE.AS.
Performance
CEMU.AS vs. IMAE.AS - 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 higher than IMAE.AS's 7.51% return. Over the past 10 years, CEMU.AS has outperformed IMAE.AS with an annualized return of 10.03%, while IMAE.AS has yielded a comparatively lower 9.17% 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%
IMAE.AS
- 1D
- 0.53%
- 1M
- 3.33%
- YTD
- 7.51%
- 6M
- 9.82%
- 1Y
- 16.13%
- 3Y*
- 13.66%
- 5Y*
- 9.96%
- 10Y*
- 9.17%
CEMU.AS vs. IMAE.AS - 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% |
IMAE.AS iShares Core MSCI Europe UCITS ETF EUR (Acc) | 7.51% | 19.74% | 8.89% | 15.99% | -9.31% | 25.66% | -3.06% | 25.45% | -9.65% | 10.15% |
Correlation
The correlation between CEMU.AS and IMAE.AS is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.96 |
The correlation between CEMU.AS and IMAE.AS has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
CEMU.AS vs. IMAE.AS — Risk / Return Rank
CEMU.AS
IMAE.AS
CEMU.AS vs. IMAE.AS - 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 Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS). 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 | IMAE.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.68 | +0.06 |
| Martin ratioReturn relative to average drawdown | 6.36 | 6.22 | +0.15 |
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 | IMAE.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.25 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.69 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.58 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.53 | -0.03 |
Drawdowns
CEMU.AS vs. IMAE.AS - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, which is greater than IMAE.AS's maximum drawdown of -35.60%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and IMAE.AS.
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Drawdown Indicators
| CEMU.AS | IMAE.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -35.60% | -2.78% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -9.47% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -16.51% | +1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -19.44% | -5.07% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -35.60% | -2.78% |
Current DrawdownCurrent decline from peak | -0.56% | -1.69% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -5.32% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.56% | +0.23% |
Volatility
CEMU.AS vs. IMAE.AS - Volatility Comparison
iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS) have volatilities of 4.60% and 4.39%, 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.
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Volatility by Period
| CEMU.AS | IMAE.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.39% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 10.62% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 12.76% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 14.15% | +2.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 15.54% | +1.54% |
CEMU.AS vs. IMAE.AS - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is lower than IMAE.AS's 0.20% 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. IMAE.AS - Dividend Comparison
Neither CEMU.AS nor IMAE.AS has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, CEMU.AS and IMAE.AS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.20% for IMAE.AS.
CEMU.AS tracks MSCI EMU NR EUR, while IMAE.AS tracks MSCI Europe NR EUR. Their fees differ too: 0.12% for CEMU.AS and 0.20% for IMAE.AS.
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