CEMU.AS vs. MAIIX

Last updated Jun 5, 2026

CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and MAIIX (iShares MSCI EAFE International Index Fund) are both funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while MAIIX is a Foreign Large Cap Equities fund managed by BlackRock. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 9.05%/yr for MAIIX. A 0.73 correlation means they provide meaningful diversification when combined. CEMU.AS charges 0.12%/yr vs 0.09%/yr for MAIIX.

Performance

CEMU.AS vs. MAIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) and iShares MSCI EAFE International Index Fund (MAIIX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CEMU.AS is traded in EUR, while MAIIX is traded in USD. To make them comparable, the MAIIX 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 MAIIX's 10.13% return. Over the past 10 years, CEMU.AS has outperformed MAIIX with an annualized return of 10.03%, while MAIIX has yielded a comparatively lower 9.05% 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%

MAIIX

• 1D: -0.57%
• 1M: 2.91%
• YTD: 10.13%
• 6M: 11.30%
• 1Y: 18.98%
• 3Y*: 13.76%
• 5Y*: 9.54%
• 10Y*: 9.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CEMU.AS vs. MAIIX - 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%
MAIIX iShares MSCI EAFE International Index Fund	10.13%	16.00%	10.49%	14.81%	-8.83%	19.57%	-0.87%	24.57%	-9.36%	9.85%

Correlation

The correlation between CEMU.AS and MAIIX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014	0.73

The correlation between CEMU.AS and MAIIX has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

Return for Risk

CEMU.AS vs. MAIIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CEMU.AS

CEMU.AS Risk / Return Rank: 37
CEMU.AS Sharpe Ratio Rank: 35
CEMU.AS Sortino Ratio Rank: 36
CEMU.AS Omega Ratio Rank: 36
CEMU.AS Calmar Ratio Rank: 36
CEMU.AS Martin Ratio Rank: 41

MAIIX

MAIIX Risk / Return Rank: 26
MAIIX Sharpe Ratio Rank: 25
MAIIX Sortino Ratio Rank: 24
MAIIX Omega Ratio Rank: 24
MAIIX Calmar Ratio Rank: 26
MAIIX Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CEMU.AS vs. MAIIX - 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 MSCI EAFE International Index Fund (MAIIX). 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	MAIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.46	-0.24
Sortino ratio: Return per unit of downside risk	1.86	2.10	-0.24
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	1.74	2.02	-0.28
Martin ratio: Return relative to average drawdown	6.36	8.10	-1.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEMU.AS vs. MAIIX - Sharpe Ratio Comparison

The current CEMU.AS Sharpe Ratio is 1.23, which is comparable to the MAIIX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of CEMU.AS and MAIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CEMU.AS	MAIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	1.46	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.71	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.60	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.30	+0.19

Drawdowns

CEMU.AS vs. MAIIX - Drawdown Comparison

The maximum CEMU.AS drawdown since its inception was -38.38%, smaller than the maximum MAIIX drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and MAIIX.

Drawdown Indicators

	CEMU.AS	MAIIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.38%	-55.54%	+17.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.17%	-9.47%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-15.40%	-15.31%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-17.03%	-7.48%
Max Drawdown (10Y) Largest decline over 10 years	-38.38%	-33.78%	-4.60%
Current Drawdown Current decline from peak	-0.56%	-0.57%	+0.01%
Average Drawdown Average peak-to-trough decline	-6.24%	-11.57%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.36%	+0.43%

Volatility

CEMU.AS vs. MAIIX - Volatility Comparison

iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a higher volatility of 4.60% compared to iShares MSCI EAFE International Index Fund (MAIIX) at 3.77%. This indicates that CEMU.AS's price experiences larger fluctuations and is considered to be riskier than MAIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMU.AS	MAIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	3.77%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	10.56%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	13.10%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	13.47%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	15.24%	+1.84%

CEMU.AS vs. MAIIX - Expense Ratio Comparison

CEMU.AS has a 0.12% expense ratio, which is higher than MAIIX's 0.09% expense ratio. However, 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. MAIIX - Dividend Comparison

CEMU.AS has not paid dividends to shareholders, while MAIIX's dividend yield for the trailing twelve months is around 3.41%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MAIIX iShares MSCI EAFE International Index Fund	3.41%	3.71%	3.38%	3.16%	2.76%	3.00%	1.94%	3.29%	4.53%	2.42%	2.81%	2.40%

Frequently Asked Questions

Can I hold both CEMU.AS and MAIIX in my portfolio?

CEMU.AS and MAIIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.