CEMU.AS vs. PPFB.DE
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and PPFB.DE (iShares Physical Gold ETC) are both exchange-traded funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while PPFB.DE is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 3 years, CEMU.AS returned 16.12%/yr vs 28.05%/yr for PPFB.DE. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.12% expense ratio.
Performance
CEMU.AS vs. PPFB.DE - 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 PPFB.DE's 2.74% return.
CEMU.AS
- 1D
- 0.60%
- 1M
- 3.80%
- YTD
- 8.68%
- 6M
- 10.52%
- 1Y
- 17.45%
- 3Y*
- 16.12%
- 5Y*
- 10.62%
- 10Y*
- 10.03%
PPFB.DE
- 1D
- 0.61%
- 1M
- -3.85%
- YTD
- 2.74%
- 6M
- 6.61%
- 1Y
- 31.41%
- 3Y*
- 28.05%
- 5Y*
- —
- 10Y*
- —
CEMU.AS vs. PPFB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.68% | 24.42% | 10.08% | 18.65% | -11.71% | 6.24% |
PPFB.DE iShares Physical Gold ETC | 2.74% | 49.11% | 34.17% | 9.42% | 7.03% | 2.86% |
Correlation
The correlation between CEMU.AS and PPFB.DE is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2021 | 0.02 |
The correlation between CEMU.AS and PPFB.DE shifts across timeframes, from 0.02 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CEMU.AS vs. PPFB.DE — Risk / Return Rank
CEMU.AS
PPFB.DE
CEMU.AS vs. PPFB.DE - 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 Physical Gold ETC (PPFB.DE). 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 | PPFB.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.26 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.81 | -0.07 |
| Martin ratioReturn relative to average drawdown | 6.36 | 4.60 | +1.76 |
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 | PPFB.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.30 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 1.26 | -0.77 |
Drawdowns
CEMU.AS vs. PPFB.DE - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, which is greater than PPFB.DE's maximum drawdown of -16.60%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and PPFB.DE.
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Drawdown Indicators
| CEMU.AS | PPFB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -16.60% | -21.78% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -16.60% | +6.43% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -16.60% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -15.00% | +14.44% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -4.40% | -1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 6.55% | -3.76% |
Volatility
CEMU.AS vs. PPFB.DE - Volatility Comparison
The current volatility for iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) is 4.60%, while iShares Physical Gold ETC (PPFB.DE) has a volatility of 5.11%. This indicates that CEMU.AS experiences smaller price fluctuations and is considered to be less risky than PPFB.DE 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 | PPFB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 5.11% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 20.18% | -8.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 23.12% | -8.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 16.13% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 16.13% | +0.95% |
CEMU.AS vs. PPFB.DE - Expense Ratio Comparison
Both CEMU.AS and PPFB.DE have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
CEMU.AS vs. PPFB.DE - Dividend Comparison
Neither CEMU.AS nor PPFB.DE has paid dividends to shareholders.
Frequently Asked Questions
CEMU.AS and PPFB.DE have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS and PPFB.DE have the same expense ratio: 0.12% per year.
CEMU.AS is categorized as Europe Equities, while PPFB.DE is Precious Metals. CEMU.AS tracks MSCI EMU NR EUR, while PPFB.DE tracks Gold.
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