CEMU.AS vs. SPHD
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, CEMU.AS returned 11.42%/yr vs 7.49%/yr for SPHD. At a 0.35 correlation, their price movements are largely independent. CEMU.AS charges 0.12%/yr vs 0.30%/yr for SPHD.
Performance
CEMU.AS vs. SPHD - Performance Comparison
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Different Trading Currencies
CEMU.AS is traded in EUR, while SPHD is traded in USD. To make them comparable, the SPHD 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 10.76% return, which is significantly lower than SPHD's 12.77% return. Over the past 10 years, CEMU.AS has outperformed SPHD with an annualized return of 11.42%, while SPHD has yielded a comparatively lower 7.49% annualized return.
CEMU.AS
- 1D
- 0.00%
- 1M
- 2.32%
- YTD
- 10.76%
- 6M
- 11.69%
- 1Y
- 23.06%
- 3Y*
- 17.11%
- 5Y*
- 10.75%
- 10Y*
- 11.42%
SPHD
- 1D
- 0.82%
- 1M
- 4.50%
- YTD
- 12.77%
- 6M
- 12.65%
- 1Y
- 16.94%
- 3Y*
- 10.90%
- 5Y*
- 8.14%
- 10Y*
- 7.49%
CEMU.AS vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 10.76% | 24.42% | 10.08% | 18.65% | -11.71% | 23.11% | -0.54% | 25.09% | -11.82% | 12.65% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 12.77% | -8.87% | 25.87% | -1.72% | 6.81% | 34.33% | -17.40% | 22.98% | -1.76% | -1.85% |
Correlation
The correlation between CEMU.AS and SPHD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014 | 0.35 |
The correlation between CEMU.AS and SPHD shifts across timeframes, from 0.13 (3 years) to 0.35 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CEMU.AS vs. SPHD — Risk / Return Rank
CEMU.AS
SPHD
CEMU.AS vs. SPHD - 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 Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 2.60 | -0.35 |
| Martin ratioReturn relative to average drawdown | 8.47 | 6.51 | +1.96 |
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Drawdowns
CEMU.AS vs. SPHD - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, roughly equal to the maximum SPHD drawdown of -39.95%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and SPHD.
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Drawdown Indicators
| CEMU.AS | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -39.95% | +1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -6.53% | -3.64% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -17.12% | +1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -19.91% | -4.60% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -39.95% | +1.57% |
Current DrawdownCurrent decline from peak | -1.75% | -2.10% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -6.22% | -6.72% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 2.61% | +0.11% |
Volatility
CEMU.AS vs. SPHD - Volatility Comparison
The current volatility for iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) is 3.25%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.36%. This indicates that CEMU.AS experiences smaller price fluctuations and is considered to be less risky than SPHD 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 | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 4.36% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 8.75% | +3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.62% | 11.68% | +2.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.20% | 14.25% | +1.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.84% | 18.21% | -1.37% |
CEMU.AS vs. SPHD - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
CEMU.AS vs. SPHD - Dividend Comparison
CEMU.AS has not paid dividends to shareholders, while SPHD's dividend yield for the trailing twelve months is around 4.56%.
| 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% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.56% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
CEMU.AS and SPHD have a correlation of 0.16, 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 0.30% for SPHD.
CEMU.AS is categorized as Europe Equities, while SPHD is Dividend. CEMU.AS tracks MSCI EMU NR EUR, while SPHD tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.12% for CEMU.AS and 0.30% for SPHD.
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