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CEMU.AS vs. VERX.AS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CEMU.AS vs. VERX.AS

Last updated Jun 5, 2026

CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and VERX.AS (Vanguard FTSE Developed Europe ex-UK UCITS ETF) are both Europe Equities funds - CEMU.AS tracks the MSCI EMU NR EUR while VERX.AS tracks the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 9.69%/yr for VERX.AS. Their correlation of 0.93 suggests significant overlap in exposure. CEMU.AS charges 0.12%/yr vs 0.10%/yr for VERX.AS.

Performance

CEMU.AS vs. VERX.AS - 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 Vanguard FTSE Developed Europe ex-UK UCITS ETF (VERX.AS). The values are adjusted to include any dividend payments, if applicable.

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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 VERX.AS's 7.73% return. Both investments have delivered pretty close results over the past 10 years, with CEMU.AS having a 10.03% annualized return and VERX.AS not far behind at 9.69%.

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%

VERX.AS

1D
0.65%
1M
3.79%
YTD
7.73%
6M
10.13%
1Y
15.93%
3Y*
13.68%
5Y*
9.30%
10Y*
9.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CEMU.AS vs. VERX.AS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VERX.AS
Vanguard FTSE Developed Europe ex-UK UCITS ETF		7.73%20.65%7.05%18.49%-12.99%24.93%2.62%26.48%-10.05%12.01%

Correlation

The correlation between CEMU.AS and VERX.AS is 0.97 - 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

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2014

0.93

The correlation between CEMU.AS and VERX.AS has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

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iShares Core MSCI EMU UCITS ETF EUR (Acc)

Vanguard FTSE Developed Europe ex-UK UCITS ETF

Often compared with CEMU.AS:
CEMU.AS vs. WPEA.PACEMU.AS vs. UB06.LCEMU.AS vs. UB12.LCEMU.AS vs. QQQMCEMU.AS vs. DTLA.LCEMU.AS vs. CSPX.ASCEMU.AS vs. QQQ
Often compared with VERX.AS:
VERX.AS vs. VERG.LVERX.AS vs. IEUX.LVERX.AS vs. VUSA.ASVERX.AS vs. VEUA.LVERX.AS vs. ISX5.LVERX.AS vs. CSX5.LVERX.AS vs. VERE.DE

Return for Risk

CEMU.AS vs. VERX.AS — 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: 3737
Overall Rank
CEMU.AS Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
CEMU.AS Sortino Ratio Rank: 3636
Sortino Ratio Rank
CEMU.AS Omega Ratio Rank: 3636
Omega Ratio Rank
CEMU.AS Calmar Ratio Rank: 3636
Calmar Ratio Rank
CEMU.AS Martin Ratio Rank: 4141
Martin Ratio Rank
VERX.AS
VERX.AS Risk / Return Rank: 3333
Overall Rank
VERX.AS Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
VERX.AS Sortino Ratio Rank: 3333
Sortino Ratio Rank
VERX.AS Omega Ratio Rank: 3333
Omega Ratio Rank
VERX.AS Calmar Ratio Rank: 3232
Calmar Ratio Rank
VERX.AS Martin Ratio Rank: 3737
Martin Ratio Rank
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. VERX.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 Vanguard FTSE Developed Europe ex-UK UCITS ETF (VERX.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.ASVERX.ASDifference
Sharpe ratioReturn per unit of total volatility
1.23
1.17

+0.06

Sortino ratioReturn per unit of downside risk
1.86
1.74

+0.12

Omega ratioGain probability vs. loss probability

1.23

1.22

+0.02

Calmar ratioReturn relative to maximum drawdown

1.74

1.54

+0.21

Martin ratioReturn relative to average drawdown

6.36

5.65

+0.71

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. VERX.AS - Sharpe Ratio Comparison

The current CEMU.AS Sharpe Ratio is 1.23, which is comparable to the VERX.AS Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of CEMU.AS and VERX.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CEMU.ASVERX.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.23

1.17

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.62

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.61

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.59

-0.09

Drawdowns

CEMU.AS vs. VERX.AS - Drawdown Comparison

The maximum CEMU.AS drawdown since its inception was -38.38%, which is greater than VERX.AS's maximum drawdown of -34.59%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and VERX.AS.

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Drawdown Indicators

CEMU.ASVERX.ASDifference

Max Drawdown

Largest peak-to-trough decline

-38.38%

-34.59%

-3.79%

Max Drawdown (1Y)

Largest decline over 1 year

-10.17%

-10.21%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-15.40%

-16.22%

+0.82%

Max Drawdown (5Y)

Largest decline over 5 years

-24.51%

-22.89%

-1.62%

Max Drawdown (10Y)

Largest decline over 10 years

-38.38%

-34.59%

-3.79%

Current Drawdown

Current decline from peak

-0.56%

-1.39%

+0.83%

Average Drawdown

Average peak-to-trough decline

-6.24%

-5.73%

-0.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.79%

2.79%

0.00%

Volatility

CEMU.AS vs. VERX.AS - Volatility Comparison

iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a higher volatility of 4.60% compared to Vanguard FTSE Developed Europe ex-UK UCITS ETF (VERX.AS) at 4.34%. This indicates that CEMU.AS's price experiences larger fluctuations and is considered to be riskier than VERX.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CEMU.ASVERX.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.60%

4.34%

+0.26%

Volatility (6M)

Calculated over the trailing 6-month period

11.95%

11.06%

+0.89%

Volatility (1Y)

Calculated over the trailing 1-year period

14.49%

13.49%

+1.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.16%

14.86%

+1.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

15.73%

+1.35%

CEMU.AS vs. VERX.AS - Expense Ratio Comparison

CEMU.AS has a 0.12% expense ratio, which is higher than VERX.AS's 0.10% 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. VERX.AS - Dividend Comparison

CEMU.AS has not paid dividends to shareholders, while VERX.AS's dividend yield for the trailing twelve months is around 2.48%.

PositionTTM20252024202320222021202020192018201720162015
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%
VERX.AS
Vanguard FTSE Developed Europe ex-UK UCITS ETF		2.48%2.67%2.91%2.75%3.05%2.29%1.96%2.83%3.20%2.71%2.81%2.61%

Frequently Asked Questions

With a correlation of 0.97, CEMU.AS and VERX.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, VERX.AS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VERX.AS is cheaper with a 0.10% expense ratio, compared with 0.12% for CEMU.AS.

CEMU.AS tracks MSCI EMU NR EUR, while VERX.AS tracks MSCI Europe Ex UK NR EUR. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.12% for CEMU.AS and 0.10% for VERX.AS.

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