CEMU.AS vs. VEUR.AS
CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) and VEUR.AS (Vanguard FTSE Developed Europe UCITS ETF) are both Europe Equities funds - CEMU.AS tracks the MSCI EMU NR EUR while VEUR.AS tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, CEMU.AS returned 10.03%/yr vs 9.23%/yr for VEUR.AS. With a 0.96 correlation, they move nearly in lockstep. CEMU.AS charges 0.12%/yr vs 0.10%/yr for VEUR.AS.
Performance
CEMU.AS vs. VEUR.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 VEUR.AS's 7.16% return. Over the past 10 years, CEMU.AS has outperformed VEUR.AS with an annualized return of 10.03%, while VEUR.AS has yielded a comparatively lower 9.23% 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%
VEUR.AS
- 1D
- 0.57%
- 1M
- 3.20%
- YTD
- 7.16%
- 6M
- 9.88%
- 1Y
- 16.32%
- 3Y*
- 14.06%
- 5Y*
- 9.93%
- 10Y*
- 9.23%
CEMU.AS vs. VEUR.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% |
VEUR.AS Vanguard FTSE Developed Europe UCITS ETF | 7.16% | 19.69% | 10.27% | 16.15% | -10.11% | 25.55% | -2.72% | 25.95% | -10.04% | 10.80% |
Correlation
The correlation between CEMU.AS and VEUR.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 | 0.96 |
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 VEUR.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. VEUR.AS — Risk / Return Rank
CEMU.AS
VEUR.AS
CEMU.AS vs. VEUR.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 UCITS ETF (VEUR.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 | VEUR.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| 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 | 6.34 | +0.03 |
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 | VEUR.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.26 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.69 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.59 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.53 | -0.03 |
Drawdowns
CEMU.AS vs. VEUR.AS - Drawdown Comparison
The maximum CEMU.AS drawdown since its inception was -38.38%, which is greater than VEUR.AS's maximum drawdown of -35.63%. Use the drawdown chart below to compare losses from any high point for CEMU.AS and VEUR.AS.
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Drawdown Indicators
| CEMU.AS | VEUR.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -35.63% | -2.75% |
Max Drawdown (1Y)Largest decline over 1 year | -10.17% | -9.59% | -0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -16.41% | +1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -20.19% | -4.32% |
Max Drawdown (10Y)Largest decline over 10 years | -38.38% | -35.63% | -2.75% |
Current DrawdownCurrent decline from peak | -0.56% | -1.62% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -5.29% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.55% | +0.24% |
Volatility
CEMU.AS vs. VEUR.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 UCITS ETF (VEUR.AS) at 4.38%. This indicates that CEMU.AS's price experiences larger fluctuations and is considered to be riskier than VEUR.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.AS | VEUR.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.60% | 4.38% | +0.22% |
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% | 12.81% | +1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 14.22% | +1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.08% | 15.51% | +1.57% |
CEMU.AS vs. VEUR.AS - Expense Ratio Comparison
CEMU.AS has a 0.12% expense ratio, which is higher than VEUR.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. VEUR.AS - Dividend Comparison
CEMU.AS has not paid dividends to shareholders, while VEUR.AS's dividend yield for the trailing twelve months is around 2.60%.
| 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% |
VEUR.AS Vanguard FTSE Developed Europe UCITS ETF | 2.60% | 2.79% | 3.04% | 3.00% | 3.32% | 2.66% | 2.24% | 3.24% | 3.62% | 3.05% | 3.19% | 3.10% |
Frequently Asked Questions
With a correlation of 0.95, CEMU.AS and VEUR.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, VEUR.AS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEUR.AS is cheaper with a 0.10% expense ratio, compared with 0.12% for CEMU.AS.
CEMU.AS tracks MSCI EMU NR EUR, while VEUR.AS tracks MSCI Europe NR EUR. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.12% for CEMU.AS and 0.10% for VEUR.AS.
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