CES1.L vs. CEUR.L

Last updated Jun 5, 2026

CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) and CEUR.L (Amundi MSCI Europe) are both Europe Equities funds - CES1.L tracks the MSCI EMU Small Cap NR EUR while CEUR.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, CES1.L returned 10.11%/yr vs 9.88%/yr for CEUR.L. Their correlation of 0.87 suggests significant overlap in exposure. CES1.L charges 0.58%/yr vs 0.05%/yr for CEUR.L.

Performance

CES1.L vs. CEUR.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) and Amundi MSCI Europe (CEUR.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CES1.L achieves a 10.08% return, which is significantly higher than CEUR.L's 6.66% return. Both investments have delivered pretty close results over the past 10 years, with CES1.L having a 10.11% annualized return and CEUR.L not far behind at 9.88%.

CES1.L

• 1D: 0.11%
• 1M: 2.95%
• YTD: 10.08%
• 6M: 12.64%
• 1Y: 20.42%
• 3Y*: 13.56%
• 5Y*: 6.70%
• 10Y*: 10.11%

CEUR.L

• 1D: 0.46%
• 1M: 3.94%
• YTD: 6.66%
• 6M: 8.98%
• 1Y: 19.26%
• 3Y*: 13.68%
• 5Y*: 9.47%
• 10Y*: 9.88%

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

CES1.L vs. CEUR.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CES1.L iShares MSCI EMU Small Cap UCITS ETF (Acc)	10.08%	30.70%	-4.07%	11.92%	-11.62%	15.21%	11.44%	21.04%	-16.15%	28.53%
CEUR.L Amundi MSCI Europe	6.66%	24.46%	4.90%	12.93%	-5.96%	17.02%	2.29%	19.59%	-9.49%	14.99%

Correlation

The correlation between CES1.L and CEUR.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 14, 2013	0.87

The correlation between CES1.L and CEUR.L has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

CES1.L vs. CEUR.L - Sectors Allocation Comparison

Sectors	CES1.L	CEUR.L
Industrials	28.9%	19.8%
Consumer Cyclical	13.1%	6.2%
Technology	10.6%	10.4%
Basic Materials	10.4%	3.8%
Financial Services	9.5%	25.1%
Real Estate	7.2%	1.7%
Energy	5.9%	3.5%
Healthcare	4.5%	13.8%
Communication Services	4.0%	3.4%
Utilities	3.7%	5.3%
Consumer Defensive	2.4%	7.2%

Return for Risk

CES1.L vs. CEUR.L — Risk / Return Rank

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

CES1.L

CES1.L Risk / Return Rank: 42
CES1.L Sharpe Ratio Rank: 44
CES1.L Sortino Ratio Rank: 43
CES1.L Omega Ratio Rank: 44
CES1.L Calmar Ratio Rank: 36
CES1.L Martin Ratio Rank: 41

CEUR.L

CEUR.L Risk / Return Rank: 42
CEUR.L Sharpe Ratio Rank: 45
CEUR.L Sortino Ratio Rank: 45
CEUR.L Omega Ratio Rank: 47
CEUR.L Calmar Ratio Rank: 36
CEUR.L Martin Ratio Rank: 39

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.

CES1.L vs. CEUR.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) and Amundi MSCI Europe (CEUR.L). 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.

	CES1.L	CEUR.L	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.54	-0.03
Sortino ratio: Return per unit of downside risk	2.14	2.18	-0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	1.74	1.74	+0.01
Martin ratio: Return relative to average drawdown	6.55	6.06	+0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CES1.L vs. CEUR.L - Sharpe Ratio Comparison

The current CES1.L Sharpe Ratio is 1.51, which is comparable to the CEUR.L Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of CES1.L and CEUR.L, 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

	CES1.L	CEUR.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.54	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.68	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.66	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.56	+0.11

Drawdowns

CES1.L vs. CEUR.L - Drawdown Comparison

The maximum CES1.L drawdown since its inception was -32.68%, which is greater than CEUR.L's maximum drawdown of -28.63%. Use the drawdown chart below to compare losses from any high point for CES1.L and CEUR.L.

Drawdown Indicators

	CES1.L	CEUR.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-28.63%	-4.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.66%	-11.05%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.92%	-12.66%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-27.02%	-17.85%	-9.17%
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	-28.63%	-4.05%
Current Drawdown Current decline from peak	-1.41%	-1.52%	+0.11%
Average Drawdown Average peak-to-trough decline	-6.07%	-4.58%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.17%	-0.06%

Volatility

CES1.L vs. CEUR.L - Volatility Comparison

iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) and Amundi MSCI Europe (CEUR.L) have volatilities of 4.07% and 4.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CES1.L	CEUR.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	4.25%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	11.17%	10.53%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	12.44%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	13.88%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	14.97%	+1.04%

CES1.L vs. CEUR.L - Expense Ratio Comparison

CES1.L has a 0.58% expense ratio, which is higher than CEUR.L's 0.05% expense ratio.

Dividends

CES1.L vs. CEUR.L - Dividend Comparison

Neither CES1.L nor CEUR.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CES1.L and CEUR.L in my portfolio?

CES1.L and CEUR.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CES1.L or CEUR.L?

On fees, CEUR.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CES1.L or CEUR.L?

CEUR.L is cheaper with a 0.05% expense ratio, compared with 0.58% for CES1.L.

What is the main difference between CES1.L and CEUR.L?

CES1.L tracks MSCI EMU Small Cap NR EUR, while CEUR.L tracks MSCI Europe NR EUR. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.58% for CES1.L and 0.05% for CEUR.L.