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CES1.L vs. CS1.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CES1.L vs. CS1.L

Last updated Jun 5, 2026

CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) and CS1.L (Amundi ETF MSCI Spain UCITS ETF EUR (C)) are both Europe Equities funds - CES1.L tracks the MSCI EMU Small Cap NR EUR while CS1.L tracks the BME IBEX 35 NR EUR. Both are passively managed. Over the past 10 years, CES1.L returned 10.11%/yr vs 12.13%/yr for CS1.L. A 0.76 correlation means they provide meaningful diversification when combined. CES1.L charges 0.58%/yr vs 0.25%/yr for CS1.L.

Performance

CES1.L vs. CS1.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 ETF MSCI Spain UCITS ETF EUR (C) (CS1.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CES1.L achieves a 10.08% return, which is significantly higher than CS1.L's 6.29% return. Over the past 10 years, CES1.L has underperformed CS1.L with an annualized return of 10.11%, while CS1.L has yielded a comparatively higher 12.13% annualized return.

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%

CS1.L

1D
0.91%
1M
3.97%
YTD
6.29%
6M
10.00%
1Y
37.36%
3Y*
30.04%
5Y*
19.41%
10Y*
12.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CES1.L vs. CS1.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
CS1.L
Amundi ETF MSCI Spain UCITS ETF EUR (C)		6.29%62.63%14.12%24.14%4.89%0.59%-7.48%8.06%-11.27%15.93%

Correlation

The correlation between CES1.L and CS1.L is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.69

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

0.71

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

0.75

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

0.76

Correlation (All Time)
Calculated using the full available price history since May 14, 2013

0.76

The correlation between CES1.L and CS1.L has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

CES1.L vs. CS1.L - Sectors Allocation Comparison

Sectors
CES1.L
CS1.L

Industrials

28.9%
15.8%

Consumer Cyclical

13.1%
10.8%

Technology

10.6%
3.2%

Basic Materials

10.4%
1.3%

Financial Services

9.5%
40.3%

Real Estate

7.2%
3.3%

Energy

5.9%
2.8%

Healthcare

4.5%
0.7%

Communication Services

4.0%
2.4%

Utilities

3.7%
19.0%

Consumer Defensive

2.4%
0.3%

Industrials

CES1.L
28.9%
CS1.L
15.8%

Consumer Cyclical

CES1.L
13.1%
CS1.L
10.8%

Technology

CES1.L
10.6%
CS1.L
3.2%

Basic Materials

CES1.L
10.4%
CS1.L
1.3%

Financial Services

CES1.L
9.5%
CS1.L
40.3%

Real Estate

CES1.L
7.2%
CS1.L
3.3%

Energy

CES1.L
5.9%
CS1.L
2.8%

Healthcare

CES1.L
4.5%
CS1.L
0.7%

Communication Services

CES1.L
4.0%
CS1.L
2.4%

Utilities

CES1.L
3.7%
CS1.L
19.0%

Consumer Defensive

CES1.L
2.4%
CS1.L
0.3%

Compare stocks, funds, or ETFs

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iShares MSCI EMU Small Cap UCITS ETF (Acc)

Amundi ETF MSCI Spain UCITS ETF EUR (C)

Often compared with CES1.L:
CES1.L vs. XXSC.LCES1.L vs. DJSC.LCES1.L vs. IUQF.LCES1.L vs. IIND.LCES1.L vs. MVED.LCES1.L vs. SX5S.LCES1.L vs. EEIP.L
Often compared with CS1.L:
CS1.L vs. VOOCS1.L vs. CSWG.LCS1.L vs. WDEP.LCS1.L vs. EDIV.LCS1.L vs. FEQD.LCS1.L vs. PRUK.LCS1.L vs. EGRW.L

Return for Risk

CES1.L vs. CS1.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: 4242
Overall Rank
CES1.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
CES1.L Sortino Ratio Rank: 4343
Sortino Ratio Rank
CES1.L Omega Ratio Rank: 4444
Omega Ratio Rank
CES1.L Calmar Ratio Rank: 3636
Calmar Ratio Rank
CES1.L Martin Ratio Rank: 4141
Martin Ratio Rank
CS1.L
CS1.L Risk / Return Rank: 7070
Overall Rank
CS1.L Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
CS1.L Sortino Ratio Rank: 6868
Sortino Ratio Rank
CS1.L Omega Ratio Rank: 7171
Omega Ratio Rank
CS1.L Calmar Ratio Rank: 7373
Calmar Ratio Rank
CS1.L Martin Ratio Rank: 6767
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.

CES1.L vs. CS1.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 ETF MSCI Spain UCITS ETF EUR (C) (CS1.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.LCS1.LDifference
Sharpe ratioReturn per unit of total volatility
1.51
2.30

-0.79

Sortino ratioReturn per unit of downside risk
2.14
3.07

-0.93

Omega ratioGain probability vs. loss probability

1.28

1.42

-0.14

Calmar ratioReturn relative to maximum drawdown

1.74

3.60

-1.85

Martin ratioReturn relative to average drawdown

6.55

12.14

-5.59

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. CS1.L - Sharpe Ratio Comparison

The current CES1.L Sharpe Ratio is 1.51, which is lower than the CS1.L Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of CES1.L and CS1.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.

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Sharpe Ratios by Period

CES1.LCS1.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.51

2.30

-0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

1.16

-0.74

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

0.49

+0.18

Drawdowns

CES1.L vs. CS1.L - Drawdown Comparison

The maximum CES1.L drawdown since its inception was -32.68%, smaller than the maximum CS1.L drawdown of -38.87%. Use the drawdown chart below to compare losses from any high point for CES1.L and CS1.L.

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Drawdown Indicators

CES1.LCS1.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.68%

-38.87%

+6.19%

Max Drawdown (1Y)

Largest decline over 1 year

-11.66%

-10.34%

-1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-13.92%

-10.34%

-3.58%

Max Drawdown (5Y)

Largest decline over 5 years

-27.02%

-18.82%

-8.20%

Max Drawdown (10Y)

Largest decline over 10 years

-32.68%

-38.87%

+6.19%

Current Drawdown

Current decline from peak

-1.41%

-0.98%

-0.43%

Average Drawdown

Average peak-to-trough decline

-6.07%

-10.34%

+4.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

3.07%

+0.04%

Volatility

CES1.L vs. CS1.L - Volatility Comparison

The current volatility for iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) is 4.07%, while Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L) has a volatility of 4.68%. This indicates that CES1.L experiences smaller price fluctuations and is considered to be less risky than CS1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CES1.LCS1.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.07%

4.68%

-0.61%

Volatility (6M)

Calculated over the trailing 6-month period

11.17%

13.37%

-2.20%

Volatility (1Y)

Calculated over the trailing 1-year period

13.43%

16.14%

-2.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.10%

16.72%

-0.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.01%

18.48%

-2.47%

CES1.L vs. CS1.L - Expense Ratio Comparison

CES1.L has a 0.58% expense ratio, which is higher than CS1.L's 0.25% expense ratio.

Dividends

CES1.L vs. CS1.L - Dividend Comparison

Neither CES1.L nor CS1.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

CES1.L and CS1.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CS1.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CS1.L is cheaper with a 0.25% expense ratio, compared with 0.58% for CES1.L.

CES1.L tracks MSCI EMU Small Cap NR EUR, while CS1.L tracks BME IBEX 35 NR EUR. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.58% for CES1.L and 0.25% for CS1.L.

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