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

CES1.L vs. EUHD.L

Last updated Jun 5, 2026

CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) and EUHD.L (PowerShares EURO STOXX High Dividend Low Volatility UCITS) are both Europe Equities funds - CES1.L tracks the MSCI EMU Small Cap NR EUR while EUHD.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, CES1.L returned 10.11%/yr vs 9.36%/yr for EUHD.L. Their correlation of 0.82 suggests significant overlap in exposure. CES1.L charges 0.58%/yr vs 0.30%/yr for EUHD.L.

Performance

CES1.L vs. EUHD.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 PowerShares EURO STOXX High Dividend Low Volatility UCITS (EUHD.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 EUHD.L's 9.29% return. Over the past 10 years, CES1.L has outperformed EUHD.L with an annualized return of 10.11%, while EUHD.L has yielded a comparatively lower 9.36% 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%

EUHD.L

1D
0.24%
1M
1.24%
YTD
9.29%
6M
11.09%
1Y
24.45%
3Y*
20.22%
5Y*
12.89%
10Y*
9.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CES1.L vs. EUHD.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%
EUHD.L
PowerShares EURO STOXX High Dividend Low Volatility UCITS		9.29%42.88%5.23%11.37%-3.26%13.30%-13.39%11.53%-7.27%13.76%

Correlation

The correlation between CES1.L and EUHD.L is 0.65, 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

0.65

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

0.78

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

0.80

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

0.82

Correlation (All Time)
Calculated using the full available price history since Jan 11, 2016

0.82

The correlation between CES1.L and EUHD.L shifts across timeframes, from 0.65 (1 year) to 0.82 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
CES1.L
EUHD.L

Industrials

28.9%
3.8%

Consumer Cyclical

13.1%
10.4%

Technology

10.6%

-

Basic Materials

10.4%
10.0%

Financial Services

9.5%
35.2%

Real Estate

7.2%
11.6%

Energy

5.9%
6.8%

Healthcare

4.5%
0.0%

Communication Services

4.0%
6.3%

Utilities

3.7%
12.1%

Consumer Defensive

2.4%
3.7%

Industrials

CES1.L
28.9%
EUHD.L
3.8%

Consumer Cyclical

CES1.L
13.1%
EUHD.L
10.4%

Technology

CES1.L
10.6%
EUHD.L

-

Basic Materials

CES1.L
10.4%
EUHD.L
10.0%

Financial Services

CES1.L
9.5%
EUHD.L
35.2%

Real Estate

CES1.L
7.2%
EUHD.L
11.6%

Energy

CES1.L
5.9%
EUHD.L
6.8%

Healthcare

CES1.L
4.5%
EUHD.L
0.0%

Communication Services

CES1.L
4.0%
EUHD.L
6.3%

Utilities

CES1.L
3.7%
EUHD.L
12.1%

Consumer Defensive

CES1.L
2.4%
EUHD.L
3.7%

Compare stocks, funds, or ETFs

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iShares MSCI EMU Small Cap UCITS ETF (Acc)

PowerShares EURO STOXX High Dividend Low Volatility UCITS

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 EUHD.L:
EUHD.L vs. XDAX.LEUHD.L vs. LDEG.LEUHD.L vs. HDEM.LEUHD.L vs. H50E.LEUHD.L vs. SCHDEUHD.L vs. MVOL.LEUHD.L vs. TDGB.L

Return for Risk

CES1.L vs. EUHD.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
EUHD.L
EUHD.L Risk / Return Rank: 6666
Overall Rank
EUHD.L Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
EUHD.L Sortino Ratio Rank: 6363
Sortino Ratio Rank
EUHD.L Omega Ratio Rank: 6666
Omega Ratio Rank
EUHD.L Calmar Ratio Rank: 6969
Calmar Ratio Rank
EUHD.L Martin Ratio Rank: 6666
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. EUHD.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 PowerShares EURO STOXX High Dividend Low Volatility UCITS (EUHD.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.LEUHD.LDifference
Sharpe ratioReturn per unit of total volatility
1.51
2.18

-0.66

Sortino ratioReturn per unit of downside risk
2.14
2.88

-0.74

Omega ratioGain probability vs. loss probability

1.28

1.39

-0.11

Calmar ratioReturn relative to maximum drawdown

1.74

3.39

-1.65

Martin ratioReturn relative to average drawdown

6.55

11.84

-5.29

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. EUHD.L - Sharpe Ratio Comparison

The current CES1.L Sharpe Ratio is 1.51, which is lower than the EUHD.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of CES1.L and EUHD.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.LEUHD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.51

2.18

-0.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.94

-0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.61

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.62

+0.04

Drawdowns

CES1.L vs. EUHD.L - Drawdown Comparison

The maximum CES1.L drawdown since its inception was -32.68%, smaller than the maximum EUHD.L drawdown of -35.97%. Use the drawdown chart below to compare losses from any high point for CES1.L and EUHD.L.

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Drawdown Indicators

CES1.LEUHD.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.68%

-35.97%

+3.29%

Max Drawdown (1Y)

Largest decline over 1 year

-11.66%

-7.17%

-4.49%

Max Drawdown (3Y)

Largest decline over 3 years

-13.92%

-10.52%

-3.40%

Max Drawdown (5Y)

Largest decline over 5 years

-27.02%

-19.82%

-7.20%

Max Drawdown (10Y)

Largest decline over 10 years

-32.68%

-35.97%

+3.29%

Current Drawdown

Current decline from peak

-1.41%

-2.09%

+0.68%

Average Drawdown

Average peak-to-trough decline

-6.07%

-5.30%

-0.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

2.06%

+1.05%

Volatility

CES1.L vs. EUHD.L - Volatility Comparison

iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) has a higher volatility of 4.07% compared to PowerShares EURO STOXX High Dividend Low Volatility UCITS (EUHD.L) at 3.72%. This indicates that CES1.L's price experiences larger fluctuations and is considered to be riskier than EUHD.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.LEUHD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.07%

3.72%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

11.17%

8.70%

+2.47%

Volatility (1Y)

Calculated over the trailing 1-year period

13.43%

11.18%

+2.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.10%

13.74%

+2.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.01%

15.55%

+0.46%

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

CES1.L has a 0.58% expense ratio, which is higher than EUHD.L's 0.30% expense ratio.

Dividends

CES1.L vs. EUHD.L - Dividend Comparison

CES1.L has not paid dividends to shareholders, while EUHD.L's dividend yield for the trailing twelve months is around 3.95%.

PositionTTM2025202420232022202120202019201820172016
CES1.L
iShares MSCI EMU Small Cap UCITS ETF (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EUHD.L
PowerShares EURO STOXX High Dividend Low Volatility UCITS		3.95%4.61%5.86%5.50%5.44%4.28%3.06%4.66%4.34%3.41%3.51%

Frequently Asked Questions

CES1.L and EUHD.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EUHD.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EUHD.L is cheaper with a 0.30% expense ratio, compared with 0.58% for CES1.L.

CES1.L tracks MSCI EMU Small Cap NR EUR, while EUHD.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.58% for CES1.L and 0.30% for EUHD.L.

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