CES1.L vs. IGLN.L
CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) and IGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - CES1.L is a Europe Equities fund tracking the MSCI EMU Small Cap NR EUR, while IGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, CES1.L returned 10.11%/yr vs 14.18%/yr for IGLN.L. At a 0.07 correlation, their price movements are largely independent. CES1.L charges 0.58%/yr vs 0.25%/yr for IGLN.L.
Performance
CES1.L vs. IGLN.L - Performance Comparison
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Different Trading Currencies
CES1.L is traded in GBp, while IGLN.L is traded in USD. To make them comparable, the IGLN.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CES1.L achieves a 10.08% return, which is significantly higher than IGLN.L's 3.39% return. Over the past 10 years, CES1.L has underperformed IGLN.L with an annualized return of 10.11%, while IGLN.L has yielded a comparatively higher 14.18% 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%
IGLN.L
- 1D
- 0.00%
- 1M
- -2.15%
- YTD
- 3.39%
- 6M
- 4.55%
- 1Y
- 32.71%
- 3Y*
- 27.94%
- 5Y*
- 19.72%
- 10Y*
- 14.18%
CES1.L vs. IGLN.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% |
IGLN.L iShares Physical Gold ETC | 4.12% | 53.17% | 28.35% | 7.77% | 11.79% | -3.12% | 20.51% | 13.78% | 4.54% | 2.01% |
Correlation
The correlation between CES1.L and IGLN.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since May 14, 2013 | 0.07 |
The correlation between CES1.L and IGLN.L shifts across timeframes, from 0.05 (5 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CES1.L vs. IGLN.L — Risk / Return Rank
CES1.L
IGLN.L
CES1.L vs. IGLN.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 iShares Physical Gold ETC (IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.86 | -0.11 |
| Martin ratioReturn relative to average drawdown | 6.55 | 4.95 | +1.60 |
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
| CES1.L | IGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | 1.35 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 1.17 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.87 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.52 | +0.15 |
Drawdowns
CES1.L vs. IGLN.L - Drawdown Comparison
The maximum CES1.L drawdown since its inception was -32.68%, smaller than the maximum IGLN.L drawdown of -41.86%. Use the drawdown chart below to compare losses from any high point for CES1.L and IGLN.L.
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Drawdown Indicators
| CES1.L | IGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.68% | -41.86% | +9.18% |
Max Drawdown (1Y)Largest decline over 1 year | -11.66% | -17.53% | +5.87% |
Max Drawdown (3Y)Largest decline over 3 years | -13.92% | -17.53% | +3.61% |
Max Drawdown (5Y)Largest decline over 5 years | -27.02% | -17.53% | -9.49% |
Max Drawdown (10Y)Largest decline over 10 years | -32.68% | -22.37% | -10.31% |
Current DrawdownCurrent decline from peak | -1.41% | -16.35% | +14.94% |
Average DrawdownAverage peak-to-trough decline | -6.07% | -14.94% | +8.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 6.59% | -3.48% |
Volatility
CES1.L vs. IGLN.L - Volatility Comparison
The current volatility for iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) is 4.07%, while iShares Physical Gold ETC (IGLN.L) has a volatility of 5.98%. This indicates that CES1.L experiences smaller price fluctuations and is considered to be less risky than IGLN.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.L | IGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | 5.98% | -1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 11.17% | 21.12% | -9.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.43% | 24.08% | -10.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.10% | 16.81% | -0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 16.35% | -0.34% |
CES1.L vs. IGLN.L - Expense Ratio Comparison
CES1.L has a 0.58% expense ratio, which is higher than IGLN.L's 0.25% expense ratio.
Dividends
CES1.L vs. IGLN.L - Dividend Comparison
Neither CES1.L nor IGLN.L has paid dividends to shareholders.
Frequently Asked Questions
CES1.L and IGLN.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGLN.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLN.L is cheaper with a 0.25% expense ratio, compared with 0.58% for CES1.L.
CES1.L is categorized as Europe Equities, while IGLN.L is Gold. CES1.L tracks MSCI EMU Small Cap NR EUR, while IGLN.L tracks LBMA Gold Price. Their fees differ too: 0.58% for CES1.L and 0.25% for IGLN.L.
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