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

CES1.L vs. LCUK.L

Last updated Jun 5, 2026

CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) and LCUK.L (Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist) are both Europe Equities funds - CES1.L tracks the MSCI EMU Small Cap NR EUR while LCUK.L tracks the FTSE AllSh TR GBP. Both are passively managed. Over the past 5 years, CES1.L returned 6.70%/yr vs 10.01%/yr for LCUK.L. A 0.73 correlation means they provide meaningful diversification when combined. CES1.L charges 0.58%/yr vs 0.04%/yr for LCUK.L.

Performance

CES1.L vs. LCUK.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 Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist (LCUK.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

CES1.L is traded in GBp, while LCUK.L is traded in GBP. To make them comparable, the LCUK.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 LCUK.L's 5.93% 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%

LCUK.L

1D
0.54%
1M
1.88%
YTD
5.93%
6M
5.05%
1Y
16.53%
3Y*
13.40%
5Y*
10.01%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
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%-13.84%
LCUK.L
Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist		5.93%21.01%9.05%7.25%2.15%18.06%-11.83%18.73%-0.85%

Correlation

The correlation between CES1.L and LCUK.L is 0.54, 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

0.54

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

0.65

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

0.70

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2018

0.73

The correlation between CES1.L and LCUK.L shifts across timeframes, from 0.54 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

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

Sectors
CES1.L
LCUK.L

Industrials

28.9%
13.9%

Consumer Cyclical

13.1%
5.2%

Technology

10.6%
0.9%

Basic Materials

10.4%
8.3%

Financial Services

9.5%
24.2%

Real Estate

7.2%
1.4%

Energy

5.9%
11.1%

Healthcare

4.5%
13.2%

Communication Services

4.0%
3.0%

Utilities

3.7%
5.1%

Consumer Defensive

2.4%
13.7%

Industrials

CES1.L
28.9%
LCUK.L
13.9%

Consumer Cyclical

CES1.L
13.1%
LCUK.L
5.2%

Technology

CES1.L
10.6%
LCUK.L
0.9%

Basic Materials

CES1.L
10.4%
LCUK.L
8.3%

Financial Services

CES1.L
9.5%
LCUK.L
24.2%

Real Estate

CES1.L
7.2%
LCUK.L
1.4%

Energy

CES1.L
5.9%
LCUK.L
11.1%

Healthcare

CES1.L
4.5%
LCUK.L
13.2%

Communication Services

CES1.L
4.0%
LCUK.L
3.0%

Utilities

CES1.L
3.7%
LCUK.L
5.1%

Consumer Defensive

CES1.L
2.4%
LCUK.L
13.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI EMU Small Cap UCITS ETF (Acc)

Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist

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 LCUK.L:
LCUK.L vs. LGUK.LLCUK.L vs. JURE.LLCUK.L vs. XASX.LLCUK.L vs. VUKG.LLCUK.L vs. SMGB.LLCUK.L vs. IITU.LLCUK.L vs. VUKE.L

Return for Risk

CES1.L vs. LCUK.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
LCUK.L
LCUK.L Risk / Return Rank: 3838
Overall Rank
LCUK.L Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
LCUK.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
LCUK.L Omega Ratio Rank: 4040
Omega Ratio Rank
LCUK.L Calmar Ratio Rank: 3737
Calmar Ratio Rank
LCUK.L Martin Ratio Rank: 3838
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. LCUK.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 Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist (LCUK.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.LLCUK.LDifference
Sharpe ratioReturn per unit of total volatility
1.51
1.38

+0.13

Sortino ratioReturn per unit of downside risk
2.14
1.92

+0.22

Omega ratioGain probability vs. loss probability

1.28

1.25

+0.02

Calmar ratioReturn relative to maximum drawdown

1.74

1.80

-0.06

Martin ratioReturn relative to average drawdown

6.55

5.79

+0.76

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. LCUK.L - Sharpe Ratio Comparison

The current CES1.L Sharpe Ratio is 1.51, which is comparable to the LCUK.L Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of CES1.L and LCUK.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.LLCUK.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.51

1.38

+0.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.77

-0.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.51

+0.16

Drawdowns

CES1.L vs. LCUK.L - Drawdown Comparison

The maximum CES1.L drawdown since its inception was -32.68%, smaller than the maximum LCUK.L drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for CES1.L and LCUK.L.

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Drawdown Indicators

CES1.LLCUK.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.68%

-35.54%

+2.86%

Max Drawdown (1Y)

Largest decline over 1 year

-11.66%

-9.13%

-2.53%

Max Drawdown (3Y)

Largest decline over 3 years

-13.92%

-12.65%

-1.27%

Max Drawdown (5Y)

Largest decline over 5 years

-27.02%

-12.65%

-14.37%

Max Drawdown (10Y)

Largest decline over 10 years

-32.68%

—

—

Current Drawdown

Current decline from peak

-1.41%

-3.98%

+2.57%

Average Drawdown

Average peak-to-trough decline

-6.07%

-4.97%

-1.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

2.85%

+0.26%

Volatility

CES1.L vs. LCUK.L - Volatility Comparison

iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) has a higher volatility of 4.07% compared to Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist (LCUK.L) at 3.76%. This indicates that CES1.L's price experiences larger fluctuations and is considered to be riskier than LCUK.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.LLCUK.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.07%

3.76%

+0.31%

Volatility (6M)

Calculated over the trailing 6-month period

11.17%

10.20%

+0.97%

Volatility (1Y)

Calculated over the trailing 1-year period

13.43%

11.92%

+1.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.10%

12.97%

+3.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.01%

15.69%

+0.32%

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

CES1.L has a 0.58% expense ratio, which is higher than LCUK.L's 0.04% expense ratio.

Dividends

CES1.L vs. LCUK.L - Dividend Comparison

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

PositionTTM2025202420232022202120202019
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%
LCUK.L
Lyxor Core UK Equity All Cap (DR) UCITS ETF - Dist		0.00%0.00%3.68%3.05%3.94%3.86%3.00%3.48%

Frequently Asked Questions

CES1.L and LCUK.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, LCUK.L is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

LCUK.L is cheaper with a 0.04% expense ratio, compared with 0.58% for CES1.L.

CES1.L tracks MSCI EMU Small Cap NR EUR, while LCUK.L tracks FTSE AllSh TR GBP. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.58% for CES1.L and 0.04% for LCUK.L.

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