CES1.L vs. UD03.L

Last updated Jun 5, 2026

CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) and UD03.L (UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis) are both Europe Equities funds - CES1.L tracks the MSCI EMU Small Cap NR EUR while UD03.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 5 years, CES1.L returned 6.70%/yr vs 10.72%/yr for UD03.L. At a 0.26 correlation, their price movements are largely independent. CES1.L charges 0.58%/yr vs 0.28%/yr for UD03.L.

Performance

CES1.L vs. UD03.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 UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.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 lower than UD03.L's 12.28% 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%

UD03.L

• 1D: 0.26%
• 1M: 4.71%
• YTD: 12.28%
• 6M: 15.08%
• 1Y: 24.17%
• 3Y*: 14.83%
• 5Y*: 10.72%
• 10Y*: —

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

CES1.L vs. UD03.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CES1.L iShares MSCI EMU Small Cap UCITS ETF (Acc)	10.08%	30.70%	-4.07%	11.92%	-11.62%	15.21%	11.44%	1.43%
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis	12.28%	25.20%	0.78%	19.24%	-4.62%	10.81%	5.72%	0.00%

Correlation

The correlation between CES1.L and UD03.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 17, 2019	0.26

Over the past year, CES1.L and UD03.L have become more correlated (0.48) than their long-term average of 0.26, meaning their price movements have been converging.

CES1.L vs. UD03.L - Sectors Allocation Comparison

Sectors	CES1.L	UD03.L
Industrials	28.9%	12.1%
Consumer Cyclical	13.1%	7.0%
Technology	10.6%	16.2%
Basic Materials	10.4%	4.2%
Financial Services	9.5%	28.5%
Real Estate	7.2%	-
Energy	5.9%	2.7%
Healthcare	4.5%	4.1%
Communication Services	4.0%	3.1%
Utilities	3.7%	7.7%
Consumer Defensive	2.4%	14.6%

Return for Risk

CES1.L vs. UD03.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

UD03.L

UD03.L Risk / Return Rank: 90
UD03.L Sharpe Ratio Rank: 94
UD03.L Sortino Ratio Rank: 92
UD03.L Omega Ratio Rank: 92
UD03.L Calmar Ratio Rank: 91
UD03.L Martin Ratio Rank: 82

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. UD03.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 UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.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	UD03.L	Difference
Sharpe ratio: Return per unit of total volatility	1.51	3.47	-1.96
Sortino ratio: Return per unit of downside risk	2.14	4.46	-2.32
Omega ratio: Gain probability vs. loss probability	1.28	1.61	-0.34
Calmar ratio: Return relative to maximum drawdown	1.74	5.70	-3.95
Martin ratio: Return relative to average drawdown	6.55	16.25	-9.70
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. UD03.L - Sharpe Ratio Comparison

The current CES1.L Sharpe Ratio is 1.51, which is lower than the UD03.L Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of CES1.L and UD03.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	UD03.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	3.47	-1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	1.75	-1.34
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	1.19	-0.53

Drawdowns

CES1.L vs. UD03.L - Drawdown Comparison

The maximum CES1.L drawdown since its inception was -32.68%, which is greater than UD03.L's maximum drawdown of -30.85%. Use the drawdown chart below to compare losses from any high point for CES1.L and UD03.L.

Drawdown Indicators

	CES1.L	UD03.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-30.85%	-1.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.66%	-9.80%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.92%	-11.72%	-2.20%
Max Drawdown (5Y) Largest decline over 5 years	-27.02%	-18.67%	-8.35%
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	—	—
Current Drawdown Current decline from peak	-1.41%	-1.19%	-0.22%
Average Drawdown Average peak-to-trough decline	-6.07%	-3.31%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.56%	-0.45%

Volatility

CES1.L vs. UD03.L - Volatility Comparison

iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) has a higher volatility of 4.07% compared to UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) at 3.58%. This indicates that CES1.L's price experiences larger fluctuations and is considered to be riskier than UD03.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CES1.L	UD03.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	3.58%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	11.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	16.13%	-2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	27.46%	-11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	47.29%	-31.28%

CES1.L vs. UD03.L - Expense Ratio Comparison

CES1.L has a 0.58% expense ratio, which is higher than UD03.L's 0.28% expense ratio.

Dividends

CES1.L vs. UD03.L - Dividend Comparison

CES1.L has not paid dividends to shareholders, while UD03.L's dividend yield for the trailing twelve months is around 2.54%.

Position	TTM	2025	2024	2023	2022	2021	2020
CES1.L iShares MSCI EMU Small Cap UCITS ETF (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis	2.54%	2.97%	2.84%	3.67%	3.96%	3.50%	2.07%

Frequently Asked Questions

Can I hold both CES1.L and UD03.L in my portfolio?

CES1.L and UD03.L have a correlation of 0.48, 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 UD03.L?

On fees, UD03.L is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CES1.L or UD03.L?

UD03.L is cheaper with a 0.28% expense ratio, compared with 0.58% for CES1.L.

What is the main difference between CES1.L and UD03.L?

CES1.L tracks MSCI EMU Small Cap NR EUR, while UD03.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and UBS. Their fees differ too: 0.58% for CES1.L and 0.28% for UD03.L.