CES1.L vs. WDEP.L
CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) and WDEP.L (WisdomTree Europe Defence UCITS ETF EUR Accumulating) are both Europe Equities funds - CES1.L tracks the MSCI EMU Small Cap NR EUR while WDEP.L tracks the WisdomTree Europe Defence Index. Both are passively managed. Over the past year, CES1.L returned 20.42% vs -0.69% for WDEP.L. At a 0.42 correlation, their price movements are largely independent. CES1.L charges 0.58%/yr vs 0.45%/yr for WDEP.L.
Performance
CES1.L vs. WDEP.L - Performance Comparison
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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 WDEP.L's 1.13% 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%
WDEP.L
- 1D
- 1.35%
- 1M
- -3.38%
- YTD
- 1.13%
- 6M
- 4.34%
- 1Y
- -0.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CES1.L vs. WDEP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CES1.L iShares MSCI EMU Small Cap UCITS ETF (Acc) | 10.08% | 18.43% |
WDEP.L WisdomTree Europe Defence UCITS ETF EUR Accumulating | 1.13% | 20.67% |
Correlation
The correlation between CES1.L and WDEP.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025 | 0.42 |
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Return for Risk
CES1.L vs. WDEP.L — Risk / Return Rank
CES1.L
WDEP.L
CES1.L vs. WDEP.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 WisdomTree Europe Defence UCITS ETF EUR Accumulating (WDEP.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 | WDEP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.02 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | -0.04 | +1.78 |
| Martin ratioReturn relative to average drawdown | 6.55 | -0.08 | +6.63 |
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 | WDEP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | -0.02 | +1.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | — | — |
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 | 0.59 | +0.08 |
Drawdowns
CES1.L vs. WDEP.L - Drawdown Comparison
The maximum CES1.L drawdown since its inception was -32.68%, which is greater than WDEP.L's maximum drawdown of -19.56%. Use the drawdown chart below to compare losses from any high point for CES1.L and WDEP.L.
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Drawdown Indicators
| CES1.L | WDEP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.68% | -19.56% | -13.12% |
Max Drawdown (1Y)Largest decline over 1 year | -11.66% | -19.56% | +7.90% |
Max Drawdown (3Y)Largest decline over 3 years | -13.92% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -27.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.68% | — | — |
Current DrawdownCurrent decline from peak | -1.41% | -14.70% | +13.29% |
Average DrawdownAverage peak-to-trough decline | -6.07% | -6.15% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 8.32% | -5.21% |
Volatility
CES1.L vs. WDEP.L - Volatility Comparison
The current volatility for iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) is 4.07%, while WisdomTree Europe Defence UCITS ETF EUR Accumulating (WDEP.L) has a volatility of 10.28%. This indicates that CES1.L experiences smaller price fluctuations and is considered to be less risky than WDEP.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 | WDEP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | 10.28% | -6.21% |
Volatility (6M)Calculated over the trailing 6-month period | 11.17% | 22.06% | -10.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.43% | 28.59% | -15.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.10% | 30.09% | -13.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 30.09% | -14.08% |
CES1.L vs. WDEP.L - Expense Ratio Comparison
CES1.L has a 0.58% expense ratio, which is higher than WDEP.L's 0.45% expense ratio.
Dividends
CES1.L vs. WDEP.L - Dividend Comparison
Neither CES1.L nor WDEP.L has paid dividends to shareholders.
Frequently Asked Questions
CES1.L and WDEP.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WDEP.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WDEP.L is cheaper with a 0.45% expense ratio, compared with 0.58% for CES1.L.
CES1.L tracks MSCI EMU Small Cap NR EUR, while WDEP.L tracks WisdomTree Europe Defence Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.58% for CES1.L and 0.45% for WDEP.L.
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