CES1.L vs. WPEA.PA
CES1.L (iShares MSCI EMU Small Cap UCITS ETF (Acc)) and WPEA.PA (iShares MSCI World Swap PEA UCITS ETF) are both exchange-traded funds - CES1.L is a Europe Equities fund tracking the MSCI EMU Small Cap NR EUR, while WPEA.PA is a Global Equities fund tracking the MSCI World NET TR EUR Index. Both are passively managed. Over the past year, CES1.L returned 20.42% vs 26.96% for WPEA.PA. A 0.56 correlation means they provide meaningful diversification when combined. CES1.L charges 0.58%/yr vs 0.25%/yr for WPEA.PA.
Performance
CES1.L vs. WPEA.PA - Performance Comparison
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Different Trading Currencies
CES1.L is traded in GBp, while WPEA.PA is traded in EUR. To make them comparable, the WPEA.PA values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with CES1.L having a 10.08% return and WPEA.PA slightly higher at 10.21%.
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%
WPEA.PA
- 1D
- 0.06%
- 1M
- 5.08%
- YTD
- 10.21%
- 6M
- 10.21%
- 1Y
- 26.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CES1.L vs. WPEA.PA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CES1.L iShares MSCI EMU Small Cap UCITS ETF (Acc) | 10.08% | 30.70% | -5.21% |
WPEA.PA iShares MSCI World Swap PEA UCITS ETF | 10.21% | 12.61% | 10.69% |
Correlation
The correlation between CES1.L and WPEA.PA is 0.67, 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 | 0.67 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024 | 0.56 |
The correlation between CES1.L and WPEA.PA shifts across timeframes, from 0.56 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CES1.L vs. WPEA.PA — Risk / Return Rank
CES1.L
WPEA.PA
CES1.L vs. WPEA.PA - 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 MSCI World Swap PEA UCITS ETF (WPEA.PA). 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 | WPEA.PA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.48 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 4.10 | -2.35 |
| Martin ratioReturn relative to average drawdown | 6.55 | 15.99 | -9.45 |
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 | WPEA.PA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | 2.56 | -1.04 |
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 | 1.14 | -0.47 |
Drawdowns
CES1.L vs. WPEA.PA - Drawdown Comparison
The maximum CES1.L drawdown since its inception was -32.68%, which is greater than WPEA.PA's maximum drawdown of -19.58%. Use the drawdown chart below to compare losses from any high point for CES1.L and WPEA.PA.
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Drawdown Indicators
| CES1.L | WPEA.PA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.68% | -19.58% | -13.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.66% | -6.50% | -5.16% |
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% | -0.17% | -1.24% |
Average DrawdownAverage peak-to-trough decline | -6.07% | -2.42% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 1.67% | +1.44% |
Volatility
CES1.L vs. WPEA.PA - Volatility Comparison
iShares MSCI EMU Small Cap UCITS ETF (Acc) (CES1.L) has a higher volatility of 4.07% compared to iShares MSCI World Swap PEA UCITS ETF (WPEA.PA) at 2.80%. This indicates that CES1.L's price experiences larger fluctuations and is considered to be riskier than WPEA.PA 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 | WPEA.PA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | 2.80% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 11.17% | 7.43% | +3.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.43% | 10.41% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.10% | 13.66% | +2.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.01% | 13.66% | +2.35% |
CES1.L vs. WPEA.PA - Expense Ratio Comparison
CES1.L has a 0.58% expense ratio, which is higher than WPEA.PA's 0.25% expense ratio.
Dividends
CES1.L vs. WPEA.PA - Dividend Comparison
Neither CES1.L nor WPEA.PA has paid dividends to shareholders.
Frequently Asked Questions
CES1.L and WPEA.PA have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WPEA.PA is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WPEA.PA is cheaper with a 0.25% expense ratio, compared with 0.58% for CES1.L.
CES1.L is categorized as Europe Equities, while WPEA.PA is Global Equities. CES1.L tracks MSCI EMU Small Cap NR EUR, while WPEA.PA tracks MSCI World NET TR EUR Index. Their fees differ too: 0.58% for CES1.L and 0.25% for WPEA.PA.
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