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CEUG.L vs. SX5S.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CEUG.L vs. SX5S.L

Last updated Jun 5, 2026

CEUG.L (iShares MSCI EMU UCITS ETF GBP Hedged (Dist)) and SX5S.L (Invesco EURO STOXX 50 UCITS ETF) are both Europe Equities funds - CEUG.L tracks the MSCI Europe NR EUR while SX5S.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 5 years, CEUG.L returned 12.03%/yr vs 11.51%/yr for SX5S.L. Their correlation of 0.81 suggests significant overlap in exposure. CEUG.L charges 0.12%/yr vs 0.05%/yr for SX5S.L.

Performance

CEUG.L vs. SX5S.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L) and Invesco EURO STOXX 50 UCITS ETF (SX5S.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

CEUG.L is traded in GBP, while SX5S.L is traded in GBp. To make them comparable, the SX5S.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, CEUG.L achieves a 9.89% return, which is significantly higher than SX5S.L's 6.46% return.

CEUG.L

1D
0.43%
1M
4.93%
YTD
9.89%
6M
11.74%
1Y
20.38%
3Y*
17.97%
5Y*
12.03%
10Y*
—

SX5S.L

1D
0.35%
1M
4.85%
YTD
6.46%
6M
7.51%
1Y
18.61%
3Y*
15.51%
5Y*
11.51%
10Y*
11.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CEUG.L vs. SX5S.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
CEUG.L
iShares MSCI EMU UCITS ETF GBP Hedged (Dist)		9.89%26.75%10.82%20.52%-10.51%22.89%-0.23%26.22%-13.84%
SX5S.L
Invesco EURO STOXX 50 UCITS ETF		6.46%27.68%6.13%19.91%-3.67%14.48%2.12%23.51%-10.92%

Correlation

The correlation between CEUG.L and SX5S.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

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

0.90

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

0.89

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2018

0.81

The correlation between CEUG.L and SX5S.L shifts across timeframes, from 0.81 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

CEUG.L vs. SX5S.L - Sectors Allocation Comparison

Sectors
CEUG.L
SX5S.L

Financial Services

24.2%
25.1%

Industrials

21.4%
22.1%

Technology

14.6%
16.1%

Consumer Cyclical

8.3%
9.8%

Utilities

6.8%
4.8%

Healthcare

5.8%
5.4%

Consumer Defensive

5.6%
5.5%

Energy

4.2%
5.2%

Basic Materials

4.1%
3.7%

Communication Services

4.1%
2.3%

Real Estate

1.0%

-

Financial Services

CEUG.L
24.2%
SX5S.L
25.1%

Industrials

CEUG.L
21.4%
SX5S.L
22.1%

Technology

CEUG.L
14.6%
SX5S.L
16.1%

Consumer Cyclical

CEUG.L
8.3%
SX5S.L
9.8%

Utilities

CEUG.L
6.8%
SX5S.L
4.8%

Healthcare

CEUG.L
5.8%
SX5S.L
5.4%

Consumer Defensive

CEUG.L
5.6%
SX5S.L
5.5%

Energy

CEUG.L
4.2%
SX5S.L
5.2%

Basic Materials

CEUG.L
4.1%
SX5S.L
3.7%

Communication Services

CEUG.L
4.1%
SX5S.L
2.3%

Real Estate

CEUG.L
1.0%
SX5S.L

-

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iShares MSCI EMU UCITS ETF GBP Hedged (Dist)

Invesco EURO STOXX 50 UCITS ETF

Often compared with CEUG.L:
CEUG.L vs. VERX.LCEUG.L vs. VEVE.LCEUG.L vs. FRIN.LCEUG.L vs. CSP1.LCEUG.L vs. FLXD.LCEUG.L vs. CEUR.LCEUG.L vs. GLD
Often compared with SX5S.L:
SX5S.L vs. S600.LSX5S.L vs. VXUSSX5S.L vs. ACWXSX5S.L vs. SPYSX5S.L vs. QQQSX5S.L vs. ^SP500TRSX5S.L vs. CIBR

Return for Risk

CEUG.L vs. SX5S.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CEUG.L
CEUG.L Risk / Return Rank: 4343
Overall Rank
CEUG.L Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
CEUG.L Sortino Ratio Rank: 4343
Sortino Ratio Rank
CEUG.L Omega Ratio Rank: 4343
Omega Ratio Rank
CEUG.L Calmar Ratio Rank: 4242
Calmar Ratio Rank
CEUG.L Martin Ratio Rank: 4646
Martin Ratio Rank
SX5S.L
SX5S.L Risk / Return Rank: 3535
Overall Rank
SX5S.L Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
SX5S.L Sortino Ratio Rank: 3535
Sortino Ratio Rank
SX5S.L Omega Ratio Rank: 3535
Omega Ratio Rank
SX5S.L Calmar Ratio Rank: 3434
Calmar Ratio Rank
SX5S.L Martin Ratio Rank: 3636
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.

CEUG.L vs. SX5S.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L) and Invesco EURO STOXX 50 UCITS ETF (SX5S.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.

CEUG.LSX5S.LDifference
Sharpe ratioReturn per unit of total volatility
1.44
1.23

+0.21

Sortino ratioReturn per unit of downside risk
2.14
1.83

+0.31

Omega ratioGain probability vs. loss probability

1.27

1.23

+0.04

Calmar ratioReturn relative to maximum drawdown

2.03

1.62

+0.41

Martin ratioReturn relative to average drawdown

7.54

5.40

+2.14

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEUG.L vs. SX5S.L - Sharpe Ratio Comparison

The current CEUG.L Sharpe Ratio is 1.44, which is comparable to the SX5S.L Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of CEUG.L and SX5S.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

CEUG.LSX5S.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

1.23

+0.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.69

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.73

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.59

-0.01

Drawdowns

CEUG.L vs. SX5S.L - Drawdown Comparison

The maximum CEUG.L drawdown since its inception was -38.52%, which is greater than SX5S.L's maximum drawdown of -32.54%. Use the drawdown chart below to compare losses from any high point for CEUG.L and SX5S.L.

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Drawdown Indicators

CEUG.LSX5S.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.52%

-32.54%

-5.98%

Max Drawdown (1Y)

Largest decline over 1 year

-9.98%

-11.43%

+1.45%

Max Drawdown (3Y)

Largest decline over 3 years

-15.34%

-13.85%

-1.49%

Max Drawdown (5Y)

Largest decline over 5 years

-24.07%

-21.71%

-2.36%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.54%

—

Current Drawdown

Current decline from peak

-0.12%

-0.57%

+0.45%

Average Drawdown

Average peak-to-trough decline

-5.52%

-5.44%

-0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

3.44%

-0.74%

Volatility

CEUG.L vs. SX5S.L - Volatility Comparison

iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L) and Invesco EURO STOXX 50 UCITS ETF (SX5S.L) have volatilities of 5.01% and 4.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CEUG.LSX5S.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

4.90%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

11.39%

12.23%

-0.84%

Volatility (1Y)

Calculated over the trailing 1-year period

14.07%

15.09%

-1.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.17%

17.62%

-1.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

19.88%

-1.84%

CEUG.L vs. SX5S.L - Expense Ratio Comparison

CEUG.L has a 0.12% expense ratio, which is higher than SX5S.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CEUG.L vs. SX5S.L - Dividend Comparison

CEUG.L's dividend yield for the trailing twelve months is around 2.35%, while SX5S.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
CEUG.L
iShares MSCI EMU UCITS ETF GBP Hedged (Dist)		2.35%2.53%2.80%2.73%2.84%1.81%1.77%3.05%0.38%
SX5S.L
Invesco EURO STOXX 50 UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.94, CEUG.L and SX5S.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, SX5S.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SX5S.L is cheaper with a 0.05% expense ratio, compared with 0.12% for CEUG.L.

CEUG.L tracks MSCI Europe NR EUR, while SX5S.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.12% for CEUG.L and 0.05% for SX5S.L.

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