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

CEUG.L vs. VFEM.L

Last updated Jun 5, 2026

CEUG.L (iShares MSCI EMU UCITS ETF GBP Hedged (Dist)) and VFEM.L (Vanguard FTSE Emerging Markets UCITS ETF Distributing) are both exchange-traded funds - CEUG.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while VFEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, CEUG.L returned 12.03%/yr vs 8.88%/yr for VFEM.L. A 0.56 correlation means they provide meaningful diversification when combined. CEUG.L charges 0.12%/yr vs 0.22%/yr for VFEM.L.

Performance

CEUG.L vs. VFEM.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 Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CEUG.L achieves a 9.89% return, which is significantly lower than VFEM.L's 11.78% 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*
—

VFEM.L

1D
-0.13%
1M
2.65%
YTD
11.78%
6M
12.41%
1Y
30.99%
3Y*
16.84%
5Y*
8.88%
10Y*
11.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CEUG.L vs. VFEM.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%
VFEM.L
Vanguard FTSE Emerging Markets UCITS ETF Distributing		11.78%16.90%15.28%5.45%-3.23%3.99%15.04%16.30%-7.22%

Correlation

The correlation between CEUG.L and VFEM.L is 0.58, 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

0.58

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

0.55

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

0.51

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

0.56

The correlation between CEUG.L and VFEM.L has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

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

Sectors
CEUG.L
VFEM.L

Financial Services

24.2%
20.8%

Industrials

21.4%
7.1%

Technology

14.6%
29.6%

Consumer Cyclical

8.3%
10.8%

Utilities

6.8%
3.0%

Healthcare

5.8%
3.4%

Consumer Defensive

5.6%
3.6%

Energy

4.2%
4.9%

Basic Materials

4.1%
7.8%

Communication Services

4.1%
7.5%

Real Estate

1.0%
1.7%

Financial Services

CEUG.L
24.2%
VFEM.L
20.8%

Industrials

CEUG.L
21.4%
VFEM.L
7.1%

Technology

CEUG.L
14.6%
VFEM.L
29.6%

Consumer Cyclical

CEUG.L
8.3%
VFEM.L
10.8%

Utilities

CEUG.L
6.8%
VFEM.L
3.0%

Healthcare

CEUG.L
5.8%
VFEM.L
3.4%

Consumer Defensive

CEUG.L
5.6%
VFEM.L
3.6%

Energy

CEUG.L
4.2%
VFEM.L
4.9%

Basic Materials

CEUG.L
4.1%
VFEM.L
7.8%

Communication Services

CEUG.L
4.1%
VFEM.L
7.5%

Real Estate

CEUG.L
1.0%
VFEM.L
1.7%

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iShares MSCI EMU UCITS ETF GBP Hedged (Dist)

Vanguard FTSE Emerging Markets UCITS ETF Distributing

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 VFEM.L:
VFEM.L vs. VWRP.LVFEM.L vs. EEMAVFEM.L vs. VUSA.LVFEM.L vs. VOOVFEM.L vs. VUKE.LVFEM.L vs. LGGG.LVFEM.L vs. VUAG.L

Return for Risk

CEUG.L vs. VFEM.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
VFEM.L
VFEM.L Risk / Return Rank: 6868
Overall Rank
VFEM.L Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VFEM.L Sortino Ratio Rank: 6666
Sortino Ratio Rank
VFEM.L Omega Ratio Rank: 6868
Omega Ratio Rank
VFEM.L Calmar Ratio Rank: 7070
Calmar Ratio Rank
VFEM.L Martin Ratio Rank: 6464
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. VFEM.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 Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.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.LVFEM.LDifference
Sharpe ratioReturn per unit of total volatility
1.44
2.23

-0.79

Sortino ratioReturn per unit of downside risk
2.14
3.00

-0.86

Omega ratioGain probability vs. loss probability

1.27

1.40

-0.13

Calmar ratioReturn relative to maximum drawdown

2.03

3.46

-1.42

Martin ratioReturn relative to average drawdown

7.54

11.41

-3.87

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. VFEM.L - Sharpe Ratio Comparison

The current CEUG.L Sharpe Ratio is 1.44, which is lower than the VFEM.L Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of CEUG.L and VFEM.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.LVFEM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

2.23

-0.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.57

+0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.67

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.54

+0.04

Drawdowns

CEUG.L vs. VFEM.L - Drawdown Comparison

The maximum CEUG.L drawdown since its inception was -38.52%, which is greater than VFEM.L's maximum drawdown of -31.32%. Use the drawdown chart below to compare losses from any high point for CEUG.L and VFEM.L.

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Drawdown Indicators

CEUG.LVFEM.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.52%

-31.32%

-7.20%

Max Drawdown (1Y)

Largest decline over 1 year

-9.98%

-8.92%

-1.06%

Max Drawdown (3Y)

Largest decline over 3 years

-15.34%

-14.68%

-0.66%

Max Drawdown (5Y)

Largest decline over 5 years

-24.07%

-15.28%

-8.79%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.91%

—

Current Drawdown

Current decline from peak

-0.12%

-1.46%

+1.34%

Average Drawdown

Average peak-to-trough decline

-5.52%

-6.87%

+1.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

2.71%

-0.01%

Volatility

CEUG.L vs. VFEM.L - Volatility Comparison

iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L) and Vanguard FTSE Emerging Markets UCITS ETF Distributing (VFEM.L) have volatilities of 5.01% and 5.23%, 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.LVFEM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.01%

5.23%

-0.22%

Volatility (6M)

Calculated over the trailing 6-month period

11.39%

11.12%

+0.27%

Volatility (1Y)

Calculated over the trailing 1-year period

14.07%

13.85%

+0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.17%

15.47%

+0.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

17.50%

+0.54%

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

CEUG.L has a 0.12% expense ratio, which is lower than VFEM.L's 0.22% expense ratio. Despite the difference, 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. VFEM.L - Dividend Comparison

CEUG.L's dividend yield for the trailing twelve months is around 2.35%, more than VFEM.L's 2.04% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
VFEM.L
Vanguard FTSE Emerging Markets UCITS ETF Distributing		2.04%2.36%2.93%6.58%7.88%6.20%4.92%3.39%3.61%2.98%2.96%4.36%

Frequently Asked Questions

CEUG.L and VFEM.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CEUG.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CEUG.L is cheaper with a 0.12% expense ratio, compared with 0.22% for VFEM.L.

CEUG.L is categorized as Europe Equities, while VFEM.L is Emerging Markets Equities. CEUG.L tracks MSCI Europe NR EUR, while VFEM.L tracks MSCI EM NR USD. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.12% for CEUG.L and 0.22% for VFEM.L.

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