CMU.L vs. IEEU.L

Last updated Jun 5, 2026

CMU.L (Amundi ETF MSCI EMU ESG Leaders Select) and IEEU.L (iShares Edge MSCI Europe Multifactor UCITS ETF EUR (Acc) USD) are both Europe Equities funds - CMU.L tracks the MSCI EMU NR EUR while IEEU.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, CMU.L returned 10.52%/yr vs 10.76%/yr for IEEU.L. Their correlation of 0.84 suggests significant overlap in exposure. CMU.L charges 0.15%/yr vs 0.45%/yr for IEEU.L.

Performance

CMU.L vs. IEEU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) and iShares Edge MSCI Europe Multifactor UCITS ETF EUR (Acc) USD (IEEU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CMU.L is traded in GBp, while IEEU.L is traded in USD. To make them comparable, the IEEU.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CMU.L achieves a 15.89% return, which is significantly higher than IEEU.L's 9.53% return.

CMU.L

• 1D: 0.33%
• 1M: 8.13%
• YTD: 15.89%
• 6M: 17.12%
• 1Y: 29.56%
• 3Y*: 16.11%
• 5Y*: 10.52%
• 10Y*: 10.79%

IEEU.L

• 1D: 0.68%
• 1M: 2.45%
• YTD: 9.53%
• 6M: 12.14%
• 1Y: 23.29%
• 3Y*: 18.46%
• 5Y*: 10.76%
• 10Y*: —

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

CMU.L vs. IEEU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMU.L Amundi ETF MSCI EMU ESG Leaders Select	15.89%	25.71%	1.42%	14.39%	-5.30%	13.03%	4.59%	19.05%	-11.56%	17.21%
IEEU.L iShares Edge MSCI Europe Multifactor UCITS ETF EUR (Acc) USD	9.53%	26.67%	9.46%	17.30%	-10.69%	18.18%	5.46%	17.52%	-10.01%	17.06%

Correlation

The correlation between CMU.L and IEEU.L is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 29, 2016	0.84

The correlation between CMU.L and IEEU.L has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

CMU.L vs. IEEU.L - Sectors Allocation Comparison

Sectors	CMU.L	IEEU.L
Technology	30.8%	8.3%
Financial Services	21.8%	27.7%
Industrials	15.7%	17.4%
Consumer Cyclical	10.1%	5.8%
Utilities	5.8%	5.3%
Consumer Defensive	5.2%	8.4%
Healthcare	4.2%	11.0%
Basic Materials	2.8%	2.1%
Communication Services	2.3%	5.7%
Real Estate	1.3%	1.3%
Energy	0.0%	5.8%

Return for Risk

CMU.L vs. IEEU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CMU.L

CMU.L Risk / Return Rank: 58
CMU.L Sharpe Ratio Rank: 59
CMU.L Sortino Ratio Rank: 60
CMU.L Omega Ratio Rank: 61
CMU.L Calmar Ratio Rank: 52
CMU.L Martin Ratio Rank: 56

IEEU.L

IEEU.L Risk / Return Rank: 46
IEEU.L Sharpe Ratio Rank: 43
IEEU.L Sortino Ratio Rank: 44
IEEU.L Omega Ratio Rank: 44
IEEU.L Calmar Ratio Rank: 48
IEEU.L Martin Ratio Rank: 50

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.

CMU.L vs. IEEU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) and iShares Edge MSCI Europe Multifactor UCITS ETF EUR (Acc) USD (IEEU.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.

	CMU.L	IEEU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.75	+0.23
Sortino ratio: Return per unit of downside risk	2.79	2.46	+0.33
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	2.58	2.67	-0.09
Martin ratio: Return relative to average drawdown	9.67	10.12	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMU.L vs. IEEU.L - Sharpe Ratio Comparison

The current CMU.L Sharpe Ratio is 1.98, which is comparable to the IEEU.L Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of CMU.L and IEEU.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

	CMU.L	IEEU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	1.75	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.72	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.67	-0.18

Drawdowns

CMU.L vs. IEEU.L - Drawdown Comparison

The maximum CMU.L drawdown since its inception was -32.53%, which is greater than IEEU.L's maximum drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for CMU.L and IEEU.L.

Drawdown Indicators

	CMU.L	IEEU.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.53%	-29.60%	-2.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-8.68%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-11.95%	-12.01%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-21.11%	-20.81%	-0.30%
Max Drawdown (10Y) Largest decline over 10 years	-31.41%	—	—
Current Drawdown Current decline from peak	-0.18%	-0.39%	+0.21%
Average Drawdown Average peak-to-trough decline	-5.80%	-4.43%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.30%	+0.75%

Volatility

CMU.L vs. IEEU.L - Volatility Comparison

Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) has a higher volatility of 5.34% compared to iShares Edge MSCI Europe Multifactor UCITS ETF EUR (Acc) USD (IEEU.L) at 4.46%. This indicates that CMU.L's price experiences larger fluctuations and is considered to be riskier than IEEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMU.L	IEEU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	4.46%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	11.05%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	13.24%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	14.94%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	15.83%	+0.95%

CMU.L vs. IEEU.L - Expense Ratio Comparison

CMU.L has a 0.15% expense ratio, which is lower than IEEU.L's 0.45% expense ratio.

Dividends

CMU.L vs. IEEU.L - Dividend Comparison

Neither CMU.L nor IEEU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CMU.L and IEEU.L in my portfolio?

CMU.L and IEEU.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMU.L or IEEU.L?

On fees, CMU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CMU.L or IEEU.L?

CMU.L is cheaper with a 0.15% expense ratio, compared with 0.45% for IEEU.L.

What is the main difference between CMU.L and IEEU.L?

CMU.L tracks MSCI EMU NR EUR, while IEEU.L tracks MSCI Europe NR EUR. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.15% for CMU.L and 0.45% for IEEU.L.