CMU.L vs. VHYL.L

Last updated Jul 21, 2026

CMU.L (Amundi ETF MSCI EMU ESG Leaders Select) and VHYL.L (Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing) are both exchange-traded funds - CMU.L is a Europe Equities fund tracking the MSCI EMU NR EUR, while VHYL.L is a Dividend fund tracking the FTSE All-World High Dividend Yield Index. Both are passively managed. Over the past 10 years, CMU.L returned 10.12%/yr vs 9.64%/yr for VHYL.L. Their correlation of 0.81 suggests significant overlap in exposure. CMU.L charges 0.15%/yr vs 0.29%/yr for VHYL.L.

Performance

CMU.L vs. VHYL.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 Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CMU.L is traded in GBp, while VHYL.L is traded in GBP. To make them comparable, the VHYL.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 15.46% return, which is significantly higher than VHYL.L's 13.07% return. Both investments have delivered pretty close results over the past 10 years, with CMU.L having a 10.12% annualized return and VHYL.L not far behind at 9.64%.

CMU.L

• 1D: 0.09%
• 1M: -3.51%
• 6M: 14.95%
• YTD: 15.46%
• 1Y: 26.13%
• 3Y*: 14.82%
• 5Y*: 10.51%
• 10Y*: 10.12%
• ALL TIME*: 8.12%

VHYL.L

• 1D: -0.22%
• 1M: -0.13%
• 6M: 9.96%
• YTD: 13.07%
• 1Y: 25.55%
• 3Y*: 15.80%
• 5Y*: 12.03%
• 10Y*: 9.64%
• ALL TIME*: 9.35%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMU.L Amundi ETF MSCI EMU ESG Leaders Select	15.46%	25.71%	1.42%	14.39%	-5.30%	13.03%	4.59%	19.05%	-11.56%	17.21%
VHYL.L Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing	13.07%	18.23%	11.22%	5.25%	5.95%	19.23%	-3.53%	17.00%	-6.59%	8.80%

Correlation

The correlation between CMU.L and VHYL.L is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 21, 2013	0.81

The correlation between CMU.L and VHYL.L shifts across timeframes, from 0.70 (3 years) to 0.81 (all time), reflecting how their relationship changes across market environments.

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

Sectors	CMU.L	VHYL.L
Financial Services	28.4%	28.2%
Technology	20.7%	9.5%
Industrials	16.7%	12.2%
Consumer Cyclical	10.5%	7.2%
Utilities	6.4%	5.3%
Consumer Defensive	6.1%	8.5%
Healthcare	4.5%	11.1%
Basic Materials	3.5%	5.2%
Communication Services	2.2%	3.4%
Real Estate	1.0%	0.8%
Energy	0.0%	8.7%

Return for Risk

CMU.L vs. VHYL.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: 69
CMU.L Sharpe Ratio Rank: 73
CMU.L Sortino Ratio Rank: 73
CMU.L Omega Ratio Rank: 73
CMU.L Calmar Ratio Rank: 62
CMU.L Martin Ratio Rank: 65

VHYL.L

VHYL.L Risk / Return Rank: 92
VHYL.L Sharpe Ratio Rank: 95
VHYL.L Sortino Ratio Rank: 94
VHYL.L Omega Ratio Rank: 95
VHYL.L Calmar Ratio Rank: 87
VHYL.L Martin Ratio Rank: 86

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. VHYL.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 Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYL.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CMU.L	VHYL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.95	-1.23
Sortino ratio: Return per unit of downside risk	2.48	3.95	-1.48
Omega ratio: Gain probability vs. loss probability	1.32	1.57	-0.25
Calmar ratio: Return relative to maximum drawdown	2.28	3.66	-1.38
Martin ratio: Return relative to average drawdown	8.43	13.21	-4.78

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

The current CMU.L Sharpe Ratio is 1.73, which is lower than the VHYL.L Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of CMU.L and VHYL.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.

Drawdowns

CMU.L vs. VHYL.L - Drawdown Comparison

The maximum CMU.L drawdown since its inception was -31.46%, which is greater than VHYL.L's maximum drawdown of -27.87%. Use the drawdown chart below to compare losses from any high point for CMU.L and VHYL.L.

Drawdown Indicators

	CMU.L	VHYL.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.46%	-27.87%	-3.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-6.95%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	-11.95%	-12.79%	+0.84%
Max Drawdown (5Y) Largest decline over 5 years	-21.11%	-12.79%	-8.32%
Max Drawdown (10Y) Largest decline over 10 years	-31.41%	-27.87%	-3.54%
Current Drawdown Current decline from peak	-3.81%	-0.73%	-3.08%
Average Drawdown Average peak-to-trough decline	-6.61%	-3.58%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.93%	+1.16%

Volatility

CMU.L vs. VHYL.L - Volatility Comparison

Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) has a higher volatility of 3.79% compared to Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing (VHYL.L) at 1.91%. This indicates that CMU.L's price experiences larger fluctuations and is considered to be riskier than VHYL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMU.L	VHYL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	1.91%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	6.92%	+5.88%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	8.63%	+6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	10.72%	+5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	12.99%	+3.69%

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

CMU.L has a 0.15% expense ratio, which is lower than VHYL.L's 0.29% expense ratio.

Dividends

CMU.L vs. VHYL.L - Dividend Comparison

CMU.L has not paid dividends to shareholders, while VHYL.L's dividend yield for the trailing twelve months is around 2.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMU.L Amundi ETF MSCI EMU ESG Leaders Select	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VHYL.L Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Distributing	2.53%	2.79%	3.08%	3.37%	3.67%	3.08%	3.28%	3.34%	3.63%	3.09%	2.88%	3.20%

Frequently Asked Questions

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

CMU.L and VHYL.L have a correlation of 0.73, 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 VHYL.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 VHYL.L?

CMU.L is cheaper with a 0.15% expense ratio, compared with 0.29% for VHYL.L.

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

CMU.L is categorized as Europe Equities, while VHYL.L is Dividend. CMU.L tracks MSCI EMU NR EUR, while VHYL.L tracks FTSE All-World High Dividend Yield Index. They also come from different issuers: Amundi and Vanguard. Their fees differ too: 0.15% for CMU.L and 0.29% for VHYL.L.