DBXP.DE vs. CEMU.AS
DBXP.DE (Xtrackers Eurozone Government Bond 1-3 UCITS ETF) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both exchange-traded funds - DBXP.DE is a European Government Bonds fund tracking the iBoxx® EUR Eurozone 1-3, while CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, DBXP.DE returned 0.25%/yr vs 10.03%/yr for CEMU.AS. At a 0.11 correlation, their price movements are largely independent. DBXP.DE charges 0.15%/yr vs 0.12%/yr for CEMU.AS.
Performance
DBXP.DE vs. CEMU.AS - Performance Comparison
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Returns By Period
In the year-to-date period, DBXP.DE achieves a 0.24% return, which is significantly lower than CEMU.AS's 8.68% return. Over the past 10 years, DBXP.DE has underperformed CEMU.AS with an annualized return of 0.25%, while CEMU.AS has yielded a comparatively higher 10.03% annualized return.
DBXP.DE
- 1D
- 0.16%
- 1M
- 0.43%
- YTD
- 0.24%
- 6M
- 0.42%
- 1Y
- 0.98%
- 3Y*
- 2.70%
- 5Y*
- 0.70%
- 10Y*
- 0.25%
CEMU.AS
- 1D
- 0.60%
- 1M
- 4.11%
- YTD
- 8.68%
- 6M
- 10.61%
- 1Y
- 18.65%
- 3Y*
- 16.12%
- 5Y*
- 10.62%
- 10Y*
- 10.03%
DBXP.DE vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DBXP.DE Xtrackers Eurozone Government Bond 1-3 UCITS ETF | 0.24% | 2.21% | 2.99% | 3.41% | -4.65% | -0.79% | -0.18% | 0.17% | -0.37% | -0.45% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.68% | 24.42% | 10.08% | 18.65% | -11.71% | 23.11% | -0.54% | 25.09% | -11.82% | 12.65% |
Correlation
The correlation between DBXP.DE and CEMU.AS is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014 | 0.11 |
The correlation between DBXP.DE and CEMU.AS shifts across timeframes, from 0.09 (5 years) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DBXP.DE vs. CEMU.AS — Risk / Return Rank
DBXP.DE
CEMU.AS
DBXP.DE vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Eurozone Government Bond 1-3 UCITS ETF (DBXP.DE) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS). 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.
| DBXP.DE | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.23 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.74 | -0.96 |
| Martin ratioReturn relative to average drawdown | 2.48 | 6.36 | -3.88 |
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Drawdowns
DBXP.DE vs. CEMU.AS - Drawdown Comparison
The maximum DBXP.DE drawdown since its inception was -6.77%, smaller than the maximum CEMU.AS drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for DBXP.DE and CEMU.AS.
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Drawdown Indicators
| DBXP.DE | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.77% | -38.38% | +31.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.24% | -10.17% | +8.93% |
Max Drawdown (3Y)Largest decline over 3 years | -1.24% | -15.40% | +14.16% |
Max Drawdown (5Y)Largest decline over 5 years | -5.67% | -24.51% | +18.84% |
Max Drawdown (10Y)Largest decline over 10 years | -6.77% | -38.38% | +31.61% |
Current DrawdownCurrent decline from peak | -0.35% | -0.56% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -0.99% | -6.24% | +5.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 2.79% | -2.40% |
Volatility
DBXP.DE vs. CEMU.AS - Volatility Comparison
The current volatility for Xtrackers Eurozone Government Bond 1-3 UCITS ETF (DBXP.DE) is 0.45%, while iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a volatility of 4.60%. This indicates that DBXP.DE experiences smaller price fluctuations and is considered to be less risky than CEMU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBXP.DE | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.45% | 4.60% | -4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 11.95% | -10.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.30% | 14.49% | -13.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.66% | 16.16% | -14.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.80% | 17.08% | -15.28% |
DBXP.DE vs. CEMU.AS - Expense Ratio Comparison
DBXP.DE has a 0.15% expense ratio, which is higher than CEMU.AS's 0.12% 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
DBXP.DE vs. CEMU.AS - Dividend Comparison
Neither DBXP.DE nor CEMU.AS has paid dividends to shareholders.
Frequently Asked Questions
DBXP.DE and CEMU.AS have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMU.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.15% for DBXP.DE.
DBXP.DE is categorized as European Government Bonds, while CEMU.AS is Europe Equities. DBXP.DE tracks iBoxx® EUR Eurozone 1-3, while CEMU.AS tracks MSCI EMU NR EUR. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for DBXP.DE and 0.12% for CEMU.AS.
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