EEA vs. CEE

Last updated Jun 23, 2026

EEA (The European Equity Fund) and CEE (The Central and Eastern Europe Fund) are both Europe Equities funds. Over the past 10 years, EEA returned 8.74%/yr vs 5.28%/yr for CEE. At a 0.42 correlation, their price movements are largely independent. EEA charges 0.01%/yr vs 1.26%/yr for CEE.

Performance

EEA vs. CEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The European Equity Fund (EEA) and The Central and Eastern Europe Fund (CEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EEA achieves a 7.65% return, which is significantly lower than CEE's 22.49% return. Over the past 10 years, EEA has outperformed CEE with an annualized return of 8.74%, while CEE has yielded a comparatively lower 5.28% annualized return.

EEA

• 1D: 0.00%
• 1M: 3.72%
• YTD: 7.65%
• 6M: 7.65%
• 1Y: 20.24%
• 3Y*: 13.67%
• 5Y*: 7.03%
• 10Y*: 8.74%

CEE

• 1D: 0.51%
• 1M: 3.44%
• YTD: 22.49%
• 6M: 29.00%
• 1Y: 45.33%
• 3Y*: 36.25%
• 5Y*: -1.97%
• 10Y*: 5.28%

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

EEA vs. CEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEA The European Equity Fund	7.65%	36.10%	-3.53%	17.24%	-18.97%	14.19%	13.54%	28.55%	-21.00%	29.01%
CEE The Central and Eastern Europe Fund	22.49%	65.59%	15.52%	22.58%	-67.78%	13.62%	-11.76%	35.49%	-5.73%	21.34%

Correlation

The correlation between EEA and CEE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Feb 28, 1990	0.42

The correlation between EEA and CEE shifts across timeframes, from 0.30 (5 years) to 0.42 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EEA vs. CEE — Risk / Return Rank

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

EEA

EEA Risk / Return Rank: 22
EEA Sharpe Ratio Rank: 24
EEA Sortino Ratio Rank: 23
EEA Omega Ratio Rank: 22
EEA Calmar Ratio Rank: 20
EEA Martin Ratio Rank: 21

CEE

CEE Risk / Return Rank: 45
CEE Sharpe Ratio Rank: 41
CEE Sortino Ratio Rank: 42
CEE Omega Ratio Rank: 37
CEE Calmar Ratio Rank: 72
CEE Martin Ratio Rank: 33

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.

EEA vs. CEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The European Equity Fund (EEA) and The Central and Eastern Europe Fund (CEE). 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.

	EEA	CEE	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.74	-0.42
Sortino ratio: Return per unit of downside risk	1.89	2.52	-0.63
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.07
Calmar ratio: Return relative to maximum drawdown	1.51	3.14	-1.63
Martin ratio: Return relative to average drawdown	4.93	7.02	-2.09

EEA vs. CEE - Sharpe Ratio Comparison

The current EEA Sharpe Ratio is 1.32, which is comparable to the CEE Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of EEA and CEE, 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

EEA vs. CEE - Drawdown Comparison

The maximum EEA drawdown since its inception was -72.28%, smaller than the maximum CEE drawdown of -82.98%. Use the drawdown chart below to compare losses from any high point for EEA and CEE.

Drawdown Indicators

	EEA	CEE	Difference
Max Drawdown Largest peak-to-trough decline	-72.28%	-82.98%	+10.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.45%	-14.51%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	-22.22%	+5.92%
Max Drawdown (5Y) Largest decline over 5 years	-37.51%	-79.89%	+42.38%
Max Drawdown (10Y) Largest decline over 10 years	-41.54%	-79.89%	+38.35%
Current Drawdown Current decline from peak	-0.56%	-31.86%	+31.30%
Average Drawdown Average peak-to-trough decline	-29.77%	-37.35%	+7.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	6.49%	-2.38%

Volatility

EEA vs. CEE - Volatility Comparison

The current volatility for The European Equity Fund (EEA) is 4.10%, while The Central and Eastern Europe Fund (CEE) has a volatility of 5.83%. This indicates that EEA experiences smaller price fluctuations and is considered to be less risky than CEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EEA	CEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	5.83%	-1.73%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	18.70%	-6.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	26.26%	-10.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	39.12%	-20.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	32.55%	-13.00%

EEA vs. CEE - Expense Ratio Comparison

EEA has a 0.01% expense ratio, which is lower than CEE's 1.26% expense ratio.

Dividends

EEA vs. CEE - Dividend Comparison

EEA's dividend yield for the trailing twelve months is around 8.92%, more than CEE's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEE The Central and Eastern Europe Fund	1.79%	2.19%	3.23%	3.74%	2.89%	3.61%	3.82%	5.17%	4.58%	2.30%	1.56%	2.92%
EEA The European Equity Fund	8.92%	7.55%	2.19%	1.99%	11.60%	14.42%	1.86%	5.49%	0.95%	0.87%	0.97%	2.10%

Frequently Asked Questions

Can I hold both EEA and CEE in my portfolio?

EEA and CEE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEA or CEE?

CEE has higher volatility (5.83%) compared to EEA (4.10%). In terms of maximum drawdown, EEA dropped -72.28% vs CEE's -82.98%.

Which has better risk-adjusted returns?

CEE currently has the higher Sharpe Ratio (1.74 vs 1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.