EMNE.DE vs. ISPY.L
EMNE.DE (iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist)) and ISPY.L (L&G Cyber Security UCITS ETF) are both exchange-traded funds - EMNE.DE is a Europe Equities fund tracking the MSCI EMU ESG Enhanced Focus CTB Index, while ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index. Both are passively managed. Over the past 5 years, EMNE.DE returned 10.42%/yr vs 12.73%/yr for ISPY.L. At a 0.41 correlation, their price movements are largely independent. EMNE.DE charges 0.12%/yr vs 0.69%/yr for ISPY.L.
Performance
EMNE.DE vs. ISPY.L - Performance Comparison
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Different Trading Currencies
EMNE.DE is traded in EUR, while ISPY.L is traded in GBp. To make them comparable, the ISPY.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMNE.DE achieves a 9.92% return, which is significantly lower than ISPY.L's 48.83% return.
EMNE.DE
- 1D
- 0.22%
- 1M
- -2.09%
- 6M
- 8.22%
- YTD
- 9.92%
- 1Y
- 18.82%
- 3Y*
- 14.84%
- 5Y*
- 10.42%
- 10Y*
- —
- ALL TIME*
- 11.44%
ISPY.L
- 1D
- 0.93%
- 1M
- 14.02%
- 6M
- 53.13%
- YTD
- 48.83%
- 1Y
- 44.36%
- 3Y*
- 27.75%
- 5Y*
- 12.73%
- 10Y*
- 16.52%
- ALL TIME*
- 10.45%
EMNE.DE vs. ISPY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMNE.DE iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) | 9.92% | 22.18% | 9.86% | 18.79% | -12.35% | 22.75% | 1.44% | 16.09% |
ISPY.L L&G Cyber Security UCITS ETF | 48.83% | -4.95% | 25.46% | 37.20% | -28.46% | 16.29% | 29.78% | 11.11% |
Correlation
The correlation between EMNE.DE and ISPY.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019 | 0.41 |
The correlation between EMNE.DE and ISPY.L shifts across timeframes, from 0.27 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMNE.DE vs. ISPY.L — Risk / Return Rank
EMNE.DE
ISPY.L
EMNE.DE vs. ISPY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) (EMNE.DE) and L&G Cyber Security UCITS ETF (ISPY.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.
| EMNE.DE | ISPY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 2.25 | -0.53 |
| Martin ratioReturn relative to average drawdown | 6.34 | 5.83 | +0.52 |
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Drawdowns
EMNE.DE vs. ISPY.L - Drawdown Comparison
The maximum EMNE.DE drawdown since its inception was -34.37%, smaller than the maximum ISPY.L drawdown of -53.22%. Use the drawdown chart below to compare losses from any high point for EMNE.DE and ISPY.L.
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Drawdown Indicators
| EMNE.DE | ISPY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -53.22% | +18.85% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -19.63% | +8.73% |
Max Drawdown (3Y)Largest decline over 3 years | -15.10% | -30.52% | +15.42% |
Max Drawdown (5Y)Largest decline over 5 years | -24.70% | -33.97% | +9.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.97% | — |
Current DrawdownCurrent decline from peak | -2.73% | -4.03% | +1.30% |
Average DrawdownAverage peak-to-trough decline | -5.19% | -15.77% | +10.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 7.59% | -4.63% |
Volatility
EMNE.DE vs. ISPY.L - Volatility Comparison
The current volatility for iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) (EMNE.DE) is 3.80%, while L&G Cyber Security UCITS ETF (ISPY.L) has a volatility of 10.70%. This indicates that EMNE.DE experiences smaller price fluctuations and is considered to be less risky than ISPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMNE.DE | ISPY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 10.70% | -6.90% |
Volatility (6M)Calculated over the trailing 6-month period | 12.63% | 25.07% | -12.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.93% | 28.16% | -13.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.24% | 28.25% | -12.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.98% | 25.03% | -5.05% |
EMNE.DE vs. ISPY.L - Expense Ratio Comparison
EMNE.DE has a 0.12% expense ratio, which is lower than ISPY.L's 0.69% expense ratio.
Dividends
EMNE.DE vs. ISPY.L - Dividend Comparison
EMNE.DE's dividend yield for the trailing twelve months is around 2.39%, while ISPY.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EMNE.DE iShares MSCI EMU CTB Enhanced ESG UCITS ETF EUR (Dist) | 2.39% | 2.61% | 2.95% | 3.17% | 3.34% | 2.40% | 1.85% | 2.67% |
ISPY.L L&G Cyber Security UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMNE.DE and ISPY.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMNE.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMNE.DE is cheaper with a 0.12% expense ratio, compared with 0.69% for ISPY.L.
EMNE.DE is categorized as Europe Equities, while ISPY.L is Cybersecurity. EMNE.DE tracks MSCI EMU ESG Enhanced Focus CTB Index, while ISPY.L tracks ISE Cyber Security UCITS Index. They also come from different issuers: iShares and L&G. Their fees differ too: 0.12% for EMNE.DE and 0.69% for ISPY.L.
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