EMNU.DE vs. EUNL.DE
EMNU.DE (iShares MSCI Europe ESG Enhanced UCITS ETF EUR (Dist)) and EUNL.DE (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - EMNU.DE is a Europe Equities fund tracking the MSCI Europe ESG Enhanced Focus, while EUNL.DE is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 5 years, EMNU.DE returned 8.68%/yr vs 12.89%/yr for EUNL.DE. Their correlation of 0.81 suggests significant overlap in exposure. EMNU.DE charges 0.12%/yr vs 0.20%/yr for EUNL.DE.
Performance
EMNU.DE vs. EUNL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EMNU.DE achieves a 7.48% return, which is significantly lower than EUNL.DE's 10.86% return.
EMNU.DE
- 1D
- 0.54%
- 1M
- 1.25%
- YTD
- 7.48%
- 6M
- 10.15%
- 1Y
- 15.70%
- 3Y*
- 12.86%
- 5Y*
- 8.68%
- 10Y*
- —
EUNL.DE
- 1D
- 0.02%
- 1M
- 4.80%
- YTD
- 10.86%
- 6M
- 11.29%
- 1Y
- 23.80%
- 3Y*
- 17.55%
- 5Y*
- 12.89%
- 10Y*
- 12.82%
EMNU.DE vs. EUNL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMNU.DE iShares MSCI Europe ESG Enhanced UCITS ETF EUR (Dist) | 7.48% | 17.95% | 7.97% | 15.57% | -12.29% | 25.49% | -1.40% | 11.32% |
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 10.86% | 7.90% | 25.93% | 20.13% | -13.59% | 32.71% | 5.48% | 11.94% |
Correlation
The correlation between EMNU.DE and EUNL.DE is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since May 8, 2019 | 0.81 |
The correlation between EMNU.DE and EUNL.DE has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.
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Return for Risk
EMNU.DE vs. EUNL.DE — Risk / Return Rank
EMNU.DE
EUNL.DE
EMNU.DE vs. EUNL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe ESG Enhanced UCITS ETF EUR (Dist) (EMNU.DE) and iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE). 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.
| EMNU.DE | EUNL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.40 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 3.64 | -2.07 |
| Martin ratioReturn relative to average drawdown | 5.60 | 14.52 | -8.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMNU.DE | EUNL.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 2.12 | -0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.90 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.84 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.82 | -0.25 |
Drawdowns
EMNU.DE vs. EUNL.DE - Drawdown Comparison
The maximum EMNU.DE drawdown since its inception was -34.85%, roughly equal to the maximum EUNL.DE drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for EMNU.DE and EUNL.DE.
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Drawdown Indicators
| EMNU.DE | EUNL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.85% | -33.63% | -1.22% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -6.50% | -3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -16.42% | -21.73% | +5.31% |
Max Drawdown (5Y)Largest decline over 5 years | -21.72% | -21.73% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.63% | — |
Current DrawdownCurrent decline from peak | -1.59% | -0.31% | -1.28% |
Average DrawdownAverage peak-to-trough decline | -5.31% | -4.25% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 1.64% | +1.18% |
Volatility
EMNU.DE vs. EUNL.DE - Volatility Comparison
iShares MSCI Europe ESG Enhanced UCITS ETF EUR (Dist) (EMNU.DE) has a higher volatility of 4.34% compared to iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE) at 2.62%. This indicates that EMNU.DE's price experiences larger fluctuations and is considered to be riskier than EUNL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMNU.DE | EUNL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 2.62% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 10.77% | 7.72% | +3.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.16% | 11.16% | +2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.40% | 14.17% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.59% | 15.17% | +1.42% |
EMNU.DE vs. EUNL.DE - Expense Ratio Comparison
EMNU.DE has a 0.12% expense ratio, which is lower than EUNL.DE's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
EMNU.DE vs. EUNL.DE - Dividend Comparison
EMNU.DE's dividend yield for the trailing twelve months is around 2.40%, while EUNL.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EMNU.DE iShares MSCI Europe ESG Enhanced UCITS ETF EUR (Dist) | 2.40% | 2.58% | 2.92% | 2.80% | 3.02% | 2.25% | 1.90% | 2.63% |
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EMNU.DE and EUNL.DE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMNU.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMNU.DE is cheaper with a 0.12% expense ratio, compared with 0.20% for EUNL.DE.
EMNU.DE is categorized as Europe Equities, while EUNL.DE is Global Equities. EMNU.DE tracks MSCI Europe ESG Enhanced Focus, while EUNL.DE tracks MSCI World Index. Their fees differ too: 0.12% for EMNU.DE and 0.20% for EUNL.DE.
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