EMUM.L vs. CEUR.L
EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) and CEUR.L (Amundi MSCI Europe) are both Europe Equities funds - EMUM.L tracks the MSCI EMU Mid Cap Net Index while CEUR.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 3 years, EMUM.L returned 19.92%/yr vs 14.73%/yr for CEUR.L. At a 0.34 correlation, their price movements are largely independent. EMUM.L charges 0.49%/yr vs 0.05%/yr for CEUR.L.
Performance
EMUM.L vs. CEUR.L - Performance Comparison
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Different Trading Currencies
EMUM.L is traded in EUR, while CEUR.L is traded in GBp. To make them comparable, the CEUR.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, EMUM.L achieves a 13.16% return, which is significantly higher than CEUR.L's 11.17% return.
EMUM.L
- 1D
- -0.66%
- 1M
- 0.95%
- 6M
- 10.50%
- YTD
- 13.16%
- 1Y
- 20.57%
- 3Y*
- 19.92%
- 5Y*
- —
- 10Y*
- —
CEUR.L
- 1D
- 0.03%
- 1M
- 1.42%
- 6M
- 7.86%
- YTD
- 11.17%
- 1Y
- 21.55%
- 3Y*
- 14.73%
- 5Y*
- 9.91%
- 10Y*
- 7.33%
EMUM.L vs. CEUR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 13.16% | 31.38% | 11.63% | 9.56% | -14.55% |
CEUR.L Amundi MSCI Europe | 11.17% | 17.97% | 9.96% | 15.33% | -10.32% |
Correlation
The correlation between EMUM.L and CEUR.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.34 |
Over the past year, EMUM.L and CEUR.L have become more correlated (0.70) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
EMUM.L vs. CEUR.L — Risk / Return Rank
EMUM.L
CEUR.L
EMUM.L vs. CEUR.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) and Amundi MSCI Europe (CEUR.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.
| EMUM.L | CEUR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.31 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.13 | +0.59 |
| Martin ratioReturn relative to average drawdown | 9.65 | 7.92 | +1.73 |
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Drawdowns
EMUM.L vs. CEUR.L - Drawdown Comparison
The maximum EMUM.L drawdown since its inception was -23.13%, smaller than the maximum CEUR.L drawdown of -50.52%. Use the drawdown chart below to compare losses from any high point for EMUM.L and CEUR.L.
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Drawdown Indicators
| EMUM.L | CEUR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.13% | -50.52% | +27.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -10.05% | +2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -14.40% | -15.75% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.40% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.15% | — |
Current DrawdownCurrent decline from peak | -1.26% | -1.51% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -13.62% | +11.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 2.72% | -0.51% |
Volatility
EMUM.L vs. CEUR.L - Volatility Comparison
iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) and Amundi MSCI Europe (CEUR.L) have volatilities of 3.11% and 3.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMUM.L | CEUR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 3.24% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 10.89% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.17% | 13.03% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 14.35% | +11.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.57% | 16.34% | +9.23% |
EMUM.L vs. CEUR.L - Expense Ratio Comparison
EMUM.L has a 0.49% expense ratio, which is higher than CEUR.L's 0.05% expense ratio.
Dividends
EMUM.L vs. CEUR.L - Dividend Comparison
Neither EMUM.L nor CEUR.L has paid dividends to shareholders.
Frequently Asked Questions
EMUM.L and CEUR.L have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEUR.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEUR.L is cheaper with a 0.05% expense ratio, compared with 0.49% for EMUM.L.
EMUM.L tracks MSCI EMU Mid Cap Net Index, while CEUR.L tracks MSCI Europe NR EUR. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.49% for EMUM.L and 0.05% for CEUR.L.
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