EMUM.L vs. MVEU.L
EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) and MVEU.L (iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares - EMUM.L tracks the MSCI EMU Mid Cap Net Index while MVEU.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 3 years, EMUM.L returned 19.92%/yr vs 11.85%/yr for MVEU.L. At a 0.22 correlation, their price movements are largely independent. EMUM.L charges 0.49%/yr vs 0.25%/yr for MVEU.L.
Performance
EMUM.L vs. MVEU.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMUM.L achieves a 13.16% return, which is significantly higher than MVEU.L's 8.54% return.
EMUM.L
- 1D
- -0.66%
- 1M
- 0.95%
- 6M
- 10.50%
- YTD
- 13.16%
- 1Y
- 20.57%
- 3Y*
- 19.92%
- 5Y*
- —
- 10Y*
- —
MVEU.L
- 1D
- -0.03%
- 1M
- 1.45%
- 6M
- 6.45%
- YTD
- 8.54%
- 1Y
- 11.41%
- 3Y*
- 11.85%
- 5Y*
- 7.00%
- 10Y*
- 6.87%
EMUM.L vs. MVEU.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% |
MVEU.L iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) | 8.54% | 11.66% | 11.79% | 10.66% | -9.05% |
Correlation
The correlation between EMUM.L and MVEU.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.22 |
Over the past year, EMUM.L and MVEU.L have become more correlated (0.46) than their long-term average of 0.22, meaning their price movements have been converging.
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Return for Risk
EMUM.L vs. MVEU.L — Risk / Return Rank
EMUM.L
MVEU.L
EMUM.L vs. MVEU.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 iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.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 | MVEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 1.61 | +1.11 |
| Martin ratioReturn relative to average drawdown | 9.65 | 4.99 | +4.66 |
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Drawdowns
EMUM.L vs. MVEU.L - Drawdown Comparison
The maximum EMUM.L drawdown since its inception was -23.13%, smaller than the maximum MVEU.L drawdown of -30.56%. Use the drawdown chart below to compare losses from any high point for EMUM.L and MVEU.L.
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Drawdown Indicators
| EMUM.L | MVEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.13% | -30.56% | +7.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -7.04% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -14.40% | -10.78% | -3.62% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.56% | — |
Current DrawdownCurrent decline from peak | -1.26% | -0.72% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -4.53% | +1.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 2.28% | -0.07% |
Volatility
EMUM.L vs. MVEU.L - Volatility Comparison
iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) has a higher volatility of 3.11% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF EUR (Acc) (MVEU.L) at 2.44%. This indicates that EMUM.L's price experiences larger fluctuations and is considered to be riskier than MVEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMUM.L | MVEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 2.44% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 7.21% | +3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.17% | 8.79% | +4.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 11.05% | +14.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.57% | 12.15% | +13.42% |
EMUM.L vs. MVEU.L - Expense Ratio Comparison
EMUM.L has a 0.49% expense ratio, which is higher than MVEU.L's 0.25% expense ratio.
Dividends
EMUM.L vs. MVEU.L - Dividend Comparison
Neither EMUM.L nor MVEU.L has paid dividends to shareholders.
Frequently Asked Questions
EMUM.L and MVEU.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MVEU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MVEU.L is cheaper with a 0.25% expense ratio, compared with 0.49% for EMUM.L.
EMUM.L tracks MSCI EMU Mid Cap Net Index, while MVEU.L tracks MSCI Europe NR EUR. Their fees differ too: 0.49% for EMUM.L and 0.25% for MVEU.L.
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