EMUM.L vs. SWDA.L
EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - EMUM.L is a Europe Equities fund tracking the MSCI EMU Mid Cap Net Index, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 3 years, EMUM.L returned 19.92%/yr vs 18.25%/yr for SWDA.L. At a 0.25 correlation, their price movements are largely independent. EMUM.L charges 0.49%/yr vs 0.20%/yr for SWDA.L.
Performance
EMUM.L vs. SWDA.L - Performance Comparison
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Different Trading Currencies
EMUM.L is traded in EUR, while SWDA.L is traded in GBp. To make them comparable, the SWDA.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with EMUM.L having a 13.16% return and SWDA.L slightly higher at 13.24%.
EMUM.L
- 1D
- -0.66%
- 1M
- 0.95%
- 6M
- 10.50%
- YTD
- 13.16%
- 1Y
- 20.57%
- 3Y*
- 19.92%
- 5Y*
- —
- 10Y*
- —
SWDA.L
- 1D
- 0.12%
- 1M
- 1.74%
- 6M
- 11.16%
- YTD
- 13.24%
- 1Y
- 23.84%
- 3Y*
- 18.25%
- 5Y*
- 12.40%
- 10Y*
- 12.64%
EMUM.L vs. SWDA.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% |
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 13.24% | 6.76% | 26.95% | 20.08% | -10.41% |
Correlation
The correlation between EMUM.L and SWDA.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.25 |
Over the past year, EMUM.L and SWDA.L have become more correlated (0.49) than their long-term average of 0.25, meaning their price movements have been converging.
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Return for Risk
EMUM.L vs. SWDA.L — Risk / Return Rank
EMUM.L
SWDA.L
EMUM.L vs. SWDA.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 Core MSCI World UCITS ETF USD (Acc) (SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.40 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 3.63 | -0.91 |
| Martin ratioReturn relative to average drawdown | 9.65 | 14.73 | -5.08 |
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Drawdowns
EMUM.L vs. SWDA.L - Drawdown Comparison
The maximum EMUM.L drawdown since its inception was -23.13%, smaller than the maximum SWDA.L drawdown of -41.36%. Use the drawdown chart below to compare losses from any high point for EMUM.L and SWDA.L.
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Drawdown Indicators
| EMUM.L | SWDA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.13% | -41.36% | +18.23% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -6.53% | -1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -14.40% | -20.55% | +6.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.55% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.00% | — |
Current DrawdownCurrent decline from peak | -1.26% | 0.00% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -8.73% | +6.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.61% | +0.60% |
Volatility
EMUM.L vs. SWDA.L - Volatility Comparison
iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) has a higher volatility of 3.11% compared to iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) at 2.50%. This indicates that EMUM.L's price experiences larger fluctuations and is considered to be riskier than SWDA.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 | SWDA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 2.50% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 10.59% | 7.95% | +2.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.17% | 11.10% | +2.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.57% | 14.08% | +11.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.57% | 15.19% | +10.38% |
EMUM.L vs. SWDA.L - Expense Ratio Comparison
EMUM.L has a 0.49% expense ratio, which is higher than SWDA.L's 0.20% expense ratio.
Dividends
EMUM.L vs. SWDA.L - Dividend Comparison
Neither EMUM.L nor SWDA.L has paid dividends to shareholders.
Frequently Asked Questions
EMUM.L and SWDA.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SWDA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SWDA.L is cheaper with a 0.20% expense ratio, compared with 0.49% for EMUM.L.
EMUM.L is categorized as Europe Equities, while SWDA.L is Global Equities. EMUM.L tracks MSCI EMU Mid Cap Net Index, while SWDA.L tracks MSCI World Index. Their fees differ too: 0.49% for EMUM.L and 0.20% for SWDA.L.
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