EUNM.DE vs. EEM

Last updated Apr 3, 2026

Compare and contrast key facts about iShares MSCI EM UCITS ETF (Acc) (EUNM.DE) and iShares MSCI Emerging Markets ETF (EEM).

EUNM.DE and EEM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EUNM.DE is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets. It was launched on Sep 25, 2009. EEM is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Index. It was launched on Apr 11, 2003. Both EUNM.DE and EEM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EUNM.DE vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares MSCI EM UCITS ETF (Acc) (EUNM.DE) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

EUNM.DE vs. EEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUNM.DE iShares MSCI EM UCITS ETF (Acc)	4.94%	19.18%	14.09%	5.71%	-14.47%	4.68%	6.84%	20.91%	-10.84%	19.89%
EEM iShares MSCI Emerging Markets ETF	5.31%	18.08%	13.52%	5.68%	-15.64%	3.58%	7.38%	20.90%	-11.34%	20.39%

Different Trading Currencies

EUNM.DE is traded in EUR, while EEM is traded in USD. To make them comparable, the EEM values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, EUNM.DE achieves a 4.94% return, which is significantly lower than EEM's 5.31% return. Both investments have delivered pretty close results over the past 10 years, with EUNM.DE having a 7.84% annualized return and EEM not far behind at 7.53%.

EUNM.DE

• 1D: -1.38%
• 1M: -1.95%
• YTD: 4.94%
• 6M: 7.88%
• 1Y: 24.91%
• 3Y*: 13.90%
• 5Y*: 4.36%
• 10Y*: 7.84%

EEM

• 1D: -0.67%
• 1M: -2.50%
• YTD: 5.31%
• 6M: 7.84%
• 1Y: 23.91%
• 3Y*: 13.34%
• 5Y*: 3.80%
• 10Y*: 7.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EUNM.DE vs. EEM - Expense Ratio Comparison

EUNM.DE has a 0.18% expense ratio, which is lower than EEM's 0.72% expense ratio.

EEM

iShares MSCI Emerging Markets ETF

EUNM.DE

iShares MSCI EM UCITS ETF (Acc)

Return for Risk

EUNM.DE vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EUNM.DE

EUNM.DE Risk / Return Rank: 74
EUNM.DE Sharpe Ratio Rank: 72
EUNM.DE Sortino Ratio Rank: 69
EUNM.DE Omega Ratio Rank: 66
EUNM.DE Calmar Ratio Rank: 83
EUNM.DE Martin Ratio Rank: 81

EEM

EEM Risk / Return Rank: 77
EEM Sharpe Ratio Rank: 80
EEM Sortino Ratio Rank: 79
EEM Omega Ratio Rank: 78
EEM Calmar Ratio Rank: 76
EEM Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EUNM.DE vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM UCITS ETF (Acc) (EUNM.DE) and iShares MSCI Emerging Markets ETF (EEM). 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.

	EUNM.DE	EEM	Difference
Sharpe ratio Return per unit of total volatility	1.35	1.19	+0.16
Sortino ratio Return per unit of downside risk	1.85	1.68	+0.16
Omega ratio Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio Return relative to maximum drawdown	2.81	1.79	+1.03
Martin ratio Return relative to average drawdown	10.38	6.47	+3.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUNM.DE vs. EEM - Sharpe Ratio Comparison

The current EUNM.DE Sharpe Ratio is 1.35, which is comparable to the EEM Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of EUNM.DE and EEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EUNM.DE	EEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.19	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.23	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.39	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.17	+0.15

Correlation

The correlation between EUNM.DE and EEM is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EUNM.DE vs. EEM - Dividend Comparison

EUNM.DE has not paid dividends to shareholders, while EEM's dividend yield for the trailing twelve months is around 2.15%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUNM.DE iShares MSCI EM UCITS ETF (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EEM iShares MSCI Emerging Markets ETF	2.15%	2.22%	2.43%	2.63%	2.50%	1.99%	1.45%	2.76%	2.24%	1.89%	1.89%	2.49%

Drawdowns

EUNM.DE vs. EEM - Drawdown Comparison

The maximum EUNM.DE drawdown since its inception was -35.91%, smaller than the maximum EEM drawdown of -61.01%. Use the drawdown chart below to compare losses from any high point for EUNM.DE and EEM.

Drawdown Indicators

	EUNM.DE	EEM	Difference
Max Drawdown Largest peak-to-trough decline	-35.91%	-66.43%	+30.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.46%	-13.52%	+3.06%
Max Drawdown (5Y) Largest decline over 5 years	-23.62%	-37.82%	+14.20%
Max Drawdown (10Y) Largest decline over 10 years	-31.86%	-39.82%	+7.96%
Current Drawdown Current decline from peak	-8.62%	-10.61%	+1.99%
Average Drawdown Average peak-to-trough decline	-10.64%	-16.12%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	3.61%	-0.77%

Volatility

EUNM.DE vs. EEM - Volatility Comparison

The current volatility for iShares MSCI EM UCITS ETF (Acc) (EUNM.DE) is 7.48%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 8.41%. This indicates that EUNM.DE experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUNM.DE	EEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	8.41%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	14.35%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.36%	20.23%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	16.68%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	19.51%	-1.47%