EXS3.DE vs. 18M2.DE

Last updated Jun 5, 2026

EXS3.DE (iShares MDAX UCITS ETF (DE)) and 18M2.DE (Amundi ETF MSCI EMU High Dividend UCITS ETF EUR) are both Europe Equities funds - EXS3.DE tracks the MDAX® while 18M2.DE tracks the MSCI EMU High Dividend Yield. Both are passively managed. Over the past 10 years, EXS3.DE returned 4.04%/yr vs 8.26%/yr for 18M2.DE. A 0.73 correlation means they provide meaningful diversification when combined. EXS3.DE charges 0.51%/yr vs 0.30%/yr for 18M2.DE.

Performance

EXS3.DE vs. 18M2.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares MDAX UCITS ETF (DE) (EXS3.DE) and Amundi ETF MSCI EMU High Dividend UCITS ETF EUR (18M2.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EXS3.DE achieves a 6.43% return, which is significantly lower than 18M2.DE's 6.76% return. Over the past 10 years, EXS3.DE has underperformed 18M2.DE with an annualized return of 4.04%, while 18M2.DE has yielded a comparatively higher 8.26% annualized return.

EXS3.DE

• 1D: 0.21%
• 1M: 5.13%
• YTD: 6.43%
• 6M: 10.24%
• 1Y: 4.92%
• 3Y*: 6.03%
• 5Y*: -1.18%
• 10Y*: 4.04%

18M2.DE

• 1D: 0.32%
• 1M: 1.10%
• YTD: 6.76%
• 6M: 8.84%
• 1Y: 15.86%
• 3Y*: 12.13%
• 5Y*: 8.90%
• 10Y*: 8.26%

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

EXS3.DE vs. 18M2.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXS3.DE iShares MDAX UCITS ETF (DE)	6.43%	19.10%	-6.45%	7.92%	-29.11%	13.18%	8.17%	30.28%	-18.39%	17.41%
18M2.DE Amundi ETF MSCI EMU High Dividend UCITS ETF EUR	6.76%	21.49%	3.36%	16.14%	-6.47%	16.02%	-6.39%	24.91%	-4.44%	7.99%

Correlation

The correlation between EXS3.DE and 18M2.DE is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010	0.73

The correlation between EXS3.DE and 18M2.DE shifts across timeframes, from 0.56 (1 year) to 0.75 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

EXS3.DE vs. 18M2.DE — Risk / Return Rank

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

EXS3.DE

EXS3.DE Risk / Return Rank: 13
EXS3.DE Sharpe Ratio Rank: 13
EXS3.DE Sortino Ratio Rank: 13
EXS3.DE Omega Ratio Rank: 13
EXS3.DE Calmar Ratio Rank: 13
EXS3.DE Martin Ratio Rank: 13

18M2.DE

18M2.DE Risk / Return Rank: 45
18M2.DE Sharpe Ratio Rank: 43
18M2.DE Sortino Ratio Rank: 41
18M2.DE Omega Ratio Rank: 44
18M2.DE Calmar Ratio Rank: 52
18M2.DE Martin Ratio Rank: 42

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.

EXS3.DE vs. 18M2.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MDAX UCITS ETF (DE) (EXS3.DE) and Amundi ETF MSCI EMU High Dividend UCITS ETF EUR (18M2.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.

	EXS3.DE	18M2.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.26	1.49	-1.22
Sortino ratio: Return per unit of downside risk	0.51	2.06	-1.55
Omega ratio: Gain probability vs. loss probability	1.06	1.28	-0.22
Calmar ratio: Return relative to maximum drawdown	0.34	2.55	-2.21
Martin ratio: Return relative to average drawdown	0.91	6.71	-5.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXS3.DE vs. 18M2.DE - Sharpe Ratio Comparison

The current EXS3.DE Sharpe Ratio is 0.26, which is lower than the 18M2.DE Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of EXS3.DE and 18M2.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EXS3.DE	18M2.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	1.49	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.66	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	0.53	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.44	-0.08

Drawdowns

EXS3.DE vs. 18M2.DE - Drawdown Comparison

The maximum EXS3.DE drawdown since its inception was -63.82%, which is greater than 18M2.DE's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for EXS3.DE and 18M2.DE.

Drawdown Indicators

	EXS3.DE	18M2.DE	Difference
Max Drawdown Largest peak-to-trough decline	-63.82%	-37.06%	-26.76%
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	-6.19%	-8.38%
Max Drawdown (3Y) Largest decline over 3 years	-18.67%	-14.68%	-3.99%
Max Drawdown (5Y) Largest decline over 5 years	-40.31%	-20.81%	-19.50%
Max Drawdown (10Y) Largest decline over 10 years	-40.31%	-37.06%	-3.25%
Current Drawdown Current decline from peak	-12.23%	-1.44%	-10.79%
Average Drawdown Average peak-to-trough decline	-14.02%	-6.42%	-7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	2.36%	+2.99%

Volatility

EXS3.DE vs. 18M2.DE - Volatility Comparison

iShares MDAX UCITS ETF (DE) (EXS3.DE) has a higher volatility of 4.94% compared to Amundi ETF MSCI EMU High Dividend UCITS ETF EUR (18M2.DE) at 2.63%. This indicates that EXS3.DE's price experiences larger fluctuations and is considered to be riskier than 18M2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXS3.DE	18M2.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	2.63%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	15.18%	8.33%	+6.85%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	10.62%	+7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.35%	13.41%	+5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	15.44%	+2.93%

EXS3.DE vs. 18M2.DE - Expense Ratio Comparison

EXS3.DE has a 0.51% expense ratio, which is higher than 18M2.DE's 0.30% expense ratio.

Dividends

EXS3.DE vs. 18M2.DE - Dividend Comparison

Neither EXS3.DE nor 18M2.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
18M2.DE Amundi ETF MSCI EMU High Dividend UCITS ETF EUR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EXS3.DE iShares MDAX UCITS ETF (DE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.41%	0.49%	0.53%	0.49%

Frequently Asked Questions

Can I hold both EXS3.DE and 18M2.DE in my portfolio?

EXS3.DE and 18M2.DE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EXS3.DE or 18M2.DE?

On fees, 18M2.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EXS3.DE or 18M2.DE?

18M2.DE is cheaper with a 0.30% expense ratio, compared with 0.51% for EXS3.DE.

What is the main difference between EXS3.DE and 18M2.DE?

EXS3.DE tracks MDAX®, while 18M2.DE tracks MSCI EMU High Dividend Yield. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.51% for EXS3.DE and 0.30% for 18M2.DE.