GSPX.L vs. CEUG.L

Last updated Jun 13, 2026

GSPX.L (iShares Core S&P 500 UCITS ETF) and CEUG.L (iShares MSCI EMU UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - GSPX.L is a S&P 500 fund tracking the S&P 500 Index, while CEUG.L is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, GSPX.L returned 12.13%/yr vs 12.17%/yr for CEUG.L. A 0.75 correlation means they provide meaningful diversification when combined. GSPX.L charges 0.10%/yr vs 0.12%/yr for CEUG.L.

Performance

GSPX.L vs. CEUG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Core S&P 500 UCITS ETF (GSPX.L) and iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSPX.L achieves a 8.24% return, which is significantly lower than CEUG.L's 11.57% return.

GSPX.L

• 1D: 2.38%
• 1M: 0.64%
• YTD: 8.24%
• 6M: 9.38%
• 1Y: 24.05%
• 3Y*: 20.06%
• 5Y*: 12.13%
• 10Y*: —

CEUG.L

• 1D: 2.06%
• 1M: 5.84%
• YTD: 11.57%
• 6M: 13.31%
• 1Y: 22.80%
• 3Y*: 18.00%
• 5Y*: 12.17%
• 10Y*: —

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

GSPX.L vs. CEUG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSPX.L iShares Core S&P 500 UCITS ETF	8.24%	17.16%	24.72%	24.87%	-20.64%	28.96%	15.11%	27.76%	-7.71%
CEUG.L iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	11.57%	26.85%	10.80%	20.45%	-10.50%	22.91%	-0.24%	26.08%	-10.74%

Correlation

The correlation between GSPX.L and CEUG.L is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018	0.75

The correlation between GSPX.L and CEUG.L has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

GSPX.L vs. CEUG.L - Sectors Allocation Comparison

Sectors	GSPX.L	CEUG.L
Technology	39.0%	14.6%
Financial Services	11.1%	24.2%
Communication Services	10.4%	4.1%
Consumer Cyclical	9.8%	8.3%
Healthcare	8.3%	5.8%
Industrials	7.5%	21.4%
Consumer Defensive	4.5%	5.6%
Energy	3.2%	4.2%
Utilities	2.5%	6.8%
Real Estate	1.8%	1.0%
Basic Materials	1.7%	4.1%

Return for Risk

GSPX.L vs. CEUG.L — Risk / Return Rank

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

GSPX.L

GSPX.L Risk / Return Rank: 71
GSPX.L Sharpe Ratio Rank: 71
GSPX.L Sortino Ratio Rank: 76
GSPX.L Omega Ratio Rank: 71
GSPX.L Calmar Ratio Rank: 65
GSPX.L Martin Ratio Rank: 74

CEUG.L

CEUG.L Risk / Return Rank: 53
CEUG.L Sharpe Ratio Rank: 52
CEUG.L Sortino Ratio Rank: 55
CEUG.L Omega Ratio Rank: 53
CEUG.L Calmar Ratio Rank: 51
CEUG.L Martin Ratio Rank: 55

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.

GSPX.L vs. CEUG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 UCITS ETF (GSPX.L) and iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.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.

	GSPX.L	CEUG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.59	+0.41
Sortino ratio: Return per unit of downside risk	2.93	2.36	+0.57
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	2.86	2.26	+0.60
Martin ratio: Return relative to average drawdown	12.14	8.53	+3.61

GSPX.L vs. CEUG.L - Sharpe Ratio Comparison

The current GSPX.L Sharpe Ratio is 2.00, which is comparable to the CEUG.L Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GSPX.L and CEUG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GSPX.L vs. CEUG.L - Drawdown Comparison

The maximum GSPX.L drawdown since its inception was -34.98%, smaller than the maximum CEUG.L drawdown of -38.52%. Use the drawdown chart below to compare losses from any high point for GSPX.L and CEUG.L.

Drawdown Indicators

	GSPX.L	CEUG.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.98%	-38.52%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-10.04%	+1.67%
Max Drawdown (3Y) Largest decline over 3 years	-18.97%	-15.35%	-3.62%
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	-24.06%	-1.74%
Current Drawdown Current decline from peak	-2.12%	0.00%	-2.12%
Average Drawdown Average peak-to-trough decline	-5.61%	-5.50%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.67%	-0.69%

Volatility

GSPX.L vs. CEUG.L - Volatility Comparison

iShares Core S&P 500 UCITS ETF (GSPX.L) and iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L) have volatilities of 4.22% and 4.17%, 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.

Volatility by Period

	GSPX.L	CEUG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	4.17%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	11.63%	-2.60%
Volatility (1Y) Calculated over the trailing 1-year period	11.98%	14.27%	-2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	16.25%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	18.09%	-0.40%

GSPX.L vs. CEUG.L - Expense Ratio Comparison

GSPX.L has a 0.10% expense ratio, which is lower than CEUG.L's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSPX.L vs. CEUG.L - Dividend Comparison

GSPX.L's dividend yield for the trailing twelve months is around 0.82%, less than CEUG.L's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CEUG.L iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	2.32%	2.53%	2.81%	2.73%	2.84%	1.81%	1.77%	3.05%	0.38%
GSPX.L iShares Core S&P 500 UCITS ETF	0.82%	0.89%	0.99%	1.15%	1.40%	0.96%	1.31%	1.50%	0.11%

Frequently Asked Questions

Can I hold both GSPX.L and CEUG.L in my portfolio?

GSPX.L and CEUG.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GSPX.L or CEUG.L?

On fees, GSPX.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GSPX.L or CEUG.L?

GSPX.L is cheaper with a 0.10% expense ratio, compared with 0.12% for CEUG.L.

What is the main difference between GSPX.L and CEUG.L?

GSPX.L is categorized as S&P 500, while CEUG.L is Europe Equities. GSPX.L tracks S&P 500 Index, while CEUG.L tracks MSCI Europe NR EUR. Their fees differ too: 0.10% for GSPX.L and 0.12% for CEUG.L.