HDEU.L vs. CS1.L

Last updated Jun 5, 2026

HDEU.L (PowerShares EURO STOXX High Dividend Low Volatility UCITS) and CS1.L (Amundi ETF MSCI Spain UCITS ETF EUR (C)) are both Europe Equities funds - HDEU.L tracks the MSCI EMU NR EUR while CS1.L tracks the BME IBEX 35 NR EUR. Both are passively managed. Over the past 10 years, HDEU.L returned 8.16%/yr vs 11.07%/yr for CS1.L. A 0.78 correlation means they provide meaningful diversification when combined. HDEU.L charges 0.30%/yr vs 0.25%/yr for CS1.L.

Performance

HDEU.L vs. CS1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in PowerShares EURO STOXX High Dividend Low Volatility UCITS (HDEU.L) and Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HDEU.L is traded in EUR, while CS1.L is traded in GBp. To make them comparable, the CS1.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, HDEU.L achieves a 10.26% return, which is significantly higher than CS1.L's 7.23% return. Over the past 10 years, HDEU.L has underperformed CS1.L with an annualized return of 8.16%, while CS1.L has yielded a comparatively higher 11.07% annualized return.

HDEU.L

• 1D: -0.29%
• 1M: -0.74%
• YTD: 10.26%
• 6M: 12.26%
• 1Y: 20.78%
• 3Y*: 20.15%
• 5Y*: 12.72%
• 10Y*: 8.16%

CS1.L

• 1D: 0.82%
• 1M: 3.77%
• YTD: 7.23%
• 6M: 11.11%
• 1Y: 33.77%
• 3Y*: 29.84%
• 5Y*: 19.25%
• 10Y*: 11.07%

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

HDEU.L vs. CS1.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDEU.L PowerShares EURO STOXX High Dividend Low Volatility UCITS	10.26%	35.87%	10.18%	13.58%	-8.23%	21.08%	-17.97%	17.34%	-8.18%	10.01%
CS1.L Amundi ETF MSCI Spain UCITS ETF EUR (C)	7.25%	54.15%	19.62%	26.77%	-0.51%	7.14%	-12.51%	15.14%	-12.51%	11.36%

Correlation

The correlation between HDEU.L and CS1.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 11, 2016	0.78

The correlation between HDEU.L and CS1.L shifts across timeframes, from 0.67 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

HDEU.L vs. CS1.L - Sectors Allocation Comparison

Sectors	HDEU.L	CS1.L
Financial Services	35.6%	40.3%
Utilities	12.1%	19.0%
Real Estate	11.5%	3.3%
Consumer Cyclical	10.2%	10.8%
Basic Materials	9.9%	1.3%
Energy	6.9%	2.8%
Communication Services	6.3%	2.4%
Industrials	3.7%	15.8%
Consumer Defensive	3.7%	0.3%
Healthcare	0.0%	0.7%
Technology	-	3.2%

Return for Risk

HDEU.L vs. CS1.L — Risk / Return Rank

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

HDEU.L

HDEU.L Risk / Return Rank: 64
HDEU.L Sharpe Ratio Rank: 63
HDEU.L Sortino Ratio Rank: 58
HDEU.L Omega Ratio Rank: 64
HDEU.L Calmar Ratio Rank: 72
HDEU.L Martin Ratio Rank: 64

CS1.L

CS1.L Risk / Return Rank: 70
CS1.L Sharpe Ratio Rank: 72
CS1.L Sortino Ratio Rank: 68
CS1.L Omega Ratio Rank: 71
CS1.L Calmar Ratio Rank: 73
CS1.L Martin Ratio Rank: 67

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.

HDEU.L vs. CS1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PowerShares EURO STOXX High Dividend Low Volatility UCITS (HDEU.L) and Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.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.

	HDEU.L	CS1.L	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.07	0.00
Sortino ratio: Return per unit of downside risk	2.74	2.86	-0.12
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	3.57	3.51	+0.05
Martin ratio: Return relative to average drawdown	11.36	11.91	-0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDEU.L vs. CS1.L - Sharpe Ratio Comparison

The current HDEU.L Sharpe Ratio is 2.07, which is comparable to the CS1.L Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of HDEU.L and CS1.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.

Sharpe Ratios by Period

	HDEU.L	CS1.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	2.07	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	1.15	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.59	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.47	+0.04

Drawdowns

HDEU.L vs. CS1.L - Drawdown Comparison

The maximum HDEU.L drawdown since its inception was -40.22%, roughly equal to the maximum CS1.L drawdown of -40.84%. Use the drawdown chart below to compare losses from any high point for HDEU.L and CS1.L.

Drawdown Indicators

	HDEU.L	CS1.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.22%	-40.84%	+0.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.88%	-9.56%	+3.68%
Max Drawdown (3Y) Largest decline over 3 years	-12.86%	-12.80%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-22.45%	-18.13%	-4.32%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-40.59%	+0.37%
Current Drawdown Current decline from peak	-1.97%	-0.35%	-1.62%
Average Drawdown Average peak-to-trough decline	-5.72%	-10.26%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.83%	-0.98%

Volatility

HDEU.L vs. CS1.L - Volatility Comparison

The current volatility for PowerShares EURO STOXX High Dividend Low Volatility UCITS (HDEU.L) is 3.12%, while Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L) has a volatility of 4.65%. This indicates that HDEU.L experiences smaller price fluctuations and is considered to be less risky than CS1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDEU.L	CS1.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	4.65%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	13.34%	-5.49%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	16.23%	-6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.50%	16.67%	-3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	18.84%	-2.89%

HDEU.L vs. CS1.L - Expense Ratio Comparison

HDEU.L has a 0.30% expense ratio, which is higher than CS1.L's 0.25% expense ratio.

Dividends

HDEU.L vs. CS1.L - Dividend Comparison

HDEU.L's dividend yield for the trailing twelve months is around 3.98%, while CS1.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CS1.L Amundi ETF MSCI Spain UCITS ETF EUR (C)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDEU.L PowerShares EURO STOXX High Dividend Low Volatility UCITS	3.98%	4.71%	5.77%	5.56%	5.60%	4.21%	3.04%	4.50%	4.38%	3.44%	3.59%

Frequently Asked Questions

Can I hold both HDEU.L and CS1.L in my portfolio?

HDEU.L and CS1.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDEU.L or CS1.L?

On fees, CS1.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDEU.L or CS1.L?

CS1.L is cheaper with a 0.25% expense ratio, compared with 0.30% for HDEU.L.

What is the main difference between HDEU.L and CS1.L?

HDEU.L tracks MSCI EMU NR EUR, while CS1.L tracks BME IBEX 35 NR EUR. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.30% for HDEU.L and 0.25% for CS1.L.