IAEX.AS vs. IEUX.AS

Last updated Jun 5, 2026

IAEX.AS (iShares AEX UCITS ETF) and IEUX.AS (iShares MSCI Europe ex-UK UCITS ETF) are both Europe Equities funds from iShares - IAEX.AS tracks the Euronext AEX All Share TR EUR while IEUX.AS tracks the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 10 years, IAEX.AS returned 11.40%/yr vs 9.38%/yr for IEUX.AS. Their correlation of 0.84 suggests significant overlap in exposure. IAEX.AS charges 0.30%/yr vs 0.40%/yr for IEUX.AS.

Performance

IAEX.AS vs. IEUX.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares AEX UCITS ETF (IAEX.AS) and iShares MSCI Europe ex-UK UCITS ETF (IEUX.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAEX.AS achieves a 11.70% return, which is significantly higher than IEUX.AS's 7.22% return. Over the past 10 years, IAEX.AS has outperformed IEUX.AS with an annualized return of 11.40%, while IEUX.AS has yielded a comparatively lower 9.38% annualized return.

IAEX.AS

• 1D: 0.32%
• 1M: 3.90%
• YTD: 11.70%
• 6M: 11.74%
• 1Y: 15.72%
• 3Y*: 13.58%
• 5Y*: 10.11%
• 10Y*: 11.40%

IEUX.AS

• 1D: 0.77%
• 1M: 3.88%
• YTD: 7.22%
• 6M: 10.02%
• 1Y: 15.22%
• 3Y*: 13.17%
• 5Y*: 9.05%
• 10Y*: 9.38%

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

IAEX.AS vs. IEUX.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAEX.AS iShares AEX UCITS ETF	11.70%	10.37%	14.23%	16.75%	-12.11%	30.21%	4.78%	27.67%	-8.03%	15.97%
IEUX.AS iShares MSCI Europe ex-UK UCITS ETF	7.22%	19.55%	7.52%	17.22%	-12.30%	25.00%	1.67%	26.50%	-10.21%	11.50%

Correlation

The correlation between IAEX.AS and IEUX.AS is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 2, 2006	0.84

The correlation between IAEX.AS and IEUX.AS has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

IAEX.AS vs. IEUX.AS — Risk / Return Rank

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

IAEX.AS

IAEX.AS Risk / Return Rank: 36
IAEX.AS Sharpe Ratio Rank: 33
IAEX.AS Sortino Ratio Rank: 32
IAEX.AS Omega Ratio Rank: 31
IAEX.AS Calmar Ratio Rank: 46
IAEX.AS Martin Ratio Rank: 37

IEUX.AS

IEUX.AS Risk / Return Rank: 33
IEUX.AS Sharpe Ratio Rank: 31
IEUX.AS Sortino Ratio Rank: 32
IEUX.AS Omega Ratio Rank: 31
IEUX.AS Calmar Ratio Rank: 31
IEUX.AS Martin Ratio Rank: 37

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.

IAEX.AS vs. IEUX.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares AEX UCITS ETF (IAEX.AS) and iShares MSCI Europe ex-UK UCITS ETF (IEUX.AS). 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.

	IAEX.AS	IEUX.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.11	+0.07
Sortino ratio: Return per unit of downside risk	1.69	1.68	+0.01
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	2.29	1.51	+0.78
Martin ratio: Return relative to average drawdown	5.61	5.58	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAEX.AS vs. IEUX.AS - Sharpe Ratio Comparison

The current IAEX.AS Sharpe Ratio is 1.17, which is comparable to the IEUX.AS Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of IAEX.AS and IEUX.AS, 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

	IAEX.AS	IEUX.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.11	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.60	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.59	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.30	+0.01

Drawdowns

IAEX.AS vs. IEUX.AS - Drawdown Comparison

The maximum IAEX.AS drawdown since its inception was -64.96%, which is greater than IEUX.AS's maximum drawdown of -60.28%. Use the drawdown chart below to compare losses from any high point for IAEX.AS and IEUX.AS.

Drawdown Indicators

	IAEX.AS	IEUX.AS	Difference
Max Drawdown Largest peak-to-trough decline	-64.96%	-60.28%	-4.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	-9.94%	+3.16%
Max Drawdown (3Y) Largest decline over 3 years	-15.83%	-16.22%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-22.47%	+0.08%
Max Drawdown (10Y) Largest decline over 10 years	-35.49%	-34.79%	-0.70%
Current Drawdown Current decline from peak	-0.60%	-1.26%	+0.66%
Average Drawdown Average peak-to-trough decline	-17.21%	-14.68%	-2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.70%	+0.09%

Volatility

IAEX.AS vs. IEUX.AS - Volatility Comparison

The current volatility for iShares AEX UCITS ETF (IAEX.AS) is 3.84%, while iShares MSCI Europe ex-UK UCITS ETF (IEUX.AS) has a volatility of 4.35%. This indicates that IAEX.AS experiences smaller price fluctuations and is considered to be less risky than IEUX.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAEX.AS	IEUX.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	4.35%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	10.55%	11.20%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	13.25%	13.59%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	14.97%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	15.72%	+0.50%

IAEX.AS vs. IEUX.AS - Expense Ratio Comparison

IAEX.AS has a 0.30% expense ratio, which is lower than IEUX.AS's 0.40% expense ratio.

Dividends

IAEX.AS vs. IEUX.AS - Dividend Comparison

IAEX.AS's dividend yield for the trailing twelve months is around 1.84%, less than IEUX.AS's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAEX.AS iShares AEX UCITS ETF	1.84%	2.07%	2.13%	2.12%	2.28%	1.54%	1.23%	2.79%	3.15%	2.74%	2.86%	2.90%
IEUX.AS iShares MSCI Europe ex-UK UCITS ETF	1.98%	2.15%	2.36%	2.37%	2.34%	1.62%	1.43%	2.33%	2.65%	2.27%	2.31%	2.16%

Frequently Asked Questions

Can I hold both IAEX.AS and IEUX.AS in my portfolio?

IAEX.AS and IEUX.AS have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IAEX.AS or IEUX.AS?

On fees, IAEX.AS 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, IAEX.AS or IEUX.AS?

IAEX.AS is cheaper with a 0.30% expense ratio, compared with 0.40% for IEUX.AS.

What is the main difference between IAEX.AS and IEUX.AS?

IAEX.AS tracks Euronext AEX All Share TR EUR, while IEUX.AS tracks MSCI Europe Ex UK NR EUR. Their fees differ too: 0.30% for IAEX.AS and 0.40% for IEUX.AS.