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IAEX.L vs. CMU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAEX.L vs. CMU.L

Last updated Jun 5, 2026

IAEX.L (iShares AEX UCITS ETF EUR (Dist)) and CMU.L (Amundi ETF MSCI EMU ESG Leaders Select) are both Europe Equities funds - IAEX.L tracks the Euronext AEX All Share TR EUR while CMU.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, IAEX.L returned 12.93%/yr vs 10.79%/yr for CMU.L. A 0.80 correlation means they provide meaningful diversification when combined. IAEX.L charges 0.30%/yr vs 0.15%/yr for CMU.L.

Performance

IAEX.L vs. CMU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares AEX UCITS ETF EUR (Dist) (IAEX.L) and Amundi ETF MSCI EMU ESG Leaders Select (CMU.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IAEX.L achieves a 10.82% return, which is significantly lower than CMU.L's 15.89% return. Over the past 10 years, IAEX.L has outperformed CMU.L with an annualized return of 12.93%, while CMU.L has yielded a comparatively lower 10.79% annualized return.

IAEX.L

1D
0.41%
1M
4.18%
YTD
10.82%
6M
10.84%
1Y
19.37%
3Y*
14.11%
5Y*
10.66%
10Y*
12.93%

CMU.L

1D
0.33%
1M
8.13%
YTD
15.89%
6M
17.12%
1Y
29.56%
3Y*
16.11%
5Y*
10.52%
10Y*
10.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAEX.L vs. CMU.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAEX.L
iShares AEX UCITS ETF EUR (Dist)		10.82%16.56%9.02%14.52%-5.93%21.34%11.18%22.17%-7.39%21.31%
CMU.L
Amundi ETF MSCI EMU ESG Leaders Select		15.89%25.71%1.42%14.39%-5.30%13.03%4.59%19.05%-11.56%17.21%

Correlation

The correlation between IAEX.L and CMU.L is 0.78, 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

0.78

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Jun 20, 2011

0.80

The correlation between IAEX.L and CMU.L has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

IAEX.L vs. CMU.L - Sectors Allocation Comparison

Sectors
IAEX.L
CMU.L

Technology

27.1%
30.8%

Consumer Defensive

18.4%
5.2%

Financial Services

15.3%
21.8%

Energy

13.5%
0.0%

Industrials

8.3%
15.7%

Basic Materials

5.9%
2.8%

Consumer Cyclical

5.0%
10.1%

Communication Services

4.2%
2.3%

Healthcare

1.9%
4.2%

Real Estate

0.5%
1.3%

Utilities

-

5.8%

Technology

IAEX.L
27.1%
CMU.L
30.8%

Consumer Defensive

IAEX.L
18.4%
CMU.L
5.2%

Financial Services

IAEX.L
15.3%
CMU.L
21.8%

Energy

IAEX.L
13.5%
CMU.L
0.0%

Industrials

IAEX.L
8.3%
CMU.L
15.7%

Basic Materials

IAEX.L
5.9%
CMU.L
2.8%

Consumer Cyclical

IAEX.L
5.0%
CMU.L
10.1%

Communication Services

IAEX.L
4.2%
CMU.L
2.3%

Healthcare

IAEX.L
1.9%
CMU.L
4.2%

Real Estate

IAEX.L
0.5%
CMU.L
1.3%

Utilities

IAEX.L

-

CMU.L
5.8%

Compare stocks, funds, or ETFs

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iShares AEX UCITS ETF EUR (Dist)

Amundi ETF MSCI EMU ESG Leaders Select

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Often compared with CMU.L:
CMU.L vs. CEUR.LCMU.L vs. GLDCMU.L vs. UB06.LCMU.L vs. FLXD.LCMU.L vs. 100D.LCMU.L vs. 500U.LCMU.L vs. BNKE.L

Return for Risk

IAEX.L vs. CMU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAEX.L
IAEX.L Risk / Return Rank: 4646
Overall Rank
IAEX.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
IAEX.L Sortino Ratio Rank: 4343
Sortino Ratio Rank
IAEX.L Omega Ratio Rank: 4444
Omega Ratio Rank
IAEX.L Calmar Ratio Rank: 5353
Calmar Ratio Rank
IAEX.L Martin Ratio Rank: 4545
Martin Ratio Rank
CMU.L
CMU.L Risk / Return Rank: 5858
Overall Rank
CMU.L Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
CMU.L Sortino Ratio Rank: 6060
Sortino Ratio Rank
CMU.L Omega Ratio Rank: 6161
Omega Ratio Rank
CMU.L Calmar Ratio Rank: 5252
Calmar Ratio Rank
CMU.L Martin Ratio Rank: 5656
Martin Ratio Rank
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.L vs. CMU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares AEX UCITS ETF EUR (Dist) (IAEX.L) and Amundi ETF MSCI EMU ESG Leaders Select (CMU.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.

IAEX.LCMU.LDifference
Sharpe ratioReturn per unit of total volatility
1.53
1.98

-0.45

Sortino ratioReturn per unit of downside risk
2.16
2.79

-0.63

Omega ratioGain probability vs. loss probability

1.28

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

2.57

2.58

0.00

Martin ratioReturn relative to average drawdown

7.46

9.67

-2.21

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.L vs. CMU.L - Sharpe Ratio Comparison

The current IAEX.L Sharpe Ratio is 1.53, which is comparable to the CMU.L Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of IAEX.L and CMU.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.

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Sharpe Ratios by Period

IAEX.LCMU.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.53

1.98

-0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

0.66

+0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.65

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.49

-0.24

Drawdowns

IAEX.L vs. CMU.L - Drawdown Comparison

The maximum IAEX.L drawdown since its inception was -63.69%, which is greater than CMU.L's maximum drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for IAEX.L and CMU.L.

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Drawdown Indicators

IAEX.LCMU.LDifference

Max Drawdown

Largest peak-to-trough decline

-63.69%

-32.53%

-31.16%

Max Drawdown (1Y)

Largest decline over 1 year

-7.50%

-11.43%

+3.93%

Max Drawdown (3Y)

Largest decline over 3 years

-12.75%

-11.95%

-0.80%

Max Drawdown (5Y)

Largest decline over 5 years

-21.90%

-21.11%

-0.79%

Max Drawdown (10Y)

Largest decline over 10 years

-28.83%

-31.41%

+2.58%

Current Drawdown

Current decline from peak

0.00%

-0.18%

+0.18%

Average Drawdown

Average peak-to-trough decline

-16.55%

-5.80%

-10.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

3.05%

-0.46%

Volatility

IAEX.L vs. CMU.L - Volatility Comparison

The current volatility for iShares AEX UCITS ETF EUR (Dist) (IAEX.L) is 3.47%, while Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) has a volatility of 5.34%. This indicates that IAEX.L experiences smaller price fluctuations and is considered to be less risky than CMU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IAEX.LCMU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.47%

5.34%

-1.87%

Volatility (6M)

Calculated over the trailing 6-month period

10.12%

12.44%

-2.32%

Volatility (1Y)

Calculated over the trailing 1-year period

12.63%

14.86%

-2.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.16%

16.00%

-0.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.22%

16.78%

+0.44%

IAEX.L vs. CMU.L - Expense Ratio Comparison

IAEX.L has a 0.30% expense ratio, which is higher than CMU.L's 0.15% expense ratio.

Dividends

IAEX.L vs. CMU.L - Dividend Comparison

IAEX.L's dividend yield for the trailing twelve months is around 2.12%, while CMU.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CMU.L
Amundi ETF MSCI EMU ESG Leaders Select		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IAEX.L
iShares AEX UCITS ETF EUR (Dist)		2.12%2.37%2.57%2.43%2.56%1.84%1.57%3.29%3.54%3.09%3.34%3.94%

Frequently Asked Questions

IAEX.L and CMU.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CMU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CMU.L is cheaper with a 0.15% expense ratio, compared with 0.30% for IAEX.L.

IAEX.L tracks Euronext AEX All Share TR EUR, while CMU.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.30% for IAEX.L and 0.15% for CMU.L.

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