IAU vs. CEMU.AS
IAU (iShares Gold Trust) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, IAU returned 12.71%/yr vs 10.28%/yr for CEMU.AS. At a 0.16 correlation, their price movements are largely independent. IAU charges 0.25%/yr vs 0.12%/yr for CEMU.AS.
Performance
IAU vs. CEMU.AS - Performance Comparison
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Different Trading Currencies
IAU is traded in USD, while CEMU.AS is traded in EUR. To make them comparable, the CEMU.AS values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IAU achieves a 0.26% return, which is significantly lower than CEMU.AS's 7.43% return. Over the past 10 years, IAU has outperformed CEMU.AS with an annualized return of 12.71%, while CEMU.AS has yielded a comparatively lower 10.28% annualized return.
IAU
- 1D
- 0.20%
- 1M
- -8.43%
- YTD
- 0.26%
- 6M
- 3.08%
- 1Y
- 30.27%
- 3Y*
- 29.88%
- 5Y*
- 17.71%
- 10Y*
- 12.71%
CEMU.AS
- 1D
- 0.71%
- 1M
- 2.27%
- YTD
- 7.43%
- 6M
- 10.27%
- 1Y
- 19.70%
- 3Y*
- 19.28%
- 5Y*
- 9.59%
- 10Y*
- 10.28%
IAU vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.26% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 7.43% | 41.13% | 3.27% | 22.39% | -17.01% | 14.73% | 8.27% | 22.65% | -15.93% | 28.59% |
Correlation
The correlation between IAU and CEMU.AS is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014 | 0.16 |
The correlation between IAU and CEMU.AS shifts across timeframes, from 0.16 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IAU vs. CEMU.AS — Risk / Return Rank
IAU
CEMU.AS
IAU vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.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.
| IAU | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.22 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.61 | -0.09 |
| Martin ratioReturn relative to average drawdown | 3.80 | 5.72 | -1.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IAU | CEMU.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 1.21 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 0.48 | +0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.80 | 0.52 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.41 | +0.20 |
Drawdowns
IAU vs. CEMU.AS - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than CEMU.AS's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for IAU and CEMU.AS.
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Drawdown Indicators
| IAU | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -40.14% | -5.00% |
Max Drawdown (1Y)Largest decline over 1 year | -20.04% | -12.28% | -7.76% |
Max Drawdown (3Y)Largest decline over 3 years | -20.04% | -15.10% | -4.94% |
Max Drawdown (5Y)Largest decline over 5 years | -20.93% | -35.94% | +15.01% |
Max Drawdown (10Y)Largest decline over 10 years | -21.82% | -40.14% | +18.32% |
Current DrawdownCurrent decline from peak | -19.88% | -0.83% | -19.05% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -8.32% | -7.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.99% | 3.47% | +4.52% |
Volatility
IAU vs. CEMU.AS - Volatility Comparison
iShares Gold Trust (IAU) has a higher volatility of 5.64% compared to iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) at 5.10%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than CEMU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 5.10% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 23.33% | 13.64% | +9.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.68% | 16.36% | +10.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.02% | 19.55% | -1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 19.46% | -3.52% |
IAU vs. CEMU.AS - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is higher than CEMU.AS's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IAU vs. CEMU.AS - Dividend Comparison
Neither IAU nor CEMU.AS has paid dividends to shareholders.
Frequently Asked Questions
IAU and CEMU.AS have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMU.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.25% for IAU.
IAU is categorized as Gold, while CEMU.AS is Europe Equities. IAU tracks LBMA Gold Price, while CEMU.AS tracks MSCI EMU NR EUR. Their fees differ too: 0.25% for IAU and 0.12% for CEMU.AS.
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