IBC3.DE vs. EUNZ.DE

Last updated Jun 5, 2026

IBC3.DE (iShares Core MSCI Emerging Markets IMI UCITS ETF) and EUNZ.DE (iShares Edge MSCI EM Minimum Volatility UCITS ETF) are both Emerging Markets Equities funds from iShares - IBC3.DE tracks the MSCI Emerging Markets Investable Market (IMI) while EUNZ.DE tracks the MSCI Emerging Markets Minimum Volatility. Both are passively managed. Over the past 5 years, IBC3.DE returned 8.85%/yr vs 6.48%/yr for EUNZ.DE. Their correlation of 0.89 suggests significant overlap in exposure. IBC3.DE charges 0.18%/yr vs 0.40%/yr for EUNZ.DE.

Performance

IBC3.DE vs. EUNZ.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Core MSCI Emerging Markets IMI UCITS ETF (IBC3.DE) and iShares Edge MSCI EM Minimum Volatility UCITS ETF (EUNZ.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBC3.DE achieves a 25.91% return, which is significantly higher than EUNZ.DE's 18.69% return.

IBC3.DE

• 1D: -1.44%
• 1M: 5.28%
• YTD: 25.91%
• 6M: 27.63%
• 1Y: 47.26%
• 3Y*: 20.30%
• 5Y*: 8.85%
• 10Y*: —

EUNZ.DE

• 1D: -1.19%
• 1M: 5.16%
• YTD: 18.69%
• 6M: 18.37%
• 1Y: 22.59%
• 3Y*: 11.07%
• 5Y*: 6.48%
• 10Y*: 6.20%

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

IBC3.DE vs. EUNZ.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IBC3.DE iShares Core MSCI Emerging Markets IMI UCITS ETF	25.91%	17.59%	14.06%	7.48%	-13.80%	7.38%	7.44%	21.30%	-9.19%
EUNZ.DE iShares Edge MSCI EM Minimum Volatility UCITS ETF	18.69%	-0.15%	15.73%	3.85%	-8.85%	13.05%	-2.49%	10.59%	-0.96%

Correlation

The correlation between IBC3.DE and EUNZ.DE is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 9, 2018	0.89

The correlation between IBC3.DE and EUNZ.DE has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

IBC3.DE vs. EUNZ.DE — Risk / Return Rank

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

IBC3.DE

IBC3.DE Risk / Return Rank: 83
IBC3.DE Sharpe Ratio Rank: 84
IBC3.DE Sortino Ratio Rank: 83
IBC3.DE Omega Ratio Rank: 83
IBC3.DE Calmar Ratio Rank: 84
IBC3.DE Martin Ratio Rank: 82

EUNZ.DE

EUNZ.DE Risk / Return Rank: 58
EUNZ.DE Sharpe Ratio Rank: 55
EUNZ.DE Sortino Ratio Rank: 57
EUNZ.DE Omega Ratio Rank: 58
EUNZ.DE Calmar Ratio Rank: 61
EUNZ.DE Martin Ratio Rank: 60

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.

IBC3.DE vs. EUNZ.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI UCITS ETF (IBC3.DE) and iShares Edge MSCI EM Minimum Volatility UCITS ETF (EUNZ.DE). 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.

	IBC3.DE	EUNZ.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.85	+0.86
Sortino ratio: Return per unit of downside risk	3.65	2.65	+0.99
Omega ratio: Gain probability vs. loss probability	1.49	1.35	+0.14
Calmar ratio: Return relative to maximum drawdown	4.51	3.00	+1.52
Martin ratio: Return relative to average drawdown	16.28	10.57	+5.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBC3.DE vs. EUNZ.DE - Sharpe Ratio Comparison

The current IBC3.DE Sharpe Ratio is 2.71, which is higher than the EUNZ.DE Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of IBC3.DE and EUNZ.DE, 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

	IBC3.DE	EUNZ.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	1.85	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.56	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.35	+0.12

Drawdowns

IBC3.DE vs. EUNZ.DE - Drawdown Comparison

The maximum IBC3.DE drawdown since its inception was -31.89%, roughly equal to the maximum EUNZ.DE drawdown of -30.47%. Use the drawdown chart below to compare losses from any high point for IBC3.DE and EUNZ.DE.

Drawdown Indicators

	IBC3.DE	EUNZ.DE	Difference
Max Drawdown Largest peak-to-trough decline	-31.89%	-30.47%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-7.50%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-14.00%	-5.08%
Max Drawdown (5Y) Largest decline over 5 years	-21.95%	-14.00%	-7.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.15%	—
Current Drawdown Current decline from peak	-2.52%	-1.96%	-0.56%
Average Drawdown Average peak-to-trough decline	-7.84%	-7.62%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.13%	+0.76%

Volatility

IBC3.DE vs. EUNZ.DE - Volatility Comparison

iShares Core MSCI Emerging Markets IMI UCITS ETF (IBC3.DE) has a higher volatility of 7.06% compared to iShares Edge MSCI EM Minimum Volatility UCITS ETF (EUNZ.DE) at 4.75%. This indicates that IBC3.DE's price experiences larger fluctuations and is considered to be riskier than EUNZ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBC3.DE	EUNZ.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	4.75%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	10.35%	+4.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	12.18%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	11.41%	+4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	13.32%	+5.10%

IBC3.DE vs. EUNZ.DE - Expense Ratio Comparison

IBC3.DE has a 0.18% expense ratio, which is lower than EUNZ.DE's 0.40% expense ratio.

Dividends

IBC3.DE vs. EUNZ.DE - Dividend Comparison

IBC3.DE's dividend yield for the trailing twelve months is around 1.88%, while EUNZ.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EUNZ.DE iShares Edge MSCI EM Minimum Volatility UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IBC3.DE iShares Core MSCI Emerging Markets IMI UCITS ETF	1.88%	2.26%	2.44%	2.69%	3.36%	2.18%	2.09%	2.56%	2.08%

Frequently Asked Questions

Can I hold both IBC3.DE and EUNZ.DE in my portfolio?

IBC3.DE and EUNZ.DE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBC3.DE or EUNZ.DE?

On fees, IBC3.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBC3.DE or EUNZ.DE?

IBC3.DE is cheaper with a 0.18% expense ratio, compared with 0.40% for EUNZ.DE.

What is the main difference between IBC3.DE and EUNZ.DE?

IBC3.DE tracks MSCI Emerging Markets Investable Market (IMI), while EUNZ.DE tracks MSCI Emerging Markets Minimum Volatility. Their fees differ too: 0.18% for IBC3.DE and 0.40% for EUNZ.DE.