IBCH.DE vs. EUNL.DE
IBCH.DE (iShares MSCI World EUR Hedged UCITS ETF Accumulating) and EUNL.DE (iShares Core MSCI World UCITS ETF USD (Acc)) are both Global Equities funds from iShares - IBCH.DE tracks the MSCI World 100% Hedged to EUR Net while EUNL.DE tracks the MSCI World Index. Both are passively managed. Over the past 10 years, IBCH.DE returned 11.23%/yr vs 12.82%/yr for EUNL.DE. Their correlation of 0.87 suggests significant overlap in exposure. IBCH.DE charges 0.55%/yr vs 0.20%/yr for EUNL.DE.
Performance
IBCH.DE vs. EUNL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBCH.DE achieves a 8.84% return, which is significantly lower than EUNL.DE's 10.86% return. Over the past 10 years, IBCH.DE has underperformed EUNL.DE with an annualized return of 11.23%, while EUNL.DE has yielded a comparatively higher 12.82% annualized return.
IBCH.DE
- 1D
- 0.09%
- 1M
- 2.82%
- YTD
- 8.84%
- 6M
- 9.58%
- 1Y
- 23.44%
- 3Y*
- 18.41%
- 5Y*
- 10.57%
- 10Y*
- 11.23%
EUNL.DE
- 1D
- 0.02%
- 1M
- 4.80%
- YTD
- 10.86%
- 6M
- 11.29%
- 1Y
- 23.80%
- 3Y*
- 17.55%
- 5Y*
- 12.89%
- 10Y*
- 12.82%
IBCH.DE vs. EUNL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBCH.DE iShares MSCI World EUR Hedged UCITS ETF Accumulating | 8.84% | 16.80% | 19.60% | 21.25% | -18.84% | 23.63% | 11.16% | 24.84% | -10.33% | 16.64% |
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 10.86% | 7.90% | 25.93% | 20.13% | -13.59% | 32.71% | 5.48% | 31.34% | -5.13% | 7.71% |
Correlation
The correlation between IBCH.DE and EUNL.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 | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2011 | 0.87 |
The correlation between IBCH.DE and EUNL.DE has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.
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Return for Risk
IBCH.DE vs. EUNL.DE — Risk / Return Rank
IBCH.DE
EUNL.DE
IBCH.DE vs. EUNL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World EUR Hedged UCITS ETF Accumulating (IBCH.DE) and iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.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.
| IBCH.DE | EUNL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.40 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | 3.64 | -0.61 |
| Martin ratioReturn relative to average drawdown | 13.04 | 14.52 | -1.48 |
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
| IBCH.DE | EUNL.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 2.12 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.90 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.84 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.82 | -0.18 |
Drawdowns
IBCH.DE vs. EUNL.DE - Drawdown Comparison
The maximum IBCH.DE drawdown since its inception was -33.56%, roughly equal to the maximum EUNL.DE drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for IBCH.DE and EUNL.DE.
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Drawdown Indicators
| IBCH.DE | EUNL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.56% | -33.63% | +0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -7.79% | -6.50% | -1.29% |
Max Drawdown (3Y)Largest decline over 3 years | -17.58% | -21.73% | +4.15% |
Max Drawdown (5Y)Largest decline over 5 years | -23.68% | -21.73% | -1.95% |
Max Drawdown (10Y)Largest decline over 10 years | -33.56% | -33.63% | +0.07% |
Current DrawdownCurrent decline from peak | -0.39% | -0.31% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -4.62% | -4.25% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 1.64% | +0.18% |
Volatility
IBCH.DE vs. EUNL.DE - Volatility Comparison
iShares MSCI World EUR Hedged UCITS ETF Accumulating (IBCH.DE) has a higher volatility of 2.94% compared to iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE) at 2.62%. This indicates that IBCH.DE's price experiences larger fluctuations and is considered to be riskier than EUNL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCH.DE | EUNL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.94% | 2.62% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 8.62% | 7.72% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.40% | 11.16% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.85% | 14.17% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.32% | 15.17% | +0.15% |
IBCH.DE vs. EUNL.DE - Expense Ratio Comparison
IBCH.DE has a 0.55% expense ratio, which is higher than EUNL.DE's 0.20% expense ratio.
Dividends
IBCH.DE vs. EUNL.DE - Dividend Comparison
Neither IBCH.DE nor EUNL.DE has paid dividends to shareholders.
Frequently Asked Questions
IBCH.DE and EUNL.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.
On fees, EUNL.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNL.DE is cheaper with a 0.20% expense ratio, compared with 0.55% for IBCH.DE.
IBCH.DE tracks MSCI World 100% Hedged to EUR Net, while EUNL.DE tracks MSCI World Index. Their fees differ too: 0.55% for IBCH.DE and 0.20% for EUNL.DE.
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