ICHN.AS vs. IEUX.AS

Last updated Jun 5, 2026

ICHN.AS (iShares MSCI China UCITS ETF) and IEUX.AS (iShares MSCI Europe ex-UK UCITS ETF) are both exchange-traded funds - ICHN.AS is a China Equities fund tracking the MSCI China NR USD, while IEUX.AS is a Europe Equities fund tracking the MSCI Europe Ex UK NR EUR. Both are passively managed. Over the past 5 years, ICHN.AS returned -5.22%/yr vs 8.04%/yr for IEUX.AS. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

ICHN.AS vs. IEUX.AS - Performance Comparison

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

Different Trading Currencies

ICHN.AS is traded in USD, while IEUX.AS is traded in EUR. To make them comparable, the IEUX.AS values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ICHN.AS achieves a -7.22% return, which is significantly lower than IEUX.AS's 6.00% return.

ICHN.AS

• 1D: -0.49%
• 1M: -2.77%
• YTD: -7.22%
• 6M: -8.68%
• 1Y: 4.44%
• 3Y*: 10.63%
• 5Y*: -5.22%
• 10Y*: —

IEUX.AS

• 1D: 0.90%
• 1M: 3.17%
• YTD: 6.00%
• 6M: 9.71%
• 1Y: 17.20%
• 3Y*: 16.26%
• 5Y*: 8.04%
• 10Y*: 9.63%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ICHN.AS iShares MSCI China UCITS ETF	-7.22%	31.69%	18.56%	-11.72%	-22.52%	-22.05%	29.63%	10.95%
IEUX.AS iShares MSCI Europe ex-UK UCITS ETF	6.00%	35.61%	0.87%	20.93%	-17.57%	16.48%	10.67%	7.29%

Correlation

The correlation between ICHN.AS and IEUX.AS is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.49

Return for Risk

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

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

ICHN.AS

ICHN.AS Risk / Return Rank: 12
ICHN.AS Sharpe Ratio Rank: 12
ICHN.AS Sortino Ratio Rank: 13
ICHN.AS Omega Ratio Rank: 12
ICHN.AS Calmar Ratio Rank: 12
ICHN.AS Martin Ratio Rank: 12

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI China UCITS ETF (ICHN.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.

	ICHN.AS	IEUX.AS	Difference
Sharpe ratio: Return per unit of total volatility	0.22	1.09	-0.87
Sortino ratio: Return per unit of downside risk	0.46	1.66	-1.20
Omega ratio: Gain probability vs. loss probability	1.05	1.20	-0.15
Calmar ratio: Return relative to maximum drawdown	0.26	1.43	-1.17
Martin ratio: Return relative to average drawdown	0.54	5.05	-4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ICHN.AS Sharpe Ratio is 0.22, which is lower than the IEUX.AS Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of ICHN.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

	ICHN.AS	IEUX.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	1.09	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.44	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.17	-0.11

Drawdowns

ICHN.AS vs. IEUX.AS - Drawdown Comparison

The maximum ICHN.AS drawdown since its inception was -62.67%, roughly equal to the maximum IEUX.AS drawdown of -64.08%. Use the drawdown chart below to compare losses from any high point for ICHN.AS and IEUX.AS.

Drawdown Indicators

	ICHN.AS	IEUX.AS	Difference
Max Drawdown Largest peak-to-trough decline	-62.67%	-64.08%	+1.41%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-11.88%	-5.11%
Max Drawdown (3Y) Largest decline over 3 years	-25.22%	-15.15%	-10.07%
Max Drawdown (5Y) Largest decline over 5 years	-56.46%	-33.98%	-22.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.16%	—
Current Drawdown Current decline from peak	-35.29%	-1.52%	-33.77%
Average Drawdown Average peak-to-trough decline	-33.80%	-18.72%	-15.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.21%	3.38%	+4.83%

Volatility

ICHN.AS vs. IEUX.AS - Volatility Comparison

iShares MSCI China UCITS ETF (ICHN.AS) has a higher volatility of 7.61% compared to iShares MSCI Europe ex-UK UCITS ETF (IEUX.AS) at 4.89%. This indicates that ICHN.AS's price experiences larger fluctuations and is considered to be riskier than IEUX.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICHN.AS	IEUX.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	4.89%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	14.71%	12.88%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	20.03%	15.54%	+4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.04%	18.33%	+10.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.75%	18.02%	+10.73%

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

Both ICHN.AS and IEUX.AS have an expense ratio of 0.40%.

Dividends

ICHN.AS vs. IEUX.AS - Dividend Comparison

ICHN.AS has not paid dividends to shareholders, while IEUX.AS's dividend yield for the trailing twelve months is around 1.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICHN.AS iShares MSCI China UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 ICHN.AS and IEUX.AS in my portfolio?

ICHN.AS and IEUX.AS have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICHN.AS or IEUX.AS?

ICHN.AS and IEUX.AS have the same expense ratio: 0.40% per year.

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

ICHN.AS is categorized as China Equities, while IEUX.AS is Europe Equities. ICHN.AS tracks MSCI China NR USD, while IEUX.AS tracks MSCI Europe Ex UK NR EUR.