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IEEM.L vs. CUKS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEEM.L vs. CUKS.L

Last updated Jun 26, 2026

IEEM.L (iShares MSCI EM UCITS ETF (Dist)) and CUKS.L (iShares MSCI UK Small Cap UCITS ETF (Acc)) are both exchange-traded funds - IEEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while CUKS.L is a Europe Equities fund tracking the FTSE Small Cap Ex Invest Trust TR GBP. Both are passively managed. Over the past 10 years, IEEM.L returned 10.57%/yr vs 6.40%/yr for CUKS.L. A 0.52 correlation means they provide meaningful diversification when combined. IEEM.L charges 0.18%/yr vs 0.58%/yr for CUKS.L.

Performance

IEEM.L vs. CUKS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI EM UCITS ETF (Dist) (IEEM.L) and iShares MSCI UK Small Cap UCITS ETF (Acc) (CUKS.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, IEEM.L achieves a 26.68% return, which is significantly higher than CUKS.L's 3.89% return. Over the past 10 years, IEEM.L has outperformed CUKS.L with an annualized return of 10.57%, while CUKS.L has yielded a comparatively lower 6.40% annualized return.

IEEM.L

1D
0.44%
1M
2.28%
YTD
26.68%
6M
28.23%
1Y
49.41%
3Y*
21.88%
5Y*
8.38%
10Y*
10.57%

CUKS.L

1D
0.53%
1M
0.27%
YTD
3.89%
6M
4.43%
1Y
10.46%
3Y*
12.19%
5Y*
1.72%
10Y*
6.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEEM.L vs. CUKS.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		26.68%25.76%9.15%3.25%-10.39%-2.10%15.38%12.09%-9.60%24.46%
CUKS.L
iShares MSCI UK Small Cap UCITS ETF (Acc)		3.89%14.90%5.74%9.76%-22.81%14.33%-6.24%29.73%-15.36%20.13%

Correlation

The correlation between IEEM.L and CUKS.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

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

0.45

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

0.46

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

0.48

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2010

0.52

The correlation between IEEM.L and CUKS.L shifts across timeframes, from 0.35 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

IEEM.L vs. CUKS.L - Sectors Allocation Comparison

Sectors
IEEM.L
CUKS.L

Technology

44.3%
3.8%

Financial Services

17.6%
23.3%

Consumer Cyclical

8.4%
18.1%

Industrials

6.6%
20.6%

Communication Services

6.0%
6.8%

Basic Materials

5.8%
6.0%

Energy

3.4%
3.3%

Consumer Defensive

2.6%
3.9%

Healthcare

2.5%
3.1%

Utilities

1.9%
2.6%

Real Estate

1.0%
8.5%

Technology

IEEM.L
44.3%
CUKS.L
3.8%

Financial Services

IEEM.L
17.6%
CUKS.L
23.3%

Consumer Cyclical

IEEM.L
8.4%
CUKS.L
18.1%

Industrials

IEEM.L
6.6%
CUKS.L
20.6%

Communication Services

IEEM.L
6.0%
CUKS.L
6.8%

Basic Materials

IEEM.L
5.8%
CUKS.L
6.0%

Energy

IEEM.L
3.4%
CUKS.L
3.3%

Consumer Defensive

IEEM.L
2.6%
CUKS.L
3.9%

Healthcare

IEEM.L
2.5%
CUKS.L
3.1%

Utilities

IEEM.L
1.9%
CUKS.L
2.6%

Real Estate

IEEM.L
1.0%
CUKS.L
8.5%

Compare stocks, funds, or ETFs

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iShares MSCI EM UCITS ETF (Dist)

iShares MSCI UK Small Cap UCITS ETF (Acc)

Often compared with IEEM.L:
IEEM.L vs. EIMI.LIEEM.L vs. VFEM.DEIEEM.L vs. HMEF.LIEEM.L vs. ISP6.LIEEM.L vs. 36B5.DEIEEM.L vs. VFEG.LIEEM.L vs. VOO
Often compared with CUKS.L:
CUKS.L vs. VMIG.LCUKS.L vs. MIDD.LCUKS.L vs. IITU.LCUKS.L vs. CUKX.LCUKS.L vs. AEICUKS.L vs. VUKG.LCUKS.L vs. AVUV

Return for Risk

IEEM.L vs. CUKS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEEM.L
IEEM.L Risk / Return Rank: 8787
Overall Rank
IEEM.L Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
IEEM.L Sortino Ratio Rank: 8686
Sortino Ratio Rank
IEEM.L Omega Ratio Rank: 9090
Omega Ratio Rank
IEEM.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
IEEM.L Martin Ratio Rank: 8484
Martin Ratio Rank
CUKS.L
CUKS.L Risk / Return Rank: 2222
Overall Rank
CUKS.L Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
CUKS.L Sortino Ratio Rank: 2222
Sortino Ratio Rank
CUKS.L Omega Ratio Rank: 2222
Omega Ratio Rank
CUKS.L Calmar Ratio Rank: 2020
Calmar Ratio Rank
CUKS.L Martin Ratio Rank: 2323
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.

IEEM.L vs. CUKS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EM UCITS ETF (Dist) (IEEM.L) and iShares MSCI UK Small Cap UCITS ETF (Acc) (CUKS.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

IEEM.LCUKS.LDifference
Sharpe ratioReturn per unit of total volatility
2.66
0.76

+1.89

Sortino ratioReturn per unit of downside risk
3.36
1.19

+2.18

Omega ratioGain probability vs. loss probability

1.50

1.15

+0.35

Calmar ratioReturn relative to maximum drawdown

4.39

0.85

+3.54

Martin ratioReturn relative to average drawdown

14.84

2.66

+12.17

IEEM.L vs. CUKS.L - Sharpe Ratio Comparison

The current IEEM.L Sharpe Ratio is 2.66, which is higher than the CUKS.L Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of IEEM.L and CUKS.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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Drawdowns

IEEM.L vs. CUKS.L - Drawdown Comparison

The maximum IEEM.L drawdown since its inception was -53.80%, which is greater than CUKS.L's maximum drawdown of -42.42%. Use the drawdown chart below to compare losses from any high point for IEEM.L and CUKS.L.

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Drawdown Indicators

IEEM.LCUKS.LDifference

Max Drawdown

Largest peak-to-trough decline

-53.80%

-42.42%

-11.38%

Max Drawdown (1Y)

Largest decline over 1 year

-11.21%

-12.28%

+1.07%

Max Drawdown (3Y)

Largest decline over 3 years

-15.56%

-16.88%

+1.32%

Max Drawdown (5Y)

Largest decline over 5 years

-23.96%

-35.35%

+11.39%

Max Drawdown (10Y)

Largest decline over 10 years

-27.50%

-42.42%

+14.92%

Current Drawdown

Current decline from peak

-4.26%

-2.89%

-1.37%

Average Drawdown

Average peak-to-trough decline

-11.40%

-8.96%

-2.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.32%

3.92%

-0.60%

Volatility

IEEM.L vs. CUKS.L - Volatility Comparison

iShares MSCI EM UCITS ETF (Dist) (IEEM.L) has a higher volatility of 8.75% compared to iShares MSCI UK Small Cap UCITS ETF (Acc) (CUKS.L) at 3.73%. This indicates that IEEM.L's price experiences larger fluctuations and is considered to be riskier than CUKS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEEM.LCUKS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.75%

3.73%

+5.02%

Volatility (6M)

Calculated over the trailing 6-month period

16.42%

11.40%

+5.02%

Volatility (1Y)

Calculated over the trailing 1-year period

18.50%

13.64%

+4.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.68%

16.02%

+0.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.23%

16.75%

+1.48%

IEEM.L vs. CUKS.L - Expense Ratio Comparison

IEEM.L has a 0.18% expense ratio, which is lower than CUKS.L's 0.58% expense ratio.

Dividends

IEEM.L vs. CUKS.L - Dividend Comparison

IEEM.L's dividend yield for the trailing twelve months is around 1.48%, while CUKS.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CUKS.L
iShares MSCI UK Small Cap UCITS ETF (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IEEM.L
iShares MSCI EM UCITS ETF (Dist)		1.48%1.84%2.22%2.32%2.84%2.00%1.54%1.84%1.91%1.42%1.56%2.20%

Frequently Asked Questions

IEEM.L and CUKS.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

IEEM.L is cheaper with a 0.18% expense ratio, compared with 0.58% for CUKS.L.

IEEM.L is categorized as Emerging Markets Equities, while CUKS.L is Europe Equities. IEEM.L tracks MSCI EM NR USD, while CUKS.L tracks FTSE Small Cap Ex Invest Trust TR GBP. Their fees differ too: 0.18% for IEEM.L and 0.58% for CUKS.L.

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