IEMU.L vs. ISX5.L

Last updated Jun 5, 2026

IEMU.L (iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc)) and ISX5.L (iShares Core EURO STOXX 50 UCITS ETF) are both Europe Equities funds from iShares tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 5 years, IEMU.L returned 9.61%/yr vs 10.52%/yr for ISX5.L. Their correlation of 0.86 suggests significant overlap in exposure. IEMU.L charges 0.12%/yr vs 0.00%/yr for ISX5.L.

Performance

IEMU.L vs. ISX5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc) (IEMU.L) and iShares Core EURO STOXX 50 UCITS ETF (ISX5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEMU.L achieves a 8.00% return, which is significantly higher than ISX5.L's 6.38% return.

IEMU.L

• 1D: 0.59%
• 1M: 0.86%
• YTD: 8.00%
• 6M: 10.61%
• 1Y: 19.54%
• 3Y*: 19.32%
• 5Y*: 9.61%
• 10Y*: —

ISX5.L

• 1D: 0.93%
• 1M: 0.69%
• YTD: 6.38%
• 6M: 8.51%
• 1Y: 17.46%
• 3Y*: 18.45%
• 5Y*: 10.52%
• 10Y*: —

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

IEMU.L vs. ISX5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IEMU.L iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc)	8.00%	39.99%	3.03%	24.18%	-17.17%	13.22%	7.98%	7.94%
ISX5.L iShares Core EURO STOXX 50 UCITS ETF	6.38%	37.35%	4.89%	27.49%	-14.22%	13.65%	7.93%	6.71%

Correlation

The correlation between IEMU.L and ISX5.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 19, 2019	0.86

The correlation between IEMU.L and ISX5.L shifts across timeframes, from 0.86 (all time) to 0.99 (1 year), reflecting how their relationship changes across market environments.

IEMU.L vs. ISX5.L - Sectors Allocation Comparison

Sectors	IEMU.L	ISX5.L
Financial Services	24.0%	25.0%
Industrials	21.0%	21.4%
Technology	15.9%	17.0%
Consumer Cyclical	8.4%	9.8%
Utilities	6.4%	4.7%
Healthcare	5.6%	5.3%
Consumer Defensive	5.6%	5.6%
Communication Services	4.3%	2.5%
Basic Materials	4.0%	3.5%
Energy	3.9%	5.3%
Real Estate	0.9%	-

Return for Risk

IEMU.L vs. ISX5.L — Risk / Return Rank

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

IEMU.L

IEMU.L Risk / Return Rank: 35
IEMU.L Sharpe Ratio Rank: 34
IEMU.L Sortino Ratio Rank: 35
IEMU.L Omega Ratio Rank: 34
IEMU.L Calmar Ratio Rank: 33
IEMU.L Martin Ratio Rank: 38

ISX5.L

ISX5.L Risk / Return Rank: 29
ISX5.L Sharpe Ratio Rank: 28
ISX5.L Sortino Ratio Rank: 29
ISX5.L Omega Ratio Rank: 29
ISX5.L Calmar Ratio Rank: 29
ISX5.L Martin Ratio Rank: 32

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.

IEMU.L vs. ISX5.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc) (IEMU.L) and iShares Core EURO STOXX 50 UCITS ETF (ISX5.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.

	IEMU.L	ISX5.L	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.98	+0.20
Sortino ratio: Return per unit of downside risk	1.80	1.54	+0.26
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.04
Calmar ratio: Return relative to maximum drawdown	1.63	1.37	+0.26
Martin ratio: Return relative to average drawdown	5.85	4.62	+1.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMU.L vs. ISX5.L - Sharpe Ratio Comparison

The current IEMU.L Sharpe Ratio is 1.18, which is comparable to the ISX5.L Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of IEMU.L and ISX5.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.

Sharpe Ratios by Period

	IEMU.L	ISX5.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	0.98	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.52	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.66	-0.10

Drawdowns

IEMU.L vs. ISX5.L - Drawdown Comparison

The maximum IEMU.L drawdown since its inception was -38.74%, roughly equal to the maximum ISX5.L drawdown of -37.94%. Use the drawdown chart below to compare losses from any high point for IEMU.L and ISX5.L.

Drawdown Indicators

	IEMU.L	ISX5.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.74%	-37.94%	-0.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-12.92%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-14.50%	-15.36%	+0.86%
Max Drawdown (5Y) Largest decline over 5 years	-35.69%	-34.86%	-0.83%
Current Drawdown Current decline from peak	-0.31%	-0.99%	+0.68%
Average Drawdown Average peak-to-trough decline	-6.94%	-7.53%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	3.84%	-0.41%

Volatility

IEMU.L vs. ISX5.L - Volatility Comparison

The current volatility for iShares VII plc -iShares Core MSCI EMU UCITS ETF EUR (Acc) (IEMU.L) is 5.66%, while iShares Core EURO STOXX 50 UCITS ETF (ISX5.L) has a volatility of 6.08%. This indicates that IEMU.L experiences smaller price fluctuations and is considered to be less risky than ISX5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEMU.L	ISX5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	6.08%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	14.14%	15.01%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.96%	18.11%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.30%	21.42%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.99%	22.94%	-0.95%

IEMU.L vs. ISX5.L - Expense Ratio Comparison

IEMU.L has a 0.12% expense ratio, which is higher than ISX5.L's 0.00% 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

IEMU.L vs. ISX5.L - Dividend Comparison

Neither IEMU.L nor ISX5.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IEMU.L and ISX5.L in my portfolio?

With a correlation of 0.99, IEMU.L and ISX5.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, IEMU.L or ISX5.L?

On fees, ISX5.L is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IEMU.L or ISX5.L?

ISX5.L is cheaper with a 0.00% expense ratio, compared with 0.12% for IEMU.L.

What is the main difference between IEMU.L and ISX5.L?

Both ETFs track MSCI EMU NR EUR. Their fees differ too: 0.12% for IEMU.L and 0.00% for ISX5.L.