IESE.AS vs. IMAE.AS

Last updated Jun 4, 2026

IESE.AS (iShares MSCI Europe SRI UCITS ETF EUR (Acc)) and IMAE.AS (iShares Core MSCI Europe UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, IESE.AS returned 7.82%/yr vs 9.14%/yr for IMAE.AS. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

IESE.AS vs. IMAE.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IESE.AS achieves a 6.26% return, which is significantly lower than IMAE.AS's 6.95% return. Over the past 10 years, IESE.AS has underperformed IMAE.AS with an annualized return of 7.82%, while IMAE.AS has yielded a comparatively higher 9.14% annualized return.

IESE.AS

• 1D: -0.98%
• 1M: 4.02%
• YTD: 6.26%
• 6M: 8.13%
• 1Y: 5.45%
• 3Y*: 6.57%
• 5Y*: 5.21%
• 10Y*: 7.82%

IMAE.AS

• 1D: -0.71%
• 1M: 3.95%
• YTD: 6.95%
• 6M: 9.74%
• 1Y: 16.05%
• 3Y*: 13.28%
• 5Y*: 9.84%
• 10Y*: 9.14%

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

IESE.AS vs. IMAE.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IESE.AS iShares MSCI Europe SRI UCITS ETF EUR (Acc)	6.26%	2.40%	6.46%	16.38%	-14.87%	27.26%	3.74%	29.04%	-6.71%	11.41%
IMAE.AS iShares Core MSCI Europe UCITS ETF EUR (Acc)	6.95%	19.74%	8.89%	15.99%	-9.31%	25.66%	-3.06%	25.45%	-9.65%	10.15%

Correlation

The correlation between IESE.AS and IMAE.AS is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 6, 2011	0.86

The correlation between IESE.AS and IMAE.AS has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

Return for Risk

IESE.AS vs. IMAE.AS — Risk / Return Rank

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

IESE.AS

IESE.AS Risk / Return Rank: 15
IESE.AS Sharpe Ratio Rank: 15
IESE.AS Sortino Ratio Rank: 14
IESE.AS Omega Ratio Rank: 14
IESE.AS Calmar Ratio Rank: 15
IESE.AS Martin Ratio Rank: 16

IMAE.AS

IMAE.AS Risk / Return Rank: 35
IMAE.AS Sharpe Ratio Rank: 34
IMAE.AS Sortino Ratio Rank: 34
IMAE.AS Omega Ratio Rank: 35
IMAE.AS Calmar Ratio Rank: 34
IMAE.AS Martin Ratio Rank: 39

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.

IESE.AS vs. IMAE.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.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.

	IESE.AS	IMAE.AS	Difference
Sharpe ratio: Return per unit of total volatility	0.40	1.24	-0.84
Sortino ratio: Return per unit of downside risk	0.67	1.84	-1.16
Omega ratio: Gain probability vs. loss probability	1.08	1.24	-0.16
Calmar ratio: Return relative to maximum drawdown	0.54	1.67	-1.14
Martin ratio: Return relative to average drawdown	1.41	6.19	-4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IESE.AS vs. IMAE.AS - Sharpe Ratio Comparison

The current IESE.AS Sharpe Ratio is 0.40, which is lower than the IMAE.AS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of IESE.AS and IMAE.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

	IESE.AS	IMAE.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	1.24	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.68	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.58	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.53	-0.03

Drawdowns

IESE.AS vs. IMAE.AS - Drawdown Comparison

The maximum IESE.AS drawdown since its inception was -33.34%, smaller than the maximum IMAE.AS drawdown of -35.60%. Use the drawdown chart below to compare losses from any high point for IESE.AS and IMAE.AS.

Drawdown Indicators

	IESE.AS	IMAE.AS	Difference
Max Drawdown Largest peak-to-trough decline	-33.34%	-35.60%	+2.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-9.47%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-15.79%	-16.51%	+0.72%
Max Drawdown (5Y) Largest decline over 5 years	-23.66%	-19.44%	-4.22%
Max Drawdown (10Y) Largest decline over 10 years	-33.34%	-35.60%	+2.26%
Current Drawdown Current decline from peak	-1.88%	-2.20%	+0.32%
Average Drawdown Average peak-to-trough decline	-6.13%	-5.32%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	2.56%	+1.28%

Volatility

IESE.AS vs. IMAE.AS - Volatility Comparison

iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS) have volatilities of 4.74% and 4.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IESE.AS	IMAE.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	4.85%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	10.86%	10.61%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	12.75%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	14.15%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.29%	15.54%	-0.25%

IESE.AS vs. IMAE.AS - Expense Ratio Comparison

Both IESE.AS and IMAE.AS have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IESE.AS vs. IMAE.AS - Dividend Comparison

Neither IESE.AS nor IMAE.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IESE.AS and IMAE.AS in my portfolio?

With a correlation of 0.93, IESE.AS and IMAE.AS 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, IESE.AS or IMAE.AS?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IESE.AS or IMAE.AS?

IESE.AS and IMAE.AS have the same expense ratio: 0.20% per year.

What is the main difference between IESE.AS and IMAE.AS?

Both ETFs track MSCI Europe NR EUR.