IEUR vs. ADIV

Last updated Jun 4, 2026

IEUR (iShares Core MSCI Europe ETF) and ADIV (SmartETFs Asia Pacific Dividend Builder ETF) are both exchange-traded funds - IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index, while ADIV is a Asia Pacific Equities fund actively managed by Guinness Atkinson Asset Management. IEUR is passively managed, while ADIV is actively managed. Over the past 5 years, IEUR returned 8.03%/yr vs 6.49%/yr for ADIV. A 0.71 correlation means they provide meaningful diversification when combined. IEUR charges 0.09%/yr vs 0.78%/yr for ADIV.

Performance

IEUR vs. ADIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Europe ETF (IEUR) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEUR achieves a 5.64% return, which is significantly lower than ADIV's 8.00% return.

IEUR

• 1D: -1.20%
• 1M: 2.77%
• YTD: 5.64%
• 6M: 8.52%
• 1Y: 17.47%
• 3Y*: 16.09%
• 5Y*: 8.03%
• 10Y*: 9.15%

ADIV

• 1D: -1.20%
• 1M: 4.12%
• YTD: 8.00%
• 6M: 7.65%
• 1Y: 19.14%
• 3Y*: 17.71%
• 5Y*: 6.49%
• 10Y*: —

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

IEUR vs. ADIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IEUR iShares Core MSCI Europe ETF	5.64%	35.67%	1.40%	19.71%	-15.90%	10.92%
ADIV SmartETFs Asia Pacific Dividend Builder ETF	8.00%	21.86%	14.47%	12.28%	-18.00%	1.50%

Correlation

The correlation between IEUR and ADIV is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 30, 2021	0.71

The correlation between IEUR and ADIV has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

IEUR vs. ADIV - Sectors Allocation Comparison

Sectors	IEUR	ADIV
Financial Services	22.5%	32.4%
Industrials	20.4%	2.4%
Healthcare	12.5%	5.6%
Technology	8.4%	25.5%
Consumer Defensive	8.0%	4.7%
Consumer Cyclical	6.9%	16.3%
Basic Materials	5.8%	-
Energy	5.3%	-
Utilities	4.8%	2.5%
Communication Services	3.8%	2.7%
Real Estate	1.6%	7.9%

Return for Risk

IEUR vs. ADIV — Risk / Return Rank

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

IEUR

IEUR Risk / Return Rank: 31
IEUR Sharpe Ratio Rank: 31
IEUR Sortino Ratio Rank: 31
IEUR Omega Ratio Rank: 30
IEUR Calmar Ratio Rank: 29
IEUR Martin Ratio Rank: 35

ADIV

ADIV Risk / Return Rank: 39
ADIV Sharpe Ratio Rank: 40
ADIV Sortino Ratio Rank: 39
ADIV Omega Ratio Rank: 39
ADIV Calmar Ratio Rank: 38
ADIV 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.

IEUR vs. ADIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) and SmartETFs Asia Pacific Dividend Builder ETF (ADIV). 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.

	IEUR	ADIV	Difference
Sharpe ratio Return per unit of total volatility	1.15	1.43	-0.28
Sortino ratio Return per unit of downside risk	1.69	2.03	-0.34
Omega ratio Gain probability vs. loss probability	1.21	1.26	-0.05
Calmar ratio Return relative to maximum drawdown	1.46	1.89	-0.44
Martin ratio Return relative to average drawdown	5.47	6.27	-0.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEUR vs. ADIV - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.15, which is comparable to the ADIV Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of IEUR and ADIV, 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

	IEUR	ADIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.43	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.40	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.42	-0.07

Drawdowns

IEUR vs. ADIV - Drawdown Comparison

The maximum IEUR drawdown since its inception was -36.96%, which is greater than ADIV's maximum drawdown of -31.55%. Use the drawdown chart below to compare losses from any high point for IEUR and ADIV.

Drawdown Indicators

	IEUR	ADIV	Difference
Max Drawdown Largest peak-to-trough decline	-36.96%	-31.55%	-5.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-10.15%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-18.53%	+4.28%
Max Drawdown (5Y) Largest decline over 5 years	-32.75%	-31.55%	-1.20%
Max Drawdown (10Y) Largest decline over 10 years	-36.96%	—	—
Current Drawdown Current decline from peak	-2.31%	-1.20%	-1.11%
Average Drawdown Average peak-to-trough decline	-8.23%	-8.45%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.06%	+0.14%

Volatility

IEUR vs. ADIV - Volatility Comparison

iShares Core MSCI Europe ETF (IEUR) has a higher volatility of 5.60% compared to SmartETFs Asia Pacific Dividend Builder ETF (ADIV) at 4.35%. This indicates that IEUR's price experiences larger fluctuations and is considered to be riskier than ADIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEUR	ADIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	4.35%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	10.54%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	13.49%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	16.48%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	16.37%	+2.31%

IEUR vs. ADIV - Expense Ratio Comparison

IEUR has a 0.09% expense ratio, which is lower than ADIV's 0.78% expense ratio.

Dividends

IEUR vs. ADIV - Dividend Comparison

IEUR's dividend yield for the trailing twelve months is around 2.81%, which matches ADIV's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADIV SmartETFs Asia Pacific Dividend Builder ETF	2.79%	2.77%	4.83%	4.55%	2.98%	13.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IEUR iShares Core MSCI Europe ETF	2.81%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both IEUR and ADIV in my portfolio?

IEUR and ADIV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEUR or ADIV?

IEUR has higher volatility (5.60%) compared to ADIV (4.35%). In terms of maximum drawdown, IEUR dropped -36.96% vs ADIV's -31.55%.

Which ETF is better, IEUR or ADIV?

On 5-year performance, IEUR leads with 8.03% vs 6.49% for ADIV. On fees, IEUR is cheaper at 0.09% per year. On volatility, ADIV has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEUR or ADIV?

Over the 5-year period, IEUR has performed better with a 8.03% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEUR or ADIV?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.78% for ADIV.

Which ETF pays a higher dividend yield, IEUR or ADIV?

IEUR has the higher dividend yield at 2.81%, compared with 2.79% for ADIV.

What is the main difference between IEUR and ADIV?

IEUR is categorized as Europe Equities, while ADIV is Asia Pacific Equities. They also come from different issuers: iShares and Guinness Atkinson Asset Management. Their fees differ too: 0.09% for IEUR and 0.78% for ADIV.

Which has better risk-adjusted returns?

ADIV currently has the higher Sharpe Ratio (1.43 vs 1.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.