IEUR vs. SPEU

Last updated Jun 4, 2026

IEUR (iShares Core MSCI Europe ETF) and SPEU (SPDR Portfolio Europe ETF) are both Europe Equities funds - IEUR tracks the MSCI Europe Investable Market Index while SPEU tracks the STOXX Europe Total Market. Both are passively managed. Over the past 10 years, IEUR returned 9.15%/yr vs 9.17%/yr for SPEU. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.09% expense ratio.

Performance

IEUR vs. SPEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Europe ETF (IEUR) and SPDR Portfolio Europe ETF (SPEU). 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 higher than SPEU's 5.34% return. Both investments have delivered pretty close results over the past 10 years, with IEUR having a 9.15% annualized return and SPEU not far ahead at 9.17%.

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%

SPEU

• 1D: -1.25%
• 1M: 2.61%
• YTD: 5.34%
• 6M: 8.65%
• 1Y: 17.93%
• 3Y*: 16.24%
• 5Y*: 8.03%
• 10Y*: 9.17%

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

IEUR vs. SPEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEUR iShares Core MSCI Europe ETF	5.64%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%
SPEU SPDR Portfolio Europe ETF	5.34%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%

Correlation

The correlation between IEUR and SPEU 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.97

The correlation between IEUR and SPEU has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

IEUR vs. SPEU - Sectors Allocation Comparison

Sectors	IEUR	SPEU
Financial Services	22.5%	13.3%
Industrials	20.4%	6.1%
Healthcare	12.5%	10.4%
Technology	8.4%	9.2%
Consumer Defensive	8.0%	3.6%
Consumer Cyclical	6.9%	3.3%
Basic Materials	5.8%	3.4%
Energy	5.3%	5.3%
Utilities	4.8%	1.5%
Communication Services	3.8%	0.9%
Real Estate	1.6%	1.6%

Return for Risk

IEUR vs. SPEU — 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

SPEU

SPEU Risk / Return Rank: 32
SPEU Sharpe Ratio Rank: 32
SPEU Sortino Ratio Rank: 31
SPEU Omega Ratio Rank: 30
SPEU Calmar Ratio Rank: 30
SPEU Martin Ratio Rank: 35

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. SPEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) and SPDR Portfolio Europe ETF (SPEU). 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	SPEU	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.17	-0.02
Sortino ratio: Return per unit of downside risk	1.69	1.71	-0.03
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.46	1.49	-0.03
Martin ratio: Return relative to average drawdown	5.47	5.47	0.00
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. SPEU - Sharpe Ratio Comparison

The current IEUR Sharpe Ratio is 1.15, which is comparable to the SPEU Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of IEUR and SPEU, 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	SPEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.17	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.46	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.50	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.31	+0.04

Drawdowns

IEUR vs. SPEU - Drawdown Comparison

The maximum IEUR drawdown since its inception was -36.96%, smaller than the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for IEUR and SPEU.

Drawdown Indicators

	IEUR	SPEU	Difference
Max Drawdown Largest peak-to-trough decline	-36.96%	-62.45%	+25.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-12.09%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-14.17%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-32.75%	-32.70%	-0.05%
Max Drawdown (10Y) Largest decline over 10 years	-36.96%	-36.83%	-0.13%
Current Drawdown Current decline from peak	-2.31%	-2.56%	+0.25%
Average Drawdown Average peak-to-trough decline	-8.23%	-13.85%	+5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.29%	-0.09%

Volatility

IEUR vs. SPEU - Volatility Comparison

iShares Core MSCI Europe ETF (IEUR) and SPDR Portfolio Europe ETF (SPEU) have volatilities of 5.60% and 5.75%, 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

	IEUR	SPEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	5.75%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	12.85%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	15.42%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	17.51%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	18.51%	+0.17%

IEUR vs. SPEU - Expense Ratio Comparison

Both IEUR and SPEU have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IEUR vs. SPEU - Dividend Comparison

IEUR's dividend yield for the trailing twelve months is around 2.81%, less than SPEU's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPEU SPDR Portfolio Europe ETF	3.40%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both IEUR and SPEU in my portfolio?

With a correlation of 0.99, IEUR and SPEU 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 is riskier, IEUR or SPEU?

SPEU has higher volatility (5.75%) compared to IEUR (5.60%). In terms of maximum drawdown, IEUR dropped -36.96% vs SPEU's -62.45%.

Which ETF is better, IEUR or SPEU?

On 10-year performance, SPEU leads with 9.17% vs 9.15% for IEUR. Both ETFs have the same 0.09% expense ratio. On volatility, IEUR has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEUR or SPEU?

Over the 10-year period, SPEU has performed better with a 9.17% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEUR or SPEU?

IEUR and SPEU have the same expense ratio: 0.09% per year.

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

SPEU has the higher dividend yield at 3.40%, compared with 2.81% for IEUR.

What is the main difference between IEUR and SPEU?

IEUR tracks MSCI Europe Investable Market Index, while SPEU tracks STOXX Europe Total Market. They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

SPEU currently has the higher Sharpe Ratio (1.17 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.