IEUX.AS vs. CEMU.AS
IEUX.AS (iShares MSCI Europe ex-UK UCITS ETF) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares - IEUX.AS tracks the MSCI Europe Ex UK NR EUR while CEMU.AS tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, IEUX.AS returned 9.33%/yr vs 10.00%/yr for CEMU.AS. With a 0.97 correlation, they move nearly in lockstep. IEUX.AS charges 0.40%/yr vs 0.12%/yr for CEMU.AS.
Performance
IEUX.AS vs. CEMU.AS - Performance Comparison
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Returns By Period
In the year-to-date period, IEUX.AS achieves a 6.39% return, which is significantly lower than CEMU.AS's 8.03% return. Over the past 10 years, IEUX.AS has underperformed CEMU.AS with an annualized return of 9.33%, while CEMU.AS has yielded a comparatively higher 10.00% annualized return.
IEUX.AS
- 1D
- -0.82%
- 1M
- 4.66%
- YTD
- 6.39%
- 6M
- 9.74%
- 1Y
- 14.70%
- 3Y*
- 12.75%
- 5Y*
- 8.88%
- 10Y*
- 9.33%
CEMU.AS
- 1D
- -0.71%
- 1M
- 5.96%
- YTD
- 8.03%
- 6M
- 10.68%
- 1Y
- 17.68%
- 3Y*
- 15.62%
- 5Y*
- 10.48%
- 10Y*
- 10.00%
IEUX.AS vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEUX.AS iShares MSCI Europe ex-UK UCITS ETF | 6.39% | 19.55% | 7.52% | 17.22% | -12.30% | 25.00% | 1.67% | 26.50% | -10.21% | 11.50% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.03% | 24.42% | 10.08% | 18.65% | -11.71% | 23.11% | -0.54% | 25.09% | -11.82% | 12.65% |
Correlation
The correlation between IEUX.AS and CEMU.AS is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.97 |
The correlation between IEUX.AS and CEMU.AS has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
IEUX.AS vs. CEMU.AS — Risk / Return Rank
IEUX.AS
CEMU.AS
IEUX.AS vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe ex-UK UCITS ETF (IEUX.AS) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.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.
| IEUX.AS | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.23 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 1.72 | -0.26 |
| Martin ratioReturn relative to average drawdown | 5.39 | 6.26 | -0.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IEUX.AS | CEMU.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 1.21 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.64 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.58 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.49 | -0.20 |
Drawdowns
IEUX.AS vs. CEMU.AS - Drawdown Comparison
The maximum IEUX.AS drawdown since its inception was -60.28%, which is greater than CEMU.AS's maximum drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for IEUX.AS and CEMU.AS.
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Drawdown Indicators
| IEUX.AS | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.28% | -38.38% | -21.90% |
Max Drawdown (1Y)Largest decline over 1 year | -9.94% | -10.17% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -16.22% | -15.40% | -0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -22.47% | -24.51% | +2.04% |
Max Drawdown (10Y)Largest decline over 10 years | -34.79% | -38.38% | +3.59% |
Current DrawdownCurrent decline from peak | -2.02% | -1.15% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -14.68% | -6.25% | -8.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 2.80% | -0.10% |
Volatility
IEUX.AS vs. CEMU.AS - Volatility Comparison
The current volatility for iShares MSCI Europe ex-UK UCITS ETF (IEUX.AS) is 4.86%, while iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a volatility of 5.30%. This indicates that IEUX.AS experiences smaller price fluctuations and is considered to be less risky than CEMU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IEUX.AS | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 5.30% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 11.94% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.58% | 14.48% | -0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.96% | 16.16% | -1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.72% | 17.09% | -1.37% |
IEUX.AS vs. CEMU.AS - Expense Ratio Comparison
IEUX.AS has a 0.40% expense ratio, which is higher than CEMU.AS's 0.12% expense ratio.
Dividends
IEUX.AS vs. CEMU.AS - Dividend Comparison
IEUX.AS's dividend yield for the trailing twelve months is around 2.00%, while CEMU.AS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (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% |
IEUX.AS iShares MSCI Europe ex-UK UCITS ETF | 2.00% | 2.15% | 2.36% | 2.37% | 2.34% | 1.62% | 1.43% | 2.33% | 2.65% | 2.27% | 2.31% | 2.16% |
Frequently Asked Questions
With a correlation of 0.96, IEUX.AS and CEMU.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.
On fees, CEMU.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.40% for IEUX.AS.
IEUX.AS tracks MSCI Europe Ex UK NR EUR, while CEMU.AS tracks MSCI EMU NR EUR. Their fees differ too: 0.40% for IEUX.AS and 0.12% for CEMU.AS.
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