IEUX.AS vs. CSPX.AS
IEUX.AS (iShares MSCI Europe ex-UK UCITS ETF) and CSPX.AS (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - IEUX.AS is a Europe Equities fund tracking the MSCI Europe Ex UK NR EUR, while CSPX.AS is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IEUX.AS returned 9.33%/yr vs 15.02%/yr for CSPX.AS. A 0.70 correlation means they provide meaningful diversification when combined. IEUX.AS charges 0.40%/yr vs 0.07%/yr for CSPX.AS.
Performance
IEUX.AS vs. CSPX.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 CSPX.AS's 11.63% return. Over the past 10 years, IEUX.AS has underperformed CSPX.AS with an annualized return of 9.33%, while CSPX.AS has yielded a comparatively higher 15.02% 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%
CSPX.AS
- 1D
- -0.30%
- 1M
- 6.08%
- YTD
- 11.63%
- 6M
- 11.61%
- 1Y
- 25.69%
- 3Y*
- 19.12%
- 5Y*
- 14.80%
- 10Y*
- 15.02%
IEUX.AS vs. CSPX.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% |
CSPX.AS iShares Core S&P 500 UCITS ETF | 11.63% | 4.00% | 33.87% | 22.28% | -14.24% | 40.26% | 7.72% | 32.99% | -0.36% | 7.13% |
Correlation
The correlation between IEUX.AS and CSPX.AS is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since May 6, 2014 | 0.70 |
The correlation between IEUX.AS and CSPX.AS shifts across timeframes, from 0.55 (3 years) to 0.70 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IEUX.AS vs. CSPX.AS — Risk / Return Rank
IEUX.AS
CSPX.AS
IEUX.AS vs. CSPX.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 S&P 500 UCITS ETF (CSPX.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 | CSPX.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.42 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 3.57 | -2.11 |
| Martin ratioReturn relative to average drawdown | 5.39 | 12.76 | -7.37 |
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 | CSPX.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 2.25 | -1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.96 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.92 | -0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.93 | -0.63 |
Drawdowns
IEUX.AS vs. CSPX.AS - Drawdown Comparison
The maximum IEUX.AS drawdown since its inception was -60.28%, which is greater than CSPX.AS's maximum drawdown of -33.65%. Use the drawdown chart below to compare losses from any high point for IEUX.AS and CSPX.AS.
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Drawdown Indicators
| IEUX.AS | CSPX.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.28% | -33.65% | -26.63% |
Max Drawdown (1Y)Largest decline over 1 year | -9.94% | -7.11% | -2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -16.22% | -23.37% | +7.15% |
Max Drawdown (5Y)Largest decline over 5 years | -22.47% | -23.37% | +0.90% |
Max Drawdown (10Y)Largest decline over 10 years | -34.79% | -33.65% | -1.14% |
Current DrawdownCurrent decline from peak | -2.02% | -0.30% | -1.72% |
Average DrawdownAverage peak-to-trough decline | -14.68% | -4.29% | -10.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 2.00% | +0.70% |
Volatility
IEUX.AS vs. CSPX.AS - Volatility Comparison
iShares MSCI Europe ex-UK UCITS ETF (IEUX.AS) has a higher volatility of 4.86% compared to iShares Core S&P 500 UCITS ETF (CSPX.AS) at 2.64%. This indicates that IEUX.AS's price experiences larger fluctuations and is considered to be riskier than CSPX.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 | CSPX.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 2.64% | +2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.18% | 7.37% | +3.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.58% | 11.36% | +2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.96% | 15.13% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.72% | 16.05% | -0.33% |
IEUX.AS vs. CSPX.AS - Expense Ratio Comparison
IEUX.AS has a 0.40% expense ratio, which is higher than CSPX.AS's 0.07% expense ratio.
Dividends
IEUX.AS vs. CSPX.AS - Dividend Comparison
IEUX.AS's dividend yield for the trailing twelve months is around 2.00%, while CSPX.AS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSPX.AS iShares Core S&P 500 UCITS ETF | 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
IEUX.AS and CSPX.AS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSPX.AS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSPX.AS is cheaper with a 0.07% expense ratio, compared with 0.40% for IEUX.AS.
IEUX.AS is categorized as Europe Equities, while CSPX.AS is S&P 500. IEUX.AS tracks MSCI Europe Ex UK NR EUR, while CSPX.AS tracks S&P 500 Index. Their fees differ too: 0.40% for IEUX.AS and 0.07% for CSPX.AS.
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