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IEUX.AS vs. IESE.AS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEUX.AS vs. IESE.AS

Last updated Jun 4, 2026

IEUX.AS (iShares MSCI Europe ex-UK UCITS ETF) and IESE.AS (iShares MSCI Europe SRI UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares - IEUX.AS tracks the MSCI Europe Ex UK NR EUR while IESE.AS tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, IEUX.AS returned 9.33%/yr vs 7.82%/yr for IESE.AS. Their correlation of 0.85 suggests significant overlap in exposure. IEUX.AS charges 0.40%/yr vs 0.20%/yr for IESE.AS.

Performance

IEUX.AS vs. IESE.AS - Performance Comparison

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

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Returns By Period

The year-to-date returns for both stocks are quite close, with IEUX.AS having a 6.39% return and IESE.AS slightly lower at 6.26%. Over the past 10 years, IEUX.AS has outperformed IESE.AS with an annualized return of 9.33%, while IESE.AS has yielded a comparatively lower 7.82% 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%

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

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

2026 (YTD)202520242023202220212020201920182017
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%
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%

Correlation

The correlation between IEUX.AS and IESE.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

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.95

Correlation (All Time)
Calculated using the full available price history since Jun 2, 2011

0.85

The correlation between IEUX.AS and IESE.AS has been stable across timeframes, ranging from 0.85 to 0.95 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Europe ex-UK UCITS ETF

iShares MSCI Europe SRI UCITS ETF EUR (Acc)

Often compared with IEUX.AS:
IEUX.AS vs. VGKIEUX.AS vs. VUSA.ASIEUX.AS vs. GLDIEUX.AS vs. XGEN.DEIEUX.AS vs. DJSC.ASIEUX.AS vs. SPYIEUX.AS vs. IMEU.AS
Often compared with IESE.AS:
IESE.AS vs. EUEA.ASIESE.AS vs. VWCE.DEIESE.AS vs. 2B7K.DEIESE.AS vs. EUMD.LIESE.AS vs. VTIESE.AS vs. IWDA.ASIESE.AS vs. VGEU.DE

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEUX.AS
IEUX.AS Risk / Return Rank: 3131
Overall Rank
IEUX.AS Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
IEUX.AS Sortino Ratio Rank: 3030
Sortino Ratio Rank
IEUX.AS Omega Ratio Rank: 3030
Omega Ratio Rank
IEUX.AS Calmar Ratio Rank: 3030
Calmar Ratio Rank
IEUX.AS Martin Ratio Rank: 3636
Martin Ratio Rank
IESE.AS
IESE.AS Risk / Return Rank: 1515
Overall Rank
IESE.AS Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
IESE.AS Sortino Ratio Rank: 1414
Sortino Ratio Rank
IESE.AS Omega Ratio Rank: 1414
Omega Ratio Rank
IESE.AS Calmar Ratio Rank: 1515
Calmar Ratio Rank
IESE.AS Martin Ratio Rank: 1616
Martin Ratio Rank
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.

IEUX.AS vs. IESE.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 MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.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.ASIESE.ASDifference
Sharpe ratioReturn per unit of total volatility
1.07
0.40

+0.67

Sortino ratioReturn per unit of downside risk
1.63
0.67

+0.95

Omega ratioGain probability vs. loss probability

1.20

1.08

+0.12

Calmar ratioReturn relative to maximum drawdown

1.46

0.54

+0.92

Martin ratioReturn relative to average drawdown

5.39

1.41

+3.98

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IEUX.AS Sharpe Ratio is 1.07, which is higher than the IESE.AS Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of IEUX.AS and IESE.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.

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Sharpe Ratios by Period

IEUX.ASIESE.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.07

0.40

+0.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.35

+0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.50

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.50

-0.21

Drawdowns

IEUX.AS vs. IESE.AS - Drawdown Comparison

The maximum IEUX.AS drawdown since its inception was -60.28%, which is greater than IESE.AS's maximum drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for IEUX.AS and IESE.AS.

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Drawdown Indicators

IEUX.ASIESE.ASDifference

Max Drawdown

Largest peak-to-trough decline

-60.28%

-33.34%

-26.94%

Max Drawdown (1Y)

Largest decline over 1 year

-9.94%

-10.05%

+0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-16.22%

-15.79%

-0.43%

Max Drawdown (5Y)

Largest decline over 5 years

-22.47%

-23.66%

+1.19%

Max Drawdown (10Y)

Largest decline over 10 years

-34.79%

-33.34%

-1.45%

Current Drawdown

Current decline from peak

-2.02%

-1.88%

-0.14%

Average Drawdown

Average peak-to-trough decline

-14.68%

-6.13%

-8.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

3.84%

-1.14%

Volatility

IEUX.AS vs. IESE.AS - Volatility Comparison

iShares MSCI Europe ex-UK UCITS ETF (IEUX.AS) and iShares MSCI Europe SRI UCITS ETF EUR (Acc) (IESE.AS) have volatilities of 4.86% and 4.74%, 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.

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Volatility by Period

IEUX.ASIESE.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.86%

4.74%

+0.12%

Volatility (6M)

Calculated over the trailing 6-month period

11.18%

10.86%

+0.32%

Volatility (1Y)

Calculated over the trailing 1-year period

13.58%

13.40%

+0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.96%

14.49%

+0.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.72%

15.29%

+0.43%

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

IEUX.AS has a 0.40% expense ratio, which is higher than IESE.AS's 0.20% expense ratio.

Dividends

IEUX.AS vs. IESE.AS - Dividend Comparison

IEUX.AS's dividend yield for the trailing twelve months is around 2.00%, while IESE.AS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IESE.AS
iShares MSCI Europe SRI 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 0.93, IEUX.AS and IESE.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, IESE.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IESE.AS is cheaper with a 0.20% expense ratio, compared with 0.40% for IEUX.AS.

IEUX.AS tracks MSCI Europe Ex UK NR EUR, while IESE.AS tracks MSCI Europe NR EUR. Their fees differ too: 0.40% for IEUX.AS and 0.20% for IESE.AS.

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