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IEUX.L vs. CMU.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEUX.L vs. CMU.L

Last updated Jun 5, 2026

IEUX.L (iShares MSCI Europe ex-UK UCITS) and CMU.L (Amundi ETF MSCI EMU ESG Leaders Select) are both Europe Equities funds - IEUX.L tracks the MSCI Europe ex-UK NR EUR while CMU.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, IEUX.L returned 10.42%/yr vs 10.79%/yr for CMU.L. Their correlation of 0.86 suggests significant overlap in exposure. IEUX.L charges 0.40%/yr vs 0.15%/yr for CMU.L.

Performance

IEUX.L vs. CMU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Europe ex-UK UCITS (IEUX.L) and Amundi ETF MSCI EMU ESG Leaders Select (CMU.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEUX.L achieves a 7.00% return, which is significantly lower than CMU.L's 15.89% return. Both investments have delivered pretty close results over the past 10 years, with IEUX.L having a 10.42% annualized return and CMU.L not far ahead at 10.79%.

IEUX.L

1D
0.97%
1M
4.29%
YTD
7.00%
6M
9.12%
1Y
18.55%
3Y*
13.29%
5Y*
9.21%
10Y*
10.42%

CMU.L

1D
0.33%
1M
8.13%
YTD
15.89%
6M
17.12%
1Y
29.56%
3Y*
16.11%
5Y*
10.52%
10Y*
10.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEUX.L vs. CMU.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEUX.L
iShares MSCI Europe ex-UK UCITS		7.00%25.52%1.87%14.91%-6.98%16.31%7.53%20.67%-9.95%16.33%
CMU.L
Amundi ETF MSCI EMU ESG Leaders Select		15.89%25.71%1.42%14.39%-5.30%13.03%4.59%19.05%-11.56%17.21%

Correlation

The correlation between IEUX.L and CMU.L is 0.92, 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

0.92

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 20, 2011

0.86

The correlation between IEUX.L and CMU.L has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

IEUX.L vs. CMU.L - Sectors Allocation Comparison

Sectors
IEUX.L
CMU.L

Financial Services

22.7%
21.8%

Industrials

21.2%
15.7%

Healthcare

12.7%
4.2%

Technology

11.9%
30.8%

Consumer Cyclical

7.1%
10.1%

Consumer Defensive

6.9%
5.2%

Utilities

4.7%
5.8%

Basic Materials

4.5%
2.8%

Communication Services

4.3%
2.3%

Energy

3.2%
0.0%

Real Estate

0.8%
1.3%

Financial Services

IEUX.L
22.7%
CMU.L
21.8%

Industrials

IEUX.L
21.2%
CMU.L
15.7%

Healthcare

IEUX.L
12.7%
CMU.L
4.2%

Technology

IEUX.L
11.9%
CMU.L
30.8%

Consumer Cyclical

IEUX.L
7.1%
CMU.L
10.1%

Consumer Defensive

IEUX.L
6.9%
CMU.L
5.2%

Utilities

IEUX.L
4.7%
CMU.L
5.8%

Basic Materials

IEUX.L
4.5%
CMU.L
2.8%

Communication Services

IEUX.L
4.3%
CMU.L
2.3%

Energy

IEUX.L
3.2%
CMU.L
0.0%

Real Estate

IEUX.L
0.8%
CMU.L
1.3%

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iShares MSCI Europe ex-UK UCITS

Amundi ETF MSCI EMU ESG Leaders Select

Often compared with IEUX.L:
IEUX.L vs. VERX.ASIEUX.L vs. VERX.LIEUX.L vs. ^GSPCIEUX.L vs. VUKG.LIEUX.L vs. VUAG.LIEUX.L vs. VMIG.LIEUX.L vs. XDEM.L
Often compared with CMU.L:
CMU.L vs. CEUR.LCMU.L vs. GLDCMU.L vs. UB06.LCMU.L vs. FLXD.LCMU.L vs. 100D.LCMU.L vs. 500G.LCMU.L vs. 500U.L

Return for Risk

IEUX.L vs. CMU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEUX.L
IEUX.L Risk / Return Rank: 4040
Overall Rank
IEUX.L Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEUX.L Sortino Ratio Rank: 4242
Sortino Ratio Rank
IEUX.L Omega Ratio Rank: 4343
Omega Ratio Rank
IEUX.L Calmar Ratio Rank: 3535
Calmar Ratio Rank
IEUX.L Martin Ratio Rank: 3939
Martin Ratio Rank
CMU.L
CMU.L Risk / Return Rank: 5858
Overall Rank
CMU.L Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
CMU.L Sortino Ratio Rank: 6060
Sortino Ratio Rank
CMU.L Omega Ratio Rank: 6161
Omega Ratio Rank
CMU.L Calmar Ratio Rank: 5252
Calmar Ratio Rank
CMU.L Martin Ratio Rank: 5656
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.L vs. CMU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe ex-UK UCITS (IEUX.L) and Amundi ETF MSCI EMU ESG Leaders Select (CMU.L). 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.LCMU.LDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.98

-0.55

Sortino ratioReturn per unit of downside risk
2.08
2.79

-0.71

Omega ratioGain probability vs. loss probability

1.27

1.37

-0.09

Calmar ratioReturn relative to maximum drawdown

1.72

2.58

-0.86

Martin ratioReturn relative to average drawdown

6.10

9.67

-3.56

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.L vs. CMU.L - Sharpe Ratio Comparison

The current IEUX.L Sharpe Ratio is 1.43, which is comparable to the CMU.L Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of IEUX.L and CMU.L, 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.LCMU.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.43

1.98

-0.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

0.66

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.65

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.49

-0.08

Drawdowns

IEUX.L vs. CMU.L - Drawdown Comparison

The maximum IEUX.L drawdown since its inception was -45.67%, which is greater than CMU.L's maximum drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for IEUX.L and CMU.L.

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Drawdown Indicators

IEUX.LCMU.LDifference

Max Drawdown

Largest peak-to-trough decline

-45.67%

-32.53%

-13.14%

Max Drawdown (1Y)

Largest decline over 1 year

-10.76%

-11.43%

+0.67%

Max Drawdown (3Y)

Largest decline over 3 years

-13.16%

-11.95%

-1.21%

Max Drawdown (5Y)

Largest decline over 5 years

-19.67%

-21.11%

+1.44%

Max Drawdown (10Y)

Largest decline over 10 years

-27.53%

-31.41%

+3.88%

Current Drawdown

Current decline from peak

-0.19%

-0.18%

-0.01%

Average Drawdown

Average peak-to-trough decline

-7.45%

-5.80%

-1.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

3.05%

-0.02%

Volatility

IEUX.L vs. CMU.L - Volatility Comparison

The current volatility for iShares MSCI Europe ex-UK UCITS (IEUX.L) is 4.10%, while Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) has a volatility of 5.34%. This indicates that IEUX.L experiences smaller price fluctuations and is considered to be less risky than CMU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEUX.LCMU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.10%

5.34%

-1.24%

Volatility (6M)

Calculated over the trailing 6-month period

10.65%

12.44%

-1.79%

Volatility (1Y)

Calculated over the trailing 1-year period

12.91%

14.86%

-1.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.69%

16.00%

-1.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.44%

16.78%

-1.34%

IEUX.L vs. CMU.L - Expense Ratio Comparison

IEUX.L has a 0.40% expense ratio, which is higher than CMU.L's 0.15% expense ratio.

Dividends

IEUX.L vs. CMU.L - Dividend Comparison

IEUX.L's dividend yield for the trailing twelve months is around 1.96%, while CMU.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CMU.L
Amundi ETF MSCI EMU ESG Leaders Select		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.L
iShares MSCI Europe ex-UK UCITS		1.96%2.12%2.41%2.33%2.25%1.65%1.44%2.42%2.60%2.23%2.17%2.11%

Frequently Asked Questions

With a correlation of 0.92, IEUX.L and CMU.L 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, CMU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CMU.L is cheaper with a 0.15% expense ratio, compared with 0.40% for IEUX.L.

IEUX.L tracks MSCI Europe ex-UK NR EUR, while CMU.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.40% for IEUX.L and 0.15% for CMU.L.

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