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

IEUX.L vs. EUFN

Last updated Jun 5, 2026

IEUX.L (iShares MSCI Europe ex-UK UCITS) and EUFN (iShares MSCI Europe Financials ETF) are both exchange-traded funds - IEUX.L is a Europe Equities fund tracking the MSCI Europe ex-UK NR EUR, while EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index. Both are passively managed. Over the past 10 years, IEUX.L returned 10.42%/yr vs 12.94%/yr for EUFN. A 0.67 correlation means they provide meaningful diversification when combined. IEUX.L charges 0.40%/yr vs 0.48%/yr for EUFN.

Performance

IEUX.L vs. EUFN - Performance Comparison

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

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Different Trading Currencies

IEUX.L is traded in GBp, while EUFN is traded in USD. To make them comparable, the EUFN values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IEUX.L achieves a 7.00% return, which is significantly higher than EUFN's 2.98% return. Over the past 10 years, IEUX.L has underperformed EUFN with an annualized return of 10.42%, while EUFN has yielded a comparatively higher 12.94% annualized return.

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%

EUFN

1D
1.01%
1M
3.45%
YTD
2.98%
6M
8.86%
1Y
25.51%
3Y*
28.45%
5Y*
18.98%
10Y*
12.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEUX.L vs. EUFN - 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%
EUFN
iShares MSCI Europe Financials ETF		2.98%53.92%19.25%19.84%2.07%20.26%-11.24%16.14%-18.59%15.96%

Correlation

The correlation between IEUX.L and EUFN is 0.63, 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

0.63

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.63

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

0.62

Correlation (All Time)
Calculated using the full available price history since Feb 4, 2010

0.67

The correlation between IEUX.L and EUFN has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

IEUX.L vs. EUFN - Sectors Allocation Comparison

Sectors
IEUX.L
EUFN

Financial Services

22.7%
97.3%

Industrials

21.2%
0.4%

Healthcare

12.7%

-

Technology

11.9%
1.1%

Consumer Cyclical

7.1%
0.2%

Consumer Defensive

6.9%

-

Utilities

4.7%

-

Basic Materials

4.5%

-

Communication Services

4.3%

-

Energy

3.2%

-

Real Estate

0.8%

-

Financial Services

IEUX.L
22.7%
EUFN
97.3%

Industrials

IEUX.L
21.2%
EUFN
0.4%

Healthcare

IEUX.L
12.7%
EUFN

-

Technology

IEUX.L
11.9%
EUFN
1.1%

Consumer Cyclical

IEUX.L
7.1%
EUFN
0.2%

Consumer Defensive

IEUX.L
6.9%
EUFN

-

Utilities

IEUX.L
4.7%
EUFN

-

Basic Materials

IEUX.L
4.5%
EUFN

-

Communication Services

IEUX.L
4.3%
EUFN

-

Energy

IEUX.L
3.2%
EUFN

-

Real Estate

IEUX.L
0.8%
EUFN

-

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iShares MSCI Europe ex-UK UCITS

iShares MSCI Europe Financials ETF

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 EUFN:
EUFN vs. XLFEUFN vs. FDDEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. IEUREUFN vs. EIRL

Return for Risk

IEUX.L vs. EUFN — 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
EUFN
EUFN Risk / Return Rank: 3535
Overall Rank
EUFN Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 3535
Sortino Ratio Rank
EUFN Omega Ratio Rank: 3434
Omega Ratio Rank
EUFN Calmar Ratio Rank: 3434
Calmar Ratio Rank
EUFN Martin Ratio Rank: 3838
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. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe ex-UK UCITS (IEUX.L) and iShares MSCI Europe Financials ETF (EUFN). 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.LEUFNDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.48

-0.05

Sortino ratioReturn per unit of downside risk
2.08
2.12

-0.04

Omega ratioGain probability vs. loss probability

1.27

1.26

+0.02

Calmar ratioReturn relative to maximum drawdown

1.72

2.02

-0.30

Martin ratioReturn relative to average drawdown

6.10

7.39

-1.28

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. EUFN - Sharpe Ratio Comparison

The current IEUX.L Sharpe Ratio is 1.43, which is comparable to the EUFN Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of IEUX.L and EUFN, 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.LEUFNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.43

1.48

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

1.02

-0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

0.59

+0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.34

+0.06

Drawdowns

IEUX.L vs. EUFN - Drawdown Comparison

The maximum IEUX.L drawdown since its inception was -45.67%, roughly equal to the maximum EUFN drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for IEUX.L and EUFN.

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Drawdown Indicators

IEUX.LEUFNDifference

Max Drawdown

Largest peak-to-trough decline

-45.67%

-44.25%

-1.42%

Max Drawdown (1Y)

Largest decline over 1 year

-10.76%

-12.71%

+1.95%

Max Drawdown (3Y)

Largest decline over 3 years

-13.16%

-14.73%

+1.57%

Max Drawdown (5Y)

Largest decline over 5 years

-19.67%

-25.00%

+5.33%

Max Drawdown (10Y)

Largest decline over 10 years

-27.53%

-44.25%

+16.72%

Current Drawdown

Current decline from peak

-0.19%

-1.98%

+1.79%

Average Drawdown

Average peak-to-trough decline

-7.45%

-10.60%

+3.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

3.46%

-0.43%

Volatility

IEUX.L vs. EUFN - Volatility Comparison

The current volatility for iShares MSCI Europe ex-UK UCITS (IEUX.L) is 4.10%, while iShares MSCI Europe Financials ETF (EUFN) has a volatility of 6.00%. This indicates that IEUX.L experiences smaller price fluctuations and is considered to be less risky than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEUX.LEUFNDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.10%

6.00%

-1.90%

Volatility (6M)

Calculated over the trailing 6-month period

10.65%

14.47%

-3.82%

Volatility (1Y)

Calculated over the trailing 1-year period

12.91%

17.32%

-4.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.69%

18.65%

-3.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.44%

21.96%

-6.52%

IEUX.L vs. EUFN - Expense Ratio Comparison

IEUX.L has a 0.40% expense ratio, which is lower than EUFN's 0.48% expense ratio.

Dividends

IEUX.L vs. EUFN - Dividend Comparison

IEUX.L's dividend yield for the trailing twelve months is around 1.96%, less than EUFN's 3.48% yield.

PositionTTM20252024202320222021202020192018201720162015
EUFN
iShares MSCI Europe Financials ETF		3.48%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%
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

IEUX.L and EUFN have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEUX.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEUX.L is cheaper with a 0.40% expense ratio, compared with 0.48% for EUFN.

IEUX.L is categorized as Europe Equities, while EUFN is Financials Equities. IEUX.L tracks MSCI Europe ex-UK NR EUR, while EUFN tracks MSCI Europe Financials Index. Their fees differ too: 0.40% for IEUX.L and 0.48% for EUFN.

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