IMAE.AS vs. CEMU.AS
IMAE.AS (iShares Core MSCI Europe UCITS ETF EUR (Acc)) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both Europe Equities funds from iShares - IMAE.AS tracks the MSCI Europe NR EUR while CEMU.AS tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, IMAE.AS returned 9.14%/yr vs 10.00%/yr for CEMU.AS. With a 0.96 correlation, they move nearly in lockstep. IMAE.AS charges 0.20%/yr vs 0.12%/yr for CEMU.AS.
Performance
IMAE.AS vs. CEMU.AS - Performance Comparison
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Returns By Period
In the year-to-date period, IMAE.AS achieves a 6.95% return, which is significantly lower than CEMU.AS's 8.03% return. Over the past 10 years, IMAE.AS has underperformed CEMU.AS with an annualized return of 9.14%, while CEMU.AS has yielded a comparatively higher 10.00% annualized return.
IMAE.AS
- 1D
- -0.71%
- 1M
- 3.95%
- YTD
- 6.95%
- 6M
- 9.74%
- 1Y
- 16.05%
- 3Y*
- 13.28%
- 5Y*
- 9.84%
- 10Y*
- 9.14%
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%
IMAE.AS vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMAE.AS iShares Core MSCI Europe UCITS ETF EUR (Acc) | 6.95% | 19.74% | 8.89% | 15.99% | -9.31% | 25.66% | -3.06% | 25.45% | -9.65% | 10.15% |
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 IMAE.AS and CEMU.AS is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.96 |
The correlation between IMAE.AS and CEMU.AS has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
IMAE.AS vs. CEMU.AS — Risk / Return Rank
IMAE.AS
CEMU.AS
IMAE.AS vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.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.
| IMAE.AS | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 1.72 | -0.04 |
| Martin ratioReturn relative to average drawdown | 6.19 | 6.26 | -0.06 |
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
| IMAE.AS | CEMU.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.21 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | 0.64 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.58 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.49 | +0.03 |
Drawdowns
IMAE.AS vs. CEMU.AS - Drawdown Comparison
The maximum IMAE.AS drawdown since its inception was -35.60%, smaller than the maximum CEMU.AS drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for IMAE.AS and CEMU.AS.
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Drawdown Indicators
| IMAE.AS | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.60% | -38.38% | +2.78% |
Max Drawdown (1Y)Largest decline over 1 year | -9.47% | -10.17% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -16.51% | -15.40% | -1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -19.44% | -24.51% | +5.07% |
Max Drawdown (10Y)Largest decline over 10 years | -35.60% | -38.38% | +2.78% |
Current DrawdownCurrent decline from peak | -2.20% | -1.15% | -1.05% |
Average DrawdownAverage peak-to-trough decline | -5.32% | -6.25% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.80% | -0.24% |
Volatility
IMAE.AS vs. CEMU.AS - Volatility Comparison
The current volatility for iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS) is 4.85%, while iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a volatility of 5.30%. This indicates that IMAE.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
| IMAE.AS | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 5.30% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 10.61% | 11.94% | -1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.75% | 14.48% | -1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.15% | 16.16% | -2.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 17.09% | -1.55% |
IMAE.AS vs. CEMU.AS - Expense Ratio Comparison
IMAE.AS has a 0.20% expense ratio, which is higher than CEMU.AS's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IMAE.AS vs. CEMU.AS - Dividend Comparison
Neither IMAE.AS nor CEMU.AS has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, IMAE.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 0.20% for IMAE.AS.
IMAE.AS tracks MSCI Europe NR EUR, while CEMU.AS tracks MSCI EMU NR EUR. Their fees differ too: 0.20% for IMAE.AS and 0.12% for CEMU.AS.
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