IMAE.AS vs. CYBU.AS

Last updated Jun 5, 2026

IMAE.AS (iShares Core MSCI Europe UCITS ETF EUR (Acc)) and CYBU.AS (iShares China CNY Bond UCITS ETF USD Hedged (Dist)) are both exchange-traded funds - IMAE.AS is a Europe Equities fund tracking the MSCI Europe NR EUR, while CYBU.AS is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past 5 years, IMAE.AS returned 9.96%/yr vs 6.65%/yr for CYBU.AS. At a correlation of -0.12, they often move in opposite directions. IMAE.AS charges 0.20%/yr vs 0.40%/yr for CYBU.AS.

Performance

IMAE.AS vs. CYBU.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS) and iShares China CNY Bond UCITS ETF USD Hedged (Dist) (CYBU.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IMAE.AS is traded in EUR, while CYBU.AS is traded in USD. To make them comparable, the CYBU.AS values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IMAE.AS achieves a 7.51% return, which is significantly higher than CYBU.AS's 3.69% return.

IMAE.AS

• 1D: 0.53%
• 1M: 3.33%
• YTD: 7.51%
• 6M: 9.82%
• 1Y: 16.13%
• 3Y*: 13.66%
• 5Y*: 9.96%
• 10Y*: 9.17%

CYBU.AS

• 1D: -0.09%
• 1M: 1.40%
• YTD: 3.69%
• 6M: 3.08%
• 1Y: 1.89%
• 3Y*: 4.13%
• 5Y*: 6.65%
• 10Y*: —

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

IMAE.AS vs. CYBU.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IMAE.AS iShares Core MSCI Europe UCITS ETF EUR (Acc)	7.51%	19.74%	8.89%	15.99%	-9.31%	25.66%	-3.06%	2.80%
CYBU.AS iShares China CNY Bond UCITS ETF USD Hedged (Dist)	3.69%	-9.69%	18.86%	4.58%	8.91%	9.95%	-7.28%	0.97%

Correlation

The correlation between IMAE.AS and CYBU.AS is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Nov 5, 2019	-0.12

Return for Risk

IMAE.AS vs. CYBU.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IMAE.AS

IMAE.AS Risk / Return Rank: 36
IMAE.AS Sharpe Ratio Rank: 35
IMAE.AS Sortino Ratio Rank: 36
IMAE.AS Omega Ratio Rank: 36
IMAE.AS Calmar Ratio Rank: 35
IMAE.AS Martin Ratio Rank: 40

CYBU.AS

CYBU.AS Risk / Return Rank: 59
CYBU.AS Sharpe Ratio Rank: 45
CYBU.AS Sortino Ratio Rank: 46
CYBU.AS Omega Ratio Rank: 46
CYBU.AS Calmar Ratio Rank: 88
CYBU.AS Martin Ratio Rank: 69

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.

IMAE.AS vs. CYBU.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 China CNY Bond UCITS ETF USD Hedged (Dist) (CYBU.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	CYBU.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.25	0.28	+0.97
Sortino ratio: Return per unit of downside risk	1.84	0.44	+1.40
Omega ratio: Gain probability vs. loss probability	1.24	1.05	+0.18
Calmar ratio: Return relative to maximum drawdown	1.68	0.44	+1.24
Martin ratio: Return relative to average drawdown	6.22	0.99	+5.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMAE.AS vs. CYBU.AS - Sharpe Ratio Comparison

The current IMAE.AS Sharpe Ratio is 1.25, which is higher than the CYBU.AS Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of IMAE.AS and CYBU.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.

Sharpe Ratios by Period

	IMAE.AS	CYBU.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	0.28	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.83	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.52	+0.01

Drawdowns

IMAE.AS vs. CYBU.AS - Drawdown Comparison

The maximum IMAE.AS drawdown since its inception was -35.60%, which is greater than CYBU.AS's maximum drawdown of -15.50%. Use the drawdown chart below to compare losses from any high point for IMAE.AS and CYBU.AS.

Drawdown Indicators

	IMAE.AS	CYBU.AS	Difference
Max Drawdown Largest peak-to-trough decline	-35.60%	-15.50%	-20.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.47%	-4.26%	-5.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-12.74%	-3.77%
Max Drawdown (5Y) Largest decline over 5 years	-19.44%	-12.74%	-6.70%
Max Drawdown (10Y) Largest decline over 10 years	-35.60%	—	—
Current Drawdown Current decline from peak	-1.69%	-7.69%	+6.00%
Average Drawdown Average peak-to-trough decline	-5.32%	-6.50%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	1.87%	+0.69%

Volatility

IMAE.AS vs. CYBU.AS - Volatility Comparison

iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS) has a higher volatility of 4.39% compared to iShares China CNY Bond UCITS ETF USD Hedged (Dist) (CYBU.AS) at 1.41%. This indicates that IMAE.AS's price experiences larger fluctuations and is considered to be riskier than CYBU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMAE.AS	CYBU.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	1.41%	+2.98%
Volatility (6M) Calculated over the trailing 6-month period	10.62%	4.60%	+6.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	6.58%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	7.87%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	7.79%	+7.75%

IMAE.AS vs. CYBU.AS - Expense Ratio Comparison

IMAE.AS has a 0.20% expense ratio, which is lower than CYBU.AS's 0.40% expense ratio.

Dividends

IMAE.AS vs. CYBU.AS - Dividend Comparison

IMAE.AS has not paid dividends to shareholders, while CYBU.AS's dividend yield for the trailing twelve months is around 1.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CYBU.AS iShares China CNY Bond UCITS ETF USD Hedged (Dist)	1.84%	1.88%	2.13%	2.45%	2.60%	2.82%	2.66%	0.21%
IMAE.AS iShares Core MSCI Europe UCITS ETF EUR (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMAE.AS and CYBU.AS in my portfolio?

IMAE.AS and CYBU.AS have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IMAE.AS or CYBU.AS?

On fees, IMAE.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IMAE.AS or CYBU.AS?

IMAE.AS is cheaper with a 0.20% expense ratio, compared with 0.40% for CYBU.AS.

What is the main difference between IMAE.AS and CYBU.AS?

IMAE.AS is categorized as Europe Equities, while CYBU.AS is Emerging Markets Bonds. IMAE.AS tracks MSCI Europe NR EUR, while CYBU.AS tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.20% for IMAE.AS and 0.40% for CYBU.AS.