IPXE.L vs. CMB1.L
IPXE.L (First Trust IPOX Europe Equity Opportunities UCITS ETF) and CMB1.L (iShares FTSE MIB UCITS ETF (Acc)) are both Europe Equities funds - IPXE.L tracks the First Trust IPOX Europe Equity Opportunities UCITS ETF while CMB1.L tracks the FTSE Italia AllShare TR EUR. Both are passively managed. Over the past 5 years, IPXE.L returned 3.32%/yr vs 20.94%/yr for CMB1.L. A 0.73 correlation means they provide meaningful diversification when combined.
Performance
IPXE.L vs. CMB1.L - Performance Comparison
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Different Trading Currencies
IPXE.L is traded in USD, while CMB1.L is traded in GBp. To make them comparable, the CMB1.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IPXE.L achieves a 6.58% return, which is significantly lower than CMB1.L's 17.52% return.
IPXE.L
- 1D
- -0.78%
- 1M
- -7.61%
- 6M
- 5.17%
- YTD
- 6.58%
- 1Y
- 6.86%
- 3Y*
- 15.74%
- 5Y*
- 3.32%
- 10Y*
- —
CMB1.L
- 1D
- -0.38%
- 1M
- 0.44%
- 6M
- 16.14%
- YTD
- 17.52%
- 1Y
- 35.59%
- 3Y*
- 28.96%
- 5Y*
- 20.94%
- 10Y*
- 16.54%
IPXE.L vs. CMB1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IPXE.L First Trust IPOX Europe Equity Opportunities UCITS ETF | 6.58% | 23.15% | 15.84% | 14.82% | -34.82% | 25.55% |
CMB1.L iShares FTSE MIB UCITS ETF (Acc) | 17.52% | 54.68% | 11.37% | 37.57% | -13.87% | 3.93% |
Correlation
The correlation between IPXE.L and CMB1.L is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2021 | 0.73 |
The correlation between IPXE.L and CMB1.L has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.
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Return for Risk
IPXE.L vs. CMB1.L — Risk / Return Rank
IPXE.L
CMB1.L
IPXE.L vs. CMB1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust IPOX Europe Equity Opportunities UCITS ETF (IPXE.L) and iShares FTSE MIB UCITS ETF (Acc) (CMB1.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IPXE.L | CMB1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.36 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 3.15 | -2.55 |
| Martin ratioReturn relative to average drawdown | 1.61 | 10.99 | -9.38 |
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Drawdowns
IPXE.L vs. CMB1.L - Drawdown Comparison
The maximum IPXE.L drawdown since its inception was -49.41%, smaller than the maximum CMB1.L drawdown of -57.87%. Use the drawdown chart below to compare losses from any high point for IPXE.L and CMB1.L.
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Drawdown Indicators
| IPXE.L | CMB1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.41% | -57.87% | +8.46% |
Max Drawdown (1Y)Largest decline over 1 year | -10.85% | -11.25% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -19.60% | -17.48% | -2.12% |
Max Drawdown (5Y)Largest decline over 5 years | -49.41% | -35.65% | -13.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.93% | — |
Current DrawdownCurrent decline from peak | -8.94% | -0.83% | -8.11% |
Average DrawdownAverage peak-to-trough decline | -19.91% | -19.27% | -0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.05% | 3.23% | +0.82% |
Volatility
IPXE.L vs. CMB1.L - Volatility Comparison
First Trust IPOX Europe Equity Opportunities UCITS ETF (IPXE.L) has a higher volatility of 5.95% compared to iShares FTSE MIB UCITS ETF (Acc) (CMB1.L) at 4.20%. This indicates that IPXE.L's price experiences larger fluctuations and is considered to be riskier than CMB1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IPXE.L | CMB1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 4.20% | +1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 17.48% | 14.34% | +3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.75% | 17.20% | +2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.53% | 21.17% | +1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.29% | 22.04% | +2.25% |
Dividends
IPXE.L vs. CMB1.L - Dividend Comparison
Neither IPXE.L nor CMB1.L has paid dividends to shareholders.
Frequently Asked Questions
IPXE.L and CMB1.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IPXE.L tracks First Trust IPOX Europe Equity Opportunities UCITS ETF, while CMB1.L tracks FTSE Italia AllShare TR EUR. They also come from different issuers: First Trust and iShares.
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