ISPY.L vs. CMU.L

Last updated Jul 21, 2026

ISPY.L (L&G Cyber Security UCITS ETF) and CMU.L (Amundi ETF MSCI EMU ESG Leaders Select) are both exchange-traded funds - ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index, while CMU.L is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, ISPY.L returned 16.69%/yr vs 10.12%/yr for CMU.L. At a 0.50 correlation, their price movements are largely independent. ISPY.L charges 0.69%/yr vs 0.15%/yr for CMU.L.

Performance

ISPY.L vs. CMU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Cyber Security UCITS ETF (ISPY.L) and Amundi ETF MSCI EMU ESG Leaders Select (CMU.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY.L achieves a 44.89% return, which is significantly higher than CMU.L's 15.46% return. Over the past 10 years, ISPY.L has outperformed CMU.L with an annualized return of 16.69%, while CMU.L has yielded a comparatively lower 10.12% annualized return.

ISPY.L

• 1D: 0.85%
• 1M: 11.78%
• 6M: 50.01%
• YTD: 44.89%
• 1Y: 41.53%
• 3Y*: 26.97%
• 5Y*: 12.45%
• 10Y*: 16.69%
• ALL TIME*: 11.95%

CMU.L

• 1D: 0.09%
• 1M: -3.51%
• 6M: 14.95%
• YTD: 15.46%
• 1Y: 26.13%
• 3Y*: 14.82%
• 5Y*: 10.51%
• 10Y*: 10.12%
• ALL TIME*: 8.12%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISPY.L L&G Cyber Security UCITS ETF	44.89%	0.28%	19.68%	34.35%	-24.57%	9.18%	37.24%	25.65%	14.46%	13.11%
CMU.L Amundi ETF MSCI EMU ESG Leaders Select	15.46%	25.71%	1.42%	14.39%	-5.30%	13.03%	4.59%	19.05%	-11.56%	17.21%

Correlation

The correlation between ISPY.L and CMU.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 23, 2015	0.50

Over the past year, the correlation between ISPY.L and CMU.L has dropped to 0.23 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

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

Sectors	ISPY.L	CMU.L
Technology	97.3%	20.7%
Communication Services	2.5%	2.2%
Industrials	0.3%	16.7%
Basic Materials	-	3.5%
Consumer Cyclical	-	10.5%
Consumer Defensive	-	6.1%
Energy	-	0.0%
Financial Services	-	28.4%
Healthcare	-	4.5%
Real Estate	-	1.0%
Utilities	-	6.4%

Return for Risk

ISPY.L vs. CMU.L — Risk / Return Rank

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

ISPY.L

ISPY.L Risk / Return Rank: 55
ISPY.L Sharpe Ratio Rank: 60
ISPY.L Sortino Ratio Rank: 57
ISPY.L Omega Ratio Rank: 62
ISPY.L Calmar Ratio Rank: 54
ISPY.L Martin Ratio Rank: 42

CMU.L

CMU.L Risk / Return Rank: 69
CMU.L Sharpe Ratio Rank: 73
CMU.L Sortino Ratio Rank: 73
CMU.L Omega Ratio Rank: 73
CMU.L Calmar Ratio Rank: 62
CMU.L Martin Ratio Rank: 65

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.

ISPY.L vs. CMU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (ISPY.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.

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.

	ISPY.L	CMU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.73	-0.24
Sortino ratio: Return per unit of downside risk	2.06	2.48	-0.42
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.03	2.28	-0.24
Martin ratio: Return relative to average drawdown	5.05	8.43	-3.38

ISPY.L vs. CMU.L - Sharpe Ratio Comparison

The current ISPY.L Sharpe Ratio is 1.49, which is comparable to the CMU.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of ISPY.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.

Drawdowns

ISPY.L vs. CMU.L - Drawdown Comparison

The maximum ISPY.L drawdown since its inception was -50.17%, which is greater than CMU.L's maximum drawdown of -31.46%. Use the drawdown chart below to compare losses from any high point for ISPY.L and CMU.L.

Drawdown Indicators

	ISPY.L	CMU.L	Difference
Max Drawdown Largest peak-to-trough decline	-50.17%	-31.46%	-18.71%
Max Drawdown (1Y) Largest decline over 1 year	-20.33%	-11.43%	-8.90%
Max Drawdown (3Y) Largest decline over 3 years	-28.19%	-11.95%	-16.24%
Max Drawdown (5Y) Largest decline over 5 years	-31.77%	-21.11%	-10.66%
Max Drawdown (10Y) Largest decline over 10 years	-31.77%	-31.41%	-0.36%
Current Drawdown Current decline from peak	-4.42%	-3.81%	-0.61%
Average Drawdown Average peak-to-trough decline	-12.85%	-6.61%	-6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.20%	3.09%	+5.11%

Volatility

ISPY.L vs. CMU.L - Volatility Comparison

L&G Cyber Security UCITS ETF (ISPY.L) has a higher volatility of 10.69% compared to Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) at 3.79%. This indicates that ISPY.L's price experiences larger fluctuations and is considered to be riskier than CMU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY.L	CMU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.69%	3.79%	+6.90%
Volatility (6M) Calculated over the trailing 6-month period	24.88%	12.80%	+12.08%
Volatility (1Y) Calculated over the trailing 1-year period	27.85%	15.08%	+12.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.58%	15.99%	+11.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.48%	16.68%	+7.80%

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

ISPY.L has a 0.69% expense ratio, which is higher than CMU.L's 0.15% expense ratio.

Dividends

ISPY.L vs. CMU.L - Dividend Comparison

Neither ISPY.L nor CMU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ISPY.L and CMU.L in my portfolio?

ISPY.L and CMU.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISPY.L or CMU.L?

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.

Which ETF is cheaper, ISPY.L or CMU.L?

CMU.L is cheaper with a 0.15% expense ratio, compared with 0.69% for ISPY.L.

What is the main difference between ISPY.L and CMU.L?

ISPY.L is categorized as Cybersecurity, while CMU.L is Europe Equities. ISPY.L tracks ISE Cyber Security UCITS Index, while CMU.L tracks MSCI EMU NR EUR. They also come from different issuers: L&G and Amundi. Their fees differ too: 0.69% for ISPY.L and 0.15% for CMU.L.