IUSE.L vs. EUNL.DE
IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) and EUNL.DE (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - IUSE.L is a S&P 500 fund tracking the S&P 500 EUR Hedged Index, while EUNL.DE is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 10 years, IUSE.L returned 12.51%/yr vs 12.99%/yr for EUNL.DE. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
IUSE.L vs. EUNL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IUSE.L achieves a 7.12% return, which is significantly lower than EUNL.DE's 9.95% return. Both investments have delivered pretty close results over the past 10 years, with IUSE.L having a 12.51% annualized return and EUNL.DE not far ahead at 12.99%.
IUSE.L
- 1D
- 2.09%
- 1M
- 0.02%
- YTD
- 7.12%
- 6M
- 8.27%
- 1Y
- 21.75%
- 3Y*
- 18.11%
- 5Y*
- 10.61%
- 10Y*
- 12.51%
EUNL.DE
- 1D
- 1.66%
- 1M
- 1.52%
- YTD
- 9.95%
- 6M
- 11.17%
- 1Y
- 23.88%
- 3Y*
- 16.77%
- 5Y*
- 12.47%
- 10Y*
- 12.99%
IUSE.L vs. EUNL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IUSE.L iShares S&P 500 EUR Hedged UCITS ETF Acc | 7.12% | 14.95% | 23.21% | 23.05% | -21.17% | 27.85% | 14.81% | 26.33% | -8.40% | 19.04% |
EUNL.DE iShares Core MSCI World UCITS ETF USD (Acc) | 9.95% | 7.91% | 25.93% | 20.12% | -13.59% | 32.72% | 5.48% | 31.35% | -5.13% | 7.71% |
Correlation
The correlation between IUSE.L and EUNL.DE is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010 | 0.82 |
The correlation between IUSE.L and EUNL.DE has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.
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Return for Risk
IUSE.L vs. EUNL.DE — Risk / Return Rank
IUSE.L
EUNL.DE
IUSE.L vs. EUNL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) and iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE). 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.
| IUSE.L | EUNL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.38 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 3.74 | -1.29 |
| Martin ratioReturn relative to average drawdown | 10.19 | 15.11 | -4.92 |
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Drawdowns
IUSE.L vs. EUNL.DE - Drawdown Comparison
The maximum IUSE.L drawdown since its inception was -34.75%, roughly equal to the maximum EUNL.DE drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for IUSE.L and EUNL.DE.
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Drawdown Indicators
| IUSE.L | EUNL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.75% | -33.63% | -1.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -6.22% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -18.33% | -21.73% | +3.40% |
Max Drawdown (5Y)Largest decline over 5 years | -26.23% | -21.73% | -4.50% |
Max Drawdown (10Y)Largest decline over 10 years | -34.75% | -33.63% | -1.12% |
Current DrawdownCurrent decline from peak | -2.35% | -1.13% | -1.22% |
Average DrawdownAverage peak-to-trough decline | -4.27% | -4.22% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 1.54% | +0.55% |
Volatility
IUSE.L vs. EUNL.DE - Volatility Comparison
iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) has a higher volatility of 4.09% compared to iShares Core MSCI World UCITS ETF USD (Acc) (EUNL.DE) at 3.08%. This indicates that IUSE.L's price experiences larger fluctuations and is considered to be riskier than EUNL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IUSE.L | EUNL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.09% | 3.08% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.02% | 7.98% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.95% | 11.31% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.05% | 14.18% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.35% | 15.16% | +1.19% |
IUSE.L vs. EUNL.DE - Expense Ratio Comparison
Both IUSE.L and EUNL.DE have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IUSE.L vs. EUNL.DE - Dividend Comparison
Neither IUSE.L nor EUNL.DE has paid dividends to shareholders.
Frequently Asked Questions
IUSE.L and EUNL.DE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IUSE.L and EUNL.DE have the same expense ratio: 0.20% per year.
IUSE.L is categorized as S&P 500, while EUNL.DE is Global Equities. IUSE.L tracks S&P 500 EUR Hedged Index, while EUNL.DE tracks MSCI World Index.
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