IUSE.L vs. IS3N.DE
IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) and IS3N.DE (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) are both exchange-traded funds - IUSE.L is a S&P 500 fund tracking the S&P 500 EUR Hedged Index, while IS3N.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (IMI). Both are passively managed. Over the past 10 years, IUSE.L returned 12.04%/yr vs 8.50%/yr for IS3N.DE. A 0.61 correlation means they provide meaningful diversification when combined. IUSE.L charges 0.20%/yr vs 0.18%/yr for IS3N.DE.
Performance
IUSE.L vs. IS3N.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IUSE.L achieves a 7.54% return, which is significantly lower than IS3N.DE's 18.17% return. Over the past 10 years, IUSE.L has outperformed IS3N.DE with an annualized return of 12.04%, while IS3N.DE has yielded a comparatively lower 8.50% annualized return.
IUSE.L
- 1D
- -1.30%
- 1M
- -0.21%
- 6M
- 6.68%
- YTD
- 7.54%
- 1Y
- 17.02%
- 3Y*
- 16.87%
- 5Y*
- 10.14%
- 10Y*
- 12.04%
IS3N.DE
- 1D
- -1.97%
- 1M
- -9.63%
- 6M
- 10.94%
- YTD
- 18.17%
- 1Y
- 31.10%
- 3Y*
- 17.61%
- 5Y*
- 7.21%
- 10Y*
- 8.50%
IUSE.L vs. IS3N.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 | 7.54% | 14.95% | 23.21% | 23.05% | -21.17% | 27.85% | 14.81% | 26.33% | -8.40% | 19.04% |
IS3N.DE iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 18.17% | 17.14% | 13.88% | 7.20% | -13.85% | 7.09% | 7.07% | 20.99% | -11.06% | 20.43% |
Correlation
The correlation between IUSE.L and IS3N.DE is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2014 | 0.61 |
The correlation between IUSE.L and IS3N.DE has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.
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Return for Risk
IUSE.L vs. IS3N.DE — Risk / Return Rank
IUSE.L
IS3N.DE
IUSE.L vs. IS3N.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 Emerging Markets IMI UCITS ETF (Acc) (IS3N.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 | IS3N.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.29 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.89 | -0.91 |
| Martin ratioReturn relative to average drawdown | 7.93 | 8.76 | -0.82 |
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Drawdowns
IUSE.L vs. IS3N.DE - Drawdown Comparison
The maximum IUSE.L drawdown since its inception was -34.75%, roughly equal to the maximum IS3N.DE drawdown of -35.06%. Use the drawdown chart below to compare losses from any high point for IUSE.L and IS3N.DE.
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Drawdown Indicators
| IUSE.L | IS3N.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.75% | -35.06% | +0.31% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -10.59% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -18.33% | -19.18% | +0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -26.23% | -21.99% | -4.24% |
Max Drawdown (10Y)Largest decline over 10 years | -34.75% | -32.51% | -2.24% |
Current DrawdownCurrent decline from peak | -1.97% | -10.59% | +8.62% |
Average DrawdownAverage peak-to-trough decline | -4.25% | -9.23% | +4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 3.50% | -1.34% |
Volatility
IUSE.L vs. IS3N.DE - Volatility Comparison
The current volatility for iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) is 3.05%, while iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (IS3N.DE) has a volatility of 8.01%. This indicates that IUSE.L experiences smaller price fluctuations and is considered to be less risky than IS3N.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 | IS3N.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 8.01% | -4.96% |
Volatility (6M)Calculated over the trailing 6-month period | 9.34% | 17.36% | -8.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.08% | 19.68% | -7.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 16.72% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.29% | 18.19% | -1.90% |
IUSE.L vs. IS3N.DE - Expense Ratio Comparison
IUSE.L has a 0.20% expense ratio, which is higher than IS3N.DE's 0.18% 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
IUSE.L vs. IS3N.DE - Dividend Comparison
Neither IUSE.L nor IS3N.DE has paid dividends to shareholders.
Frequently Asked Questions
IUSE.L and IS3N.DE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IS3N.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IS3N.DE is cheaper with a 0.18% expense ratio, compared with 0.20% for IUSE.L.
IUSE.L is categorized as S&P 500, while IS3N.DE is Emerging Markets Equities. IUSE.L tracks S&P 500 EUR Hedged Index, while IS3N.DE tracks MSCI Emerging Markets Investable Market Index (IMI). Their fees differ too: 0.20% for IUSE.L and 0.18% for IS3N.DE.
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