IUSF.L vs. EMUM.L

Last updated Jul 18, 2026

IUSF.L (iShares Edge MSCI USA Size Factor UCITS ETF) and EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) are both exchange-traded funds - IUSF.L is a Mid Cap Blend Equities fund tracking the Russell Mid Cap TR USD, while EMUM.L is a Europe Equities fund tracking the MSCI EMU Mid Cap Net Index. Both are passively managed. Over the past 3 years, IUSF.L returned 10.58%/yr vs 19.73%/yr for EMUM.L. At a 0.20 correlation, their price movements are largely independent. IUSF.L charges 0.20%/yr vs 0.49%/yr for EMUM.L.

Performance

IUSF.L vs. EMUM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI USA Size Factor UCITS ETF (IUSF.L) and iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IUSF.L is traded in GBp, while EMUM.L is traded in EUR. To make them comparable, the EMUM.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IUSF.L achieves a 8.56% return, which is significantly lower than EMUM.L's 10.37% return.

IUSF.L

• 1D: -0.15%
• 1M: 0.31%
• 6M: 4.64%
• YTD: 8.56%
• 1Y: 13.53%
• 3Y*: 10.58%
• 5Y*: 7.07%
• 10Y*: —

EMUM.L

• 1D: -0.13%
• 1M: -1.23%
• 6M: 7.75%
• YTD: 10.37%
• 1Y: 19.21%
• 3Y*: 19.73%
• 5Y*: —
• 10Y*: —

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

IUSF.L vs. EMUM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IUSF.L iShares Edge MSCI USA Size Factor UCITS ETF	8.56%	1.00%	14.60%	10.79%	-3.74%
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)	10.37%	38.22%	7.49%	8.20%	-10.86%

Correlation

The correlation between IUSF.L and EMUM.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022	0.20

The correlation between IUSF.L and EMUM.L shifts across timeframes, from 0.20 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IUSF.L vs. EMUM.L — Risk / Return Rank

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

IUSF.L

IUSF.L Risk / Return Rank: 43
IUSF.L Sharpe Ratio Rank: 44
IUSF.L Sortino Ratio Rank: 42
IUSF.L Omega Ratio Rank: 40
IUSF.L Calmar Ratio Rank: 45
IUSF.L Martin Ratio Rank: 44

EMUM.L

EMUM.L Risk / Return Rank: 70
EMUM.L Sharpe Ratio Rank: 67
EMUM.L Sortino Ratio Rank: 66
EMUM.L Omega Ratio Rank: 71
EMUM.L Calmar Ratio Rank: 73
EMUM.L Martin Ratio Rank: 72

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.

IUSF.L vs. EMUM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI USA Size Factor UCITS ETF (IUSF.L) and iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.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.

	IUSF.L	EMUM.L	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.45	-0.22
Sortino ratio: Return per unit of downside risk	1.74	2.00	-0.26
Omega ratio: Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio: Return relative to maximum drawdown	1.82	2.20	-0.38
Martin ratio: Return relative to average drawdown	5.55	7.65	-2.10

IUSF.L vs. EMUM.L - Sharpe Ratio Comparison

The current IUSF.L Sharpe Ratio is 1.23, which is comparable to the EMUM.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of IUSF.L and EMUM.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

IUSF.L vs. EMUM.L - Drawdown Comparison

The maximum IUSF.L drawdown since its inception was -33.67%, which is greater than EMUM.L's maximum drawdown of -18.67%. Use the drawdown chart below to compare losses from any high point for IUSF.L and EMUM.L.

Drawdown Indicators

	IUSF.L	EMUM.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.67%	-18.67%	-15.00%
Max Drawdown (1Y) Largest decline over 1 year	-7.39%	-8.85%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-22.73%	-12.86%	-9.87%
Max Drawdown (5Y) Largest decline over 5 years	-22.73%	—	—
Current Drawdown Current decline from peak	-2.39%	-1.75%	-0.64%
Average Drawdown Average peak-to-trough decline	-5.38%	-2.63%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.53%	-0.10%

Volatility

IUSF.L vs. EMUM.L - Volatility Comparison

iShares Edge MSCI USA Size Factor UCITS ETF (IUSF.L) has a higher volatility of 3.65% compared to iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) at 3.24%. This indicates that IUSF.L's price experiences larger fluctuations and is considered to be riskier than EMUM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUSF.L	EMUM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	3.24%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	10.82%	-2.77%
Volatility (1Y) Calculated over the trailing 1-year period	11.19%	13.43%	-2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	24.87%	-8.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	24.87%	-7.61%

IUSF.L vs. EMUM.L - Expense Ratio Comparison

IUSF.L has a 0.20% expense ratio, which is lower than EMUM.L's 0.49% expense ratio.

Dividends

IUSF.L vs. EMUM.L - Dividend Comparison

Neither IUSF.L nor EMUM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IUSF.L and EMUM.L in my portfolio?

IUSF.L and EMUM.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IUSF.L or EMUM.L?

On fees, IUSF.L 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, IUSF.L or EMUM.L?

IUSF.L is cheaper with a 0.20% expense ratio, compared with 0.49% for EMUM.L.

What is the main difference between IUSF.L and EMUM.L?

IUSF.L is categorized as Mid Cap Blend Equities, while EMUM.L is Europe Equities. IUSF.L tracks Russell Mid Cap TR USD, while EMUM.L tracks MSCI EMU Mid Cap Net Index. Their fees differ too: 0.20% for IUSF.L and 0.49% for EMUM.L.