IWRD.AS vs. CEMU.AS
IWRD.AS (iShares MSCI World UCITS ETF) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both exchange-traded funds - IWRD.AS is a Global Equities fund tracking the MSCI ACWI NR USD, while CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, IWRD.AS returned 12.57%/yr vs 10.00%/yr for CEMU.AS. A 0.80 correlation means they provide meaningful diversification when combined. IWRD.AS charges 0.50%/yr vs 0.12%/yr for CEMU.AS.
Performance
IWRD.AS vs. CEMU.AS - Performance Comparison
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Returns By Period
In the year-to-date period, IWRD.AS achieves a 11.01% return, which is significantly higher than CEMU.AS's 8.03% return. Over the past 10 years, IWRD.AS has outperformed CEMU.AS with an annualized return of 12.57%, while CEMU.AS has yielded a comparatively lower 10.00% annualized return.
IWRD.AS
- 1D
- -0.25%
- 1M
- 5.53%
- YTD
- 11.01%
- 6M
- 11.58%
- 1Y
- 23.56%
- 3Y*
- 17.32%
- 5Y*
- 12.58%
- 10Y*
- 12.57%
CEMU.AS
- 1D
- -0.71%
- 1M
- 5.96%
- YTD
- 8.03%
- 6M
- 10.68%
- 1Y
- 17.68%
- 3Y*
- 15.62%
- 5Y*
- 10.48%
- 10Y*
- 10.00%
IWRD.AS vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWRD.AS iShares MSCI World UCITS ETF | 11.01% | 6.83% | 26.78% | 19.68% | -13.85% | 32.06% | 5.87% | 29.11% | -4.38% | 7.51% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.03% | 24.42% | 10.08% | 18.65% | -11.71% | 23.11% | -0.54% | 25.09% | -11.82% | 12.65% |
Correlation
The correlation between IWRD.AS and CEMU.AS is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.80 |
The correlation between IWRD.AS and CEMU.AS shifts across timeframes, from 0.69 (3 years) to 0.80 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWRD.AS vs. CEMU.AS — Risk / Return Rank
IWRD.AS
CEMU.AS
IWRD.AS vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World UCITS ETF (IWRD.AS) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS). 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.
| IWRD.AS | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.23 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 1.72 | +1.76 |
| Martin ratioReturn relative to average drawdown | 13.70 | 6.26 | +7.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWRD.AS | CEMU.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 1.21 | +0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 0.64 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.58 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.49 | +0.01 |
Drawdowns
IWRD.AS vs. CEMU.AS - Drawdown Comparison
The maximum IWRD.AS drawdown since its inception was -52.51%, which is greater than CEMU.AS's maximum drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for IWRD.AS and CEMU.AS.
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Drawdown Indicators
| IWRD.AS | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.51% | -38.38% | -14.13% |
Max Drawdown (1Y)Largest decline over 1 year | -6.69% | -10.17% | +3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -21.50% | -15.40% | -6.10% |
Max Drawdown (5Y)Largest decline over 5 years | -21.50% | -24.51% | +3.01% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -38.38% | +4.67% |
Current DrawdownCurrent decline from peak | -0.25% | -1.15% | +0.90% |
Average DrawdownAverage peak-to-trough decline | -8.84% | -6.25% | -2.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 2.80% | -1.09% |
Volatility
IWRD.AS vs. CEMU.AS - Volatility Comparison
The current volatility for iShares MSCI World UCITS ETF (IWRD.AS) is 2.81%, while iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a volatility of 5.30%. This indicates that IWRD.AS experiences smaller price fluctuations and is considered to be less risky than CEMU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWRD.AS | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.81% | 5.30% | -2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 7.72% | 11.94% | -4.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.04% | 14.48% | -3.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.14% | 16.16% | -2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.16% | 17.09% | -1.93% |
IWRD.AS vs. CEMU.AS - Expense Ratio Comparison
IWRD.AS has a 0.50% expense ratio, which is higher than CEMU.AS's 0.12% expense ratio.
Dividends
IWRD.AS vs. CEMU.AS - Dividend Comparison
IWRD.AS's dividend yield for the trailing twelve months is around 0.85%, while CEMU.AS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWRD.AS iShares MSCI World UCITS ETF | 0.85% | 0.95% | 1.05% | 1.32% | 1.49% | 1.01% | 1.21% | 1.62% | 1.84% | 1.67% | 1.70% | 1.80% |
Frequently Asked Questions
IWRD.AS and CEMU.AS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMU.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.50% for IWRD.AS.
IWRD.AS is categorized as Global Equities, while CEMU.AS is Europe Equities. IWRD.AS tracks MSCI ACWI NR USD, while CEMU.AS tracks MSCI EMU NR EUR. Their fees differ too: 0.50% for IWRD.AS and 0.12% for CEMU.AS.
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