IWSZ.L vs. EMUM.L
IWSZ.L (iShares MSCI World Mid-Cap Equal Weight UCITS ETF) and EMUM.L (iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc)) are both exchange-traded funds - IWSZ.L is a Mid Cap Blend Equities fund tracking the MSCI World Mid-Cap Equal Weighted Index, 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, IWSZ.L returned 12.64%/yr vs 21.94%/yr for EMUM.L. At a 0.35 correlation, their price movements are largely independent. IWSZ.L charges 0.30%/yr vs 0.49%/yr for EMUM.L.
Performance
IWSZ.L vs. EMUM.L - Performance Comparison
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Different Trading Currencies
IWSZ.L is traded in USD, while EMUM.L is traded in EUR. To make them comparable, the EMUM.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IWSZ.L achieves a 7.23% return, which is significantly lower than EMUM.L's 10.25% return.
IWSZ.L
- 1D
- -0.45%
- 1M
- -0.02%
- 6M
- 4.58%
- YTD
- 7.23%
- 1Y
- 15.40%
- 3Y*
- 12.64%
- 5Y*
- 6.01%
- 10Y*
- 8.35%
EMUM.L
- 1D
- -0.29%
- 1M
- -0.00%
- 6M
- 8.37%
- YTD
- 10.25%
- 1Y
- 19.54%
- 3Y*
- 21.94%
- 5Y*
- —
- 10Y*
- —
IWSZ.L vs. EMUM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IWSZ.L iShares MSCI World Mid-Cap Equal Weight UCITS ETF | 7.23% | 21.40% | 5.94% | 16.03% | -16.46% |
EMUM.L iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) | 10.25% | 48.32% | 5.68% | 13.37% | -20.40% |
Correlation
The correlation between IWSZ.L and EMUM.L is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2022 | 0.35 |
Over the past year, IWSZ.L and EMUM.L have become more correlated (0.69) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
IWSZ.L vs. EMUM.L — Risk / Return Rank
IWSZ.L
EMUM.L
IWSZ.L vs. EMUM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.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.
| IWSZ.L | EMUM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.95 | -0.33 |
| Martin ratioReturn relative to average drawdown | 6.01 | 6.67 | -0.66 |
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Drawdowns
IWSZ.L vs. EMUM.L - Drawdown Comparison
The maximum IWSZ.L drawdown since its inception was -38.11%, which is greater than EMUM.L's maximum drawdown of -34.57%. Use the drawdown chart below to compare losses from any high point for IWSZ.L and EMUM.L.
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Drawdown Indicators
| IWSZ.L | EMUM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -34.57% | -3.54% |
Max Drawdown (1Y)Largest decline over 1 year | -9.49% | -10.18% | +0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -14.12% | -14.70% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -30.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.11% | — | — |
Current DrawdownCurrent decline from peak | -0.92% | -1.20% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -3.93% | -2.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.95% | -0.39% |
Volatility
IWSZ.L vs. EMUM.L - Volatility Comparison
The current volatility for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) is 3.25%, while iShares MSCI EMU Mid Cap UCITS ETF EUR (Acc) (EMUM.L) has a volatility of 3.60%. This indicates that IWSZ.L experiences smaller price fluctuations and is considered to be less risky than EMUM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWSZ.L | EMUM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 3.60% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 12.37% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 15.46% | -2.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 32.40% | -16.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.37% | 32.40% | -16.03% |
IWSZ.L vs. EMUM.L - Expense Ratio Comparison
IWSZ.L has a 0.30% expense ratio, which is lower than EMUM.L's 0.49% expense ratio.
Dividends
IWSZ.L vs. EMUM.L - Dividend Comparison
Neither IWSZ.L nor EMUM.L has paid dividends to shareholders.
Frequently Asked Questions
IWSZ.L and EMUM.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IWSZ.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IWSZ.L is cheaper with a 0.30% expense ratio, compared with 0.49% for EMUM.L.
IWSZ.L is categorized as Mid Cap Blend Equities, while EMUM.L is Europe Equities. IWSZ.L tracks MSCI World Mid-Cap Equal Weighted Index, while EMUM.L tracks MSCI EMU Mid Cap Net Index. Their fees differ too: 0.30% for IWSZ.L and 0.49% for EMUM.L.
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