MAIIX vs. CEMU.AS

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI EAFE International Index Fund (MAIIX) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS).

MAIIX is managed by BlackRock. It was launched on Apr 9, 1997. CEMU.AS is a passively managed fund by iShares that tracks the performance of the MSCI EMU NR EUR. It was launched on Jan 12, 2010.

Performance

MAIIX vs. CEMU.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE International Index Fund (MAIIX) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS). The values are adjusted to include any dividend payments, if applicable.

MAIIX vs. CEMU.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MAIIX iShares MSCI EAFE International Index Fund	-1.86%	31.62%	3.65%	18.35%	-14.15%	11.25%	8.03%	21.82%	-13.43%	25.24%
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc)	-4.10%	41.13%	3.27%	22.39%	-17.01%	14.73%	8.27%	22.65%	-15.93%	28.59%

Different Trading Currencies

MAIIX is traded in USD, while CEMU.AS is traded in EUR. To make them comparable, the CEMU.AS values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MAIIX achieves a -1.86% return, which is significantly higher than CEMU.AS's -4.10% return. Over the past 10 years, MAIIX has underperformed CEMU.AS with an annualized return of 8.55%, while CEMU.AS has yielded a comparatively higher 9.41% annualized return.

MAIIX

• 1D: 0.37%
• 1M: -10.85%
• YTD: -1.86%
• 6M: 2.38%
• 1Y: 19.60%
• 3Y*: 13.40%
• 5Y*: 7.90%
• 10Y*: 8.55%

CEMU.AS

• 1D: 1.91%
• 1M: -10.35%
• YTD: -4.10%
• 6M: 1.32%
• 1Y: 20.53%
• 3Y*: 14.75%
• 5Y*: 8.97%
• 10Y*: 9.41%

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

MAIIX vs. CEMU.AS - Expense Ratio Comparison

MAIIX has a 0.09% expense ratio, which is lower than CEMU.AS's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

CEMU.AS

iShares Core MSCI EMU UCITS ETF EUR (Acc)

MAIIX

iShares MSCI EAFE International Index Fund

Return for Risk

MAIIX vs. CEMU.AS — Risk / Return Rank

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

MAIIX

MAIIX Risk / Return Rank: 62
MAIIX Sharpe Ratio Rank: 62
MAIIX Sortino Ratio Rank: 60
MAIIX Omega Ratio Rank: 57
MAIIX Calmar Ratio Rank: 68
MAIIX Martin Ratio Rank: 62

CEMU.AS

CEMU.AS Risk / Return Rank: 49
CEMU.AS Sharpe Ratio Rank: 44
CEMU.AS Sortino Ratio Rank: 41
CEMU.AS Omega Ratio Rank: 42
CEMU.AS Calmar Ratio Rank: 59
CEMU.AS Martin Ratio Rank: 60

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.

MAIIX vs. CEMU.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE International Index Fund (MAIIX) 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.

	MAIIX	CEMU.AS	Difference
Sharpe ratio Return per unit of total volatility	1.09	1.13	-0.04
Sortino ratio Return per unit of downside risk	1.53	1.58	-0.05
Omega ratio Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio Return relative to maximum drawdown	1.54	1.66	-0.13
Martin ratio Return relative to average drawdown	5.87	6.46	-0.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAIIX vs. CEMU.AS - Sharpe Ratio Comparison

The current MAIIX Sharpe Ratio is 1.09, which is comparable to the CEMU.AS Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of MAIIX and CEMU.AS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MAIIX	CEMU.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.13	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.46	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.48	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.37	-0.07

Correlation

The correlation between MAIIX and CEMU.AS is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MAIIX vs. CEMU.AS - Dividend Comparison

MAIIX's dividend yield for the trailing twelve months is around 3.78%, while CEMU.AS has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAIIX iShares MSCI EAFE International Index Fund	3.78%	3.71%	3.38%	3.16%	2.76%	3.00%	1.94%	3.29%	4.53%	2.42%	2.81%	2.40%
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%

Drawdowns

MAIIX vs. CEMU.AS - Drawdown Comparison

The maximum MAIIX drawdown since its inception was -61.05%, which is greater than CEMU.AS's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for MAIIX and CEMU.AS.

Drawdown Indicators

	MAIIX	CEMU.AS	Difference
Max Drawdown Largest peak-to-trough decline	-61.05%	-38.38%	-22.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.31%	-12.60%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-24.51%	-4.80%
Max Drawdown (10Y) Largest decline over 10 years	-34.01%	-38.38%	+4.37%
Current Drawdown Current decline from peak	-10.85%	-8.77%	-2.08%
Average Drawdown Average peak-to-trough decline	-15.42%	-6.30%	-9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.60%	+0.36%

Volatility

MAIIX vs. CEMU.AS - Volatility Comparison

iShares MSCI EAFE International Index Fund (MAIIX) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) have volatilities of 7.08% and 7.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAIIX	CEMU.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	7.34%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	11.17%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.93%	18.03%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.92%	19.30%	-3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.56%	19.33%	-2.77%