PAES.L vs. CEUR.L
PAES.L (Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc) and CEUR.L (Amundi MSCI Europe) are both Europe Equities funds tracking the MSCI Europe NR EUR, from Invesco and Amundi respectively. Both are passively managed. Over the past 3 years, PAES.L returned 12.56%/yr vs 15.35%/yr for CEUR.L. Their correlation of 0.94 suggests significant overlap in exposure. PAES.L charges 0.16%/yr vs 0.05%/yr for CEUR.L.
Performance
PAES.L vs. CEUR.L - Performance Comparison
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Returns By Period
In the year-to-date period, PAES.L achieves a 7.62% return, which is significantly lower than CEUR.L's 8.69% return.
PAES.L
- 1D
- -1.03%
- 1M
- 1.99%
- YTD
- 7.62%
- 6M
- 7.96%
- 1Y
- 16.30%
- 3Y*
- 12.56%
- 5Y*
- —
- 10Y*
- —
CEUR.L
- 1D
- 0.04%
- 1M
- 1.96%
- YTD
- 8.69%
- 6M
- 9.07%
- 1Y
- 22.05%
- 3Y*
- 15.35%
- 5Y*
- 9.57%
- 10Y*
- 8.08%
PAES.L vs. CEUR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAES.L Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc | 7.62% | 19.00% | 1.22% | 14.38% | -12.18% | 8,263.00% |
CEUR.L Amundi MSCI Europe | 8.69% | 24.46% | 4.90% | 12.93% | -5.96% | 3.89% |
Correlation
The correlation between PAES.L and CEUR.L is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2021 | 0.94 |
The correlation between PAES.L and CEUR.L has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
PAES.L vs. CEUR.L — Risk / Return Rank
PAES.L
CEUR.L
PAES.L vs. CEUR.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) and Amundi MSCI Europe (CEUR.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.
| PAES.L | CEUR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | +169.03 | ||
| Omega ratioGain probability vs. loss probability | 82.48 | 1.33 | +81.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 1.99 | -1.81 |
| Martin ratioReturn relative to average drawdown | 0.80 | 6.96 | -6.16 |
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Drawdowns
PAES.L vs. CEUR.L - Drawdown Comparison
The maximum PAES.L drawdown since its inception was -99.03%, which is greater than CEUR.L's maximum drawdown of -42.56%. Use the drawdown chart below to compare losses from any high point for PAES.L and CEUR.L.
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Drawdown Indicators
| PAES.L | CEUR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.03% | -42.56% | -56.47% |
Max Drawdown (1Y)Largest decline over 1 year | -99.03% | -11.05% | -87.98% |
Max Drawdown (3Y)Largest decline over 3 years | -99.03% | -12.66% | -86.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.11% | — |
Current DrawdownCurrent decline from peak | -1.05% | -0.82% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -7.50% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.84% | 3.16% | +18.68% |
Volatility
PAES.L vs. CEUR.L - Volatility Comparison
Invesco MSCI Europe ESG Climate Paris Aligned UCITS ETF Acc (PAES.L) has a higher volatility of 3.24% compared to Amundi MSCI Europe (CEUR.L) at 2.97%. This indicates that PAES.L's price experiences larger fluctuations and is considered to be riskier than CEUR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAES.L | CEUR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 2.97% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 10.65% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 17,060.70% | 12.59% | +17,048.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8,952.50% | 13.91% | +8,938.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8,952.50% | 15.32% | +8,937.18% |
PAES.L vs. CEUR.L - Expense Ratio Comparison
PAES.L has a 0.16% expense ratio, which is higher than CEUR.L's 0.05% 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
PAES.L vs. CEUR.L - Dividend Comparison
Neither PAES.L nor CEUR.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, PAES.L and CEUR.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, CEUR.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEUR.L is cheaper with a 0.05% expense ratio, compared with 0.16% for PAES.L.
Both ETFs track MSCI Europe NR EUR. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.16% for PAES.L and 0.05% for CEUR.L.
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