PARI.L vs. CMU.L

Last updated Jul 16, 2026

PARI.L (Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF) and CMU.L (Amundi ETF MSCI EMU ESG Leaders Select) are both Europe Equities funds - PARI.L tracks the Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF while CMU.L tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 5 years, PARI.L returned 6.59%/yr vs 10.98%/yr for CMU.L. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

PARI.L vs. CMU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF (PARI.L) and Amundi ETF MSCI EMU ESG Leaders Select (CMU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, PARI.L achieves a 9.19% return, which is significantly lower than CMU.L's 19.75% return.

PARI.L

• 1D: 0.21%
• 1M: 1.42%
• 6M: 5.33%
• YTD: 9.19%
• 1Y: 12.95%
• 3Y*: 8.40%
• 5Y*: 6.59%
• 10Y*: —

CMU.L

• 1D: 0.27%
• 1M: 0.48%
• 6M: 16.56%
• YTD: 19.75%
• 1Y: 29.99%
• 3Y*: 16.09%
• 5Y*: 10.98%
• 10Y*: 10.19%

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

PARI.L vs. CMU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PARI.L Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF	9.19%	5.82%	7.25%	15.81%	-10.70%	23.80%	11.15%
CMU.L Amundi ETF MSCI EMU ESG Leaders Select	19.75%	19.15%	6.31%	16.82%	-10.18%	20.38%	13.72%

Correlation

The correlation between PARI.L and CMU.L is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 31, 2020	0.87

The correlation between PARI.L and CMU.L has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

PARI.L vs. CMU.L — Risk / Return Rank

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

PARI.L

PARI.L Risk / Return Rank: 31
PARI.L Sharpe Ratio Rank: 32
PARI.L Sortino Ratio Rank: 32
PARI.L Omega Ratio Rank: 31
PARI.L Calmar Ratio Rank: 29
PARI.L Martin Ratio Rank: 34

CMU.L

CMU.L Risk / Return Rank: 66
CMU.L Sharpe Ratio Rank: 69
CMU.L Sortino Ratio Rank: 71
CMU.L Omega Ratio Rank: 69
CMU.L Calmar Ratio Rank: 58
CMU.L Martin Ratio Rank: 62

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.

PARI.L vs. CMU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF (PARI.L) and Amundi ETF MSCI EMU ESG Leaders Select (CMU.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.

	PARI.L	CMU.L	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.95	-0.99
Sortino ratio: Return per unit of downside risk	1.45	2.81	-1.36
Omega ratio: Gain probability vs. loss probability	1.18	1.36	-0.19
Calmar ratio: Return relative to maximum drawdown	1.20	2.77	-1.57
Martin ratio: Return relative to average drawdown	4.10	10.68	-6.58

PARI.L vs. CMU.L - Sharpe Ratio Comparison

The current PARI.L Sharpe Ratio is 0.96, which is lower than the CMU.L Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of PARI.L and CMU.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

PARI.L vs. CMU.L - Drawdown Comparison

The maximum PARI.L drawdown since its inception was -21.18%, smaller than the maximum CMU.L drawdown of -38.75%. Use the drawdown chart below to compare losses from any high point for PARI.L and CMU.L.

Drawdown Indicators

	PARI.L	CMU.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.18%	-38.75%	+17.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.78%	-10.61%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	-14.04%	-2.00%
Max Drawdown (5Y) Largest decline over 5 years	-21.18%	-23.95%	+2.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.75%	—
Current Drawdown Current decline from peak	-2.01%	-1.70%	-0.31%
Average Drawdown Average peak-to-trough decline	-4.32%	-6.76%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.76%	+0.39%

Volatility

PARI.L vs. CMU.L - Volatility Comparison

The current volatility for Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF (PARI.L) is 3.37%, while Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) has a volatility of 3.67%. This indicates that PARI.L experiences smaller price fluctuations and is considered to be less risky than CMU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PARI.L	CMU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	3.67%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	12.71%	-1.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	15.08%	-1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	16.05%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.36%	16.82%	-2.46%

PARI.L vs. CMU.L - Expense Ratio Comparison

Both PARI.L and CMU.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

PARI.L vs. CMU.L - Dividend Comparison

Neither PARI.L nor CMU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PARI.L and CMU.L in my portfolio?

PARI.L and CMU.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PARI.L or CMU.L?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PARI.L or CMU.L?

PARI.L and CMU.L have the same expense ratio: 0.15% per year.

What is the main difference between PARI.L and CMU.L?

PARI.L tracks Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF, while CMU.L tracks MSCI EMU NR EUR. They also come from different issuers: Franklin and Amundi.