SMEA.L vs. ESIN.L

Last updated Jun 5, 2026

SMEA.L (iShares Core MSCI Europe UCITS ETF EUR (Acc)) and ESIN.L (iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc) are both exchange-traded funds - SMEA.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while ESIN.L is a Industrials Equities fund tracking the MSCI World/Materials NR USD. Both are passively managed. Over the past 5 years, SMEA.L returned 10.14%/yr vs 13.02%/yr for ESIN.L. Their correlation of 0.88 suggests significant overlap in exposure. SMEA.L charges 0.12%/yr vs 0.18%/yr for ESIN.L.

Performance

SMEA.L vs. ESIN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) and iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMEA.L is traded in GBp, while ESIN.L is traded in GBP. To make them comparable, the ESIN.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMEA.L achieves a 6.71% return, which is significantly lower than ESIN.L's 7.95% return.

SMEA.L

• 1D: 0.75%
• 1M: 3.62%
• YTD: 6.71%
• 6M: 8.81%
• 1Y: 19.31%
• 3Y*: 13.80%
• 5Y*: 10.14%
• 10Y*: 10.22%

ESIN.L

• 1D: 0.70%
• 1M: 0.61%
• YTD: 7.95%
• 6M: 10.12%
• 1Y: 18.56%
• 3Y*: 19.65%
• 5Y*: 13.02%
• 10Y*: —

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

SMEA.L vs. ESIN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMEA.L iShares Core MSCI Europe UCITS ETF EUR (Acc)	6.71%	25.88%	3.68%	13.36%	-3.48%	7.02%
ESIN.L iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc	7.95%	31.04%	9.74%	24.40%	-11.34%	9.01%

Correlation

The correlation between SMEA.L and ESIN.L is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.88

The correlation between SMEA.L and ESIN.L has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

SMEA.L vs. ESIN.L - Sectors Allocation Comparison

Sectors	SMEA.L	ESIN.L
Financial Services	23.3%	1.3%
Industrials	19.7%	96.1%
Healthcare	13.1%	-
Technology	8.6%	0.3%
Consumer Defensive	8.4%	0.4%
Consumer Cyclical	6.3%	1.1%
Basic Materials	5.6%	0.3%
Energy	5.4%	-
Utilities	5.1%	-
Communication Services	3.7%	2.2%
Real Estate	0.8%	-

Return for Risk

SMEA.L vs. ESIN.L — Risk / Return Rank

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

SMEA.L

SMEA.L Risk / Return Rank: 44
SMEA.L Sharpe Ratio Rank: 47
SMEA.L Sortino Ratio Rank: 47
SMEA.L Omega Ratio Rank: 49
SMEA.L Calmar Ratio Rank: 37
SMEA.L Martin Ratio Rank: 41

ESIN.L

ESIN.L Risk / Return Rank: 29
ESIN.L Sharpe Ratio Rank: 28
ESIN.L Sortino Ratio Rank: 29
ESIN.L Omega Ratio Rank: 29
ESIN.L Calmar Ratio Rank: 27
ESIN.L Martin Ratio Rank: 32

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.

SMEA.L vs. ESIN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) and iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.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.

	SMEA.L	ESIN.L	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.99	+0.61
Sortino ratio: Return per unit of downside risk	2.29	1.55	+0.74
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	1.82	1.31	+0.51
Martin ratio: Return relative to average drawdown	6.51	4.64	+1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMEA.L vs. ESIN.L - Sharpe Ratio Comparison

The current SMEA.L Sharpe Ratio is 1.60, which is higher than the ESIN.L Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SMEA.L and ESIN.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.

Sharpe Ratios by Period

	SMEA.L	ESIN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	0.99	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.71	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.72	-0.12

Drawdowns

SMEA.L vs. ESIN.L - Drawdown Comparison

The maximum SMEA.L drawdown since its inception was -28.48%, which is greater than ESIN.L's maximum drawdown of -24.82%. Use the drawdown chart below to compare losses from any high point for SMEA.L and ESIN.L.

Drawdown Indicators

	SMEA.L	ESIN.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.48%	-24.82%	-3.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-14.11%	+3.55%
Max Drawdown (3Y) Largest decline over 3 years	-12.46%	-16.55%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-15.76%	-24.82%	+9.06%
Max Drawdown (10Y) Largest decline over 10 years	-28.48%	—	—
Current Drawdown Current decline from peak	-1.27%	-3.57%	+2.30%
Average Drawdown Average peak-to-trough decline	-4.54%	-5.41%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.99%	-1.03%

Volatility

SMEA.L vs. ESIN.L - Volatility Comparison

The current volatility for iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) is 3.91%, while iShares MSCI Europe Industrials Sector UCITS ETF EUR Acc (ESIN.L) has a volatility of 6.24%. This indicates that SMEA.L experiences smaller price fluctuations and is considered to be less risky than ESIN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMEA.L	ESIN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	6.24%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	15.70%	-5.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	18.73%	-6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.64%	18.41%	-4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	18.36%	-3.32%

SMEA.L vs. ESIN.L - Expense Ratio Comparison

SMEA.L has a 0.12% expense ratio, which is lower than ESIN.L's 0.18% 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%.

Dividends

SMEA.L vs. ESIN.L - Dividend Comparison

Neither SMEA.L nor ESIN.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMEA.L and ESIN.L in my portfolio?

SMEA.L and ESIN.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMEA.L or ESIN.L?

On fees, SMEA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMEA.L or ESIN.L?

SMEA.L is cheaper with a 0.12% expense ratio, compared with 0.18% for ESIN.L.

What is the main difference between SMEA.L and ESIN.L?

SMEA.L is categorized as Europe Equities, while ESIN.L is Industrials Equities. SMEA.L tracks MSCI Europe NR EUR, while ESIN.L tracks MSCI World/Materials NR USD. Their fees differ too: 0.12% for SMEA.L and 0.18% for ESIN.L.