SP20.AS vs. IMAE.AS

Last updated Apr 1, 2026

Compare and contrast key facts about iShares S&P 500 Top 20 UCITS ETF USD Acc (SP20.AS) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS).

SP20.AS and IMAE.AS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SP20.AS is a passively managed fund by iShares that tracks the performance of the S&P 500 Top 20 Select 35/20 Capped Index. It was launched on Nov 12, 2024. IMAE.AS is a passively managed fund by iShares that tracks the performance of the MSCI Europe NR EUR. It was launched on Sep 25, 2009. Both SP20.AS and IMAE.AS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SP20.AS vs. IMAE.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares S&P 500 Top 20 UCITS ETF USD Acc (SP20.AS) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS). The values are adjusted to include any dividend payments, if applicable.

SP20.AS vs. IMAE.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SP20.AS iShares S&P 500 Top 20 UCITS ETF USD Acc	-10.91%	19.56%	5.33%
IMAE.AS iShares Core MSCI Europe UCITS ETF EUR (Acc)	-0.93%	19.74%	0.99%

Returns By Period

In the year-to-date period, SP20.AS achieves a -10.91% return, which is significantly lower than IMAE.AS's -0.93% return.

SP20.AS

• 1D: 1.28%
• 1M: -6.28%
• YTD: -10.91%
• 6M: -6.93%
• 1Y: 22.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMAE.AS

• 1D: 0.41%
• 1M: -7.72%
• YTD: -0.93%
• 6M: 5.22%
• 1Y: 12.03%
• 3Y*: 11.28%
• 5Y*: 9.36%
• 10Y*: 8.75%

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

SP20.AS vs. IMAE.AS - Expense Ratio Comparison

Both SP20.AS and IMAE.AS have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

SP20.AS

iShares S&P 500 Top 20 UCITS ETF USD Acc

IMAE.AS

iShares Core MSCI Europe UCITS ETF EUR (Acc)

Return for Risk

SP20.AS vs. IMAE.AS — Risk / Return Rank

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

SP20.AS

SP20.AS Risk / Return Rank: 68
SP20.AS Sharpe Ratio Rank: 67
SP20.AS Sortino Ratio Rank: 69
SP20.AS Omega Ratio Rank: 63
SP20.AS Calmar Ratio Rank: 72
SP20.AS Martin Ratio Rank: 71

IMAE.AS

IMAE.AS Risk / Return Rank: 52
IMAE.AS Sharpe Ratio Rank: 46
IMAE.AS Sortino Ratio Rank: 41
IMAE.AS Omega Ratio Rank: 46
IMAE.AS Calmar Ratio Rank: 63
IMAE.AS Martin Ratio Rank: 64

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.

SP20.AS vs. IMAE.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Top 20 UCITS ETF USD Acc (SP20.AS) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.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.

	SP20.AS	IMAE.AS	Difference
Sharpe ratio Return per unit of total volatility	1.16	0.80	+0.36
Sortino ratio Return per unit of downside risk	1.73	1.10	+0.63
Omega ratio Gain probability vs. loss probability	1.23	1.17	+0.06
Calmar ratio Return relative to maximum drawdown	1.83	1.52	+0.32
Martin ratio Return relative to average drawdown	7.28	6.11	+1.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SP20.AS vs. IMAE.AS - Sharpe Ratio Comparison

The current SP20.AS Sharpe Ratio is 1.16, which is higher than the IMAE.AS Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of SP20.AS and IMAE.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

	SP20.AS	IMAE.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	0.80	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.50	-0.05

Correlation

The correlation between SP20.AS and IMAE.AS is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SP20.AS vs. IMAE.AS - Dividend Comparison

Neither SP20.AS nor IMAE.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

SP20.AS vs. IMAE.AS - Drawdown Comparison

The maximum SP20.AS drawdown since its inception was -23.48%, smaller than the maximum IMAE.AS drawdown of -35.60%. Use the drawdown chart below to compare losses from any high point for SP20.AS and IMAE.AS.

Drawdown Indicators

	SP20.AS	IMAE.AS	Difference
Max Drawdown Largest peak-to-trough decline	-23.48%	-35.60%	+12.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.36%	-12.88%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.44%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.60%	—
Current Drawdown Current decline from peak	-12.25%	-7.72%	-4.53%
Average Drawdown Average peak-to-trough decline	-4.06%	-5.35%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	2.35%	+1.02%

Volatility

SP20.AS vs. IMAE.AS - Volatility Comparison

The current volatility for iShares S&P 500 Top 20 UCITS ETF USD Acc (SP20.AS) is 4.64%, while iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS) has a volatility of 5.96%. This indicates that SP20.AS experiences smaller price fluctuations and is considered to be less risky than IMAE.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SP20.AS	IMAE.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	5.96%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	10.81%	8.69%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	14.94%	+4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.37%	13.93%	+5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.37%	15.49%	+3.88%