TUR vs. IAEX.L

Last updated Jun 16, 2026

TUR (iShares MSCI Turkey ETF) and IAEX.L (iShares AEX UCITS ETF EUR (Dist)) are both exchange-traded funds - TUR is a Emerging Markets Equities fund tracking the MSCI Turkey Investable Market Index, while IAEX.L is a Europe Equities fund tracking the Euronext AEX All Share TR EUR. Both are passively managed. Over the past 10 years, TUR returned 3.30%/yr vs 12.64%/yr for IAEX.L. At a 0.36 correlation, their price movements are largely independent. TUR charges 0.59%/yr vs 0.30%/yr for IAEX.L.

Performance

TUR vs. IAEX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Turkey ETF (TUR) and iShares AEX UCITS ETF EUR (Dist) (IAEX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TUR is traded in USD, while IAEX.L is traded in GBp. To make them comparable, the IAEX.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TUR achieves a 18.11% return, which is significantly higher than IAEX.L's 13.35% return. Over the past 10 years, TUR has underperformed IAEX.L with an annualized return of 3.30%, while IAEX.L has yielded a comparatively higher 12.64% annualized return.

TUR

• 1D: 3.02%
• 1M: -1.49%
• YTD: 18.11%
• 6M: 16.38%
• 1Y: 35.62%
• 3Y*: 13.48%
• 5Y*: 15.50%
• 10Y*: 3.30%

IAEX.L

• 1D: -0.23%
• 1M: 6.52%
• YTD: 13.35%
• 6M: 13.52%
• 1Y: 19.75%
• 3Y*: 16.34%
• 5Y*: 9.51%
• 10Y*: 12.64%

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

TUR vs. IAEX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TUR iShares MSCI Turkey ETF	18.11%	-1.54%	12.91%	-8.83%	105.75%	-27.41%	-1.19%	14.49%	-41.46%	37.58%
IAEX.L iShares AEX UCITS ETF EUR (Dist)	13.35%	24.91%	6.79%	20.13%	-16.30%	19.90%	14.37%	26.54%	-12.97%	32.32%

Correlation

The correlation between TUR and IAEX.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008	0.36

The correlation between TUR and IAEX.L shifts across timeframes, from 0.23 (3 years) to 0.36 (all time), reflecting how their relationship changes across market environments.

TUR vs. IAEX.L - Sectors Allocation Comparison

Sectors	TUR	IAEX.L
Industrials	29.9%	8.2%
Financial Services	17.1%	14.9%
Consumer Defensive	13.3%	17.5%
Basic Materials	11.9%	5.8%
Energy	6.2%	14.1%
Consumer Cyclical	6.0%	5.2%
Real Estate	5.5%	0.4%
Utilities	4.0%	-
Communication Services	3.2%	4.1%
Healthcare	2.3%	1.8%
Technology	0.8%	28.0%

Return for Risk

TUR vs. IAEX.L — Risk / Return Rank

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

TUR

TUR Risk / Return Rank: 45
TUR Sharpe Ratio Rank: 44
TUR Sortino Ratio Rank: 44
TUR Omega Ratio Rank: 46
TUR Calmar Ratio Rank: 49
TUR Martin Ratio Rank: 43

IAEX.L

IAEX.L Risk / Return Rank: 52
IAEX.L Sharpe Ratio Rank: 51
IAEX.L Sortino Ratio Rank: 50
IAEX.L Omega Ratio Rank: 49
IAEX.L Calmar Ratio Rank: 59
IAEX.L Martin Ratio Rank: 50

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.

TUR vs. IAEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Turkey ETF (TUR) and iShares AEX UCITS ETF EUR (Dist) (IAEX.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.

	TUR	IAEX.L	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.35	+0.06
Sortino ratio: Return per unit of downside risk	2.04	1.97	+0.07
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio: Return relative to maximum drawdown	2.23	2.09	+0.13
Martin ratio: Return relative to average drawdown	6.33	6.48	-0.15

TUR vs. IAEX.L - Sharpe Ratio Comparison

The current TUR Sharpe Ratio is 1.41, which is comparable to the IAEX.L Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of TUR and IAEX.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

TUR vs. IAEX.L - Drawdown Comparison

The maximum TUR drawdown since its inception was -72.34%, roughly equal to the maximum IAEX.L drawdown of -74.16%. Use the drawdown chart below to compare losses from any high point for TUR and IAEX.L.

Drawdown Indicators

	TUR	IAEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.34%	-74.16%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	-16.07%	-9.40%	-6.67%
Max Drawdown (3Y) Largest decline over 3 years	-31.63%	-14.34%	-17.29%
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	-34.46%	+2.83%
Max Drawdown (10Y) Largest decline over 10 years	-59.25%	-36.46%	-22.79%
Current Drawdown Current decline from peak	-25.67%	-0.23%	-25.44%
Average Drawdown Average peak-to-trough decline	-39.87%	-27.24%	-12.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	3.03%	+2.61%

Volatility

TUR vs. IAEX.L - Volatility Comparison

iShares MSCI Turkey ETF (TUR) has a higher volatility of 14.44% compared to iShares AEX UCITS ETF EUR (Dist) (IAEX.L) at 3.74%. This indicates that TUR's price experiences larger fluctuations and is considered to be riskier than IAEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUR	IAEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.44%	3.74%	+10.70%
Volatility (6M) Calculated over the trailing 6-month period	20.28%	11.96%	+8.32%
Volatility (1Y) Calculated over the trailing 1-year period	25.43%	14.61%	+10.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.16%	18.45%	+15.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.41%	18.44%	+15.97%

TUR vs. IAEX.L - Expense Ratio Comparison

TUR has a 0.59% expense ratio, which is higher than IAEX.L's 0.30% expense ratio.

Dividends

TUR vs. IAEX.L - Dividend Comparison

TUR's dividend yield for the trailing twelve months is around 3.25%, more than IAEX.L's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAEX.L iShares AEX UCITS ETF EUR (Dist)	0.96%	2.03%	2.16%	2.09%	2.20%	1.57%	1.41%	2.89%	3.11%	2.70%	2.73%	2.85%
TUR iShares MSCI Turkey ETF	3.25%	2.40%	1.79%	4.43%	1.97%	4.22%	0.87%	3.29%	4.05%	2.64%	2.89%	3.04%

Frequently Asked Questions

Can I hold both TUR and IAEX.L in my portfolio?

TUR and IAEX.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TUR or IAEX.L?

On fees, IAEX.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TUR or IAEX.L?

IAEX.L is cheaper with a 0.30% expense ratio, compared with 0.59% for TUR.

What is the main difference between TUR and IAEX.L?

TUR is categorized as Emerging Markets Equities, while IAEX.L is Europe Equities. TUR tracks MSCI Turkey Investable Market Index, while IAEX.L tracks Euronext AEX All Share TR EUR. Their fees differ too: 0.59% for TUR and 0.30% for IAEX.L.