UD03.L vs. CS1.L

Last updated Jun 25, 2026

UD03.L (UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis) and CS1.L (Amundi ETF MSCI Spain UCITS ETF EUR (C)) are both Europe Equities funds - UD03.L tracks the MSCI EMU NR EUR while CS1.L tracks the BME IBEX 35 NR EUR. Both are passively managed. Over the past 10 years, UD03.L returned 10.89%/yr vs 13.85%/yr for CS1.L. A 0.79 correlation means they provide meaningful diversification when combined. UD03.L charges 0.28%/yr vs 0.25%/yr for CS1.L.

Performance

UD03.L vs. CS1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) and Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UD03.L achieves a 15.33% return, which is significantly higher than CS1.L's 12.56% return. Over the past 10 years, UD03.L has underperformed CS1.L with an annualized return of 10.89%, while CS1.L has yielded a comparatively higher 13.85% annualized return.

UD03.L

• 1D: 0.20%
• 1M: 3.07%
• YTD: 15.33%
• 6M: 16.02%
• 1Y: 27.59%
• 3Y*: 16.31%
• 5Y*: 11.02%
• 10Y*: 10.89%

CS1.L

• 1D: -0.38%
• 1M: 8.23%
• YTD: 12.56%
• 6M: 13.34%
• 1Y: 44.50%
• 3Y*: 32.98%
• 5Y*: 20.62%
• 10Y*: 13.85%

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

UD03.L vs. CS1.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis	15.33%	24.15%	1.50%	14.98%	-2.05%	11.79%	5.56%	16.65%	-13.74%	16.63%
CS1.L Amundi ETF MSCI Spain UCITS ETF EUR (C)	12.56%	62.63%	14.12%	24.14%	4.89%	0.59%	-7.48%	8.06%	-11.27%	15.93%

Correlation

The correlation between UD03.L and CS1.L is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015	0.79

The correlation between UD03.L and CS1.L has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

UD03.L vs. CS1.L - Sectors Allocation Comparison

Sectors	UD03.L	CS1.L
Financial Services	32.7%	40.7%
Consumer Defensive	15.4%	0.3%
Industrials	13.7%	15.9%
Technology	8.6%	3.5%
Consumer Cyclical	8.5%	11.0%
Utilities	7.2%	18.1%
Healthcare	6.0%	0.6%
Communication Services	2.9%	2.4%
Basic Materials	2.8%	1.5%
Energy	2.2%	2.6%
Real Estate	-	3.3%

Return for Risk

UD03.L vs. CS1.L — Risk / Return Rank

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

UD03.L

UD03.L Risk / Return Rank: 74
UD03.L Sharpe Ratio Rank: 82
UD03.L Sortino Ratio Rank: 78
UD03.L Omega Ratio Rank: 83
UD03.L Calmar Ratio Rank: 64
UD03.L Martin Ratio Rank: 63

CS1.L

CS1.L Risk / Return Rank: 87
CS1.L Sharpe Ratio Rank: 91
CS1.L Sortino Ratio Rank: 89
CS1.L Omega Ratio Rank: 89
CS1.L Calmar Ratio Rank: 86
CS1.L Martin Ratio Rank: 82

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.

UD03.L vs. CS1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) and Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.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.

	UD03.L	CS1.L	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.73	-0.44
Sortino ratio: Return per unit of downside risk	3.05	3.60	-0.55
Omega ratio: Gain probability vs. loss probability	1.43	1.49	-0.06
Calmar ratio: Return relative to maximum drawdown	2.77	4.28	-1.52
Martin ratio: Return relative to average drawdown	9.99	14.54	-4.55

UD03.L vs. CS1.L - Sharpe Ratio Comparison

The current UD03.L Sharpe Ratio is 2.28, which is comparable to the CS1.L Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of UD03.L and CS1.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

UD03.L vs. CS1.L - Drawdown Comparison

The maximum UD03.L drawdown since its inception was -35.99%, smaller than the maximum CS1.L drawdown of -57.96%. Use the drawdown chart below to compare losses from any high point for UD03.L and CS1.L.

Drawdown Indicators

	UD03.L	CS1.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.99%	-57.96%	+21.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-10.34%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-12.34%	-12.64%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-19.54%	-17.57%	-1.97%
Max Drawdown (10Y) Largest decline over 10 years	-35.99%	-38.87%	+2.88%
Current Drawdown Current decline from peak	-0.40%	-0.93%	+0.53%
Average Drawdown Average peak-to-trough decline	-7.60%	-17.29%	+9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.05%	-0.30%

Volatility

UD03.L vs. CS1.L - Volatility Comparison

The current volatility for UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (UD03.L) is 1.95%, while Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L) has a volatility of 3.91%. This indicates that UD03.L experiences smaller price fluctuations and is considered to be less risky than CS1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UD03.L	CS1.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	3.91%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	9.80%	13.63%	-3.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.04%	16.28%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	18.78%	-3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	19.32%	-2.57%

UD03.L vs. CS1.L - Expense Ratio Comparison

UD03.L has a 0.28% expense ratio, which is higher than CS1.L's 0.25% expense ratio.

Dividends

UD03.L vs. CS1.L - Dividend Comparison

UD03.L's dividend yield for the trailing twelve months is around 2.48%, while CS1.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CS1.L Amundi ETF MSCI Spain UCITS ETF EUR (C)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UD03.L UBS ETF (LU) Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis	2.48%	2.98%	2.83%	3.66%	3.82%	3.47%	2.06%	3.57%	4.89%	2.14%

Frequently Asked Questions

Can I hold both UD03.L and CS1.L in my portfolio?

UD03.L and CS1.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UD03.L or CS1.L?

On fees, CS1.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UD03.L or CS1.L?

CS1.L is cheaper with a 0.25% expense ratio, compared with 0.28% for UD03.L.

What is the main difference between UD03.L and CS1.L?

UD03.L tracks MSCI EMU NR EUR, while CS1.L tracks BME IBEX 35 NR EUR. They also come from different issuers: UBS and Amundi. Their fees differ too: 0.28% for UD03.L and 0.25% for CS1.L.