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VERX.AS vs. CEMU.AS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VERX.AS vs. CEMU.AS

Last updated Jun 5, 2026

VERX.AS (Vanguard FTSE Developed Europe ex-UK UCITS ETF) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both Europe Equities funds - VERX.AS tracks the MSCI Europe Ex UK NR EUR while CEMU.AS tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, VERX.AS returned 9.69%/yr vs 10.03%/yr for CEMU.AS. Their correlation of 0.93 suggests significant overlap in exposure. VERX.AS charges 0.10%/yr vs 0.12%/yr for CEMU.AS.

Performance

VERX.AS vs. CEMU.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard FTSE Developed Europe ex-UK UCITS ETF (VERX.AS) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VERX.AS achieves a 7.73% return, which is significantly lower than CEMU.AS's 8.68% return. Both investments have delivered pretty close results over the past 10 years, with VERX.AS having a 9.69% annualized return and CEMU.AS not far ahead at 10.03%.

VERX.AS

1D
0.65%
1M
3.79%
YTD
7.73%
6M
10.13%
1Y
15.93%
3Y*
13.68%
5Y*
9.30%
10Y*
9.69%

CEMU.AS

1D
0.60%
1M
4.75%
YTD
8.68%
6M
10.69%
1Y
17.98%
3Y*
16.12%
5Y*
10.62%
10Y*
10.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VERX.AS vs. CEMU.AS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VERX.AS
Vanguard FTSE Developed Europe ex-UK UCITS ETF		7.73%20.65%7.05%18.49%-12.99%24.93%2.62%26.48%-10.05%12.01%
CEMU.AS
iShares Core MSCI EMU UCITS ETF EUR (Acc)		8.68%24.42%10.08%18.65%-11.71%23.11%-0.54%25.09%-11.82%12.65%

Correlation

The correlation between VERX.AS and CEMU.AS is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2014

0.93

The correlation between VERX.AS and CEMU.AS has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

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Vanguard FTSE Developed Europe ex-UK UCITS ETF

iShares Core MSCI EMU UCITS ETF EUR (Acc)

Often compared with VERX.AS:
VERX.AS vs. VERG.LVERX.AS vs. IEUX.LVERX.AS vs. VUSA.ASVERX.AS vs. VEUA.LVERX.AS vs. ISX5.LVERX.AS vs. CSX5.LVERX.AS vs. VERE.DE
Often compared with CEMU.AS:
CEMU.AS vs. WPEA.PACEMU.AS vs. UB06.LCEMU.AS vs. UB12.LCEMU.AS vs. QQQMCEMU.AS vs. DTLA.LCEMU.AS vs. CSPX.ASCEMU.AS vs. QQQ

Return for Risk

VERX.AS vs. CEMU.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VERX.AS
VERX.AS Risk / Return Rank: 3333
Overall Rank
VERX.AS Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
VERX.AS Sortino Ratio Rank: 3333
Sortino Ratio Rank
VERX.AS Omega Ratio Rank: 3333
Omega Ratio Rank
VERX.AS Calmar Ratio Rank: 3232
Calmar Ratio Rank
VERX.AS Martin Ratio Rank: 3737
Martin Ratio Rank
CEMU.AS
CEMU.AS Risk / Return Rank: 3737
Overall Rank
CEMU.AS Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
CEMU.AS Sortino Ratio Rank: 3636
Sortino Ratio Rank
CEMU.AS Omega Ratio Rank: 3636
Omega Ratio Rank
CEMU.AS Calmar Ratio Rank: 3636
Calmar Ratio Rank
CEMU.AS Martin Ratio Rank: 4141
Martin Ratio Rank
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.

VERX.AS vs. CEMU.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe ex-UK UCITS ETF (VERX.AS) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.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.

VERX.ASCEMU.ASDifference
Sharpe ratioReturn per unit of total volatility
1.17
1.23

-0.06

Sortino ratioReturn per unit of downside risk
1.74
1.86

-0.12

Omega ratioGain probability vs. loss probability

1.22

1.23

-0.02

Calmar ratioReturn relative to maximum drawdown

1.54

1.74

-0.21

Martin ratioReturn relative to average drawdown

5.65

6.36

-0.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VERX.AS vs. CEMU.AS - Sharpe Ratio Comparison

The current VERX.AS Sharpe Ratio is 1.17, which is comparable to the CEMU.AS Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of VERX.AS and CEMU.AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VERX.ASCEMU.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.17

1.23

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

0.65

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.58

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.50

+0.09

Drawdowns

VERX.AS vs. CEMU.AS - Drawdown Comparison

The maximum VERX.AS drawdown since its inception was -34.59%, smaller than the maximum CEMU.AS drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for VERX.AS and CEMU.AS.

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Drawdown Indicators

VERX.ASCEMU.ASDifference

Max Drawdown

Largest peak-to-trough decline

-34.59%

-38.38%

+3.79%

Max Drawdown (1Y)

Largest decline over 1 year

-10.21%

-10.17%

-0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-16.22%

-15.40%

-0.82%

Max Drawdown (5Y)

Largest decline over 5 years

-22.89%

-24.51%

+1.62%

Max Drawdown (10Y)

Largest decline over 10 years

-34.59%

-38.38%

+3.79%

Current Drawdown

Current decline from peak

-1.39%

-0.56%

-0.83%

Average Drawdown

Average peak-to-trough decline

-5.73%

-6.24%

+0.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.79%

2.79%

0.00%

Volatility

VERX.AS vs. CEMU.AS - Volatility Comparison

The current volatility for Vanguard FTSE Developed Europe ex-UK UCITS ETF (VERX.AS) is 4.34%, while iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a volatility of 4.60%. This indicates that VERX.AS experiences smaller price fluctuations and is considered to be less risky than CEMU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VERX.ASCEMU.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.34%

4.60%

-0.26%

Volatility (6M)

Calculated over the trailing 6-month period

11.06%

11.95%

-0.89%

Volatility (1Y)

Calculated over the trailing 1-year period

13.49%

14.49%

-1.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.86%

16.16%

-1.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.73%

17.08%

-1.35%

VERX.AS vs. CEMU.AS - Expense Ratio Comparison

VERX.AS has a 0.10% expense ratio, which is lower than CEMU.AS's 0.12% 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

VERX.AS vs. CEMU.AS - Dividend Comparison

VERX.AS's dividend yield for the trailing twelve months is around 2.48%, while CEMU.AS has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CEMU.AS
iShares Core MSCI EMU UCITS ETF EUR (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VERX.AS
Vanguard FTSE Developed Europe ex-UK UCITS ETF		2.48%2.67%2.91%2.75%3.05%2.29%1.96%2.83%3.20%2.71%2.81%2.61%

Frequently Asked Questions

With a correlation of 0.97, VERX.AS and CEMU.AS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, VERX.AS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VERX.AS is cheaper with a 0.10% expense ratio, compared with 0.12% for CEMU.AS.

VERX.AS tracks MSCI Europe Ex UK NR EUR, while CEMU.AS tracks MSCI EMU NR EUR. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for VERX.AS and 0.12% for CEMU.AS.

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