VEUR.AS vs. CEMU.AS
VEUR.AS (Vanguard FTSE Developed Europe UCITS ETF) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both Europe Equities funds - VEUR.AS tracks the MSCI Europe NR EUR while CEMU.AS tracks the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, VEUR.AS returned 9.23%/yr vs 10.03%/yr for CEMU.AS. With a 0.96 correlation, they move nearly in lockstep. VEUR.AS charges 0.10%/yr vs 0.12%/yr for CEMU.AS.
Performance
VEUR.AS vs. CEMU.AS - Performance Comparison
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Returns By Period
In the year-to-date period, VEUR.AS achieves a 7.16% return, which is significantly lower than CEMU.AS's 8.68% return. Over the past 10 years, VEUR.AS has underperformed CEMU.AS with an annualized return of 9.23%, while CEMU.AS has yielded a comparatively higher 10.03% annualized return.
VEUR.AS
- 1D
- 0.57%
- 1M
- 3.20%
- YTD
- 7.16%
- 6M
- 9.88%
- 1Y
- 16.32%
- 3Y*
- 14.06%
- 5Y*
- 9.93%
- 10Y*
- 9.23%
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%
VEUR.AS vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEUR.AS Vanguard FTSE Developed Europe UCITS ETF | 7.16% | 19.69% | 10.27% | 16.15% | -10.11% | 25.55% | -2.72% | 25.95% | -10.04% | 10.80% |
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 VEUR.AS and CEMU.AS is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014 | 0.96 |
The correlation between VEUR.AS and CEMU.AS has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
VEUR.AS vs. CEMU.AS — Risk / Return Rank
VEUR.AS
CEMU.AS
VEUR.AS vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe UCITS ETF (VEUR.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.
| VEUR.AS | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.74 | -0.06 |
| Martin ratioReturn relative to average drawdown | 6.34 | 6.36 | -0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VEUR.AS | CEMU.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | 1.23 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.65 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.58 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.50 | +0.03 |
Drawdowns
VEUR.AS vs. CEMU.AS - Drawdown Comparison
The maximum VEUR.AS drawdown since its inception was -35.63%, smaller than the maximum CEMU.AS drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for VEUR.AS and CEMU.AS.
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Drawdown Indicators
| VEUR.AS | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.63% | -38.38% | +2.75% |
Max Drawdown (1Y)Largest decline over 1 year | -9.59% | -10.17% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -16.41% | -15.40% | -1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -20.19% | -24.51% | +4.32% |
Max Drawdown (10Y)Largest decline over 10 years | -35.63% | -38.38% | +2.75% |
Current DrawdownCurrent decline from peak | -1.62% | -0.56% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -5.29% | -6.24% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 2.79% | -0.24% |
Volatility
VEUR.AS vs. CEMU.AS - Volatility Comparison
Vanguard FTSE Developed Europe UCITS ETF (VEUR.AS) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) have volatilities of 4.38% and 4.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEUR.AS | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.38% | 4.60% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 10.62% | 11.95% | -1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.81% | 14.49% | -1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.22% | 16.16% | -1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.51% | 17.08% | -1.57% |
VEUR.AS vs. CEMU.AS - Expense Ratio Comparison
VEUR.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
VEUR.AS vs. CEMU.AS - Dividend Comparison
VEUR.AS's dividend yield for the trailing twelve months is around 2.60%, while CEMU.AS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VEUR.AS Vanguard FTSE Developed Europe UCITS ETF | 2.60% | 2.79% | 3.04% | 3.00% | 3.32% | 2.66% | 2.24% | 3.24% | 3.62% | 3.05% | 3.19% | 3.10% |
Frequently Asked Questions
With a correlation of 0.95, VEUR.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, VEUR.AS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VEUR.AS is cheaper with a 0.10% expense ratio, compared with 0.12% for CEMU.AS.
VEUR.AS tracks MSCI Europe 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 VEUR.AS and 0.12% for CEMU.AS.
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