VEVE.L vs. CEUG.L

Last updated Jun 5, 2026

VEVE.L (Vanguard FTSE Developed World UCITS ETF Distributing) and CEUG.L (iShares MSCI EMU UCITS ETF GBP Hedged (Dist)) are both exchange-traded funds - VEVE.L is a Global Equities fund tracking the MSCI ACWI NR USD, while CEUG.L is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 5 years, VEVE.L returned 13.29%/yr vs 12.03%/yr for CEUG.L. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.12% expense ratio.

Performance

VEVE.L vs. CEUG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.L) and iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEVE.L achieves a 11.86% return, which is significantly higher than CEUG.L's 9.89% return.

VEVE.L

• 1D: -0.07%
• 1M: 5.51%
• YTD: 11.86%
• 6M: 12.36%
• 1Y: 29.91%
• 3Y*: 18.36%
• 5Y*: 13.29%
• 10Y*: 14.04%

CEUG.L

• 1D: 0.43%
• 1M: 4.93%
• YTD: 9.89%
• 6M: 11.74%
• 1Y: 20.38%
• 3Y*: 17.97%
• 5Y*: 12.03%
• 10Y*: —

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

VEVE.L vs. CEUG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VEVE.L Vanguard FTSE Developed World UCITS ETF Distributing	11.86%	13.81%	20.22%	17.45%	-8.34%	22.68%	12.44%	22.90%	-6.75%
CEUG.L iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	9.89%	26.75%	10.82%	20.52%	-10.51%	22.89%	-0.23%	26.22%	-13.84%

Correlation

The correlation between VEVE.L and CEUG.L is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018	0.72

The correlation between VEVE.L and CEUG.L has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

VEVE.L vs. CEUG.L - Sectors Allocation Comparison

Sectors	VEVE.L	CEUG.L
Technology	29.0%	14.6%
Financial Services	15.6%	24.2%
Industrials	11.5%	21.4%
Consumer Cyclical	9.3%	8.3%
Communication Services	9.0%	4.1%
Healthcare	8.5%	5.8%
Consumer Defensive	5.1%	5.6%
Energy	4.1%	4.2%
Basic Materials	3.4%	4.1%
Utilities	2.6%	6.8%
Real Estate	2.0%	1.0%

Return for Risk

VEVE.L vs. CEUG.L — Risk / Return Rank

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

VEVE.L

VEVE.L Risk / Return Rank: 86
VEVE.L Sharpe Ratio Rank: 88
VEVE.L Sortino Ratio Rank: 88
VEVE.L Omega Ratio Rank: 89
VEVE.L Calmar Ratio Rank: 82
VEVE.L Martin Ratio Rank: 85

CEUG.L

CEUG.L Risk / Return Rank: 43
CEUG.L Sharpe Ratio Rank: 42
CEUG.L Sortino Ratio Rank: 43
CEUG.L Omega Ratio Rank: 43
CEUG.L Calmar Ratio Rank: 42
CEUG.L Martin Ratio Rank: 46

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.

VEVE.L vs. CEUG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.L) and iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.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.

	VEVE.L	CEUG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.89	1.44	+1.45
Sortino ratio: Return per unit of downside risk	3.96	2.14	+1.82
Omega ratio: Gain probability vs. loss probability	1.55	1.27	+0.28
Calmar ratio: Return relative to maximum drawdown	4.29	2.03	+2.26
Martin ratio: Return relative to average drawdown	17.65	7.54	+10.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEVE.L vs. CEUG.L - Sharpe Ratio Comparison

The current VEVE.L Sharpe Ratio is 2.89, which is higher than the CEUG.L Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of VEVE.L and CEUG.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.

Sharpe Ratios by Period

	VEVE.L	CEUG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	1.44	+1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.74	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.58	+0.33

Drawdowns

VEVE.L vs. CEUG.L - Drawdown Comparison

The maximum VEVE.L drawdown since its inception was -25.52%, smaller than the maximum CEUG.L drawdown of -38.52%. Use the drawdown chart below to compare losses from any high point for VEVE.L and CEUG.L.

Drawdown Indicators

	VEVE.L	CEUG.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.52%	-38.52%	+13.00%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	-9.98%	+3.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.34%	-15.34%	-3.00%
Max Drawdown (5Y) Largest decline over 5 years	-18.34%	-24.07%	+5.73%
Max Drawdown (10Y) Largest decline over 10 years	-25.52%	—	—
Current Drawdown Current decline from peak	-0.35%	-0.12%	-0.23%
Average Drawdown Average peak-to-trough decline	-3.41%	-5.52%	+2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	2.70%	-1.01%

Volatility

VEVE.L vs. CEUG.L - Volatility Comparison

The current volatility for Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.L) is 2.72%, while iShares MSCI EMU UCITS ETF GBP Hedged (Dist) (CEUG.L) has a volatility of 5.01%. This indicates that VEVE.L experiences smaller price fluctuations and is considered to be less risky than CEUG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEVE.L	CEUG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	5.01%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	11.39%	-3.84%
Volatility (1Y) Calculated over the trailing 1-year period	10.31%	14.07%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.09%	16.17%	-3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	18.04%	-3.71%

VEVE.L vs. CEUG.L - Expense Ratio Comparison

Both VEVE.L and CEUG.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VEVE.L vs. CEUG.L - Dividend Comparison

VEVE.L's dividend yield for the trailing twelve months is around 1.23%, less than CEUG.L's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEUG.L iShares MSCI EMU UCITS ETF GBP Hedged (Dist)	2.35%	2.53%	2.80%	2.73%	2.84%	1.81%	1.77%	3.05%	0.38%	0.00%	0.00%	0.00%
VEVE.L Vanguard FTSE Developed World UCITS ETF Distributing	1.23%	1.38%	1.48%	1.71%	1.98%	1.46%	1.62%	1.95%	2.24%	1.93%	1.88%	2.03%

Frequently Asked Questions

Can I hold both VEVE.L and CEUG.L in my portfolio?

VEVE.L and CEUG.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEVE.L or CEUG.L?

Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEVE.L or CEUG.L?

VEVE.L and CEUG.L have the same expense ratio: 0.12% per year.

What is the main difference between VEVE.L and CEUG.L?

VEVE.L is categorized as Global Equities, while CEUG.L is Europe Equities. VEVE.L tracks MSCI ACWI NR USD, while CEUG.L tracks MSCI Europe NR EUR. They also come from different issuers: Vanguard and iShares.