VWCE.DE vs. CEMU.AS
VWCE.DE (Vanguard FTSE All-World UCITS ETF) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both exchange-traded funds - VWCE.DE is a Global Equities fund tracking the FTSE All-World Index, while CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 5 years, VWCE.DE returned 11.89%/yr vs 10.62%/yr for CEMU.AS. A 0.79 correlation means they provide meaningful diversification when combined. VWCE.DE charges 0.19%/yr vs 0.12%/yr for CEMU.AS.
Performance
VWCE.DE vs. CEMU.AS - Performance Comparison
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Returns By Period
In the year-to-date period, VWCE.DE achieves a 11.72% return, which is significantly higher than CEMU.AS's 8.68% return.
VWCE.DE
- 1D
- 1.82%
- 1M
- 2.09%
- YTD
- 11.72%
- 6M
- 13.39%
- 1Y
- 25.76%
- 3Y*
- 17.02%
- 5Y*
- 11.89%
- 10Y*
- —
CEMU.AS
- 1D
- 0.60%
- 1M
- 4.11%
- YTD
- 8.68%
- 6M
- 10.61%
- 1Y
- 18.65%
- 3Y*
- 16.12%
- 5Y*
- 10.62%
- 10Y*
- 10.03%
VWCE.DE vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VWCE.DE Vanguard FTSE All-World UCITS ETF | 11.72% | 9.16% | 24.41% | 18.18% | -13.47% | 28.62% | 5.36% | 7.08% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.68% | 24.42% | 10.08% | 18.65% | -11.71% | 23.11% | -0.54% | 5.14% |
Correlation
The correlation between VWCE.DE and CEMU.AS is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019 | 0.79 |
The correlation between VWCE.DE and CEMU.AS has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
VWCE.DE vs. CEMU.AS — Risk / Return Rank
VWCE.DE
CEMU.AS
VWCE.DE vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWCE.DE) 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.
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.
| VWCE.DE | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.23 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 1.74 | +2.17 |
| Martin ratioReturn relative to average drawdown | 16.07 | 6.36 | +9.71 |
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Drawdowns
VWCE.DE vs. CEMU.AS - Drawdown Comparison
The maximum VWCE.DE drawdown since its inception was -33.43%, smaller than the maximum CEMU.AS drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for VWCE.DE and CEMU.AS.
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Drawdown Indicators
| VWCE.DE | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.43% | -38.38% | +4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -10.17% | +3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -21.07% | -15.40% | -5.67% |
Max Drawdown (5Y)Largest decline over 5 years | -21.07% | -24.51% | +3.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.38% | — |
Current DrawdownCurrent decline from peak | -1.47% | -0.56% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -6.24% | +1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 2.79% | -1.19% |
Volatility
VWCE.DE vs. CEMU.AS - Volatility Comparison
The current volatility for Vanguard FTSE All-World UCITS ETF (VWCE.DE) is 3.40%, while iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a volatility of 4.60%. This indicates that VWCE.DE 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
| VWCE.DE | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.40% | 4.60% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 8.51% | 11.95% | -3.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.63% | 14.49% | -2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.79% | 16.16% | -2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.16% | 17.08% | -0.92% |
VWCE.DE vs. CEMU.AS - Expense Ratio Comparison
VWCE.DE has a 0.19% expense ratio, which is higher than CEMU.AS's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VWCE.DE vs. CEMU.AS - Dividend Comparison
Neither VWCE.DE nor CEMU.AS has paid dividends to shareholders.
Frequently Asked Questions
VWCE.DE and CEMU.AS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMU.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.19% for VWCE.DE.
VWCE.DE is categorized as Global Equities, while CEMU.AS is Europe Equities. VWCE.DE tracks FTSE All-World Index, while CEMU.AS tracks MSCI EMU NR EUR. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.19% for VWCE.DE and 0.12% for CEMU.AS.
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