VWRA.L vs. CEMU.AS
VWRA.L (Vanguard FTSE All-World UCITS ETF USD Accumulating) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both exchange-traded funds - VWRA.L 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, VWRA.L returned 10.91%/yr vs 9.59%/yr for CEMU.AS. Their correlation of 0.81 suggests significant overlap in exposure. VWRA.L charges 0.22%/yr vs 0.12%/yr for CEMU.AS.
Performance
VWRA.L vs. CEMU.AS - Performance Comparison
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Different Trading Currencies
VWRA.L is traded in USD, while CEMU.AS is traded in EUR. To make them comparable, the CEMU.AS values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, VWRA.L achieves a 10.21% return, which is significantly higher than CEMU.AS's 7.43% return.
VWRA.L
- 1D
- 2.32%
- 1M
- 0.88%
- YTD
- 10.21%
- 6M
- 11.90%
- 1Y
- 25.71%
- 3Y*
- 19.80%
- 5Y*
- 10.91%
- 10Y*
- —
CEMU.AS
- 1D
- 0.71%
- 1M
- 3.19%
- YTD
- 7.43%
- 6M
- 9.39%
- 1Y
- 18.96%
- 3Y*
- 19.28%
- 5Y*
- 9.59%
- 10Y*
- 10.28%
VWRA.L vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VWRA.L Vanguard FTSE All-World UCITS ETF USD Accumulating | 10.21% | 22.45% | 17.65% | 22.28% | -18.11% | 18.46% | 16.19% | 7.42% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 7.43% | 41.13% | 3.27% | 22.39% | -17.01% | 14.73% | 8.27% | 6.86% |
Correlation
The correlation between VWRA.L and CEMU.AS is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2019 | 0.81 |
The correlation between VWRA.L and CEMU.AS has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
VWRA.L vs. CEMU.AS — Risk / Return Rank
VWRA.L
CEMU.AS
VWRA.L vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF USD Accumulating (VWRA.L) 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.
| VWRA.L | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.22 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 1.61 | +1.31 |
| Martin ratioReturn relative to average drawdown | 11.88 | 5.72 | +6.16 |
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Drawdowns
VWRA.L vs. CEMU.AS - Drawdown Comparison
The maximum VWRA.L drawdown since its inception was -33.62%, smaller than the maximum CEMU.AS drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for VWRA.L and CEMU.AS.
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Drawdown Indicators
| VWRA.L | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.62% | -40.14% | +6.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.78% | -12.28% | +3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -16.26% | -15.10% | -1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -26.06% | -35.94% | +9.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.14% | — |
Current DrawdownCurrent decline from peak | -1.98% | -0.83% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -5.36% | -8.32% | +2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 3.47% | -1.31% |
Volatility
VWRA.L vs. CEMU.AS - Volatility Comparison
The current volatility for Vanguard FTSE All-World UCITS ETF USD Accumulating (VWRA.L) is 4.38%, while iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) has a volatility of 5.10%. This indicates that VWRA.L 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
| VWRA.L | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.38% | 5.10% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 10.27% | 13.64% | -3.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.74% | 16.36% | -3.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.39% | 19.55% | -4.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.25% | 19.46% | -2.21% |
VWRA.L vs. CEMU.AS - Expense Ratio Comparison
VWRA.L has a 0.22% 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
VWRA.L vs. CEMU.AS - Dividend Comparison
Neither VWRA.L nor CEMU.AS has paid dividends to shareholders.
Frequently Asked Questions
VWRA.L and CEMU.AS have a correlation of 0.79, 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 0.22% for VWRA.L.
VWRA.L is categorized as Global Equities, while CEMU.AS is Europe Equities. VWRA.L 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: 0.22% for VWRA.L and 0.12% for CEMU.AS.
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