XESP.DE vs. UIM4.DE

Last updated Jun 26, 2026

XESP.DE (Xtrackers Spanish Equity UCITS ETF) and UIM4.DE (UBS ETF (LU) MSCI EMU UCITS ETF (EUR) A-dis) are both Europe Equities funds - XESP.DE tracks the Solactive Spain 40 while UIM4.DE tracks the MSCI EMU. Both are passively managed. Over the past 10 years, XESP.DE returned 14.03%/yr vs 11.47%/yr for UIM4.DE. Their correlation of 0.85 suggests significant overlap in exposure. XESP.DE charges 0.30%/yr vs 0.12%/yr for UIM4.DE.

Performance

XESP.DE vs. UIM4.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers Spanish Equity UCITS ETF (XESP.DE) and UBS ETF (LU) MSCI EMU UCITS ETF (EUR) A-dis (UIM4.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XESP.DE achieves a 14.86% return, which is significantly higher than UIM4.DE's 11.84% return. Over the past 10 years, XESP.DE has outperformed UIM4.DE with an annualized return of 14.03%, while UIM4.DE has yielded a comparatively lower 11.47% annualized return.

XESP.DE

• 1D: 0.87%
• 1M: 6.89%
• YTD: 14.86%
• 6M: 15.90%
• 1Y: 48.43%
• 3Y*: 32.37%
• 5Y*: 20.37%
• 10Y*: 14.03%

UIM4.DE

• 1D: 0.74%
• 1M: 3.07%
• YTD: 11.84%
• 6M: 12.74%
• 1Y: 24.18%
• 3Y*: 17.45%
• 5Y*: 10.91%
• 10Y*: 11.47%

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

XESP.DE vs. UIM4.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XESP.DE Xtrackers Spanish Equity UCITS ETF	14.86%	58.64%	14.63%	26.81%	-1.62%	10.85%	-10.20%	15.89%	-12.41%	12.92%
UIM4.DE UBS ETF (LU) MSCI EMU UCITS ETF (EUR) A-dis	11.84%	24.73%	9.53%	18.91%	-11.89%	21.97%	-0.72%	27.27%	-12.97%	13.08%

Correlation

The correlation between XESP.DE and UIM4.DE is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 27, 2011	0.85

The correlation between XESP.DE and UIM4.DE has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

XESP.DE vs. UIM4.DE — Risk / Return Rank

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

XESP.DE

XESP.DE Risk / Return Rank: 90
XESP.DE Sharpe Ratio Rank: 92
XESP.DE Sortino Ratio Rank: 92
XESP.DE Omega Ratio Rank: 90
XESP.DE Calmar Ratio Rank: 89
XESP.DE Martin Ratio Rank: 88

UIM4.DE

UIM4.DE Risk / Return Rank: 56
UIM4.DE Sharpe Ratio Rank: 55
UIM4.DE Sortino Ratio Rank: 58
UIM4.DE Omega Ratio Rank: 55
UIM4.DE Calmar Ratio Rank: 55
UIM4.DE Martin Ratio Rank: 56

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.

XESP.DE vs. UIM4.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Spanish Equity UCITS ETF (XESP.DE) and UBS ETF (LU) MSCI EMU UCITS ETF (EUR) A-dis (UIM4.DE). 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.

	XESP.DE	UIM4.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.65	+1.21
Sortino ratio: Return per unit of downside risk	3.82	2.44	+1.38
Omega ratio: Gain probability vs. loss probability	1.51	1.31	+0.20
Calmar ratio: Return relative to maximum drawdown	4.74	2.38	+2.36
Martin ratio: Return relative to average drawdown	16.84	8.80	+8.04

XESP.DE vs. UIM4.DE - Sharpe Ratio Comparison

The current XESP.DE Sharpe Ratio is 2.85, which is higher than the UIM4.DE Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of XESP.DE and UIM4.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XESP.DE vs. UIM4.DE - Drawdown Comparison

The maximum XESP.DE drawdown since its inception was -40.70%, smaller than the maximum UIM4.DE drawdown of -58.61%. Use the drawdown chart below to compare losses from any high point for XESP.DE and UIM4.DE.

Drawdown Indicators

	XESP.DE	UIM4.DE	Difference
Max Drawdown Largest peak-to-trough decline	-40.70%	-58.61%	+17.91%
Max Drawdown (1Y) Largest decline over 1 year	-10.17%	-10.11%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-12.92%	-15.21%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	-18.56%	-24.54%	+5.98%
Max Drawdown (10Y) Largest decline over 10 years	-39.03%	-38.32%	-0.71%
Current Drawdown Current decline from peak	-0.10%	-0.73%	+0.63%
Average Drawdown Average peak-to-trough decline	-10.06%	-16.25%	+6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.74%	+0.13%

Volatility

XESP.DE vs. UIM4.DE - Volatility Comparison

Xtrackers Spanish Equity UCITS ETF (XESP.DE) has a higher volatility of 4.20% compared to UBS ETF (LU) MSCI EMU UCITS ETF (EUR) A-dis (UIM4.DE) at 3.46%. This indicates that XESP.DE's price experiences larger fluctuations and is considered to be riskier than UIM4.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XESP.DE	UIM4.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	3.46%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	14.44%	12.25%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	14.65%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	16.19%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.44%	16.87%	+1.57%

XESP.DE vs. UIM4.DE - Expense Ratio Comparison

XESP.DE has a 0.30% expense ratio, which is higher than UIM4.DE's 0.12% expense ratio.

Dividends

XESP.DE vs. UIM4.DE - Dividend Comparison

XESP.DE has not paid dividends to shareholders, while UIM4.DE's dividend yield for the trailing twelve months is around 2.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UIM4.DE UBS ETF (LU) MSCI EMU UCITS ETF (EUR) A-dis	2.40%	2.52%	2.71%	2.69%	2.84%	1.83%	1.58%	2.66%	3.26%	2.51%	2.57%	2.99%
XESP.DE Xtrackers Spanish Equity UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XESP.DE and UIM4.DE in my portfolio?

XESP.DE and UIM4.DE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XESP.DE or UIM4.DE?

On fees, UIM4.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XESP.DE or UIM4.DE?

UIM4.DE is cheaper with a 0.12% expense ratio, compared with 0.30% for XESP.DE.

What is the main difference between XESP.DE and UIM4.DE?

XESP.DE tracks Solactive Spain 40, while UIM4.DE tracks MSCI EMU. They also come from different issuers: Xtrackers and UBS. Their fees differ too: 0.30% for XESP.DE and 0.12% for UIM4.DE.