XNZE.L vs. CEUR.L

Last updated Jun 5, 2026

XNZE.L (Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C) and CEUR.L (Amundi MSCI Europe) are both Europe Equities funds - XNZE.L tracks the MSCI EMU NR EUR while CEUR.L tracks the MSCI Europe NR EUR. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. XNZE.L charges 0.15%/yr vs 0.05%/yr for CEUR.L.

Performance

XNZE.L vs. CEUR.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C (XNZE.L) and Amundi MSCI Europe (CEUR.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XNZE.L is traded in GBP, while CEUR.L is traded in GBp. To make them comparable, the CEUR.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

XNZE.L

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEUR.L

• 1D: 0.46%
• 1M: 3.94%
• YTD: 6.66%
• 6M: 8.98%
• 1Y: 19.26%
• 3Y*: 13.68%
• 5Y*: 9.47%
• 10Y*: 9.88%

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

XNZE.L vs. CEUR.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XNZE.L Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C	0.28%	18.74%	1.88%	16.90%	12.01%
CEUR.L Amundi MSCI Europe	6.66%	24.46%	4.90%	12.93%	10.31%

Correlation

The correlation between XNZE.L and CEUR.L 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	0.90
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	0.91

The correlation between XNZE.L and CEUR.L has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

XNZE.L vs. CEUR.L - Sectors Allocation Comparison

Sectors	XNZE.L	CEUR.L
Technology	22.6%	10.4%
Financial Services	20.5%	25.1%
Industrials	12.9%	19.8%
Consumer Cyclical	11.9%	6.2%
Healthcare	10.6%	13.8%
Communication Services	6.7%	3.4%
Consumer Defensive	6.4%	7.2%
Basic Materials	3.6%	3.8%
Real Estate	2.4%	1.7%
Utilities	2.4%	5.3%
Energy	-	3.5%

Return for Risk

XNZE.L vs. CEUR.L — Risk / Return Rank

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

CEUR.L

CEUR.L Risk / Return Rank: 42
CEUR.L Sharpe Ratio Rank: 45
CEUR.L Sortino Ratio Rank: 45
CEUR.L Omega Ratio Rank: 47
CEUR.L Calmar Ratio Rank: 36
CEUR.L Martin Ratio Rank: 39

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.

XNZE.L vs. CEUR.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C (XNZE.L) and Amundi MSCI Europe (CEUR.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XNZE.L	CEUR.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.54	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.56	—

Drawdowns

Drawdown Indicators

	XNZE.L	CEUR.L	Difference
Max Drawdown Largest peak-to-trough decline	—	-28.63%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.05%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.63%	—
Current Drawdown Current decline from peak	—	-1.52%	—
Average Drawdown Average peak-to-trough decline	—	-4.58%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.17%	—

Volatility

Volatility by Period

	XNZE.L	CEUR.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.44%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	13.88%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.97%	—

XNZE.L vs. CEUR.L - Expense Ratio Comparison

XNZE.L has a 0.15% expense ratio, which is higher than CEUR.L's 0.05% 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

XNZE.L vs. CEUR.L - Dividend Comparison

Neither XNZE.L nor CEUR.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XNZE.L and CEUR.L in my portfolio?

XNZE.L and CEUR.L 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, XNZE.L or CEUR.L?

On fees, CEUR.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XNZE.L or CEUR.L?

CEUR.L is cheaper with a 0.05% expense ratio, compared with 0.15% for XNZE.L.

What is the main difference between XNZE.L and CEUR.L?

XNZE.L tracks MSCI EMU NR EUR, while CEUR.L tracks MSCI Europe NR EUR. They also come from different issuers: DWS and Amundi. Their fees differ too: 0.15% for XNZE.L and 0.05% for CEUR.L.