ZPAB.DE vs. CEMS.DE
ZPAB.DE (Amundi S&P Eurozone PAB Net Zero Ambition UCITS ETF Acc) and CEMS.DE (iShares Edge MSCI Europe Value Factor UCITS ETF) are both Europe Equities funds - ZPAB.DE tracks the S&P Eurozone LargeMidCap Paris-Aligned Climate while CEMS.DE tracks the MSCI Europe Enhanced Value. Both are passively managed. Over the past 5 years, ZPAB.DE returned 9.80%/yr vs 14.47%/yr for CEMS.DE. Their correlation of 0.86 suggests significant overlap in exposure. ZPAB.DE charges 0.20%/yr vs 0.25%/yr for CEMS.DE.
Performance
ZPAB.DE vs. CEMS.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPAB.DE achieves a 6.68% return, which is significantly lower than CEMS.DE's 13.72% return.
ZPAB.DE
- 1D
- 0.88%
- 1M
- 6.30%
- YTD
- 6.68%
- 6M
- 8.24%
- 1Y
- 13.99%
- 3Y*
- 16.18%
- 5Y*
- 9.80%
- 10Y*
- —
CEMS.DE
- 1D
- 0.10%
- 1M
- 4.58%
- YTD
- 13.72%
- 6M
- 16.86%
- 1Y
- 33.02%
- 3Y*
- 21.63%
- 5Y*
- 14.47%
- 10Y*
- 10.71%
ZPAB.DE vs. CEMS.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZPAB.DE Amundi S&P Eurozone PAB Net Zero Ambition UCITS ETF Acc | 6.68% | 22.02% | 13.92% | 22.06% | -17.12% | 24.77% | 7.73% |
CEMS.DE iShares Edge MSCI Europe Value Factor UCITS ETF | 13.72% | 35.97% | 9.93% | 13.90% | -4.54% | 26.62% | 11.32% |
Correlation
The correlation between ZPAB.DE and CEMS.DE is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2020 | 0.86 |
The correlation between ZPAB.DE and CEMS.DE has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.
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Return for Risk
ZPAB.DE vs. CEMS.DE — Risk / Return Rank
ZPAB.DE
CEMS.DE
ZPAB.DE vs. CEMS.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi S&P Eurozone PAB Net Zero Ambition UCITS ETF Acc (ZPAB.DE) and iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.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.
| ZPAB.DE | CEMS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.43 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 3.29 | -2.05 |
| Martin ratioReturn relative to average drawdown | 4.35 | 12.37 | -8.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZPAB.DE | CEMS.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 2.37 | -1.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.57 | 0.94 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.49 | +0.25 |
Drawdowns
ZPAB.DE vs. CEMS.DE - Drawdown Comparison
The maximum ZPAB.DE drawdown since its inception was -28.68%, smaller than the maximum CEMS.DE drawdown of -40.20%. Use the drawdown chart below to compare losses from any high point for ZPAB.DE and CEMS.DE.
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Drawdown Indicators
| ZPAB.DE | CEMS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.68% | -40.20% | +11.52% |
Max Drawdown (1Y)Largest decline over 1 year | -11.18% | -9.99% | -1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -16.26% | -17.57% | +1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -28.68% | -19.55% | -9.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.20% | — |
Current DrawdownCurrent decline from peak | -0.10% | -1.26% | +1.16% |
Average DrawdownAverage peak-to-trough decline | -5.75% | -7.49% | +1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.66% | +0.55% |
Volatility
ZPAB.DE vs. CEMS.DE - Volatility Comparison
Amundi S&P Eurozone PAB Net Zero Ambition UCITS ETF Acc (ZPAB.DE) has a higher volatility of 5.16% compared to iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.DE) at 4.65%. This indicates that ZPAB.DE's price experiences larger fluctuations and is considered to be riskier than CEMS.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPAB.DE | CEMS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.16% | 4.65% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 13.16% | 11.17% | +1.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.99% | 13.87% | +2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.10% | 15.23% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.97% | 17.43% | -0.46% |
ZPAB.DE vs. CEMS.DE - Expense Ratio Comparison
ZPAB.DE has a 0.20% expense ratio, which is lower than CEMS.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZPAB.DE vs. CEMS.DE - Dividend Comparison
Neither ZPAB.DE nor CEMS.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPAB.DE and CEMS.DE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPAB.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPAB.DE is cheaper with a 0.20% expense ratio, compared with 0.25% for CEMS.DE.
ZPAB.DE tracks S&P Eurozone LargeMidCap Paris-Aligned Climate, while CEMS.DE tracks MSCI Europe Enhanced Value. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.20% for ZPAB.DE and 0.25% for CEMS.DE.
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