MSCI Europe or MSCI EMU? Comparison, Returns & Historical Performance
The two indices share 46.2 % of their weight across 191 companies, and their daily returns correlate at 0.96. Holding both means buying much of the same thing twice — little is gained in spread, the weights simply shift.
Side by side
| MSCI Europe | MSCI EMU | |
|---|---|---|
| Holdings covered | 342 | 191 |
| Volatility | 16.6 % | 18.2 % |
| Max drawdown | -14.7 % | -15.0 % |
| Cheapest ETF we cover | SPYE · 0.08 % | ZPRE · 0.08 % |
The largest shared positions
| Company | MSCI Europe | MSCI EMU |
|---|---|---|
| ASML Holding NV | 4.51 % | 8.30 % |
| Siemens N AG | 1.58 % | 2.91 % |
| SAP SE | 1.56 % | 2.87 % |
| Allianz SE | 1.41 % | 2.59 % |
| TotalEnergies SE | 1.26 % | 2.33 % |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.15 % | 2.12 % |
| Iberdrola SA | 1.04 % | 1.92 % |
| Airbus Group | 0.95 % | 1.75 % |
| Safran SA | 0.94 % | 1.73 % |
| UniCredit S.p.A. | 0.93 % | 1.71 % |
Overlap and shared positions are computed from the holdings of one representative ETF each (XIEE and XEMU); of those we could attribute 86.3 % and 84.6 % of fund weight to individual companies, so real overlap is likely a little higher. The correlation covers 534 shared trading days.
The largest single holdings
MSCI Europe
- ASML Holding NV 4.51 %
- HSBC Holdings plc 2.52 %
- Roche PS Par AG 2.20 %
- Shell plc 1.97 %
- Novartis AG 1.84 %
Astrazeneca plc 1.79 %
Nestle S.A. 1.75 %
Siemens N AG 1.58 %- SAP SE 1.56 %
- Banco Santander 1.51 %
MSCI EMU
- ASML Holding NV 8.30 %
- Siemens N AG 2.91 %
- SAP SE 2.87 %
- Banco Santander 2.79 %
Allianz SE 2.59 %- Schneider Electric SE 2.38 %
TotalEnergies SE 2.33 %
Banco Bilbao Vizcaya Argentaria S.A. 2.12 %
Iberdrola SA 1.92 %
Airbus Group 1.75 %
More comparisons with these indices
| Comparison | Overlap |
|---|---|
| MSCI Europe vs STOXX Europe 600 | 79 % |
| MSCI Europe vs Euro STOXX 50 | 30 % |
| MSCI Europe vs DAX | 14 % |
| MSCI World vs MSCI Europe | 14 % |
| MSCI World vs MSCI EMU | 7 % |
| MSCI Europe vs MSCI Europe Small Cap | 0 % |
In the Alysly network
How MSCI Europe connects to ETFs, indices and neighbouring names — every link is a measured relation, not a recommendation.
- ASML Holding Stock · contains
- Astrazeneca Stock · contains
- HSBC Holdings Stock · contains
- Nestle S.A. Stock · contains
- Novartis Stock · contains
- SAP Stock · contains
- Shell Stock · contains
- Siemens N Stock · contains
- IMEA ETF · tracks
- SPYE ETF · tracks
- XMEU ETF · tracks
- XIEE ETF · tracks