MSCI Europe or MSCI EMU?
The two indices share 38.9 % of their weight across 189 companies, and their daily returns correlate at 0.96. Partly the same companies at noticeably different weights — the second index shifts the emphasis rather than doubling up.
Side by side
| MSCI Europe | MSCI EMU | |
|---|---|---|
| Holdings covered | 345 | 189 |
| Volatility | 16.9 % | 18.6 % |
| 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 |
|---|---|---|
| Siemens N AG | 1.61 % | 2.95 % |
| Allianz SE | 1.33 % | 2.44 % |
| TotalEnergies SE | 1.16 % | 2.14 % |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.10 % | 2.02 % |
| Iberdrola SA | 1.02 % | 1.87 % |
| Airbus Group | 1.00 % | 1.84 % |
| Safran SA | 0.97 % | 1.78 % |
| LVMH Moet Hennessy Louis Vuitton SE | 0.95 % | 1.74 % |
| Siemens Energy N AG | 0.94 % | 1.73 % |
| UniCredit S.p.A. | 0.91 % | 1.67 % |
Overlap and shared positions are computed from the holdings of one representative ETF each (XMEU and XD5E); of those we could attribute 79.1 % and 71.4 % of fund weight to individual companies, so real overlap is likely a little higher. The correlation covers 504 shared trading days.