KGHM Polska Miedz SA

ISIN PLKGHM000017

WKN 908063

Market cap (in EUR)

15,877 m

Country

Poland

Sector

Non-Energy Materials

Dividend yield

0.44%

Overview

Quote

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Description

KGHM Polska Miedz SA engages in the exploration of copper, precious metals, and other smelter products. It manages a diversified portfolio of mining assets and smelters, supporting global supply through efficient production processes and advanced technologies. The company was founded in 1949 and is headquartered in Lubin, Poland.

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Non-Energy Materials Mining and Mineral Products Metal Ore Mining Poland

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Financials

Key metrics

Market capitalisation, EUR	15,877 m
EPS, EUR	10.23
P/B ratio	1.7
P/E ratio	7.9
Dividend yield	0.44%

Income statement (2025)

Revenue, EUR	8,568 m
Net income, EUR	871 m
Profit margin	10.17%

What ETF is KGHM Polska Miedz SA in?

There are 178 ETFs which contain KGHM Polska Miedz SA. All of these ETFs are listed in the table below. The ETF with the largest weighting of KGHM Polska Miedz SA is the iShares MSCI Poland UCITS ETF USD (Acc).

ETF	Weight	Investment focus	Fund size (in m EUR)
UBS MSCI ACWI SF UCITS ETF hUSD acc	0.03%	Equity World	2,234
iShares FTSE All-World UCITS ETF USD (Acc)	0.01%	Equity World	35
iShares MSCI EM UCITS ETF (Dist)	0.10%	Equity Emerging Markets	9,095
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF USD (acc)	0.12%	Equity World Social/Environmental Climate Change	176
iShares Moderate Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	48
iShares MSCI EM Swap UCITS ETF USD (Acc)	0.11%	Equity Emerging Markets	236
Amundi STOXX Europe 600 Basic Resources UCITS ETF Dist	3.13%	Equity Europe Basic Materials	59
Amundi MSCI Emerging Markets Swap II UCITS ETF EUR Acc	0.11%	Equity Emerging Markets	941
Invesco RAFI All-World Fundamental Value UCITS ETF	0.04%	Equity World Value	350
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF CHF Hedged (acc)	0.01%	Equity World Social/Environmental	6
HSBC MSCI Emerging Markets UCITS ETF USD	0.11%	Equity Emerging Markets	3,774
iShares MSCI All Country World Swap UCITS ETF USD (Acc)	0.03%	Equity World	83
iShares Moderate Portfolio UCITS ETF GBP Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	31
iShares Core MSCI Emerging Markets IMI UCITS ETF	0.09%	Equity Emerging Markets	1,583
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.01%	Equity World	32
Goldman Sachs Paris-Aligned Climate World Equity UCITS ETF USD (Acc)	0.03%	Equity World Social/Environmental Climate Change	8
iShares MSCI EM UCITS ETF (Acc)	0.11%	Equity Emerging Markets	9,434
BNP Paribas Easy MSCI Emerging ex China UCITS ETF Acc	0.14%	Equity Emerging Markets	49
Xtrackers MSCI Emerging Markets UCITS ETF 1C	0.11%	Equity Emerging Markets	12,691
Xtrackers STOXX Europe 600 UCITS ETF 1C	0.08%	Equity Europe	4,155
Amundi Prime All Country World UCITS ETF Acc	0.01%	Equity World	3,288
Vanguard FTSE Developed World UCITS ETF Acc	0.01%	Equity World	6,197
Amundi FTSE All World GDP-Weighted UCITS ETF Acc	0.11%	Equity World	29
BNP Paribas Easy MSCI Emerging ex China UCITS ETF EUR Acc	0.14%	Equity Emerging Markets	1
Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD (Dist)	0.10%	Equity Emerging Markets Social/Environmental	0
Xtrackers World Net Zero Pathway Paris Aligned UCITS ETF 1C	0.04%	Equity World Social/Environmental Climate Change	140
iShares MSCI All Country World UCITS ETF USD (Dist)	0.03%	Equity World	37
JPMorgan Strategic Allocation Moderate Active UCITS ETF EUR (acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	7
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)	0.00%	Equity World	8,272
Xtrackers MSCI AC World Screened UCITS ETF 2C - EUR Hedged	0.02%	Equity World Social/Environmental	90
Xtrackers MSCI Emerging Markets ex China UCITS ETF 1C	0.14%	Equity Emerging Markets	156
Vanguard FTSE All-World Ex-U.S. UCITS ETF USD Acc	0.03%	Equity World	113
iShares STOXX Europe 600 UCITS ETF EUR (Acc)	0.08%	Equity Europe	3
Vanguard FTSE Developed Europe ex UK UCITS ETF (EUR) Distributing	0.11%	Equity Europe	3,299
iShares MSCI EM IMI Screened UCITS ETF USD (Dist)	0.10%	Equity Emerging Markets Social/Environmental	1,276
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.00%	Equity World	239
UBS MSCI ACWI SF UCITS ETF USD Hedged Ukdis	0.03%	Equity World	51
Vanguard FTSE Global All-Cap UCITS ETF USD Dist	0.01%	Equity World	91
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.03%	Equity World	832
Vanguard FTSE Developed World UCITS ETF Distributing	0.01%	Equity World	4,311
WisdomTree Strategic Metals and Rare Earths Miners UCITS ETF USD Unhedged Acc	0.66%	Equity World Basic Materials Social/Environmental	721
iShares Europe Domestic Focus UCITS ETF EUR (Acc)	0.24%	Equity Europe	10
Amundi Core Stoxx Europe 600 UCITS ETF Acc	0.09%	Equity Europe	21,019
Amundi STOXX Europe 600 ESG UCITS ETF DR EUR (C)	0.11%	Equity Europe Social/Environmental	1,748
Amundi Prime All Country World UCITS ETF GBP Hedged Dist	0.01%	Equity World	30
Xtrackers Stoxx Europe 600 UCITS ETF 2C - EUR Hedged	0.08%	Equity Europe	13
UBS MSCI ACWI Universal UCITS ETF hEUR acc	0.02%	Equity World Social/Environmental	612
UBS MSCI ACWI SF UCITS ETF hEUR acc	0.03%	Equity World	1,672
Amundi MSCI Emerging Ex China ESG Selection UCITS ETF Acc	0.31%	Equity Emerging Markets Social/Environmental	967
UBS Core MSCI EM UCITS ETF USD dis	0.12%	Equity Emerging Markets	2,863
Amundi MSCI All Country World Swap UCITS ETF EUR Acc	0.03%	Equity World	2,542
Xtrackers FTSE All-World ex US UCITS ETF 1C	0.03%	Equity World	47
State Street SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.01%	Equity World	99
Vanguard FTSE All-World Ex-U.S. UCITS ETF USD Dist	0.03%	Equity World	12
State Street SPDR MSCI Emerging Markets UCITS ETF USD	0.12%	Equity Emerging Markets	2,038
iShares STOXX Europe 600 Basic Resources UCITS ETF (DE)	3.13%	Equity Europe Basic Materials	530
UBS MSCI ACWI SF UCITS ETF CHF Hedged Ukdis	0.03%	Equity World	91
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.01%	Equity World	76
Xtrackers MSCI AC World Screened UCITS ETF 1C	0.02%	Equity World Social/Environmental	6,616
Fidelity Emerging Markets Equity Research Enhanced UCITS ETF ACC-USD	0.09%	Equity Emerging Markets Social/Environmental	2,838
JPMorgan Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.12%	Equity Emerging Markets Social/Environmental	2,266
Invesco All Country World Enhanced Equity UCITS ETF Acc	0.01%	Equity World Multi-Factor Strategy	78
Invesco FTSE All-World UCITS ETF Acc	0.01%	Equity World	4,266
Robeco 3D EM Equity UCITS ETF USD Dis	0.08%	Equity Emerging Markets Social/Environmental	30
iShares Conservative Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	1
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)	0.09%	Equity Emerging Markets	40,259
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF EUR (acc)	0.12%	Equity World Social/Environmental Climate Change	145
BNP Paribas Easy MSCI Emerging UCITS ETF Acc	0.11%	Equity Emerging Markets	68
UBS MSCI ACWI SF UCITS ETF USD acc	0.03%	Equity World	4,053
UBS MSCI ACWI Universal UCITS ETF USD dis	0.02%	Equity World Social/Environmental	2,266
State Street Emerging Markets Systematic Equity Tilted Enhanced Fund UCITS ETF	0.25%	Equity Emerging Markets Social/Environmental Climate Change	1
WisdomTree Megatrends UCITS ETF USD	0.05%	Equity World Social/Environmental Innovation	60
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF EUR Acc	0.02%	Equity World Social/Environmental	18
Amundi Core MSCI Emerging Markets UCITS ETF Acc	0.11%	Equity Emerging Markets	4,380
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.01%	Equity World Social/Environmental	87
UBS MSCI ACWI Universal UCITS ETF hGBP acc	0.02%	Equity World Social/Environmental	263
iShares MSCI All Country World Screened UCITS ETF USD (Acc)	0.01%	Equity World Social/Environmental	2,946
First Trust Indxx Future Economy Metals UCITS ETF Class A USD ACC	2.05%	Equity World Basic Materials	5
iShares MSCI EM IMI Screened UCITS ETF USD (Acc)	0.10%	Equity Emerging Markets Social/Environmental	5,663
iShares MSCI EM CTB Enhanced ESG UCITS ETF USD (Dist)	0.04%	Equity Emerging Markets Social/Environmental	1,104
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF EUR Hedged (acc)	0.12%	Equity World Social/Environmental Climate Change	10
Amundi Prime Europe UCITS ETF DR (D)	0.09%	Equity Europe	269
Amundi Core Stoxx Europe 600 UCITS ETF EUR Hedged Dist	0.09%	Equity Europe	54
UBS MSCI ACWI Universal UCITS ETF hJPY acc	0.02%	Equity World Social/Environmental	134
Amundi MSCI Emerging Markets Swap II UCITS ETF USD Acc	0.11%	Equity Emerging Markets	41
Amundi MSCI Emerging Markets Swap UCITS ETF USD Acc	0.11%	Equity Emerging Markets	1,485
iShares MSCI EM CTB Enhanced ESG UCITS ETF USD (Acc)	0.04%	Equity Emerging Markets Social/Environmental	7,852
Invesco Emerging Markets Enhanced Equity UCITS ETF Acc	0.08%	Equity Emerging Markets Multi-Factor Strategy	159
L&G Europe ex UK Equity UCITS ETF	0.12%	Equity Europe Social/Environmental	456
Amundi Core MSCI Emerging Markets UCITS ETF EUR Dist	0.11%	Equity Emerging Markets	1,157
Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc	0.14%	Equity Emerging Markets Social/Environmental	158
Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD (Acc)	0.10%	Equity Emerging Markets Social/Environmental	398
Xtrackers Europe Net Zero Pathway Paris Aligned UCITS ETF 1C	0.27%	Equity Europe Social/Environmental Climate Change	7
Amundi Prime Europe UCITS ETF DR (C)	0.09%	Equity Europe	294
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF USD C	0.02%	Equity World Social/Environmental	63
iShares STOXX Europe 600 UCITS ETF (DE) EUR (Acc)	0.09%	Equity Europe	927
State Street Emerging Markets Screened Enhanced Equity Fund UCITS ETF	0.08%	Equity Emerging Markets Social/Environmental	139
iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc)	0.97%	Equity Emerging Markets Value	1,636
Amundi Prime Global UCITS ETF Acc	0.01%	Equity World	3,371
iShares Growth Portfolio UCITS ETF GBP Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	35
UBS MSCI ACWI SF UCITS ETF GBP Hedged Ukdis	0.03%	Equity World	521
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.01%	Equity World	55,367
Amundi MSCI Emerging Markets ESG Selection UCITS ETF Acc	0.20%	Equity Emerging Markets Social/Environmental	997
iShares STOXX Europe 600 UCITS ETF (DE)	0.09%	Equity Europe	9,391
Amundi Core Stoxx Europe 600 UCITS ETF Dist	0.09%	Equity Europe	1
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Distributing	0.03%	Equity World Multi-Factor Strategy	245
BNP Paribas Easy MSCI ACWI UCITS ETF EUR (Acc)	0.03%	Equity World	72
UBS ETFs (IE) MSCI ACWI SF UCITS ETF (hedged to JPY) A-acc	0.03%	Equity World	218
L&G Global Equity UCITS ETF	0.01%	Equity World Social/Environmental	1,959
Vanguard FTSE Global All-Cap UCITS ETF USD Acc	0.01%	Equity World	2,787
UBS MSCI ACWI Universal UCITS ETF hCHF dis	0.02%	Equity World Social/Environmental	67
JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	0.12%	Equity Emerging Markets Social/Environmental	104
Xtrackers Stoxx Europe 600 II UCITS ETF 1C	0.08%	Equity Europe	8
JPMorgan Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.12%	Equity Emerging Markets Social/Environmental	36
UBS MSCI ACWI Universal UCITS ETF hCHF acc	0.02%	Equity World Social/Environmental	1,365
iShares Essential Metals Producers UCITS ETF USD (Acc)	2.23%	Equity World Basic Materials Clean Energy	759
iShares FTSE All-World UCITS ETF USD (Dist)	0.01%	Equity World	1
iShares MSCI All Country World UCITS ETF USD (Acc)	0.03%	Equity World	32,131
BNP Paribas Easy MSCI Emerging UCITS ETF EUR Acc	0.11%	Equity Emerging Markets	4
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.01%	Equity World Social/Environmental	215
Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C	0.11%	Equity Emerging Markets	909
HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	0.11%	Equity Emerging Markets	1,723
State Street SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.01%	Equity World	1,767
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR Hedged (acc)	0.01%	Equity World Social/Environmental	27
iShares Conservative Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	16
Franklin FTSE Developed World UCITS ETF USD Capitalisation	0.02%	Equity World	20
iShares Copper Miners UCITS ETF USD (Acc)	2.63%	Equity World Basic Materials	721
Amundi Core Stoxx Europe 600 UCITS ETF USD Hedged Acc	0.09%	Equity Europe	129
UBS Core MSCI EM UCITS ETF USD acc	0.12%	Equity Emerging Markets	8,283
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.03%	Equity World Multi-Factor Strategy	1,487
Xtrackers FTSE All-World UCITS ETF 1C	0.02%	Equity World	148
Invesco FTSE All-World UCITS ETF Dist	0.01%	Equity World	293
BNP Paribas Easy MSCI Emerging Min TE UCITS ETF	0.12%	Equity Emerging Markets Social/Environmental	1,851
Amundi Core MSCI Emerging Markets Swap UCITS ETF Acc	0.11%	Equity Emerging Markets	5,568
UBS MSCI EM SF UCITS ETF USD acc	0.11%	Equity Emerging Markets	158
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF USD (dist)	0.12%	Equity World Social/Environmental Climate Change	0
iShares Moderate Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	7
Amundi Core MSCI Emerging Markets Swap UCITS ETF Dist	0.11%	Equity Emerging Markets	5,576
iShares STOXX Europe 600 UCITS ETF EUR (Dist)	0.08%	Equity Europe	10
Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF	0.46%	Equity Europe Social/Environmental Climate Change	34
Robeco 3D EM Equity UCITS ETF USD Acc	0.08%	Equity Emerging Markets Social/Environmental	906
Amundi Prime Global UCITS ETF Dist	0.01%	Equity World	1,788
Xtrackers Stoxx Europe 600 UCITS ETF 1D	0.08%	Equity Europe	1,395
Invesco MSCI Emerging Markets UCITS ETF Acc	0.11%	Equity Emerging Markets	457
Amundi Core MSCI Emerging Markets UCITS ETF USD Dist	0.11%	Equity Emerging Markets	91
iShares MSCI Poland UCITS ETF USD (Acc)	9.42%	Equity Poland	1,027
UBS Climate Aware Global Developed Equity CTB UCITS ETF USD acc	0.02%	Equity World Social/Environmental Climate Change	18
Xtrackers MSCI Emerging Markets Climate Transition UCITS ETF 1C	0.16%	Equity Emerging Markets Social/Environmental Climate Change	39
UBS MSCI ACWI SF UCITS ETF hEUR Ukdis	0.03%	Equity World	44
iShares Growth Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	111
iShares Conservative Portfolio UCITS ETF GBP Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	3
Invesco STOXX Europe 600 UCITS ETF	0.08%	Equity Europe	508
UBS MSCI ACWI SF UCITS ETF hCHF acc	0.03%	Equity World	1,925
Amundi Prime All Country World UCITS ETF Dist	0.01%	Equity World	5,213
iShares MSCI EM ex-China UCITS ETF USD (Dist)	0.14%	Equity Emerging Markets	1,167
Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.09%	Equity Europe	3,049
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (dist)	0.01%	Equity World Social/Environmental	62
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.01%	Equity World	24,256
VanEck S&P Global Mining UCITS ETF A	0.58%	Equity World Basic Materials	2,092
UBS MSCI ACWI Universal UCITS ETF hUSD acc	0.02%	Equity World Social/Environmental	1,289
State Street SPDR MSCI All Country World UCITS ETF USD Unhedged (Acc)	0.01%	Equity World	18,221
iShares Growth Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	2
Amundi STOXX Europe 600 Basic Resources UCITS ETF Acc	3.13%	Equity Europe Basic Materials	535
Xtrackers MSCI Emerging Markets ESG UCITS ETF 1C	0.25%	Equity Emerging Markets Social/Environmental	1,352
iShares MSCI EM ex-China UCITS ETF USD (Acc)	0.14%	Equity Emerging Markets	5,031
JPMorgan Strategic Allocation Growth Active UCITS ETF EUR (acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	7
JPMorgan Strategic Allocation Conservative Active UCITS ETF EUR (acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	6
UBS MSCI EM ex China UCITS ETF USD acc	0.13%	Equity Emerging Markets	92
BNP Paribas Easy MSCI ACWI UCITS ETF (Acc)	0.03%	Equity World	69
Amundi MSCI Emerging Markets ESG Broad Transition UCITS ETF Acc	0.18%	Equity Emerging Markets Social/Environmental Climate Change	1,915
Vanguard FTSE Developed Europe UCITS ETF Distributing	0.09%	Equity Europe	4,713
Xtrackers Stoxx Europe 600 II UCITS ETF 1D	0.08%	Equity Europe	0
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.01%	Equity World	70
Amundi MSCI Emerging Ex China Swap UCITS ETF Acc	0.14%	Equity Emerging Markets	4,593
Xtrackers MSCI Emerging Markets Swap UCITS ETF 1D	0.11%	Equity Emerging Markets	182
Invesco RAFI Emerging Markets Fundamental Value UCITS ETF Dist	0.18%	Equity Emerging Markets Value	92
Amundi MSCI Emerging Markets Swap UCITS ETF EUR Acc	0.11%	Equity Emerging Markets	4,359
Vanguard FTSE Developed Europe ex UK UCITS ETF (EUR) Accumulating	0.11%	Equity Europe	1,626

Savings plan offers

Here you can find information about the savings plan availability for the stock. You can use the table to compare savings plan offers for the selected savings rate.

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Broker	Rating	Execution fee	Account fee
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Source: justETF Research; as of 10/2026. The offers are sorted in the following way: 1. Rating 2. Execution fee 3. Number of stock savings plans. The number of stock savings plans is rounded. In addition to the fees charged by online brokers, additional costs may apply. The stated fees are thus exclusive of standard market spreads, commissions, product costs and third-party fees. Please note: No guarantee can be given for the completeness, correctness and accuracy of the content listed. The information on the online brokers' homepages is decisive. Investments in securities involve risks.
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Performance

Returns overview

YTD	+20.86%
1 month	-9.35%
3 months	+11.95%
6 months	+11.12%
1 year	+79.57%
3 years	+232.75%
5 years	+135.33%
Since inception (MAX)	+212.42%
2025	+141.01%
2024	-4.83%
2023	+5.38%
2022	-10.70%

Monthly returns in a heat map

Risk

Risk metrics in this section:

Volatility, annualised, measured for 1, 3 and 5 year periods. The annualised volatility reflects the degree of price fluctuations during a one year period. The higher the volatility, the more significantly the price of the asset (stock, ETF, etc.) has changed in the past. Assets with higher volatility are generally considered more risky. We calculate the volatility based on the data for the past 1, 3 and 5 years so that you can see if price fluctuations for the ETF became stronger or weaker over time.
Return per risk for 1, 3 and 5 year periods. This is the annualised (i.e. converted to a one year period) past return divided by the past annualised volatility. The metric puts the historical return of an asset in relation to its historical risk and gives you a retrospective indication of the degree of price fluctuation you had to bear with in order to obtain the return. We calculate this parameter for 1, 3 and 5 year periods to display its evolution over time.
Maximum drawdown for a period. This shows the worst possible loss an investor could have suffered during the respective period, by first buying and subsequently selling the asset at the least favourable prices. For example, if there was the following sequence of daily ETF prices: 10€, 5€, 12€, 20€, an investor would have suffered the worst loss by buying for 10€ and subsequently selling for 5€. Therefore in this case the maximum drawdown would be (5€ - 10€)/10€ = -50%.

ETF returns include dividend payments (if applicable).