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

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 187 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	2,160
iShares FTSE All World UCITS ETF USD (Acc)	0.01%	Equity World	34
iShares MSCI EM UCITS ETF (Dist)	0.09%	Equity Emerging Markets	8,417
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF USD (acc)	0.10%	Equity World Social/Environmental Climate Change	173
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)	0.10%	Equity Emerging Markets	220
Amundi STOXX Europe 600 Basic Resources UCITS ETF Dist	3.04%	Equity Europe Basic Materials	51
Amundi MSCI Emerging Markets Swap II UCITS ETF EUR Acc	0.10%	Equity Emerging Markets	867
Invesco RAFI All-World Fundamental Value UCITS ETF	0.03%	Equity World Value	424
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF CHF Hedged (acc)	0.01%	Equity World Social/Environmental	5
HSBC MSCI Emerging Markets UCITS ETF USD	0.10%	Equity Emerging Markets	3,502
iShares MSCI All Country World Swap UCITS ETF USD (Acc)	0.03%	Equity World	103
iShares Core MSCI Emerging Markets IMI UCITS ETF	0.08%	Equity Emerging Markets	1,420
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.00%	Equity World	29
Goldman Sachs Paris-Aligned Climate World Equity UCITS ETF USD (Acc)	0.02%	Equity World Social/Environmental Climate Change	8
iShares MSCI EM UCITS ETF (Acc)	0.09%	Equity Emerging Markets	8,909
BNP Paribas Easy MSCI Emerging ex China UCITS ETF Acc	0.12%	Equity Emerging Markets	44
Xtrackers MSCI Emerging Markets UCITS ETF 1C	0.10%	Equity Emerging Markets	11,694
Xtrackers STOXX Europe 600 UCITS ETF 1C	0.08%	Equity Europe	4,285
Amundi Prime All Country World UCITS ETF Acc	0.01%	Equity World	3,379
Vanguard FTSE Developed World UCITS ETF Acc	0.01%	Equity World	6,130
Amundi FTSE All World GDP-Weighted UCITS ETF Acc	0.10%	Equity World	28
UBS MSCI ACWI SF UCITS ETF USD Ukdis	0.03%	Equity World	288
BNP Paribas Easy MSCI Emerging ex China UCITS ETF EUR Acc	0.12%	Equity Emerging Markets	1
Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD (Dist)	0.08%	Equity Emerging Markets Social/Environmental	0
Xtrackers World Net Zero Pathway Paris Aligned UCITS ETF 1C	0.03%	Equity World Social/Environmental Climate Change	137
iShares MSCI All Country World UCITS ETF USD (Dist)	0.03%	Equity World	34
UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-UKdis	0.11%	Equity Emerging Markets	92
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	8,393
Xtrackers MSCI AC World Screened UCITS ETF 2C - EUR Hedged	0.01%	Equity World Social/Environmental	87
Xtrackers MSCI Emerging Markets ex China UCITS ETF 1C	0.12%	Equity Emerging Markets	143
Vanguard FTSE All-World Ex-U.S. UCITS ETF USD Acc	0.03%	Equity World	164
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	3,674
iShares MSCI EM IMI Screened UCITS ETF USD (Dist)	0.09%	Equity Emerging Markets Social/Environmental	1,111
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.00%	Equity World	243
UBS MSCI ACWI SF UCITS ETF USD Hedged Ukdis	0.03%	Equity World	49
Vanguard FTSE Global All-Cap UCITS ETF USD Dist	0.01%	Equity World	117
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.03%	Equity World	863
Vanguard FTSE Developed World UCITS ETF Distributing	0.01%	Equity World	4,191
WisdomTree Strategic Metals and Rare Earths Miners UCITS ETF USD Unhedged Acc	0.68%	Equity World Basic Materials Social/Environmental	603
iShares Europe Domestic Focus UCITS ETF EUR (Acc)	0.22%	Equity Europe	11
Amundi Core Stoxx Europe 600 UCITS ETF Acc	0.08%	Equity Europe	21,975
Amundi STOXX Europe 600 ESG UCITS ETF DR EUR (C)	0.10%	Equity Europe Social/Environmental	1,765
Amundi Prime All Country World UCITS ETF GBP Hedged Dist	0.01%	Equity World	31
Xtrackers Stoxx Europe 600 UCITS ETF 2C - EUR Hedged	0.08%	Equity Europe	15
UBS MSCI ACWI Universal UCITS ETF hEUR acc	0.02%	Equity World Social/Environmental	593
UBS MSCI ACWI SF UCITS ETF hEUR acc	0.03%	Equity World	1,628
JPMorgan Global Equity Multi-Factor UCITS ETF USD (dist)	0.07%	Equity World Multi-Factor Strategy	1
Amundi MSCI Emerging Ex China ESG Selection UCITS ETF Acc	0.27%	Equity Emerging Markets Social/Environmental	889
UBS Core MSCI EM UCITS ETF USD dis	0.11%	Equity Emerging Markets	2,643
Amundi MSCI All Country World Swap UCITS ETF EUR Acc	0.03%	Equity World	2,491
Xtrackers FTSE All-World ex US UCITS ETF 1C	0.03%	Equity World	46
State Street SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.01%	Equity World	106
Vanguard FTSE All-World Ex-U.S. UCITS ETF USD Dist	0.03%	Equity World	11
State Street SPDR MSCI Emerging Markets UCITS ETF USD	0.11%	Equity Emerging Markets	1,888
iShares STOXX Europe 600 Basic Resources UCITS ETF (DE)	3.04%	Equity Europe Basic Materials	479
UBS MSCI ACWI SF UCITS ETF CHF Hedged Ukdis	0.03%	Equity World	89
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.00%	Equity World	74
WisdomTree True Emerging Markets UCITS ETF USD Unhedged Acc	0.54%	Equity Emerging Markets	29
Xtrackers MSCI AC World Screened UCITS ETF 1C	0.01%	Equity World Social/Environmental	6,471
JPMorgan Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.11%	Equity Emerging Markets Social/Environmental	1,977
Invesco All Country World Enhanced Equity UCITS ETF Acc	0.01%	Equity World Multi-Factor Strategy	76
Invesco FTSE All-World UCITS ETF Acc	0.00%	Equity World	4,222
Scalable MSCI AC World Xtrackers UCITS ETF 1D	0.03%	Equity World	870
Robeco 3D EM Equity UCITS ETF USD Dis	0.10%	Equity Emerging Markets Social/Environmental	30
iShares Conservative Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	0
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)	0.08%	Equity Emerging Markets	37,387
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF EUR (acc)	0.10%	Equity World Social/Environmental Climate Change	142
BNP Paribas Easy MSCI Emerging UCITS ETF Acc	0.10%	Equity Emerging Markets	68
UBS MSCI ACWI SF UCITS ETF USD acc	0.03%	Equity World	3,970
UBS MSCI ACWI Universal UCITS ETF USD dis	0.02%	Equity World Social/Environmental	2,159
State Street Emerging Markets Systematic Equity Tilted Enhanced Fund UCITS ETF	0.22%	Equity Emerging Markets Social/Environmental Climate Change	1
WisdomTree Megatrends UCITS ETF USD	0.05%	Equity World Social/Environmental Innovation	57
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF EUR Acc	0.02%	Equity World Social/Environmental	16
Amundi Core MSCI Emerging Markets UCITS ETF Acc	0.10%	Equity Emerging Markets	4,007
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.01%	Equity World Social/Environmental	82
UBS MSCI ACWI Universal UCITS ETF hGBP acc	0.02%	Equity World Social/Environmental	258
iShares MSCI All Country World Screened UCITS ETF USD (Acc)	0.01%	Equity World Social/Environmental	2,851
First Trust Indxx Future Economy Metals UCITS ETF Class A USD ACC	2.05%	Equity World Basic Materials	4
iShares MSCI EM IMI Screened UCITS ETF USD (Acc)	0.09%	Equity Emerging Markets Social/Environmental	5,197
BNP Paribas Easy STOXX Europe 600 UCITS ETF	0.08%	Equity Europe	1,117
iShares MSCI EM CTB Enhanced ESG UCITS ETF USD (Dist)	0.03%	Equity Emerging Markets Social/Environmental	1,057
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF EUR Hedged (acc)	0.10%	Equity World Social/Environmental Climate Change	9
Amundi Prime Europe UCITS ETF DR (D)	0.09%	Equity Europe	281
Amundi Core Stoxx Europe 600 UCITS ETF EUR Hedged Dist	0.08%	Equity Europe	54
HSBC PLUS Emerging Markets Equity Quant Active UCITS ETF USD Acc	0.18%	Equity Emerging Markets Multi-Factor Strategy	119
UBS MSCI ACWI Universal UCITS ETF hJPY acc	0.02%	Equity World Social/Environmental	131
Amundi MSCI Emerging Markets Swap UCITS ETF USD Acc	0.10%	Equity Emerging Markets	1,355
Amundi MSCI Emerging Markets Swap II UCITS ETF USD Acc	0.10%	Equity Emerging Markets	38
iShares MSCI EM CTB Enhanced ESG UCITS ETF USD (Acc)	0.03%	Equity Emerging Markets Social/Environmental	7,157
Invesco Emerging Markets Enhanced Equity UCITS ETF Acc	0.11%	Equity Emerging Markets Multi-Factor Strategy	171
L&G Europe ex UK Equity UCITS ETF	0.12%	Equity Europe Social/Environmental	515
Amundi Core MSCI Emerging Markets UCITS ETF EUR Dist	0.10%	Equity Emerging Markets	1,077
Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc	0.12%	Equity Emerging Markets Social/Environmental	150
Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD (Acc)	0.08%	Equity Emerging Markets Social/Environmental	379
Xtrackers Europe Net Zero Pathway Paris Aligned UCITS ETF 1C	0.24%	Equity Europe Social/Environmental Climate Change	7
Amundi Prime Europe UCITS ETF DR (C)	0.09%	Equity Europe	342
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF USD C	0.02%	Equity World Social/Environmental	60
iShares STOXX Europe 600 UCITS ETF (DE) EUR (Acc)	0.08%	Equity Europe	971
State Street Emerging Markets Screened Enhanced Equity Fund UCITS ETF	0.07%	Equity Emerging Markets Social/Environmental	140
iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc)	0.86%	Equity Emerging Markets Value	1,521
Amundi Prime Global UCITS ETF Acc	0.01%	Equity World	3,351
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.01%	Equity World	55,662
Amundi MSCI Emerging Markets ESG Selection UCITS ETF Acc	0.18%	Equity Emerging Markets Social/Environmental	936
Amundi Core Stoxx Europe 600 UCITS ETF Dist	0.08%	Equity Europe	5
iShares STOXX Europe 600 UCITS ETF (DE)	0.08%	Equity Europe	9,646
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	75
UBS ETFs (IE) MSCI ACWI SF UCITS ETF (hedged to JPY) A-acc	0.03%	Equity World	213
L&G Global Equity UCITS ETF	0.01%	Equity World Social/Environmental	1,976
Vanguard FTSE Global All-Cap UCITS ETF USD Acc	0.01%	Equity World	3,780
UBS MSCI ACWI Universal UCITS ETF hCHF dis	0.02%	Equity World Social/Environmental	65
Xtrackers MSCI AC World Screened UCITS ETF 5C - USD Hedged	0.01%	Equity World Social/Environmental	1
JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	0.11%	Equity Emerging Markets Social/Environmental	179
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)	0.11%	Equity Emerging Markets Social/Environmental	35
UBS MSCI ACWI Universal UCITS ETF hCHF acc	0.02%	Equity World Social/Environmental	1,335
iShares Essential Metals Producers UCITS ETF USD (Acc)	2.24%	Equity World Basic Materials Clean Energy	648
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	31,438
BNP Paribas Easy MSCI Emerging UCITS ETF EUR Acc	0.10%	Equity Emerging Markets	6
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.01%	Equity World Social/Environmental	213
Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C	0.10%	Equity Emerging Markets	835
HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	0.10%	Equity Emerging Markets	1,608
State Street SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.01%	Equity World	1,798
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR Hedged (acc)	0.01%	Equity World Social/Environmental	23
iShares Conservative Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	17
Franklin FTSE Developed World UCITS ETF USD Capitalisation	0.01%	Equity World	19
iShares Copper Miners UCITS ETF USD (Acc)	2.63%	Equity World Basic Materials	621
Amundi Core Stoxx Europe 600 UCITS ETF USD Hedged Acc	0.08%	Equity Europe	138
Amundi Core MSCI ACWI Swap UCITS ETF Acc	0.03%	Equity World	99
UBS Core MSCI EM UCITS ETF USD acc	0.11%	Equity Emerging Markets	7,651
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.03%	Equity World Multi-Factor Strategy	1,481
Xtrackers FTSE All-World UCITS ETF 1C	0.01%	Equity World	181
Invesco FTSE All-World UCITS ETF Dist	0.00%	Equity World	290
BNP Paribas Easy MSCI Emerging Min TE UCITS ETF	0.11%	Equity Emerging Markets Social/Environmental	1,702
Amundi MSCI All Country World Swap UCITS ETF USD Acc	0.03%	Equity World	129
UBS MSCI EM SF UCITS ETF USD acc	0.10%	Equity Emerging Markets	133
Amundi Core MSCI Emerging Markets Swap UCITS ETF Acc	0.10%	Equity Emerging Markets	5,120
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF USD (dist)	0.10%	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	0.10%	Equity Emerging Markets	5,358
iShares STOXX Europe 600 UCITS ETF EUR (Dist)	0.08%	Equity Europe	10
Franklin STOXX Europe 600 Paris Aligned Climate UCITS ETF	0.48%	Equity Europe Social/Environmental Climate Change	35
Robeco 3D EM Equity UCITS ETF USD Acc	0.10%	Equity Emerging Markets Social/Environmental	906
Amundi Prime Global UCITS ETF Dist	0.01%	Equity World	1,753
Xtrackers Stoxx Europe 600 UCITS ETF 1D	0.08%	Equity Europe	1,513
Invesco MSCI Emerging Markets UCITS ETF Acc	0.10%	Equity Emerging Markets	431
Amundi Core MSCI Emerging Markets UCITS ETF USD Dist	0.10%	Equity Emerging Markets	91
iShares MSCI Poland UCITS ETF USD (Acc)	8.33%	Equity Poland	1,003
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	36
UBS MSCI ACWI SF UCITS ETF hEUR Ukdis	0.03%	Equity World	43
iShares Growth Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	110
Invesco STOXX Europe 600 UCITS ETF	0.08%	Equity Europe	520
UBS MSCI ACWI SF UCITS ETF hCHF acc	0.03%	Equity World	1,910
Amundi Prime All Country World UCITS ETF Dist	0.01%	Equity World	5,172
iShares MSCI EM ex-China UCITS ETF USD (Dist)	0.12%	Equity Emerging Markets	1,095
Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.08%	Equity Europe	3,233
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	23,862
VanEck S&P Global Mining UCITS ETF A	0.56%	Equity World Basic Materials	1,847
UBS MSCI ACWI Universal UCITS ETF hUSD acc	0.02%	Equity World Social/Environmental	1,254
State Street SPDR MSCI All Country World UCITS ETF USD Unhedged (Acc)	0.01%	Equity World	18,264
iShares Growth Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	2
BNP Paribas Easy STOXX Europe 600 UCITS ETF	0.08%	Equity Europe	291
Amundi STOXX Europe 600 ESG II UCITS ETF Dist	0.10%	Equity Europe Social/Environmental	658
Amundi STOXX Europe 600 Basic Resources UCITS ETF Acc	3.04%	Equity Europe Basic Materials	440
Xtrackers MSCI Emerging Markets ESG UCITS ETF 1C	0.21%	Equity Emerging Markets Social/Environmental	1,148
iShares MSCI EM ex-China UCITS ETF USD (Acc)	0.12%	Equity Emerging Markets	4,587
JPMorgan Strategic Allocation Growth Active UCITS ETF EUR (acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	6
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	0.12%	Equity Emerging Markets	85
JPMorgan Global Equity Multi-Factor UCITS ETF USD (acc)	0.07%	Equity World Multi-Factor Strategy	276
BNP Paribas Easy MSCI ACWI UCITS ETF (Acc)	0.03%	Equity World	70
Amundi MSCI Emerging Markets ESG Broad Transition UCITS ETF Acc	0.16%	Equity Emerging Markets Social/Environmental Climate Change	1,739
Vanguard FTSE Developed Europe UCITS ETF Distributing	0.08%	Equity Europe	4,843
Xtrackers Stoxx Europe 600 II UCITS ETF 1D	0.08%	Equity Europe	5
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.00%	Equity World	72
Amundi MSCI Emerging Ex China Swap UCITS ETF Acc	0.12%	Equity Emerging Markets	4,013
Xtrackers MSCI Emerging Markets Swap UCITS ETF 1D	0.10%	Equity Emerging Markets	195
Ossiam STOXX Europe 600 ESG Equal Weight NR UCITS ETF 1C (EUR)	0.20%	Equity Europe Equal Weighted	200
Invesco RAFI Emerging Markets Fundamental Value UCITS ETF Dist	0.15%	Equity Emerging Markets Value	86
Amundi MSCI Emerging Markets Swap UCITS ETF EUR Acc	0.10%	Equity Emerging Markets	4,020
Vanguard FTSE Developed Europe ex UK UCITS ETF (EUR) Accumulating	0.11%	Equity Europe	1,679

Performance

Returns overview

YTD	-1.57%
1 month	-15.43%
3 months	-9.43%
6 months	-8.70%
1 year	+41.84%
3 years	+155.64%
5 years	+97.46%
Since inception (MAX)	+154.43%
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).