Gold Fields Ltd.

ISIN ZAE000018123

WKN 856777

Market cap (in EUR)

36,316 m

Country

South Africa

Sector

Non-Energy Materials

Dividend yield

3.36%

Overview

Quote

Description

Gold Fields Ltd. is a gold mining company, which engages in the production of gold and operation of mines. Its operating mines are located in Australia, Ghana, Peru, and South Africa. The company was founded on May 03, 1968 and is headquartered in Johannesburg, South Africa.

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Non-Energy Materials Mining and Mineral Products Metal Ore Mining South Africa

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Financials

Key metrics

Market capitalisation, EUR	36,316 m
EPS, EUR	-
P/B ratio	4.8
P/E ratio	10.6
Dividend yield	3.36%

Income statement (2025)

Revenue, EUR	7,763 m
Net income, EUR	3,165 m
Profit margin	40.76%

What ETF is Gold Fields Ltd. in?

There are 180 ETFs which contain Gold Fields Ltd.. All of these ETFs are listed in the table below. The ETF with the largest weighting of Gold Fields Ltd. is the iShares MSCI South Africa UCITS ETF.

ETF	Weight	Investment focus	Fund size (in m EUR)
iShares FTSE All-World UCITS ETF USD (Acc)	0.04%	Equity World	35
UBS MSCI ACWI SF UCITS ETF hUSD acc	0.04%	Equity World	2,208
iShares MSCI EM UCITS ETF (Dist)	0.34%	Equity Emerging Markets	8,654
iShares Moderate Portfolio UCITS ETF EUR (Acc)	0.03%	Equity World Social/Environmental Multi-Asset Strategy	48
iShares MSCI EM Swap UCITS ETF USD (Acc)	0.33%	Equity Emerging Markets	226
Amundi MSCI Emerging Markets Swap II UCITS ETF EUR Acc	0.33%	Equity Emerging Markets	890
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF EUR (acc)	0.67%	Equity Emerging Markets Social/Environmental Climate Change	32
Invesco RAFI All-World Fundamental Value UCITS ETF	0.04%	Equity World Value	427
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF CHF Hedged (acc)	0.05%	Equity World Social/Environmental	6
HSBC MSCI Emerging Markets UCITS ETF USD	0.35%	Equity Emerging Markets	3,590
iShares MSCI All Country World Swap UCITS ETF USD (Acc)	0.04%	Equity World	105
iShares Moderate Portfolio UCITS ETF GBP Hedged (Acc)	0.03%	Equity World Social/Environmental Multi-Asset Strategy	31
iShares Core MSCI Emerging Markets IMI UCITS ETF	0.29%	Equity Emerging Markets	1,469
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.05%	Equity World	28
iShares MSCI EM UCITS ETF (Acc)	0.33%	Equity Emerging Markets	9,174
BNP Paribas Easy MSCI Emerging ex China UCITS ETF Acc	0.41%	Equity Emerging Markets	46
Xtrackers MSCI Emerging Markets UCITS ETF 1C	0.35%	Equity Emerging Markets	12,038
Amundi Prime All Country World UCITS ETF Acc	0.04%	Equity World	3,440
Amundi FTSE All World GDP-Weighted UCITS ETF Acc	0.04%	Equity World	29
CT QR Series Global Equity Active UCITS ETF USD Dist	0.11%	Equity World Fundamental/Quality	3
UBS MSCI ACWI SF UCITS ETF USD Ukdis	0.04%	Equity World	294
BNP Paribas Easy MSCI Emerging ex China UCITS ETF EUR Acc	0.41%	Equity Emerging Markets	1
iShares MSCI South Africa UCITS ETF	10.30%	Equity South Africa	212
iShares MSCI All Country World UCITS ETF USD (Dist)	0.04%	Equity World	36
UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-UKdis	0.34%	Equity Emerging Markets	94
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)	0.04%	Equity World	8,551
JPMorgan Strategic Allocation Moderate Active UCITS ETF EUR (acc)	0.03%	Equity World Social/Environmental Multi-Asset Strategy	7
Xtrackers MSCI AC World Screened UCITS ETF 2C - EUR Hedged	0.05%	Equity World Social/Environmental	89
Deka MSCI Emerging Markets ESG Focus Select UCITS ETF	0.53%	Equity Emerging Markets Social/Environmental	308
Xtrackers MSCI Emerging Markets ex China UCITS ETF 1C	0.44%	Equity Emerging Markets	148
ODDO BHF Global Balanced Allocation Active UCITS ETF AAA Acc	0.01%	Equity World Multi-Asset Strategy	1
iShares Dow Jones Global Leaders Screened UCITS ETF USD (Acc)	0.17%	Equity World Social/Environmental	2,022
Vanguard ESG Global All Cap UCITS ETF (USD) Distributing	0.04%	Equity World Social/Environmental	574
Franklin FTSE Emerging ex China UCITS ETF USD Capitalisation	0.56%	Equity Emerging Markets	6
Vanguard FTSE All-World Ex-U.S. UCITS ETF USD Acc	0.09%	Equity World	158
HSBC Emerging Market Screened Equity UCITS ETF USD	1.21%	Equity Emerging Markets Social/Environmental Climate Change	163
UBS MSCI EM Climate Paris Aligned UCITS ETF USD acc	0.40%	Equity Emerging Markets Social/Environmental Climate Change	723
iShares MSCI EM IMI Screened UCITS ETF USD (Dist)	0.30%	Equity Emerging Markets Social/Environmental	1,143
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.04%	Equity World	248
UBS MSCI ACWI SF UCITS ETF USD Hedged Ukdis	0.04%	Equity World	51
Vanguard FTSE Global All-Cap UCITS ETF USD Dist	0.04%	Equity World	118
State Street All World Enhanced Active Equity UCITS ETF USD Unhedged (Acc)	0.14%	Equity World Multi-Factor Strategy	6
HSBC MSCI Emerging Markets Islamic Screened Capped UCITS ETF USD (Acc)	1.74%	Equity Emerging Markets Social/Environmental Islamic Investing	162
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.04%	Equity World	880
JPMorgan All Country Research Enhanced Index Equity Paris Aligned Active UCITS ETF EUR (acc)	0.08%	Equity World Social/Environmental Climate Change	42
Invesco MSCI ACWI Islamic M-Series UCITS ETF Acc	0.09%	Equity World Islamic Investing	129
Invesco MSCI Emerging Markets ESG Climate Paris Aligned UCITS ETF Acc	0.87%	Equity Emerging Markets Social/Environmental Climate Change	142
Amundi Prime All Country World UCITS ETF GBP Hedged Dist	0.04%	Equity World	32
UBS MSCI ACWI Universal UCITS ETF hEUR acc	0.05%	Equity World Social/Environmental	606
UBS MSCI ACWI SF UCITS ETF hEUR acc	0.04%	Equity World	1,660
JPMorgan All Country Research Enhanced Index Equity Paris Aligned Active UCITS ETF EUR (dist)	0.08%	Equity World Social/Environmental Climate Change	0
Amundi MSCI Emerging Ex China ESG Selection UCITS ETF Acc	0.91%	Equity Emerging Markets Social/Environmental	917
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF USD (dist)	0.67%	Equity Emerging Markets Social/Environmental Climate Change	8
Amundi PEA Global (MSCI ACWI) UCITS ETF Acc	0.04%	Equity World	91
UBS Core MSCI EM UCITS ETF USD dis	0.34%	Equity Emerging Markets	2,724
Amundi MSCI All Country World Swap UCITS ETF EUR Acc	0.04%	Equity World	2,538
Xtrackers FTSE All-World ex US UCITS ETF 1C	0.09%	Equity World	46
State Street SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.04%	Equity World	108
Franklin FTSE Emerging Markets UCITS ETF Dist	0.42%	Equity Emerging Markets	2
Vanguard FTSE All-World Ex-U.S. UCITS ETF USD Dist	0.09%	Equity World	11
State Street SPDR MSCI Emerging Markets UCITS ETF USD	0.33%	Equity Emerging Markets	1,944
UBS MSCI ACWI SF UCITS ETF CHF Hedged Ukdis	0.04%	Equity World	90
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.05%	Equity World	76
Xtrackers MSCI AC World Screened UCITS ETF 1C	0.05%	Equity World Social/Environmental	6,561
JPMorgan Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.44%	Equity Emerging Markets Social/Environmental	2,032
Invesco FTSE All-World UCITS ETF Acc	0.05%	Equity World	4,333
Invesco All Country World Enhanced Equity UCITS ETF Acc	0.03%	Equity World Multi-Factor Strategy	77
JPMorgan All Country Research Enhanced Index Equity Paris Aligned Active UCITS ETF USD (acc)	0.08%	Equity World Social/Environmental Climate Change	5
iShares Conservative Portfolio UCITS ETF USD Hedged (Acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	0
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)	0.29%	Equity Emerging Markets	38,521
BNP Paribas Easy MSCI Emerging UCITS ETF Acc	0.33%	Equity Emerging Markets	70
UBS MSCI ACWI SF UCITS ETF USD acc	0.04%	Equity World	4,045
Franklin EM Multi-Factor Equity UCITS ETF USD (Acc)	1.26%	Equity Emerging Markets Multi-Factor Strategy	81
First Trust Global Equity Income UCITS ETF Dist	0.77%	Equity World Fundamental/Quality	53
UBS MSCI ACWI Universal UCITS ETF USD dis	0.05%	Equity World Social/Environmental	2,206
State Street Emerging Markets Systematic Equity Tilted Enhanced Fund UCITS ETF	0.78%	Equity Emerging Markets Social/Environmental Climate Change	1
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF EUR Acc	0.05%	Equity World Social/Environmental	18
Amundi Core MSCI Emerging Markets UCITS ETF Acc	0.35%	Equity Emerging Markets	4,131
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.05%	Equity World Social/Environmental	84
ODDO BHF Global Balanced Allocation Active UCITS ETF C	0.01%	Equity World Multi-Asset Strategy	12
UBS MSCI ACWI Universal UCITS ETF hGBP acc	0.05%	Equity World Social/Environmental	262
iShares MSCI All Country World Screened UCITS ETF USD (Acc)	0.04%	Equity World Social/Environmental	2,924
iShares MSCI EM IMI Screened UCITS ETF USD (Acc)	0.30%	Equity Emerging Markets Social/Environmental	5,362
L&G Gold Mining UCITS ETF	7.07%	Equity World Basic Materials Gold Mining	743
Vanguard FTSE All-World High Dividend Yield UCITS ETF Distributing	0.09%	Equity World Dividend	10,320
iShares MSCI EM CTB Enhanced ESG UCITS ETF USD (Dist)	0.45%	Equity Emerging Markets Social/Environmental	1,048
iShares Emerging Markets Equity Enhanced Active UCITS ETF (Dist)	0.41%	Equity Emerging Markets Social/Environmental	161
UBS MSCI ACWI Universal UCITS ETF hJPY acc	0.05%	Equity World Social/Environmental	133
Amundi MSCI Emerging Markets Swap II UCITS ETF USD Acc	0.33%	Equity Emerging Markets	35
Amundi MSCI Emerging Markets Swap UCITS ETF USD Acc	0.33%	Equity Emerging Markets	1,398
iShares MSCI EM CTB Enhanced ESG UCITS ETF USD (Acc)	0.45%	Equity Emerging Markets Social/Environmental	7,408
Invesco Emerging Markets Enhanced Equity UCITS ETF Acc	0.32%	Equity Emerging Markets Multi-Factor Strategy	158
ODDO BHF Global Equity Active UCITS ETF Acc - CGP	0.03%	Equity World Social/Environmental	1
Amundi Core MSCI Emerging Markets UCITS ETF EUR Dist	0.35%	Equity Emerging Markets	1,106
Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc	0.67%	Equity Emerging Markets Social/Environmental	154
Franklin FTSE Emerging Markets UCITS ETF (Acc)	0.42%	Equity Emerging Markets	9
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF USD C	0.05%	Equity World Social/Environmental	62
State Street Emerging Markets Screened Enhanced Equity Fund UCITS ETF	0.59%	Equity Emerging Markets Social/Environmental	144
First Trust Global Equity Income UCITS ETF Acc	0.77%	Equity World Fundamental/Quality	41
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF USD (acc)	0.67%	Equity Emerging Markets Social/Environmental Climate Change	223
Vanguard ESG Emerging Markets All Cap UCITS ETF (USD) Distributing	0.41%	Equity Emerging Markets Social/Environmental	21
iShares Growth Portfolio UCITS ETF GBP Hedged (Acc)	0.05%	Equity World Social/Environmental Multi-Asset Strategy	35
UBS MSCI ACWI SF UCITS ETF GBP Hedged Ukdis	0.04%	Equity World	524
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.04%	Equity World	56,604
Amundi MSCI Emerging Markets ESG Selection UCITS ETF Acc	0.64%	Equity Emerging Markets Social/Environmental	965
Fidelity Emerging Markets Quality Income UCITS ETF ACC-USD	0.83%	Equity Emerging Markets Dividend	106
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Distributing	0.06%	Equity World Multi-Factor Strategy	249
BNP Paribas Easy MSCI ACWI UCITS ETF EUR (Acc)	0.04%	Equity World	77
UBS ETFs (IE) MSCI ACWI SF UCITS ETF (hedged to JPY) A-acc	0.04%	Equity World	217
CT QR Series Global Equity Active UCITS ETF USD Acc	0.11%	Equity World Fundamental/Quality	181
Vanguard FTSE Global All-Cap UCITS ETF USD Acc	0.04%	Equity World	3,660
Vanguard FTSE All-World High Dividend Yield UCITS ETF Acc	0.09%	Equity World Dividend	3,255
Vanguard FTSE Emerging Markets UCITS ETF (USD) Distributing	0.38%	Equity Emerging Markets	3,119
UBS MSCI ACWI Universal UCITS ETF hCHF dis	0.05%	Equity World Social/Environmental	66
iShares MSCI Emerging Markets Islamic UCITS ETF	0.89%	Equity Emerging Markets Islamic Investing	700
Xtrackers MSCI AC World Screened UCITS ETF 5C - USD Hedged	0.05%	Equity World Social/Environmental	1
JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	0.44%	Equity Emerging Markets Social/Environmental	185
JPMorgan Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.44%	Equity Emerging Markets Social/Environmental	36
UBS MSCI ACWI Universal UCITS ETF hCHF acc	0.05%	Equity World Social/Environmental	1,356
Xtrackers MSCI Emerging Markets UCITS ETF 1D	0.35%	Equity Emerging Markets	797
iShares FTSE All-World UCITS ETF USD (Dist)	0.04%	Equity World	1
iShares MSCI All Country World UCITS ETF USD (Acc)	0.04%	Equity World	32,064
iShares Emerging Markets Equity Enhanced Active UCITS ETF USD (Acc)	0.41%	Equity Emerging Markets Social/Environmental	1,428
BNP Paribas Easy MSCI Emerging UCITS ETF EUR Acc	0.33%	Equity Emerging Markets	6
HSBC Emerging Market Screened Equity UCITS ETF USD (Dist)	1.21%	Equity Emerging Markets Social/Environmental Climate Change	78
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.05%	Equity World Social/Environmental	217
Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C	0.33%	Equity Emerging Markets	862
HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	0.35%	Equity Emerging Markets	1,650
State Street SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.04%	Equity World	1,833
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR Hedged (acc)	0.05%	Equity World Social/Environmental	24
iShares Conservative Portfolio UCITS ETF EUR (Acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	17
L&G Emerging Markets Quality Dividends Equal Weight UCITS ETF USD Dist	0.17%	Equity Emerging Markets Dividend	63
HSBC MSCI Emerging Markets Value Screened UCITS ETF USD (Acc)	1.39%	Equity Emerging Markets Value	133
UBS Core MSCI EM UCITS ETF USD acc	0.34%	Equity Emerging Markets	7,879
Amundi Prime Emerging Markets UCITS ETF DR (C)	0.32%	Equity Emerging Markets	910
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.06%	Equity World Multi-Factor Strategy	1,507
Vanguard FTSE Emerging Markets UCITS ETF (USD) Accumulating	0.38%	Equity Emerging Markets	2,235
Xtrackers FTSE All-World UCITS ETF 1C	0.04%	Equity World	182
Invesco FTSE All-World UCITS ETF Dist	0.05%	Equity World	298
BNP Paribas Easy MSCI Emerging Min TE UCITS ETF	0.37%	Equity Emerging Markets Social/Environmental	1,753
Amundi MSCI All Country World Swap UCITS ETF USD Acc	0.04%	Equity World	131
Amundi Core MSCI Emerging Markets Swap UCITS ETF Acc	0.33%	Equity Emerging Markets	5,278
UBS MSCI EM SF UCITS ETF USD acc	0.33%	Equity Emerging Markets	139
iShares Moderate Portfolio UCITS ETF USD Hedged (Acc)	0.03%	Equity World Social/Environmental Multi-Asset Strategy	7
Amundi Core MSCI Emerging Markets Swap UCITS ETF Dist	0.33%	Equity Emerging Markets	5,462
Vanguard ESG Emerging Markets All Cap UCITS ETF (USD) Accumulating	0.41%	Equity Emerging Markets Social/Environmental	105
Fidelity Emerging Markets Quality Income UCITS ETF INC-USD	0.83%	Equity Emerging Markets Dividend	141
Invesco MSCI Emerging Markets UCITS ETF Acc	0.33%	Equity Emerging Markets	439
Amundi Core MSCI Emerging Markets UCITS ETF USD Dist	0.35%	Equity Emerging Markets	94
Xtrackers MSCI Emerging Markets Climate Transition UCITS ETF 1C	0.32%	Equity Emerging Markets Social/Environmental Climate Change	37
iShares Growth Portfolio UCITS ETF EUR (Acc)	0.05%	Equity World Social/Environmental Multi-Asset Strategy	111
UBS MSCI ACWI SF UCITS ETF hEUR Ukdis	0.04%	Equity World	43
iShares Conservative Portfolio UCITS ETF GBP Hedged (Acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	3
Amundi Label ISR Actions Marchés Emergents UCITS ETF Acc	0.61%	Equity Emerging Markets Social/Environmental	160
ODDO BHF Global Equity Active UCITS ETF C	0.03%	Equity World Social/Environmental	5
Amundi Prime All Country World UCITS ETF Dist	0.04%	Equity World	5,306
UBS MSCI ACWI SF UCITS ETF hCHF acc	0.04%	Equity World	1,932
iShares MSCI EM ex-China UCITS ETF USD (Dist)	0.41%	Equity Emerging Markets	1,132
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (dist)	0.05%	Equity World Social/Environmental	63
HSBC MSCI Emerging Markets Climate Paris Aligned UCITS ETF	0.42%	Equity Emerging Markets Social/Environmental Climate Change	33
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.04%	Equity World	24,333
VanEck S&P Global Mining UCITS ETF A	1.84%	Equity World Basic Materials	1,954
UBS MSCI ACWI Universal UCITS ETF hUSD acc	0.05%	Equity World Social/Environmental	1,283
State Street SPDR MSCI All Country World UCITS ETF USD Unhedged (Acc)	0.04%	Equity World	18,395
iShares Growth Portfolio UCITS ETF USD Hedged (Acc)	0.05%	Equity World Social/Environmental Multi-Asset Strategy	2
iShares MSCI EM ex-China UCITS ETF USD (Acc)	0.41%	Equity Emerging Markets	4,749
JPMorgan Strategic Allocation Growth Active UCITS ETF EUR (acc)	0.04%	Equity World Social/Environmental Multi-Asset Strategy	6
JPMorgan Strategic Allocation Conservative Active UCITS ETF EUR (acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	6
UBS MSCI EM ex China UCITS ETF USD acc	0.41%	Equity Emerging Markets	88
BNP Paribas Easy MSCI ACWI UCITS ETF (Acc)	0.04%	Equity World	71
Amundi MSCI Emerging Markets ESG Broad Transition UCITS ETF Acc	0.49%	Equity Emerging Markets Social/Environmental Climate Change	1,816
iShares Edge MSCI EM Minimum Volatility UCITS ETF	0.30%	Equity Emerging Markets Low Volatility/Risk Weighted	439
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.05%	Equity World	73
Amundi MSCI Emerging Ex China Swap UCITS ETF Acc	0.41%	Equity Emerging Markets	4,200
Xtrackers MSCI Emerging Markets Swap UCITS ETF 1D	0.33%	Equity Emerging Markets	192
Amundi MSCI Emerging Markets Swap UCITS ETF EUR Acc	0.33%	Equity Emerging Markets	4,132
Invesco RAFI Emerging Markets Fundamental Value UCITS ETF Dist	0.15%	Equity Emerging Markets Value	88
Vanguard ESG Global All Cap UCITS ETF (USD) Accumulating	0.04%	Equity World Social/Environmental	1,152
L&G Emerging Markets Equity UCITS ETF USD Acc	0.33%	Equity Emerging Markets Social/Environmental	133
Franklin MSCI Emerging Markets Paris Aligned Climate UCITS ETF	0.44%	Equity Emerging Markets Social/Environmental Climate Change	7

Performance

Returns overview

YTD	-22.08%
1 month	-6.69%
3 months	+4.35%
6 months	-17.81%
1 year	-10.31%
3 years	+135.66%
5 years	+273.13%
Since inception (MAX)	+503.62%
2025	+202.44%
2024	-6.60%
2023	+39.08%
2022	+5.04%

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).