Meituan

ISIN KYG596691041

WKN A2N5NR

Market cap (in EUR)

57,650 m

Country

China

Sector

Consumer Services

Dividend yield

0.00%

Overview

Quote

Description

Meituan is an investment holding company, which engages in the provision of a platform that uses technology to connect consumers and merchants. It operates through the following segments: Food Delivery, In-store, Hotel, and Travel, and New Initiatives and Others. The Food Delivery segment provides food ordering and delivery services. The In-store, Hotel, and Travel segment offers merchants the ability to sell vouchers, coupons, tickets, and reservations on the firm's platform. The New Initiatives and Others segment includes revenue derived from cloud-based enterprise resource planning systems, integrated payment services, supply chain solutions to merchants, small and medium-sized merchants financing services, local transportation services, and other products and services. The company was founded by Xing Wang, Hui Wen Wang, and Rong Jun Mu in March 2010 and is headquartered in Beijing, China.

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Consumer Services Hospitality Services China

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Financials

Key metrics

Market capitalisation, EUR	57,650 m
EPS, EUR	-0.48
P/B ratio	2.9
P/E ratio	19.7
Dividend yield	0.00%

Income statement (2025)

Revenue, EUR	44,993 m
Net income, EUR	-2,880 m
Profit margin	-6.40%

What ETF is Meituan in?

There are 171 ETFs which contain Meituan. All of these ETFs are listed in the table below. The ETF with the largest weighting of Meituan is the KraneShares CSI China Internet UCITS ETF USD.

ETF	Weight	Investment focus	Fund size (in m EUR)
HSBC MSCI AC Far East ex Japan UCITS ETF USD (Dist)	0.59%	Equity Asia Pacific	30
iShares MSCI AC Far East ex-Japan UCITS ETF	0.58%	Equity Asia Pacific	1,291
Amundi MSCI China ESG Selection Extra UCITS ETF Dist	3.95%	Equity China Social/Environmental	125
State Street SPDR MSCI EM Asia UCITS ETF USD	0.54%	Equity Asia Pacific	1,308
iShares MSCI EM UCITS ETF (Dist)	0.43%	Equity Emerging Markets	8,031
Xtrackers Portfolio UCITS ETF 1C	0.06%	Equity World Multi-Asset Strategy	698
iShares Moderate Portfolio UCITS ETF EUR (Acc)	0.03%	Equity World Social/Environmental Multi-Asset Strategy	40
iShares MSCI EM SRI UCITS ETF USD (Dist)	1.67%	Equity Emerging Markets Social/Environmental	414
Amundi MSCI EM Asia SRI Climate Paris Aligned UCITS ETF DR (D)	2.88%	Equity Asia Pacific Social/Environmental	235
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF EUR (acc)	0.31%	Equity Emerging Markets Social/Environmental Climate Change	2
Amundi MSCI China ESG Selection Extra UCITS ETF Acc	3.95%	Equity China Social/Environmental	457
Invesco FTSE RAFI All World 3000 UCITS ETF	0.04%	Equity World Fundamental/Quality	191
iShares Asia ex Japan Equity Enhanced Active UCITS ETF USD (Acc)	0.50%	Equity Asia Pacific Social/Environmental Multi-Asset Strategy	70
Franklin FTSE China UCITS ETF	1.93%	Equity China	1,421
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF CHF Hedged (acc)	0.04%	Equity World Social/Environmental	3
HSBC MSCI Emerging Markets UCITS ETF USD	0.44%	Equity Emerging Markets	3,346
iShares Moderate Portfolio UCITS ETF GBP Hedged (Acc)	0.03%	Equity World Social/Environmental Multi-Asset Strategy	25
iShares Core MSCI Emerging Markets IMI UCITS ETF	0.38%	Equity Emerging Markets	1,420
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.07%	Equity World	19
KraneShares CSI China Internet UCITS ETF EUR	8.34%	Equity China Technology	138
UBS Solactive China Technology UCITS ETF hEUR acc	7.71%	Equity China Technology Innovation	165
iShares MSCI EM UCITS ETF (Acc)	0.43%	Equity Emerging Markets	7,416
Xtrackers MSCI Emerging Markets UCITS ETF 1C	0.47%	Equity Emerging Markets	10,173
Amundi Prime All Country World UCITS ETF Acc	0.06%	Equity World	1,378
KraneShares CSI China Internet UCITS ETF GBP	8.34%	Equity China Technology	54
Xtrackers MSCI China UCITS ETF 1D	1.83%	Equity China	807
Vanguard LifeStrategy 40% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	37
iShares MSCI ACWI UCITS ETF USD (Dist)	0.05%	Equity World	6
UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-UKdis	0.44%	Equity Emerging Markets	87
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)	0.06%	Equity World	4,785
Xtrackers MSCI AC World Screened UCITS ETF 2C - EUR Hedged	0.06%	Equity World Social/Environmental	86
JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	0.28%	Equity Asia Pacific Social/Environmental	151
iShares Dow Jones Global Leaders Screened UCITS ETF USD (Acc)	0.25%	Equity World Social/Environmental	1,669
UBS MSCI ACWI Socially Responsible UCITS ETF hCHF dis	0.22%	Equity World Social/Environmental Climate Change	28
Vanguard ESG Global All Cap UCITS ETF (USD) Distributing	0.06%	Equity World Social/Environmental	501
Invesco MSCI China All Shares Stock Connect UCITS ETF Acc	1.16%	Equity China	98
HSBC Emerging Market Screened Equity UCITS ETF USD	0.72%	Equity Emerging Markets Social/Environmental Climate Change	212
UBS MSCI EM Climate Paris Aligned UCITS ETF USD acc	0.52%	Equity Emerging Markets Social/Environmental Climate Change	433
iShares MSCI EM IMI Screened UCITS ETF USD (Dist)	0.40%	Equity Emerging Markets Social/Environmental	1,180
HSBC Hang Seng TECH UCITS ETF HKD	7.36%	Equity Hong Kong Technology	1,425
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.06%	Equity World	96
Xtrackers MSCI China UCITS ETF 1C	1.83%	Equity China	1,048
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.07%	Equity World	517
Invesco MSCI ACWI Islamic M-Series UCITS ETF Acc	0.20%	Equity World Islamic Investing	41
UBS MSCI ACWI Socially Responsible UCITS ETF USD acc	0.22%	Equity World Social/Environmental Climate Change	649
Invesco MSCI Emerging Markets ESG Climate Paris Aligned UCITS ETF Acc	0.44%	Equity Emerging Markets Social/Environmental Climate Change	153
iShares BIC 50 UCITS ETF USD (Dist)	2.82%	Equity Emerging Markets	118
UBS MSCI ACWI Universal UCITS ETF hEUR acc	0.05%	Equity World Social/Environmental	652
Vanguard LifeStrategy 20% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	15
Amundi MSCI Emerging Markets SRI Climate Paris Aligned UCITS ETF DR (C)	2.23%	Equity Emerging Markets Social/Environmental	1,686
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF USD (dist)	0.31%	Equity Emerging Markets Social/Environmental Climate Change	4
UBS Core MSCI EM UCITS ETF USD dis	0.44%	Equity Emerging Markets	2,282
State Street SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.05%	Equity World	69
Amundi MSCI China ESG Selection UCITS ETF DR (C)	3.85%	Equity China Social/Environmental	157
Amundi MSCI ACWI SRI Climate Paris Aligned UCITS ETF DR - USD	0.23%	Equity World Social/Environmental	104
State Street SPDR MSCI Emerging Markets UCITS ETF USD	0.45%	Equity Emerging Markets	1,608
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.07%	Equity World	43
Xtrackers MSCI AC World Screened UCITS ETF 1C	0.06%	Equity World Social/Environmental	4,803
JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (acc)	0.29%	Equity Emerging Markets Social/Environmental	1,687
UBS MSCI ACWI Socially Responsible UCITS ETF USD dis	0.22%	Equity World Social/Environmental Climate Change	36
iShares MSCI ACWI SRI UCITS ETF USD (Acc)	0.19%	Equity World Social/Environmental	88
Invesco FTSE All-World UCITS ETF Acc	0.07%	Equity World	2,705
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)	0.38%	Equity Emerging Markets	33,485
JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	0.28%	Equity Asia Pacific Social/Environmental	0
iShares MSCI China UCITS ETF USD (Acc)	1.84%	Equity China	3,007
UBS MSCI ACWI Universal UCITS ETF USD dis	0.05%	Equity World Social/Environmental	2,191
State Street Climate Transition Emerging Markets Enhanced Equity Fund UCITS ETF	0.22%	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	15
Amundi Core MSCI Emerging Markets UCITS ETF Acc	0.46%	Equity Emerging Markets	3,776
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.04%	Equity World Social/Environmental	1
UBS Solactive China Technology UCITS ETF USD acc	7.71%	Equity China Technology Innovation	229
Xtrackers Emerging Markets Net Zero Pathway Paris Aligned UCITS ETF	0.44%	Equity Emerging Markets Social/Environmental Climate Change	14
UBS MSCI ACWI Universal UCITS ETF hGBP acc	0.05%	Equity World Social/Environmental	279
Vanguard LifeStrategy 40% Equity UCITS ETF Accumulating	0.03%	Equity World Multi-Asset Strategy	214
UBS MSCI ACWI Socially Responsible UCITS ETF hEUR acc	0.22%	Equity World Social/Environmental Climate Change	726
iShares MSCI ACWI Screened UCITS ETF USD (Acc)	0.06%	Equity World Social/Environmental	437
iShares China Large Cap UCITS ETF	4.57%	Equity China	807
iShares MSCI EM IMI Screened UCITS ETF USD (Acc)	0.40%	Equity Emerging Markets Social/Environmental	5,434
First Trust Dow Jones International Internet UCITS ETF Acc	4.20%	Equity World Technology	7
iShares MSCI EM ESG Enhanced CTB UCITS ETF USD (Dist)	0.39%	Equity Emerging Markets Social/Environmental	1,093
iShares Emerging Markets Equity Enhanced Active UCITS ETF (Dist)	0.37%	Equity Emerging Markets Social/Environmental Multi-Asset Strategy	60
HSBC PLUS Emerging Markets Equity Quant Active UCITS ETF USD Acc	0.19%	Equity Emerging Markets Multi-Factor Strategy	115
UBS MSCI ACWI Universal UCITS ETF hJPY acc	0.05%	Equity World Social/Environmental	104
iShares MSCI EM ESG Enhanced CTB UCITS ETF USD (Acc)	0.39%	Equity Emerging Markets Social/Environmental	8,007
UBS MSCI EM Socially Responsible UCITS ETF USD acc	1.84%	Equity Emerging Markets Social/Environmental Climate Change	701
Invesco Emerging Markets Enhanced Equity UCITS ETF Acc	0.39%	Equity Emerging Markets Multi-Factor Strategy	84
iShares MSCI AC Far East ex-Japan UCITS ETF USD (Acc)	0.58%	Equity Asia Pacific	88
Amundi Core MSCI Emerging Markets UCITS ETF EUR Dist	0.46%	Equity Emerging Markets	988
WisdomTree Emerging Markets ex-State-Owned Enterprises UCITS ETF	0.63%	Equity Emerging Markets Social/Environmental	15
Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc	0.39%	Equity Emerging Markets Social/Environmental	56
Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD (Acc)	0.20%	Equity Emerging Markets	286
Xtrackers Portfolio Income UCITS ETF 1D	0.10%	Equity World Multi-Asset Strategy	57
iShares MSCI EM SRI UCITS ETF	1.67%	Equity Emerging Markets Social/Environmental	3,071
HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF USD	0.29%	Equity Asia Pacific Social/Environmental Climate Change	430
UBS MSCI ACWI Socially Responsible UCITS ETF hGBP dis	0.22%	Equity World Social/Environmental Climate Change	405
Franklin FTSE Emerging Markets UCITS ETF USD Capitalisation	0.58%	Equity Emerging Markets	11
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF USD C	0.05%	Equity World Social/Environmental	25
Vanguard LifeStrategy 80% Equity UCITS ETF (EUR) Accumulating	0.03%	Equity World Multi-Asset Strategy	994
State Street Emerging Markets Screened Enhanced Equity Fund UCITS ETF	0.28%	Equity Emerging Markets Social/Environmental	1
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF USD (acc)	0.31%	Equity Emerging Markets Social/Environmental Climate Change	146
HSBC Asia Pacific Ex Japan Screened Equity UCITS ETF USD (Dist)	0.29%	Equity Asia Pacific Social/Environmental Climate Change	77
HSBC MSCI China UCITS ETF USD	1.83%	Equity China	928
Vanguard ESG Emerging Markets All Cap UCITS ETF (USD) Distributing	0.58%	Equity Emerging Markets Social/Environmental	17
iShares MSCI EM Asia UCITS ETF (Acc)	0.54%	Equity Asia Pacific	6,130
iShares Growth Portfolio UCITS ETF GBP Hedged (Acc)	0.06%	Equity World Social/Environmental Multi-Asset Strategy	23
HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF	0.48%	Equity Asia Pacific Social/Environmental Climate Change	14
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.06%	Equity World	34,578
Amundi MSCI Emerging Markets ESG Selection UCITS ETF DR (C)	1.04%	Equity Emerging Markets Social/Environmental	1,228
HSBC MSCI AC Far East ex Japan UCITS ETF USD	0.59%	Equity Asia Pacific	354
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Distributing	0.09%	Equity World Multi-Factor Strategy	183
Amundi MSCI EM Asia ESG Broad Transition UCITS ETF Acc	0.43%	Equity Asia Pacific Social/Environmental Climate Change	592
Vanguard FTSE Emerging Markets UCITS ETF (USD) Distributing	0.52%	Equity Emerging Markets	2,925
Global X Artificial Intelligence UCITS ETF USD Accumulating	0.54%	Equity World Technology Artificial Intelligence	43
UBS MSCI ACWI Universal UCITS ETF hCHF dis	0.05%	Equity World Social/Environmental	42
Xtrackers MSCI AC World Screened UCITS ETF 5C - USD Hedged	0.06%	Equity World Social/Environmental	1
JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	0.29%	Equity Emerging Markets Social/Environmental	24
JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF EUR (acc)	0.29%	Equity Emerging Markets Social/Environmental	12
UBS MSCI ACWI Universal UCITS ETF hCHF acc	0.05%	Equity World Social/Environmental	1,390
Xtrackers MSCI Emerging Markets UCITS ETF 1D	0.47%	Equity Emerging Markets	314
iShares MSCI ACWI UCITS ETF USD (Acc)	0.05%	Equity World	24,922
iShares Emerging Markets Equity Enhanced Active UCITS ETF USD (Acc)	0.37%	Equity Emerging Markets Social/Environmental Multi-Asset Strategy	1,001
Vanguard LifeStrategy 80% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	75
HSBC Emerging Market Screened Equity UCITS ETF USD (Dist)	0.72%	Equity Emerging Markets Social/Environmental Climate Change	61
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.04%	Equity World Social/Environmental	181
UBS MSCI ACWI Socially Responsible UCITS ETF hUSD acc	0.22%	Equity World Social/Environmental Climate Change	373
HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	0.44%	Equity Emerging Markets	976
HSBC MSCI China UCITS ETF USD (Acc)	1.83%	Equity China	111
State Street SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.05%	Equity World	1,250
Amundi MSCI Emerging Markets SRI Climate Paris Aligned UCITS ETF DR (D)	2.23%	Equity Emerging Markets Social/Environmental	143
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR Hedged (acc)	0.04%	Equity World Social/Environmental	18
iShares Conservative Portfolio UCITS ETF EUR (Acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	16
UBS Core MSCI EM UCITS ETF USD acc	0.44%	Equity Emerging Markets	6,100
Amundi Prime Emerging Markets UCITS ETF DR (C)	0.47%	Equity Emerging Markets	389
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.09%	Equity World Multi-Factor Strategy	1,072
Vanguard FTSE Emerging Markets UCITS ETF (USD) Accumulating	0.52%	Equity Emerging Markets	1,767
iShares MSCI Emerging Markets Consumer Growth UCITS ETF USD (Acc)	1.66%	Equity World Consumer Discretionary	37
Amundi MSCI AC Far East Ex Japan ESG Selection UCITS ETF DR - USD (C)	1.58%	Equity Asia Pacific Social/Environmental	4
KraneShares CSI China Internet UCITS ETF USD	8.34%	Equity China Technology	366
iShares MSCI China UCITS ETF USD (Dist)	1.84%	Equity China	389
Invesco FTSE All-World UCITS ETF Dist	0.07%	Equity World	213
Vanguard LifeStrategy 20% Equity UCITS ETF Accumulating	0.03%	Equity World Multi-Asset Strategy	96
iShares MSCI ACWI SRI UCITS ETF USD (Dist)	0.19%	Equity World Social/Environmental	21
Vanguard LifeStrategy 60% Equity UCITS ETF Accumulating	0.03%	Equity World Multi-Asset Strategy	765
iShares Moderate Portfolio UCITS ETF USD Hedged (Acc)	0.03%	Equity World Social/Environmental Multi-Asset Strategy	7
Vanguard ESG Emerging Markets All Cap UCITS ETF (USD) Accumulating	0.58%	Equity Emerging Markets Social/Environmental	79
Amundi Core MSCI Emerging Markets UCITS ETF USD Dist	0.46%	Equity Emerging Markets	119
iShares China Large Cap UCITS ETF USD (Acc)	4.57%	Equity China Large Cap	33
UBS MSCI China Universal UCITS ETF USD dis	2.23%	Equity China Social/Environmental Climate Change	211
Xtrackers MSCI Emerging Markets Climate Transition UCITS ETF 1C	0.45%	Equity Emerging Markets Social/Environmental Climate Change	108
iShares Growth Portfolio UCITS ETF EUR (Acc)	0.06%	Equity World Social/Environmental Multi-Asset Strategy	84
iShares Conservative Portfolio UCITS ETF GBP Hedged (Acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	3
Amundi Prime All Country World UCITS ETF Dist	0.06%	Equity World	3,691
UBS MSCI ACWI Climate Paris Aligned UCITS ETF USD acc	0.04%	Equity World Social/Environmental Climate Change	34
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (dist)	0.04%	Equity World Social/Environmental	53
HSBC MSCI Emerging Markets Climate Paris Aligned UCITS ETF	0.51%	Equity Emerging Markets Social/Environmental Climate Change	32
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.06%	Equity World	20,389
UBS MSCI ACWI Universal UCITS ETF hUSD acc	0.05%	Equity World Social/Environmental	1,215
UBS MSCI ACWI Socially Responsible UCITS ETF hCHF acc	0.22%	Equity World Social/Environmental Climate Change	458
State Street SPDR MSCI All Country World UCITS ETF USD Unhedged (Acc)	0.05%	Equity World	9,263
iShares Growth Portfolio UCITS ETF USD Hedged (Acc)	0.06%	Equity World Social/Environmental Multi-Asset Strategy	1
Xtrackers MSCI Emerging Markets ESG UCITS ETF 1C	1.14%	Equity Emerging Markets Social/Environmental	1,495
Amundi MSCI Emerging Markets ESG Broad Transition UCITS ETF DR (C)	0.33%	Equity Emerging Markets Social/Environmental Climate Change	1,612
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.07%	Equity World	36
Invesco FTSE RAFI Emerging Markets UCITS ETF	0.22%	Equity Emerging Markets Fundamental/Quality	78
Amundi MSCI Emerging Markets SRI Climate Paris Aligned UCITS ETF DR - GBP (D)	2.23%	Equity Emerging Markets Social/Environmental	25
Vanguard ESG Global All Cap UCITS ETF (USD) Accumulating	0.06%	Equity World Social/Environmental	813
UBS MSCI EM Socially Responsible UCITS ETF USD dis	1.84%	Equity Emerging Markets Social/Environmental Climate Change	2,273
L&G Emerging Markets Equity UCITS ETF USD Acc	0.53%	Equity Emerging Markets Social/Environmental	118
Vanguard LifeStrategy 60% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	96
Franklin MSCI Emerging Markets Paris Aligned Climate UCITS ETF	0.56%	Equity Emerging Markets Social/Environmental Climate Change	7

Performance

Returns overview

YTD	-16.78%
1 month	+7.81%
3 months	-13.39%
6 months	-10.97%
1 year	-37.60%
3 years	-38.94%
5 years	-69.46%
Since inception (MAX)	+51.65%
2025	-36.30%
2024	+90.49%
2023	-55.82%
2022	-9.38%

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).