Tencent Holdings Ltd.

ISIN KYG875721634

WKN A1138D

Market cap (in EUR)

475,432 m

Country

China

Sector

Technology

Dividend yield

1.12%

Overview

Quote

Description

Tencent Holdings Ltd. engages in the development and operation of digital platforms and provides fintech and cloud services. It operates through the following segments: Value-Added Services, FinTech and Business Services, Marketing Services, and Others. The Value-Added Services segment is involved in online and mobile games, community value-added services, and applications across various Internet and mobile platforms. The FinTech and Business Services segment offers fintech and cloud services, which include commissions from payment, wealth management and other services. The Marketing Services segment provides performance-based and display advertising. The Others segment includes financial results from investments, as well as activities such as film and television production and distribution for third parties, copyright licensing, merchandise sales, and other related operations The company was founded by Yi Dan Chen, Hua Teng Ma, Chen Ye Xu, Li Qing Zeng, and Zhi Dong Zhang on November 11, 1998, and is headquartered in Shenzhen, China.

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Technology Software and Consulting Software China

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Financials

Key metrics

Market capitalisation, EUR	475,432 m
EPS, EUR	3.15
P/B ratio	3.3
P/E ratio	16.6
Dividend yield	1.12%

Income statement (2025)

Revenue, EUR	92,706 m
Net income, EUR	27,727 m
Profit margin	29.91%

What ETF is Tencent Holdings Ltd. in?

There are 177 ETFs which contain Tencent Holdings Ltd.. All of these ETFs are listed in the table below. The ETF with the largest weighting of Tencent Holdings Ltd. is the Franklin MSCI China Paris Aligned Climate UCITS ETF .

ETF	Weight	Investment focus	Fund size (in m EUR)
HSBC MSCI AC Far East ex Japan UCITS ETF USD (Dist)	3.39%	Equity Asia Pacific	29
iShares MSCI AC Far East ex-Japan UCITS ETF	3.37%	Equity Asia Pacific	1,623
iShares FTSE All-World UCITS ETF USD (Acc)	0.33%	Equity World	25
Amundi MSCI China ESG Selection Extra UCITS ETF Dist	13.37%	Equity China Social/Environmental	97
State Street SPDR MSCI EM Asia UCITS ETF USD	3.21%	Equity Asia Pacific	1,328
iShares MSCI EM UCITS ETF (Dist)	2.66%	Equity Emerging Markets	8,222
Xtrackers Portfolio UCITS ETF 1C	0.41%	Equity World Multi-Asset Strategy	748
VanEck New China UCITS ETF A	0.81%	Equity China Growth	7
iShares Moderate Portfolio UCITS ETF EUR (Acc)	0.20%	Equity World Social/Environmental Multi-Asset Strategy	47
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF EUR (acc)	2.95%	Equity Emerging Markets Social/Environmental Climate Change	31
Amundi MSCI China ESG Selection Extra UCITS ETF Acc	13.37%	Equity China Social/Environmental	444
UBS Solactive China Technology UCITS ETF hCHF acc	8.44%	Equity China Technology Innovation	1
Invesco RAFI All-World Fundamental Value UCITS ETF	0.16%	Equity World Value	256
iShares Asia ex Japan Equity Enhanced Active UCITS ETF USD (Acc)	3.27%	Equity Asia Pacific Social/Environmental Multi-Asset Strategy	86
Franklin FTSE China UCITS ETF	12.68%	Equity China	1,509
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF CHF Hedged (acc)	0.38%	Equity World Social/Environmental	5
HSBC MSCI Emerging Markets UCITS ETF USD	2.67%	Equity Emerging Markets	3,413
iShares Moderate Portfolio UCITS ETF GBP Hedged (Acc)	0.20%	Equity World Social/Environmental Multi-Asset Strategy	28
iShares Core MSCI Emerging Markets IMI UCITS ETF	2.34%	Equity Emerging Markets	1,458
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.34%	Equity World	27
KraneShares CSI China Internet UCITS ETF EUR	9.30%	Equity China Technology	144
UBS Solactive China Technology UCITS ETF hEUR acc	8.44%	Equity China Technology Innovation	109
iShares MSCI EM UCITS ETF (Acc)	2.66%	Equity Emerging Markets	8,056
Xtrackers MSCI Emerging Markets UCITS ETF 1C	2.69%	Equity Emerging Markets	10,905
Amundi Prime All Country World UCITS ETF Acc	0.34%	Equity World	2,480
KraneShares CSI China Internet UCITS ETF GBP	9.30%	Equity China Technology	48
Amundi FTSE All World GDP-Weighted UCITS ETF Acc	2.04%	Equity World	21
Xtrackers MSCI China UCITS ETF 1D	14.08%	Equity China	788
CT QR Series Global Equity Active UCITS ETF USD Dist	0.76%	Equity World Fundamental/Quality	-
Vanguard LifeStrategy 40% Equity UCITS ETF Distributing	0.09%	Equity World Multi-Asset Strategy	43
Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD (Dist)	2.79%	Equity Emerging Markets Social/Environmental	0
iShares MSCI ACWI UCITS ETF USD (Dist)	0.33%	Equity World	19
UBS ETF (LU) MSCI Emerging Markets UCITS ETF (USD) A-UKdis	2.72%	Equity Emerging Markets	99
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)	0.32%	Equity World	6,591
Xtrackers MSCI AC World Screened UCITS ETF 2C - EUR Hedged	0.36%	Equity World Social/Environmental	79
JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity Active UCITS ETF USD (acc)	2.86%	Equity Asia Pacific Social/Environmental	170
iShares Dow Jones Global Leaders Screened UCITS ETF USD (Acc)	1.51%	Equity World Social/Environmental	1,806
KraneShares CSI China Internet UCITS ETF GBP Hedged	9.30%	Equity China Technology	1
Invesco MSCI China All Shares Stock Connect UCITS ETF	7.86%	Equity China	92
UBS MSCI EM Climate Paris Aligned UCITS ETF USD acc	3.42%	Equity Emerging Markets Social/Environmental Climate Change	576
iShares MSCI EM IMI Screened UCITS ETF USD (Dist)	2.44%	Equity Emerging Markets Social/Environmental	1,142
HSBC Hang Seng TECH UCITS ETF HKD	6.68%	Equity Hong Kong Technology	1,202
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.32%	Equity World	173
Xtrackers MSCI China UCITS ETF 1C	14.08%	Equity China	984
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.56%	Equity World	707
Amundi MSCI Millennials UCITS ETF Acc	1.34%	Equity World Social/Environmental Millennials	20
iShares BIC 50 UCITS ETF USD (Dist)	12.40%	Equity Emerging Markets	110
UBS MSCI ACWI Universal UCITS ETF hEUR acc	0.36%	Equity World Social/Environmental	625
Vanguard LifeStrategy 20% Equity UCITS ETF Distributing	0.09%	Equity World Multi-Asset Strategy	15
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF USD (dist)	2.95%	Equity Emerging Markets Social/Environmental Climate Change	8
UBS Core MSCI EM UCITS ETF USD dis	2.72%	Equity Emerging Markets	2,572
Amundi Global Memory Chips UCITS ETF Acc	1.47%	Equity World Technology Semiconductors	161
Xtrackers FTSE All-World ex US UCITS ETF 1C	0.86%	Equity World	45
First Trust Indxx Innovative Transaction & Process UCITS ETF Acc	0.53%	Equity World Technology Blockchain	44
State Street SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.35%	Equity World	93
Amundi MSCI China ESG Selection UCITS ETF Acc	13.68%	Equity China Social/Environmental	218
Franklin FTSE Emerging Markets UCITS ETF Dist	3.31%	Equity Emerging Markets	3
Xtrackers MSCI Next Generation Internet Innovation UCITS ETF 1C	2.20%	Equity World Technology Social/Environmental Digitalisation	60
State Street SPDR MSCI Emerging Markets UCITS ETF USD	2.68%	Equity Emerging Markets	1,735
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.34%	Equity World	55
Xtrackers MSCI Fintech Innovation UCITS ETF 1C	4.36%	Equity World Technology Social/Environmental Fintech	11
Xtrackers MSCI AC World Screened UCITS ETF 1C	0.36%	Equity World Social/Environmental	5,925
Fidelity Emerging Markets Equity Research Enhanced UCITS ETF ACC-USD	3.03%	Equity Emerging Markets Social/Environmental	2,838
JPMorgan Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF USD (acc)	2.85%	Equity Emerging Markets Social/Environmental	1,793
iShares Blockchain Technology UCITS ETF USD (Acc)	2.27%	Equity World Technology Blockchain	215
Invesco FTSE All-World UCITS ETF	0.34%	Equity World	3,673
iShares Conservative Portfolio UCITS ETF USD Hedged (Acc)	0.06%	Equity World Social/Environmental Multi-Asset Strategy	1
iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)	2.34%	Equity Emerging Markets	34,738
JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	2.86%	Equity Asia Pacific Social/Environmental	1
iShares MSCI China UCITS ETF USD (Acc)	13.13%	Equity China	2,269
Xtrackers MSCI Innovation UCITS ETF 1C	0.57%	Equity World Social/Environmental Innovation	6
UBS MSCI ACWI Universal UCITS ETF USD dis	0.36%	Equity World Social/Environmental	2,173
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF EUR Acc	0.34%	Equity World Social/Environmental	16
Amundi Core MSCI Emerging Markets UCITS ETF Acc	2.79%	Equity Emerging Markets	3,865
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.38%	Equity World Social/Environmental	72
UBS Solactive China Technology UCITS ETF USD acc	8.44%	Equity China Technology Innovation	223
Xtrackers Emerging Markets Net Zero Pathway Paris Aligned UCITS ETF	3.86%	Equity Emerging Markets Social/Environmental Climate Change	14
UBS MSCI ACWI Universal UCITS ETF hGBP acc	0.36%	Equity World Social/Environmental	260
Vanguard LifeStrategy 40% Equity UCITS ETF Accumulating	0.09%	Equity World Multi-Asset Strategy	236
iShares MSCI ACWI Screened UCITS ETF USD (Acc)	0.36%	Equity World Social/Environmental	2,769
iShares China Large Cap UCITS ETF	7.21%	Equity China	773
iShares MSCI EM IMI Screened UCITS ETF USD (Acc)	2.44%	Equity Emerging Markets Social/Environmental	5,332
First Trust Dow Jones International Internet UCITS ETF Acc	8.18%	Equity World Technology	7
Xtrackers Global Equity Top Active UCITS ETF 1C	0.44%	Equity World Fundamental/Quality	8
iShares Emerging Markets Equity Enhanced Active UCITS ETF (Dist)	3.10%	Equity Emerging Markets Social/Environmental Multi-Asset Strategy	58
iShares MSCI EM CTB Enhanced ESG UCITS ETF USD (Dist)	2.63%	Equity Emerging Markets Social/Environmental	988
HSBC PLUS Emerging Markets Equity Quant Active UCITS ETF USD Acc	5.62%	Equity Emerging Markets Multi-Factor Strategy	123
UBS MSCI ACWI Universal UCITS ETF hJPY acc	0.36%	Equity World Social/Environmental	112
iShares MSCI EM CTB Enhanced ESG UCITS ETF USD (Acc)	2.63%	Equity Emerging Markets Social/Environmental	7,303
Invesco Emerging Markets Enhanced Equity UCITS ETF Acc	2.79%	Equity Emerging Markets Multi-Factor Strategy	111
iShares MSCI AC Far East ex-Japan UCITS ETF USD (Acc)	3.37%	Equity Asia Pacific	87
Amundi Core MSCI Emerging Markets UCITS ETF EUR Dist	2.79%	Equity Emerging Markets	1,040
iShares MSCI China Tech UCITS ETF USD (Acc)	6.88%	Equity China Technology Social/Environmental	1,909
Invesco MSCI Emerging Markets Universal Screened UCITS ETF Acc	2.48%	Equity Emerging Markets Social/Environmental	50
Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD (Acc)	2.79%	Equity Emerging Markets Social/Environmental	341
Franklin FTSE Emerging Markets UCITS ETF (Acc)	3.31%	Equity Emerging Markets	9
HANetf Lloyd Focused Equity UCITS ETF Accumulating	2.47%	Equity World Fundamental/Quality	254
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF USD C	0.34%	Equity World Social/Environmental	60
Vanguard LifeStrategy 80% Equity UCITS ETF Accumulating	0.09%	Equity World Multi-Asset Strategy	1,176
JPMorgan Global Emerging Markets Research Enhanced Index Equity SRI Paris Aligned Active UCITS ETF USD (acc)	2.95%	Equity Emerging Markets Social/Environmental Climate Change	201
Invesco MSCI China Technology All Shares Stock Connect UCITS ETF	6.63%	Equity China Innovation	137
HSBC MSCI China UCITS ETF USD	13.20%	Equity China	863
iShares Edge MSCI EM Value Factor UCITS ETF USD (Acc)	0.91%	Equity Emerging Markets Value	1,329
KraneShares ICBCCS China S&P 500 UCITS ETF	5.52%	Equity China	65
iShares MSCI EM Asia UCITS ETF (Acc)	3.18%	Equity Asia Pacific	6,684
iShares Growth Portfolio UCITS ETF GBP Hedged (Acc)	0.38%	Equity World Social/Environmental Multi-Asset Strategy	27
HSBC MSCI AC Asia Pacific ex Japan Climate Paris Aligned UCITS ETF	3.29%	Equity Asia Pacific Social/Environmental Climate Change	15
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.32%	Equity World	45,254
Amundi MSCI Emerging Markets ESG Selection UCITS ETF Acc	3.88%	Equity Emerging Markets Social/Environmental	946
HSBC MSCI AC Far East ex Japan UCITS ETF USD	3.39%	Equity Asia Pacific	367
Amundi MSCI EM Asia ESG Broad Transition UCITS ETF Acc	3.27%	Equity Asia Pacific Social/Environmental Climate Change	624
CT QR Series Global Equity Active UCITS ETF USD Acc	0.76%	Equity World Fundamental/Quality	-
Amundi MSCI China Tech UCITS ETF USD	1.01%	Equity China Social/Environmental Innovation	36
VanEck Morningstar Global Wide Moat UCITS ETF	1.51%	Equity World Moat	149
Xtrackers Harvest MSCI China Tech 100 UCITS ETF 1C	4.36%	Equity China Social/Environmental Innovation	43
Vanguard FTSE Emerging Markets UCITS ETF (USD) Distributing	3.11%	Equity Emerging Markets	3,085
Global X Artificial Intelligence UCITS ETF USD Accumulating	1.68%	Equity World Technology Artificial Intelligence	66
UBS MSCI ACWI Universal UCITS ETF hCHF dis	0.36%	Equity World Social/Environmental	63
Xtrackers MSCI AC World Screened UCITS ETF 5C - USD Hedged	0.36%	Equity World Social/Environmental	1
JPMorgan Global Emerging Markets Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	2.85%	Equity Emerging Markets Social/Environmental	88
JPMorgan Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF EUR (acc)	2.85%	Equity Emerging Markets Social/Environmental	26
UBS MSCI ACWI Universal UCITS ETF hCHF acc	0.36%	Equity World Social/Environmental	1,355
Xtrackers MSCI Emerging Markets UCITS ETF 1D	2.69%	Equity Emerging Markets	722
iShares MSCI ACWI UCITS ETF USD (Acc)	0.33%	Equity World	29,494
iShares Emerging Markets Equity Enhanced Active UCITS ETF USD (Acc)	3.10%	Equity Emerging Markets Social/Environmental Multi-Asset Strategy	1,185
Vanguard LifeStrategy 80% Equity UCITS ETF Distributing	0.09%	Equity World Multi-Asset Strategy	90
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.38%	Equity World Social/Environmental	212
HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	2.67%	Equity Emerging Markets	1,335
HSBC MSCI China UCITS ETF USD (Acc)	13.20%	Equity China	125
State Street SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.35%	Equity World	1,634
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR Hedged (acc)	0.38%	Equity World Social/Environmental	28
iShares Conservative Portfolio UCITS ETF EUR (Acc)	0.06%	Equity World Social/Environmental Multi-Asset Strategy	16
HSBC MSCI Emerging Markets Value Screened UCITS ETF USD (Acc)	1.16%	Equity Emerging Markets Value	100
UBS Core MSCI EM UCITS ETF USD acc	2.72%	Equity Emerging Markets	7,557
Amundi Prime Emerging Markets UCITS ETF DR (C)	2.57%	Equity Emerging Markets	714
Vanguard FTSE Emerging Markets UCITS ETF (USD) Accumulating	3.11%	Equity Emerging Markets	1,927
VanEck Video Gaming and eSports UCITS ETF	6.52%	Equity World Technology Social/Environmental E-Sports & Gaming	536
Amundi MSCI AC Far East Ex Japan ESG Selection UCITS ETF USD Acc	3.89%	Equity Asia Pacific Social/Environmental	4
Franklin MSCI China Paris Aligned Climate UCITS ETF	16.36%	Equity China Social/Environmental Climate Change	8
iShares MSCI China UCITS ETF USD (Dist)	13.13%	Equity China	82
KraneShares CSI China Internet UCITS ETF USD	9.30%	Equity China Technology	453
Xtrackers FTSE All-World UCITS ETF 1C	0.34%	Equity World	77
Invesco FTSE All-World UCITS ETF	0.34%	Equity World	274
BNP Paribas Easy MSCI Emerging Min TE UCITS ETF	2.76%	Equity Emerging Markets Social/Environmental	1,601
Vanguard LifeStrategy 20% Equity UCITS ETF Accumulating	0.09%	Equity World Multi-Asset Strategy	100
HANetf EMQQ Emerging Markets Internet UCITS ETF	5.59%	Equity Emerging Markets Social/Environmental E-commerce	110
Vanguard LifeStrategy 60% Equity UCITS ETF Accumulating	0.09%	Equity World Multi-Asset Strategy	913
BNP Paribas Easy MSCI China Min TE UCITS ETF USD Acc	13.46%	Equity China Social/Environmental	13
UBS MSCI AC Asia ex Japan Selection UCITS ETF USD acc	3.45%	Equity Asia Pacific Social/Environmental Climate Change	9
iShares Moderate Portfolio UCITS ETF USD Hedged (Acc)	0.20%	Equity World Social/Environmental Multi-Asset Strategy	6
HSBC PLUS Emerging Markets Equity Income Quant Active UCITS ETF USD Dist	4.88%	Equity World Dividend	81
Amundi Core MSCI Emerging Markets UCITS ETF USD Dist	2.79%	Equity Emerging Markets	86
Amundi MSCI Digital Economy UCITS ETF Acc	1.59%	Equity World Technology Social/Environmental Digitalisation	99
iShares China Large Cap UCITS ETF USD (Acc)	7.21%	Equity China Large Cap	33
UBS MSCI China Universal UCITS ETF USD dis	3.61%	Equity China Social/Environmental Climate Change	216
Xtrackers MSCI Emerging Markets Climate Transition UCITS ETF 1C	2.47%	Equity Emerging Markets Social/Environmental Climate Change	55
iShares Growth Portfolio UCITS ETF EUR (Acc)	0.38%	Equity World Social/Environmental Multi-Asset Strategy	100
iShares Conservative Portfolio UCITS ETF GBP Hedged (Acc)	0.06%	Equity World Social/Environmental Multi-Asset Strategy	3
UBS MSCI ACWI Climate Paris Aligned UCITS ETF USD acc	0.39%	Equity World Social/Environmental Climate Change	101
Amundi Prime All Country World UCITS ETF Dist	0.34%	Equity World	4,543
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (dist)	0.38%	Equity World Social/Environmental	57
HSBC MSCI Emerging Markets Climate Paris Aligned UCITS ETF	3.43%	Equity Emerging Markets Social/Environmental Climate Change	32
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.32%	Equity World	22,401
UBS MSCI ACWI Universal UCITS ETF hUSD acc	0.36%	Equity World Social/Environmental	1,320
State Street SPDR MSCI All Country World UCITS ETF USD Unhedged (Acc)	0.35%	Equity World	14,683
iShares Growth Portfolio UCITS ETF USD Hedged (Acc)	0.38%	Equity World Social/Environmental Multi-Asset Strategy	2
Franklin AI, Metaverse and Blockchain UCITS ETF	2.10%	Equity World Artificial Intelligence	13
Xtrackers MSCI Emerging Markets ESG UCITS ETF 1C	5.96%	Equity Emerging Markets Social/Environmental	1,282
Amundi MSCI China Tech UCITS ETF EUR	1.01%	Equity China Social/Environmental Innovation	211
Amundi MSCI Emerging Markets ESG Broad Transition UCITS ETF Acc	2.65%	Equity Emerging Markets Social/Environmental Climate Change	1,681
iShares Edge MSCI EM Minimum Volatility UCITS ETF	0.18%	Equity Emerging Markets Low Volatility/Risk Weighted	404
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.34%	Equity World	59
KraneShares CSI China Internet UCITS ETF EUR Hedged	9.30%	Equity China Technology	2
Invesco RAFI Emerging Markets Fundamental Value UCITS ETF Dist	0.92%	Equity Emerging Markets Value	74
L&G Emerging Markets Equity UCITS ETF USD Acc	2.77%	Equity Emerging Markets Social/Environmental	120
Vanguard LifeStrategy 60% Equity UCITS ETF Distributing	0.09%	Equity World Multi-Asset Strategy	120
Franklin MSCI Emerging Markets Paris Aligned Climate UCITS ETF	3.56%	Equity Emerging Markets Social/Environmental Climate Change	7

Performance

Returns overview

YTD	-20.26%
1 month	+8.80%
3 months	+1.37%
6 months	-18.86%
1 year	-14.45%
3 years	+25.26%
5 years	+3.10%
Since inception (MAX)	+29.15%
2025	+32.68%
2024	+45.16%
2023	-16.29%
2022	-15.78%

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).