Moderna

ISIN US60770K1079

WKN A2N9D9

Market cap (in EUR)

49,667 m

Country

United States

Sector

Healthcare

Dividend yield

0.00%

Overview

Quote

Trying to beat the market? Seek more from your investing with J.P. Morgan active ETFs. Capital at risk. Find out more

In paid partnership.

Description

Moderna, Inc. engages in the development of transformative medicines based on messenger ribonucleic acid. The firm's product pipeline includes the following modalities: prophylactic vaccines, cancer vaccines, intratumoral immuno-oncology, localized regenerative therapeutics, systemic secreted therapeutics, inhaled pulmonary therapeutics and systemic intracellular therapeutics. It operates through the following geographical segments: United States, Europe, and Rest of World. The company was founded by Noubar B. Afeyan, Robert S. Langer, Jr., Derrick J. Rossi, and Kenneth R. Chien in 2010 and is headquartered in Cambridge, MA.

Show more Show less

Healthcare Biopharmaceuticals Non-System-Specific Biopharmaceuticals United States

Chart

Financials

Key metrics

Market capitalisation, EUR	49,667 m
EPS, EUR	-6.85
P/B ratio	8.2
P/E ratio	27.9
Dividend yield	0.00%

Income statement (2025)

Revenue, EUR	1,723 m
Net income, EUR	-2,501 m
Profit margin	-145.16%

What ETF is Moderna in?

There are 186 ETFs which contain Moderna. All of these ETFs are listed in the table below. The ETF with the largest weighting of Moderna is the VanEck Genomics and Healthcare Innovators UCITS ETF A.

ETF	Weight	Investment focus	Fund size (in m EUR)
Amundi MSCI World Small Cap ESG Broad Transition UCITS ETF Acc	0.21%	Equity World Small Cap Climate Change	483
Ossiam Bloomberg USA PAB UCITS ETF 1A (EUR)	0.07%	Equity United States Social/Environmental Climate Change	356
UBS MSCI USA Select Factor Mix UCITS ETF hEUR acc	0.05%	Equity United States Multi-Factor Strategy	10
UBS S&P 500 Scored & Screened UCITS ETF hCHF acc	0.05%	Equity United States Social/Environmental	371
Xtrackers S&P 500 Swap UCITS ETF 1C	0.03%	Equity United States	3,542
Xtrackers MSCI World Small Cap UCITS ETF 1D	0.18%	Equity World Small Cap	15
Amundi S&P 500 Climate Paris Aligned UCITS ETF Acc EUR Hedged	0.09%	Equity United States Social/Environmental Climate Change	336
Xtrackers S&P 500 Equal Weight UCITS ETF 1C	0.23%	Equity United States Equal Weighted	11,500
WisdomTree BioRevolution UCITS ETF USD Acc	3.45%	Equity World Health Care Social/Environmental Biotech	36
Invesco RAFI All-World Fundamental Value UCITS ETF	0.10%	Equity World Value	283
iShares S&P 500 Swap UCITS ETF EUR Hedged (Acc)	0.03%	Equity United States	554
Invesco S&P 500 CTB Net Zero Pathway ESG UCITS ETF Acc	0.08%	Equity United States Social/Environmental Climate Change	2
iShares S&P 500 Swap UCITS ETF USD (Acc)	0.03%	Equity United States	13,054
BNP Paribas Easy ESG Enhanced US UCITS ETF USD Acc	0.10%	Equity United States Social/Environmental	97
Amundi Core S&P 500 Swap UCITS ETF GBP Hedged Dist	0.03%	Equity United States	1,713
BNP Paribas Easy S&P 500 Scored and Screened UCITS ETF EUR Acc	0.05%	Equity United States Social/Environmental	569
State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)	0.03%	Equity United States	16,131
iShares S&P 500 Paris-Aligned Climate UCITS ETF USD (Dist)	0.10%	Equity United States Social/Environmental Climate Change	22
Xtrackers MSCI Global SDG 3 Good Health UCITS ETF 1C	0.56%	Equity World Health Care Social/Environmental	25
UBS S&P 500 Climate Transition ESG UCITS ETF hGBP dis	0.05%	Equity United States Social/Environmental Climate Change	1
BNP Paribas Easy S&P 500 II UCITS ETF EUR (Acc)	0.03%	Equity United States	536
Xtrackers S&P 500 Equal Weight Scored & Screened UCITS ETF 2C - EUR Hedged	0.40%	Equity United States Equal Weighted	1,151
iShares S&P 500 3% Capped UCITS ETF USD (Acc)	0.04%	Equity United States	227
Xtrackers S&P 500 Swap UCITS ETF 1D	0.03%	Equity United States	4,395
Xtrackers S&P 500 Equal Weight UCITS ETF 2D	0.23%	Equity United States Equal Weighted	640
Xtrackers S&P 500 Swap II UCITS ETF 1D	0.03%	Equity United States	347
Xtrackers MSCI Genomic Healthcare Innovation UCITS ETF 1C	3.76%	Equity World Health Care Social/Environmental Innovation	10
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)	0.01%	Equity World	7,307
Franklin S&P 500 Paris Aligned Climate UCITS ETF	0.10%	Equity United States Social/Environmental Climate Change	304
Amundi S&P 500 Climate Paris Aligned UCITS ETF Acc	0.09%	Equity United States Social/Environmental Climate Change	1,184
Amundi S&P 500 Swap UCITS ETF USD Dist	0.03%	Equity United States	8
iShares Dow Jones Global Leaders Screened UCITS ETF USD (Acc)	0.09%	Equity World Social/Environmental	1,944
Franklin S&P 500 Screened UCITS ETF Acc	0.05%	Equity United States Social/Environmental Climate Change	4
Vanguard ESG Global All Cap UCITS ETF (USD) Distributing	0.02%	Equity World Social/Environmental	559
CT QR Series US Equity Active UCITS ETF USD Acc	0.04%	Equity United States Fundamental/Quality	75
State Street SPDR S&P 500 UCITS ETF USD Unhedged (Dist)	0.03%	Equity United States	18,124
State Street SPDR S&P 500 UCITS ETF GBP Hedged (Dist)	0.03%	Equity United States	285
iShares S&P 500 3% Capped UCITS ETF EUR Hedged Acc	0.04%	Equity United States	31
iShares S&P 500 Equal Weight UCITS ETF EUR Hedged (Acc)	0.24%	Equity United States Equal Weighted	428
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.01%	Equity World	208
iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc)	0.24%	Equity United States Equal Weighted	436
Vanguard FTSE Global All-Cap UCITS ETF USD Dist	0.02%	Equity World	9
iShares MSCI USA Small Cap ESG Enhanced CTB UCITS ETF USD (Acc)	0.34%	Equity United States Small Cap	2,750
Goldman Sachs ActiveBeta® Paris-Aligned Sustainable US Large Cap Equity UCITS ETF CLASS USD (Acc.)	0.04%	Equity United States Multi-Factor Strategy	136
Amundi Core S&P 500 Swap UCITS ETF EUR Hedged Acc	0.03%	Equity United States	1,690
Xtrackers MSCI World Small Cap UCITS ETF 1C	0.18%	Equity World Small Cap	139
Invesco S&P 500 UCITS ETF GBP Hedged Acc	0.03%	Equity United States	1,805
Invesco RAFI US Fundamental Value UCITS ETF Dist	0.19%	Equity United States Value	1,005
iShares Nasdaq US Biotechnology UCITS ETF USD (Dist)	1.61%	Equity United States Health Care Biotech	72
Vanguard Russell U.S. Mid-Cap UCITS ETF USD Acc	0.15%	Equity United States Mid Cap	3
HSBC MSCI World Small Cap Screened UCITS ETF USD (Acc)	0.38%	Equity World Small Cap	135
BNP Paribas Easy MSCI USA Small Cap Min TE UCITS ETF USD Acc	0.30%	Equity United States Small Cap	42
HSBC S&P 500 UCITS ETF USD	0.03%	Equity United States	8,618
UBS S&P 500 ESG Elite UCITS ETF USD dis	0.16%	Equity United States Social/Environmental	522
Amundi S&P 500 Climate Paris Aligned UCITS ETF Dist	0.09%	Equity United States Social/Environmental Climate Change	685
Xtrackers S&P 500 Equal Weight UCITS ETF 3C - CHF Hedged	0.23%	Equity United States Equal Weighted	79
Xtrackers S&P 500 Equal Weight UCITS ETF 2C EUR Hedged	0.23%	Equity United States Equal Weighted	1,537
UBS S&P 500 Scored & Screened UCITS ETF USD acc	0.05%	Equity United States Social/Environmental	1,983
Xtrackers S&P 500 Equal Weight Swap UCITS ETF 1C	0.23%	Equity United States Equal Weighted	12
iShares Healthcare Innovation UCITS ETF	1.62%	Equity World Health Care Social/Environmental Innovation	1,152
First Trust US Momentum UCITS ETF Class A USD ACC	0.12%	Equity United States Momentum	82
iShares S&P 500 Swap UCITS ETF USD (Dist)	0.03%	Equity United States	2,142
Xtrackers S&P 500 Equal Weight Scored & Screened UCITS ETF 1C	0.40%	Equity United States Equal Weighted	1,584
Invesco S&P 500 Equal Weight Swap UCITS ETF Acc	0.23%	Equity United States Equal Weighted	1,022
Xtrackers S&P 500 UCITS ETF 1C - EUR Hedged	0.03%	Equity United States	467
State Street World Small Cap Enhanced Active Equity UCITS ETF USD Unhedged (Acc)	0.17%	Equity World Small Cap	165
Invesco S&P 500 Scored & Screened UCITS ETF	0.05%	Equity United States Social/Environmental	3,102
Vanguard S&P 500 UCITS ETF (USD) Accumulating	0.03%	Equity United States	30,716
Xtrackers S&P 500 Equal Weight UCITS ETF 1D - GBP Hedged	0.23%	Equity United States Equal Weighted	246
Xtrackers S&P 500 UCITS ETF 1D - EUR Hedged	0.03%	Equity United States	60
WisdomTree S&P 500	0.03%	Equity United States	175
Invesco S&P 500 Equal Weight UCITS ETF Dist	0.23%	Equity United States Equal Weighted	355
iShares S&P 500 Health Care Sector UCITS ETF (Acc)	0.35%	Equity United States Health Care	2,605
iShares S&P 500 Swap UCITS ETF GBP Hedged (Dist)	0.03%	Equity United States	121
Xtrackers World Small Cap Green Tech Innovators UCITS ETF 1C	1.47%	Equity World Small Cap Innovation	75
Xtrackers MSCI Innovation UCITS ETF 1C	1.28%	Equity World Social/Environmental Innovation	6
UBS S&P 500 Equal Weight SF UCITS ETF USD dis	0.23%	Equity United States Equal Weighted	0
WisdomTree Megatrends UCITS ETF USD	0.09%	Equity World Social/Environmental Innovation	58
Xtrackers MSCI World Small Cap ESG UCITS ETF 1C	0.28%	Equity World Small Cap	10
UBS MSCI USA Select Factor Mix UCITS ETF USD acc	0.05%	Equity United States Multi-Factor Strategy	110
Invesco S&P 500 Scored & Screened UCITS ETF EUR Hedged Acc	0.05%	Equity United States Social/Environmental	620
Xtrackers S&P 500 Equal Weight Scored & Screened UCITS ETF 3C - CHF Hedged	0.40%	Equity United States Equal Weighted	84
Amundi Core S&P 500 Swap UCITS ETF CHF Hedged Dist	0.03%	Equity United States	135
Xtrackers S&P 500 Equal Weight Scored & Screened UCITS ETF 4C - GBP Hedged	0.40%	Equity United States Equal Weighted	138
Amundi Core S&P 500 UCITS ETF UCITS ETF Acc	0.03%	Equity United States	21
Xtrackers MSCI Global SDGs UCITS ETF 1C	0.46%	Equity World Social/Environmental	7
Xtrackers S&P 500 Swap II UCITS ETF 1C	0.03%	Equity United States	4,632
iShares Russell 1000 Value UCITS ETF USD (Acc)	0.06%	Equity United States Value	981
Amundi S&P 500 Swap UCITS ETF USD Acc	0.03%	Equity United States	3,266
UBS Core S&P 500 UCITS ETF hGBP dis	0.03%	Equity United States	70
Xtrackers S&P 500 UCITS ETF 4C	0.03%	Equity United States	2,248
Amundi S&P 500 Equal Weight ESG UCITS ETF Acc	0.39%	Equity United States Equal Weighted	2,696
iShares MSCI World Small Cap CTB Enhanced ESG UCITS ETF USD (Acc)	0.25%	Equity World Small Cap	402
BNP Paribas Easy ESG Enhanced US UCITS ETF EUR Acc	0.10%	Equity United States Social/Environmental	353
Amundi Core S&P 500 Swap UCITS ETF USD Dist	0.03%	Equity United States	4,605
iShares Core S&P 500 UCITS ETF USD (Dist)	0.03%	Equity United States	19,765
Amundi S&P 500 Equal Weight UCITS ETF Acc	0.23%	Equity United States Equal Weighted	165
UBS MSCI World Small Cap UCITS ETF USD acc	0.18%	Equity World Small Cap	38
JPMorgan BetaBuilders US Small Cap Equity UCITS ETF USD (acc)	0.27%	Equity United States Small Cap	84
Invesco S&P 500 Equal Weight UCITS ETF	0.23%	Equity United States Equal Weighted	1,193
Amundi S&P 500 Screened UCITS ETF Acc EUR Hedged	0.05%	Equity United States Social/Environmental	1,341
UBS S&P 500 Scored & Screened UCITS ETF hGBP dis	0.05%	Equity United States Social/Environmental	23
Xtrackers S&P 500 Swap UCITS ETF 7C GBP Hedged	0.03%	Equity United States	2
iShares S&P 500 GBP Hedged UCITS ETF (Acc)	0.03%	Equity United States	1,409
Vanguard Russell 1000 U.S. Value UCITS ETF USD Acc	0.05%	Equity United States Value	100
iShares S&P 500 EUR Hedged UCITS ETF (Acc)	0.03%	Equity United States	8,820
State Street SPDR S&P 500 UCITS ETF EUR Hedged	0.03%	Equity United States	2,695
UBS MSCI USA Select Factor Mix UCITS ETF USD dis	0.05%	Equity United States Multi-Factor Strategy	28
Amundi S&P 500 Swap UCITS ETF EUR Hedged Acc	0.03%	Equity United States	922
UBS Core S&P 500 UCITS ETF hEUR acc	0.03%	Equity United States	214
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Distributing	0.01%	Equity World Multi-Factor Strategy	231
UBS MSCI USA Small Cap Selection UCITS ETF USD acc	0.55%	Equity United States Small Cap	274
BNP Paribas Easy S&P 500 II UCITS ETF EUR Hedged (Acc)	0.03%	Equity United States	420
UBS S&P 500 ESG Elite UCITS ETF hEUR acc	0.16%	Equity United States Social/Environmental	220
BNP Paribas Easy S&P 500 II UCITS ETF USD (Dist)	0.03%	Equity United States	133
State Street SPDR MSCI World Small Cap UCITS ETF USD Unhedged (Dist)	0.18%	Equity World Small Cap	47
Vanguard FTSE Global All-Cap UCITS ETF USD Acc	0.02%	Equity World	171
Invesco S&P 500 UCITS ETF	0.03%	Equity United States	37,151
Xtrackers S&P 500 Scored & Screened UCITS ETF 1C	0.05%	Equity United States Social/Environmental	124
CT QR Series US Equity Active UCITS ETF USD Dist	0.04%	Equity United States Fundamental/Quality	1
UBS S&P 500 Scored & Screened UCITS ETF USD dis	0.05%	Equity United States Social/Environmental	478
UBS S&P 500 SF UCITS ETF USD acc	0.03%	Equity United States	196
HSBC S&P 500 UCITS ETF USD (Acc)	0.03%	Equity United States	571
Global X Genomics & Biotechnology UCITS ETF	3.59%	Equity World Health Care Biotech	58
iShares S&P 500 Paris-Aligned Climate UCITS ETF USD (Acc)	0.10%	Equity United States Social/Environmental Climate Change	322
Xtrackers S&P 500 Equal Weight Swap UCITS ETF 1D	0.23%	Equity United States Equal Weighted	22
UBS MSCI USA Select Factor Mix UCITS ETF hCHF acc	0.05%	Equity United States Multi-Factor Strategy	24
Vanguard S&P 500 UCITS ETF (USD) Distributing	0.03%	Equity United States	45,728
iShares S&P 500 Equal Weight UCITS ETF USD (Acc)	0.24%	Equity United States Equal Weighted	4,306
Invesco Nasdaq Biotech UCITS ETF	1.61%	Equity United States Health Care Biotech	416
iShares S&P 500 Swap UCITS ETF CHF Hedged (Acc)	0.03%	Equity United States	0
Amundi S&P 500 Equal Weight ESG UCITS ETF EUR Hedged Acc	0.39%	Equity United States Equal Weighted	173
iShares S&P 500 Equal Weight UCITS ETF USD (Dist)	0.24%	Equity United States Equal Weighted	35
Vanguard Russell 1000 U.S. Value UCITS ETF USD Dist	0.05%	Equity United States Value	2
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.01%	Equity World Multi-Factor Strategy	1,418
State Street SPDR MSCI USA Small Cap Value Weighted UCITS ETF USD	0.12%	Equity United States Small Cap	934
iShares Core S&P 500 UCITS ETF EUR Hedged (Acc)	0.03%	Equity United States	91
Vanguard ESG North America All Cap UCITS ETF (USD) Distributing	0.03%	Equity North America Social/Environmental	29
State Street SPDR S&P U.S. Health Care Select Sector UCITS ETF USD	0.33%	Equity United States Health Care	478
State Street SPDR S&P 500 Leaders UCITS ETF USD Unhedged (Acc)	0.07%	Equity United States Social/Environmental	4,400
WisdomTree S&P 500 EUR Daily Hedged	0.03%	Equity United States	5
Goldman Sachs MSCI World Private Equity Return Tracker UCITS ETF USD (Acc)	0.07%	Equity World Private Equity	15
Amundi Core S&P 500 Swap UCITS ETF EUR Hedged Dist	0.03%	Equity United States	1,126
Xtrackers S&P 500 Swap UCITS ETF 5C EUR Hedged	0.03%	Equity United States	309
BNP Paribas Easy S&P 500 Scored and Screened UCITS ETF EUR Hedged Acc	0.05%	Equity United States Social/Environmental	62
Xtrackers S&P 500 UCITS ETF 3C CHF hedged	0.03%	Equity United States	62
UBS S&P 500 ESG Elite UCITS ETF hGBP dis	0.16%	Equity United States Social/Environmental	11
BNP Paribas Easy S&P 500 Scored and Screened UCITS ETF Acc	0.05%	Equity United States Social/Environmental	211
JPMorgan BetaBuilders US Small Cap Equity UCITS ETF USD (dist)	0.27%	Equity United States Small Cap	227
UBS S&P 500 ESG Elite UCITS ETF USD acc	0.16%	Equity United States Social/Environmental	567
Invesco S&P 500 EUR Hedged UCITS ETF	0.03%	Equity United States	2,781
iShares Core S&P 500 UCITS ETF GBP Hedged (Dist)	0.03%	Equity United States	1,749
UBS S&P 500 Equal Weight SF UCITS ETF USD acc	0.23%	Equity United States Equal Weighted	10
iShares MSCI World Small Cap UCITS ETF	0.18%	Equity World Small Cap	7,675
iShares Core S&P 500 UCITS ETF USD (Acc)	0.03%	Equity United States	133,400
iShares S&P 500 Scored and Screened UCITS ETF USD (Acc)	0.05%	Equity United States Social/Environmental	442
iShares S&P 500 Health Care Sector UCITS ETF EUR Hedged (Dist)	0.35%	Equity United States Health Care	125
iShares S&P 500 3% Capped UCITS ETF USD (Dist)	0.04%	Equity United States	1
Vanguard ESG North America All Cap UCITS ETF (USD) Accumulating	0.03%	Equity North America Social/Environmental	259
BNP Paribas Easy S&P 500 II UCITS ETF USD (Acc)	0.03%	Equity United States	2,534
Amundi Core S&P 500 Swap UCITS ETF Acc	0.03%	Equity United States	16,008
L&G Healthcare Technology & Innovation UCITS ETF USD Acc	1.51%	Equity World Health Care Innovation	287
iShares S&P 500 Scored and Screened UCITS ETF EUR Hedged (Acc)	0.05%	Equity United States Social/Environmental	401
UBS Core S&P 500 UCITS ETF USD acc	0.03%	Equity United States	1,950
Xtrackers MSCI Global Social Fairness Contributors UCITS ETF 1C	0.10%	Equity World Social/Environmental	3
Invesco S&P 500 UCITS ETF Dist	0.03%	Equity United States	8,937
VanEck Genomics and Healthcare Innovators UCITS ETF A	4.82%	Equity World Health Care Social/Environmental Innovation	15
UBS S&P 500 Scored & Screened UCITS ETF hEUR acc	0.05%	Equity United States Social/Environmental	912
BNP Paribas Easy MSCI USA Small Cap Min TE UCITS ETF EUR Acc	0.30%	Equity United States Small Cap	32
State Street SPDR MSCI World Small Cap UCITS ETF USD Unhedged (Acc)	0.18%	Equity World Small Cap	1,717
Amundi S&P 500 Swap UCITS ETF EUR Acc	0.03%	Equity United States	2,823
Amundi Core S&P 500 Swap UCITS ETF EUR Dist	0.03%	Equity United States	3,175
Amundi S&P 500 Climate Transition UCITS ETF (Acc)	0.03%	Equity United States Social/Environmental Climate Change	98
UBS S&P 500 Climate Transition ESG UCITS ETF hEUR acc	0.05%	Equity United States Social/Environmental Climate Change	1
UBS S&P 500 Climate Transition ESG UCITS ETF USD acc	0.05%	Equity United States Social/Environmental Climate Change	5
iShares Nasdaq US Biotechnology UCITS ETF	1.61%	Equity United States Health Care Biotech	987
Xtrackers MSCI World IMI UCITS ETF 1C Capitalisation	0.02%	Equity World	23
Xtrackers S&P 500 UCITS ETF 4D	0.03%	Equity United States	3
Vanguard ESG Global All Cap UCITS ETF (USD) Accumulating	0.02%	Equity World Social/Environmental	1,048
Vanguard Russell U.S. Mid-Cap UCITS ETF USD Dist	0.15%	Equity United States Mid Cap	3
Amundi S&P 500 Screened UCITS ETF Acc	0.05%	Equity United States Social/Environmental	3,907
UBS Core S&P 500 UCITS ETF USD dis	0.03%	Equity United States	1,225
WisdomTree Tech Megatrends UCITS ETF USD Acc	0.32%	Equity World Technology Social/Environmental Innovation	3
UBS Core S&P 500 UCITS ETF hCHF acc	0.03%	Equity United States	733
Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged	0.03%	Equity United States	699
HSBC S&P 500 UCITS ETF CHF Hedged (Acc)	0.03%	Equity United States	10

Performance

Returns overview

YTD	+385.99%
1 month	+176.41%
3 months	+228.35%
6 months	+182.60%
1 year	+530.53%
3 years	+26.18%
5 years	-60.29%
Since inception (MAX)	+671.70%
2025	-27.73%
2024	-59.07%
2023	-47.04%
2022	-18.98%

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).