IWDA vs EUNL overlap: how much of them is the same

Measured over 17 years of daily prices: the same holdings, in the same proportions, under two names.

Measured on 2026-09-18

Every company we can see inside them is held by both, at the same weight to the decimal: one basket, not two.

The companies both of them hold

Company	Share of a half-and-half mix	Through
NVDA	5.4%	IWDA 2.7% · EUNL 2.7%
AAPL	5.1%	IWDA 2.5% · EUNL 2.5%
MSFT	3.9%	IWDA 2.0% · EUNL 2.0%
GOOGL	3.9%	IWDA 1.9% · EUNL 1.9%
AMZN	2.8%	IWDA 1.4% · EUNL 1.4%
AVGO	1.8%	IWDA 0.9% · EUNL 0.9%
META	1.4%	IWDA 0.7% · EUNL 0.7%
MU	1.1%	IWDA 0.6% · EUNL 0.6%

A fund publishes only its largest positions, so this measurement reaches 26% of the money. The share above is what is shared within that part: it is a floor, never the total overlap.

Their daily closing prices do not match exactly (96% of daily moves in step, 99% weekly). That is the two listings being quoted at different moments and in different volumes, not the funds holding different things.

The worst falls on record

Holding	Worst fall	Volatility
IWDA	34%	15%
EUNL	34%	15%
Both, half and half	34%	15%

Measured on the same window for all three rows, so they can be read against each other. A fall is peak to trough on daily closes.

Where the risk sits in a half-and-half mix

Holding	Money	Risk	Ratio
EUNL	50%	50%	1.00
IWDA	50%	50%	1.00

The reading, in full

PORTFOLIO: IWDA + EUNL
2009-09-25 to 2026-09-18 · 4,309 trading days · EUR

2 holdings.
Essentially all of it is one shared direction, led by EUNL.DE, IWDA.AS.

EUNL.DE carries 50% of the risk on its own.
Volatility 15% · worst fall on record 34%.
Risk 17% → 11% over the last year, mostly because the holdings themselves got quieter.

Descriptive. No forecast, no advice. Every figure above is measured over the window named at the top.
riskcopilot.app

What this does not say

Every figure is measured on past daily prices over the window below. It is not a forecast of returns or losses.
The window starts when the younger fund began trading, so older crises may lie outside it.
The overlap is measured through published holdings only, and is a floor: the real figure is at least this, and cannot be smaller.
Which of two funds to hold depends on things not measured here — what you already own, costs at your broker, and your own tax position.

Measure it with what you actually hold

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Measured 2009-09-25 to 2026-09-18 over 4,309 trading days, in EUR, from yahoo prices. Descriptive: this page reports what these two funds have done and how much of them is the same holding. It does not forecast returns or losses, it does not say which to hold, and it is not advice. How every figure is measured. Terms and privacy: /terms. If a figure looks wrong: [email protected].