- Issuer
- iShares
- Inception Date
- Aug 30, 2024
- Category
- Government Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)
- Distribution Policy
- Accumulating
- Asset Class
- Bond
Share Price Chart
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Performance
SPEH.L Performance Chart
iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) is up 0.9% since the beginning of the year. SPEH.L is currently trading at $6 per share. Investors who bought $1,000 worth of SPEH.L shares 5 years ago would now be looking at an investment worth $993.
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Returns By Period
iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) has returned 0.87% so far this year and 3.37% over the past 12 months.
iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)
- 1D
- -0.17%
- 1M
- -0.68%
- 6M
- 0.34%
- YTD
- 0.87%
- 1Y
- 3.37%
- 3Y*
- 5.12%
- 5Y*
- -0.14%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.38%
- 1M
- 0.24%
- 6M
- 9.32%
- YTD
- 10.62%
- 1Y
- 21.28%
- 3Y*
- 18.90%
- 5Y*
- 11.84%
- 10Y*
- 13.36%
SPEH.L Monthly Returns History
Based on dividend-adjusted daily data since Apr 19, 2018, SPEH.L's average daily return is +0.01%, while the average monthly return is +0.17%. At this rate, an investment would double in approximately 34.0 years.
Historically, 59% of months were positive and 41% were negative. The best month was Jul 2022 with a return of +4.7%, while the worst month was Aug 2022 at -5.4%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 7 months.
On a daily basis, SPEH.L closed higher 38% of trading days. The best single day was Mar 19, 2020 with a return of +2.4%, while the worst single day was Mar 16, 2020 at -2.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.69% | 1.55% | -2.37% | 0.52% | 1.21% | 0.51% | -1.19% | 0.87% | |||||
| 2025 | 0.00% | 0.54% | -1.43% | 1.99% | 0.36% | 0.00% | 0.00% | 0.00% | 0.88% | 1.05% | 0.17% | 0.00% | 3.59% |
| 2024 | -0.56% | -0.76% | 1.14% | -0.75% | 0.00% | 0.38% | 2.46% | 0.37% | 1.65% | -0.54% | 2.36% | -1.07% | 4.70% |
| 2023 | 2.25% | -2.20% | 2.66% | 0.00% | 0.40% | 0.00% | -0.20% | 0.60% | -2.38% | 0.81% | 3.02% | 3.91% | 9.02% |
| 2022 | -1.20% | -2.26% | -1.96% | -3.45% | -1.69% | -1.34% | 4.66% | -5.38% | -3.14% | 0.40% | 2.42% | -3.94% | -16.01% |
| 2021 | -0.50% | -2.19% | 0.52% | -1.03% | -0.00% | 0.52% | 1.72% | -0.34% | -0.85% | -0.51% | 1.38% | -1.19% | -2.52% |
Benchmark Metrics
iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) has an annualized alpha of 2.49%, beta of 0.03, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since April 19, 2018.
- This ETF participated in 17.24% of S&P 500 Index downside but only 14.38% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.03 may look defensive, but with R2 of 0.01 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.01 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.49%
- Beta
- 0.03
- R²
- 0.01
- Upside Capture
- 14.38%
- Downside Capture
- 17.24%
Expense Ratio
SPEH.L has an expense ratio of 0.22%, which is considered low.
Return for Risk
Risk / Return Rank
SPEH.L ranks 26 for risk / return — below 26% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPEH.L | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.31 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 2.35 | -1.31 |
| Martin ratioReturn relative to average drawdown | 3.13 | 10.19 | -7.06 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares Spain Govt Bond UCITS ETF USD Hedged (Acc). A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) was 19.03%, occurring on Mar 2, 2023. The portfolio has not yet recovered.
The current iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) drawdown is 2.84%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-19.03%Mar 2023 | 2y 2mo | — | 5y 7moDec 2020 - now | — |
-7.38%Mar 2020 | 13d | 4mo 19d | 5mo 2dMar 2020 - Aug 2020 | COVID crash2020 |
-2.77%Dec 2019 | 3mo 5d | 2mo 20d | 5mo 25dAug 2019 - Feb 2020 | — |
-2.47%Jul 2019 | 8d | 21d | 29dJul 2019 - Aug 2019 | — |
-2.40%May 2018 | 25d | 20d | 1mo 15dMay 2018 - Jun 2018 | — |
Drawdown Indicators
| SPEH.L | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -56.78% | +37.75% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -9.10% | +5.88% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -18.90% | +15.36% |
Max Drawdown (5Y)Largest decline over 5 years | -18.21% | -25.43% | +7.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.84% | -0.49% | -2.35% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -10.70% | +4.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 2.09% | -1.02% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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