36B1.DE vs. SPFD.DE
36B1.DE (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) and SPFD.DE (State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc)) are both Emerging Markets Bonds funds - 36B1.DE tracks the JP Morgan ESG EMBI Global Diversified while SPFD.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). Both are passively managed. Over the past 5 years, 36B1.DE returned 2.41%/yr vs -1.55%/yr for SPFD.DE. At a 0.04 correlation, their price movements are largely independent. 36B1.DE charges 0.45%/yr vs 0.60%/yr for SPFD.DE.
Performance
36B1.DE vs. SPFD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, 36B1.DE achieves a 5.59% return, which is significantly higher than SPFD.DE's -1.67% return.
36B1.DE
- 1D
- -0.26%
- 1M
- 3.73%
- YTD
- 5.59%
- 6M
- 5.87%
- 1Y
- 12.51%
- 3Y*
- 7.12%
- 5Y*
- 2.41%
- 10Y*
- —
SPFD.DE
- 1D
- 0.51%
- 1M
- 0.04%
- YTD
- -1.67%
- 6M
- -1.18%
- 1Y
- 1.50%
- 3Y*
- 2.75%
- 5Y*
- -1.55%
- 10Y*
- —
36B1.DE vs. SPFD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
36B1.DE iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 5.59% | 0.52% | 11.39% | 6.09% | -13.65% | 5.10% | -3.83% | 0.82% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | -1.67% | 12.44% | -4.38% | 6.62% | -12.76% | -9.84% | 1.86% | 2.40% |
Correlation
The correlation between 36B1.DE and SPFD.DE is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019 | 0.04 |
The correlation between 36B1.DE and SPFD.DE shifts across timeframes, from -0.10 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
36B1.DE vs. SPFD.DE — Risk / Return Rank
36B1.DE
SPFD.DE
36B1.DE vs. SPFD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan ESG USD EM Bond UCITS ETF (36B1.DE) and State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| 36B1.DE | SPFD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.04 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 4.34 | 0.22 | +4.12 |
| Martin ratioReturn relative to average drawdown | 12.59 | 0.61 | +11.98 |
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Drawdowns
36B1.DE vs. SPFD.DE - Drawdown Comparison
The maximum 36B1.DE drawdown since its inception was -22.35%, smaller than the maximum SPFD.DE drawdown of -28.89%. Use the drawdown chart below to compare losses from any high point for 36B1.DE and SPFD.DE.
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Drawdown Indicators
| 36B1.DE | SPFD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.35% | -28.89% | +6.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -6.69% | +3.82% |
Max Drawdown (3Y)Largest decline over 3 years | -12.32% | -9.26% | -3.06% |
Max Drawdown (5Y)Largest decline over 5 years | -16.23% | -25.58% | +9.35% |
Current DrawdownCurrent decline from peak | -0.26% | -11.63% | +11.37% |
Average DrawdownAverage peak-to-trough decline | -8.50% | -13.42% | +4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 2.46% | -1.47% |
Volatility
36B1.DE vs. SPFD.DE - Volatility Comparison
The current volatility for iShares J.P. Morgan ESG USD EM Bond UCITS ETF (36B1.DE) is 1.67%, while State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) has a volatility of 2.50%. This indicates that 36B1.DE experiences smaller price fluctuations and is considered to be less risky than SPFD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 36B1.DE | SPFD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 2.50% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 4.13% | 6.71% | -2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.15% | 7.44% | -1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.53% | 7.99% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.18% | 8.41% | +1.77% |
36B1.DE vs. SPFD.DE - Expense Ratio Comparison
36B1.DE has a 0.45% expense ratio, which is lower than SPFD.DE's 0.60% expense ratio.
Dividends
36B1.DE vs. SPFD.DE - Dividend Comparison
36B1.DE's dividend yield for the trailing twelve months is around 5.61%, while SPFD.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
36B1.DE iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 5.61% | 5.96% | 5.31% | 5.52% | 5.19% | 3.36% | 3.81% | 4.65% | 0.44% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
36B1.DE and SPFD.DE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 36B1.DE is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
36B1.DE is cheaper with a 0.45% expense ratio, compared with 0.60% for SPFD.DE.
36B1.DE tracks JP Morgan ESG EMBI Global Diversified, while SPFD.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). They also come from different issuers: iShares and State Street. Their fees differ too: 0.45% for 36B1.DE and 0.60% for SPFD.DE.
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