ALAU.L vs. SPY

Last updated Jun 5, 2026

ALAU.L (Amundi MSCI Em Latin America) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ALAU.L is a Latin America Equities fund tracking the MSCI EM Latin America NR USD, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ALAU.L returned 7.95%/yr vs 15.48%/yr for SPY. At a 0.16 correlation, their price movements are largely independent. ALAU.L charges 0.10%/yr vs 0.09%/yr for SPY.

Performance

ALAU.L vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi MSCI Em Latin America (ALAU.L) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALAU.L achieves a 10.04% return, which is significantly lower than SPY's 11.33% return. Over the past 10 years, ALAU.L has underperformed SPY with an annualized return of 7.95%, while SPY has yielded a comparatively higher 15.48% annualized return.

ALAU.L

• 1D: -0.62%
• 1M: -7.64%
• YTD: 10.04%
• 6M: 8.67%
• 1Y: 37.31%
• 3Y*: 14.13%
• 5Y*: 9.93%
• 10Y*: 7.95%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ALAU.L vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALAU.L Amundi MSCI Em Latin America	10.04%	54.14%	-26.41%	31.12%	13.78%	-9.59%	-8.76%	9.52%	-8.57%	24.51%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ALAU.L and SPY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 9, 2015	0.16

Over the past year, ALAU.L and SPY have become more correlated (0.45) than their long-term average of 0.16, meaning their price movements have been converging.

ALAU.L vs. SPY - Sectors Allocation Comparison

Sectors	ALAU.L	SPY
Financial Services	30.3%	11.8%
Basic Materials	19.7%	1.8%
Energy	11.7%	3.6%
Industrials	10.8%	7.8%
Consumer Defensive	9.9%	4.8%
Utilities	8.5%	2.4%
Communication Services	4.0%	11.3%
Consumer Cyclical	1.6%	10.3%
Real Estate	1.6%	1.9%
Healthcare	1.4%	8.4%
Technology	0.7%	35.9%

Return for Risk

ALAU.L vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ALAU.L

ALAU.L Risk / Return Rank: 55
ALAU.L Sharpe Ratio Rank: 55
ALAU.L Sortino Ratio Rank: 54
ALAU.L Omega Ratio Rank: 52
ALAU.L Calmar Ratio Rank: 64
ALAU.L Martin Ratio Rank: 52

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ALAU.L vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi MSCI Em Latin America (ALAU.L) and State Street SPDR S&P 500 ETF (SPY). 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.

	ALAU.L	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.42	-0.58
Sortino ratio: Return per unit of downside risk	2.55	3.29	-0.74
Omega ratio: Gain probability vs. loss probability	1.32	1.44	-0.12
Calmar ratio: Return relative to maximum drawdown	3.12	3.22	-0.10
Martin ratio: Return relative to average drawdown	8.71	14.99	-6.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALAU.L vs. SPY - Sharpe Ratio Comparison

The current ALAU.L Sharpe Ratio is 1.85, which is comparable to the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of ALAU.L and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ALAU.L	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.42	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.82	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.87	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.59	-0.12

Drawdowns

ALAU.L vs. SPY - Drawdown Comparison

The maximum ALAU.L drawdown since its inception was -51.94%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ALAU.L and SPY.

Drawdown Indicators

	ALAU.L	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-51.94%	-55.19%	+3.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-8.88%	-3.02%
Max Drawdown (3Y) Largest decline over 3 years	-27.25%	-18.76%	-8.49%
Max Drawdown (5Y) Largest decline over 5 years	-27.25%	-24.50%	-2.75%
Max Drawdown (10Y) Largest decline over 10 years	-51.94%	-33.72%	-18.22%
Current Drawdown Current decline from peak	-11.90%	-0.33%	-11.57%
Average Drawdown Average peak-to-trough decline	-11.55%	-9.05%	-2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	1.91%	+2.36%

Volatility

ALAU.L vs. SPY - Volatility Comparison

Amundi MSCI Em Latin America (ALAU.L) has a higher volatility of 5.96% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that ALAU.L's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAU.L	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	2.79%	+3.17%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	8.91%	+8.28%
Volatility (1Y) Calculated over the trailing 1-year period	20.13%	11.82%	+8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.18%	17.05%	+13.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.65%	17.93%	+27.72%

ALAU.L vs. SPY - Expense Ratio Comparison

ALAU.L has a 0.10% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ALAU.L vs. SPY - Dividend Comparison

ALAU.L has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALAU.L Amundi MSCI Em Latin America	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ALAU.L and SPY in my portfolio?

ALAU.L and SPY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ALAU.L or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ALAU.L or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.10% for ALAU.L.

What is the main difference between ALAU.L and SPY?

ALAU.L is categorized as Latin America Equities, while SPY is S&P 500. ALAU.L tracks MSCI EM Latin America NR USD, while SPY tracks S&P 500 Index. They also come from different issuers: Amundi and State Street. Their fees differ too: 0.10% for ALAU.L and 0.09% for SPY.