AMES.DE vs. VLED.DE

Last updated Jun 5, 2026

AMES.DE (Amundi ETF MSCI Spain UCITS ETF EUR) and VLED.DE (BNP Paribas Easy ESG Low Volatility Europe UCITS ETF) are both Europe Equities funds - AMES.DE tracks the MSCI Spain while VLED.DE tracks the BNP Paribas Low Vol Europe ESG. Both are passively managed. Over the past 5 years, AMES.DE returned 19.21%/yr vs 7.61%/yr for VLED.DE. A 0.59 correlation means they provide meaningful diversification when combined. AMES.DE charges 0.25%/yr vs 0.30%/yr for VLED.DE.

Performance

AMES.DE vs. VLED.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Amundi ETF MSCI Spain UCITS ETF EUR (AMES.DE) and BNP Paribas Easy ESG Low Volatility Europe UCITS ETF (VLED.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMES.DE achieves a 7.00% return, which is significantly higher than VLED.DE's 4.74% return.

AMES.DE

• 1D: 0.51%
• 1M: 3.60%
• YTD: 7.00%
• 6M: 10.82%
• 1Y: 33.98%
• 3Y*: 29.84%
• 5Y*: 19.21%
• 10Y*: 11.05%

VLED.DE

• 1D: 0.71%
• 1M: 0.89%
• YTD: 4.74%
• 6M: 6.73%
• 1Y: 6.17%
• 3Y*: 10.02%
• 5Y*: 7.61%
• 10Y*: —

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

AMES.DE vs. VLED.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMES.DE Amundi ETF MSCI Spain UCITS ETF EUR	7.00%	55.41%	19.00%	25.94%	0.03%	6.96%	-12.87%	15.76%	-12.77%	9.61%
VLED.DE BNP Paribas Easy ESG Low Volatility Europe UCITS ETF	4.74%	12.36%	11.46%	11.66%	-13.53%	27.24%	-5.11%	25.67%	-3.51%	9.99%

Correlation

The correlation between AMES.DE and VLED.DE is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017	0.59

The correlation between AMES.DE and VLED.DE shifts across timeframes, from 0.59 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AMES.DE vs. VLED.DE — Risk / Return Rank

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

AMES.DE

AMES.DE Risk / Return Rank: 64
AMES.DE Sharpe Ratio Rank: 62
AMES.DE Sortino Ratio Rank: 61
AMES.DE Omega Ratio Rank: 62
AMES.DE Calmar Ratio Rank: 69
AMES.DE Martin Ratio Rank: 66

VLED.DE

VLED.DE Risk / Return Rank: 17
VLED.DE Sharpe Ratio Rank: 18
VLED.DE Sortino Ratio Rank: 17
VLED.DE Omega Ratio Rank: 17
VLED.DE Calmar Ratio Rank: 16
VLED.DE Martin Ratio Rank: 17

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.

AMES.DE vs. VLED.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi ETF MSCI Spain UCITS ETF EUR (AMES.DE) and BNP Paribas Easy ESG Low Volatility Europe UCITS ETF (VLED.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.

	AMES.DE	VLED.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.06	0.53	+1.53
Sortino ratio: Return per unit of downside risk	2.83	0.81	+2.02
Omega ratio: Gain probability vs. loss probability	1.37	1.10	+0.27
Calmar ratio: Return relative to maximum drawdown	3.40	0.60	+2.80
Martin ratio: Return relative to average drawdown	11.80	1.76	+10.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMES.DE vs. VLED.DE - Sharpe Ratio Comparison

The current AMES.DE Sharpe Ratio is 2.06, which is higher than the VLED.DE Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of AMES.DE and VLED.DE, 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

	AMES.DE	VLED.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	0.53	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.20	0.61	+0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.59	-0.11

Drawdowns

AMES.DE vs. VLED.DE - Drawdown Comparison

The maximum AMES.DE drawdown since its inception was -40.98%, which is greater than VLED.DE's maximum drawdown of -32.22%. Use the drawdown chart below to compare losses from any high point for AMES.DE and VLED.DE.

Drawdown Indicators

	AMES.DE	VLED.DE	Difference
Max Drawdown Largest peak-to-trough decline	-40.98%	-32.22%	-8.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-10.23%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.58%	-12.51%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-17.77%	-19.88%	+2.11%
Max Drawdown (10Y) Largest decline over 10 years	-40.98%	—	—
Current Drawdown Current decline from peak	-0.52%	-4.64%	+4.12%
Average Drawdown Average peak-to-trough decline	-9.76%	-5.04%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	3.50%	-0.63%

Volatility

AMES.DE vs. VLED.DE - Volatility Comparison

Amundi ETF MSCI Spain UCITS ETF EUR (AMES.DE) has a higher volatility of 4.59% compared to BNP Paribas Easy ESG Low Volatility Europe UCITS ETF (VLED.DE) at 3.80%. This indicates that AMES.DE's price experiences larger fluctuations and is considered to be riskier than VLED.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMES.DE	VLED.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	3.80%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	13.65%	9.70%	+3.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.43%	11.65%	+4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	12.30%	+5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.82%	13.50%	+7.32%

AMES.DE vs. VLED.DE - Expense Ratio Comparison

AMES.DE has a 0.25% expense ratio, which is lower than VLED.DE's 0.30% expense ratio.

Dividends

AMES.DE vs. VLED.DE - Dividend Comparison

AMES.DE has not paid dividends to shareholders, while VLED.DE's dividend yield for the trailing twelve months is around 2.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AMES.DE Amundi ETF MSCI Spain UCITS ETF EUR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VLED.DE BNP Paribas Easy ESG Low Volatility Europe UCITS ETF	2.68%	2.94%	2.30%	2.02%	2.83%	1.82%	2.68%	3.20%	3.74%

Frequently Asked Questions

Can I hold both AMES.DE and VLED.DE in my portfolio?

AMES.DE and VLED.DE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMES.DE or VLED.DE?

On fees, AMES.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMES.DE or VLED.DE?

AMES.DE is cheaper with a 0.25% expense ratio, compared with 0.30% for VLED.DE.

What is the main difference between AMES.DE and VLED.DE?

AMES.DE tracks MSCI Spain, while VLED.DE tracks BNP Paribas Low Vol Europe ESG. They also come from different issuers: Amundi and BNP Paribas. Their fees differ too: 0.25% for AMES.DE and 0.30% for VLED.DE.