CEMR.DE vs. SPYL.DE
CEMR.DE (iShares Edge MSCI Europe Momentum Factor UCITS ETF) and SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)) are both exchange-traded funds - CEMR.DE is a Momentum fund tracking the MSCI Europe Momentum Index, while SPYL.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, CEMR.DE returned 21.56% vs 26.53% for SPYL.DE. A 0.57 correlation means they provide meaningful diversification when combined. CEMR.DE charges 0.25%/yr vs 0.03%/yr for SPYL.DE.
Performance
CEMR.DE vs. SPYL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CEMR.DE achieves a 9.13% return, which is significantly lower than SPYL.DE's 11.37% return.
CEMR.DE
- 1D
- 1.92%
- 1M
- 2.19%
- YTD
- 9.13%
- 6M
- 12.45%
- 1Y
- 21.56%
- 3Y*
- 20.31%
- 5Y*
- 11.56%
- 10Y*
- 12.09%
SPYL.DE
- 1D
- -0.15%
- 1M
- 1.37%
- YTD
- 11.37%
- 6M
- 12.66%
- 1Y
- 26.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CEMR.DE vs. SPYL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CEMR.DE iShares Edge MSCI Europe Momentum Factor UCITS ETF | 9.13% | 27.25% | 20.02% | 8.90% |
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) | 11.37% | 4.71% | 32.33% | 9.54% |
Correlation
The correlation between CEMR.DE and SPYL.DE is 0.57, 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 | 0.57 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023 | 0.57 |
The correlation between CEMR.DE and SPYL.DE has been stable across timeframes, ranging from 0.57 to 0.57 - a consistent structural relationship.
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Return for Risk
CEMR.DE vs. SPYL.DE — Risk / Return Rank
CEMR.DE
SPYL.DE
CEMR.DE vs. SPYL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Momentum Factor UCITS ETF (CEMR.DE) and State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.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.
| CEMR.DE | SPYL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.41 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 3.58 | -1.81 |
| Martin ratioReturn relative to average drawdown | 6.68 | 12.72 | -6.04 |
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Drawdowns
CEMR.DE vs. SPYL.DE - Drawdown Comparison
The maximum CEMR.DE drawdown since its inception was -31.80%, which is greater than SPYL.DE's maximum drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for CEMR.DE and SPYL.DE.
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Drawdown Indicators
| CEMR.DE | SPYL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.80% | -23.27% | -8.53% |
Max Drawdown (1Y)Largest decline over 1 year | -11.75% | -7.13% | -4.62% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -23.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.80% | — | — |
Current DrawdownCurrent decline from peak | -0.31% | -0.46% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -6.02% | -3.23% | -2.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 2.01% | +1.10% |
Volatility
CEMR.DE vs. SPYL.DE - Volatility Comparison
iShares Edge MSCI Europe Momentum Factor UCITS ETF (CEMR.DE) has a higher volatility of 4.79% compared to State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE) at 2.66%. This indicates that CEMR.DE's price experiences larger fluctuations and is considered to be riskier than SPYL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMR.DE | SPYL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 2.66% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 14.87% | 7.57% | +7.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.46% | 11.52% | +5.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.43% | 14.60% | +1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 14.60% | +1.88% |
CEMR.DE vs. SPYL.DE - Expense Ratio Comparison
CEMR.DE has a 0.25% expense ratio, which is higher than SPYL.DE's 0.03% 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
CEMR.DE vs. SPYL.DE - Dividend Comparison
Neither CEMR.DE nor SPYL.DE has paid dividends to shareholders.
Frequently Asked Questions
CEMR.DE and SPYL.DE have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYL.DE is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYL.DE is cheaper with a 0.03% expense ratio, compared with 0.25% for CEMR.DE.
CEMR.DE is categorized as Momentum, while SPYL.DE is S&P 500. CEMR.DE tracks MSCI Europe Momentum Index, while SPYL.DE tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for CEMR.DE and 0.03% for SPYL.DE.
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