DFEU.L vs. SPYL.DE

Last updated Jun 4, 2026

DFEU.L (iShares Europe Defence UCITS ETF EUR Accumulating) and SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Acc) are both exchange-traded funds - DFEU.L is a Aerospace & Defense fund tracking the STOXX Europe Targeted Defence Index, while SPYL.DE is a S&P 500 fund tracking the S&P 500. Both are passively managed. At a 0.27 correlation, their price movements are largely independent. DFEU.L charges 0.35%/yr vs 0.03%/yr for SPYL.DE.

Performance

DFEU.L vs. SPYL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Europe Defence UCITS ETF EUR Accumulating (DFEU.L) and State Street SPDR S&P 500 UCITS ETF USD Acc (SPYL.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DFEU.L is traded in GBP, while SPYL.DE is traded in EUR. To make them comparable, the SPYL.DE values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, DFEU.L achieves a 1.23% return, which is significantly lower than SPYL.DE's 10.83% return.

DFEU.L

• 1D: -1.29%
• 1M: -3.91%
• YTD: 1.23%
• 6M: 7.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYL.DE

• 1D: 0.00%
• 1M: 6.51%
• YTD: 10.83%
• 6M: 10.73%
• 1Y: 29.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEU.L vs. SPYL.DE - Yearly Performance Comparison

	2026 (YTD)	2025
DFEU.L iShares Europe Defence UCITS ETF EUR Accumulating	1.23%	-14.38%
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Acc	10.55%	12.42%

Correlation

The correlation between DFEU.L and SPYL.DE is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.27

Return for Risk

DFEU.L vs. SPYL.DE — Risk / Return Rank

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

SPYL.DE

SPYL.DE Risk / Return Rank: 67
SPYL.DE Sharpe Ratio Rank: 65
SPYL.DE Sortino Ratio Rank: 63
SPYL.DE Omega Ratio Rank: 67
SPYL.DE Calmar Ratio Rank: 71
SPYL.DE Martin Ratio Rank: 68

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.

DFEU.L vs. SPYL.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Europe Defence UCITS ETF EUR Accumulating (DFEU.L) and State Street SPDR S&P 500 UCITS ETF USD 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DFEU.L	SPYL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	1.62	-2.06

Drawdowns

DFEU.L vs. SPYL.DE - Drawdown Comparison

The maximum DFEU.L drawdown since its inception was -20.99%, roughly equal to the maximum SPYL.DE drawdown of -22.01%. Use the drawdown chart below to compare losses from any high point for DFEU.L and SPYL.DE.

Drawdown Indicators

	DFEU.L	SPYL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-20.99%	-22.01%	+1.02%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.08%	—
Current Drawdown Current decline from peak	-15.78%	0.00%	-15.78%
Average Drawdown Average peak-to-trough decline	-10.14%	-2.87%	-7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.97%	—

Volatility

Volatility by Period

	DFEU.L	SPYL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.69%	11.11%	+21.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.69%	13.84%	+18.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.69%	13.84%	+18.85%

DFEU.L vs. SPYL.DE - Expense Ratio Comparison

DFEU.L has a 0.35% expense ratio, which is higher than SPYL.DE's 0.03% expense ratio.

Dividends

DFEU.L vs. SPYL.DE - Dividend Comparison

Neither DFEU.L nor SPYL.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DFEU.L and SPYL.DE in my portfolio?

DFEU.L and SPYL.DE have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFEU.L or SPYL.DE?

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.

Which ETF is cheaper, DFEU.L or SPYL.DE?

SPYL.DE is cheaper with a 0.03% expense ratio, compared with 0.35% for DFEU.L.

What is the main difference between DFEU.L and SPYL.DE?

DFEU.L is categorized as Aerospace & Defense, while SPYL.DE is S&P 500. DFEU.L tracks STOXX Europe Targeted Defence Index, while SPYL.DE tracks S&P 500. They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for DFEU.L and 0.03% for SPYL.DE.