ESEH.DE vs. SPYL.DE
ESEH.DE (BNP Paribas Easy S&P 500 UCITS ETF EUR H) and SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)) are both S&P 500 funds - ESEH.DE tracks the S&P 500 Composite (EUR Hedged) Net Return Index while SPYL.DE tracks the S&P 500 Index. Both are passively managed. Over the past year, ESEH.DE returned 18.72% vs 23.25% for SPYL.DE. A 0.78 correlation means they provide meaningful diversification when combined. ESEH.DE charges 0.14%/yr vs 0.03%/yr for SPYL.DE.
Performance
ESEH.DE vs. SPYL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ESEH.DE achieves a 8.70% return, which is significantly lower than SPYL.DE's 12.88% return.
ESEH.DE
- 1D
- 0.16%
- 1M
- 0.03%
- 6M
- 8.65%
- YTD
- 8.70%
- 1Y
- 18.72%
- 3Y*
- 17.27%
- 5Y*
- 10.34%
- 10Y*
- 12.49%
SPYL.DE
- 1D
- 0.00%
- 1M
- 1.25%
- 6M
- 11.87%
- YTD
- 12.88%
- 1Y
- 23.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ESEH.DE vs. SPYL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ESEH.DE BNP Paribas Easy S&P 500 UCITS ETF EUR H | 8.70% | 14.79% | 22.63% | 13.49% |
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) | 12.88% | 4.71% | 32.33% | 8.23% |
Correlation
The correlation between ESEH.DE and SPYL.DE is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | 0.78 |
The correlation between ESEH.DE and SPYL.DE has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.
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Return for Risk
ESEH.DE vs. SPYL.DE — Risk / Return Rank
ESEH.DE
SPYL.DE
ESEH.DE vs. SPYL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNP Paribas Easy S&P 500 UCITS ETF EUR H (ESEH.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.
| ESEH.DE | SPYL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.36 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 3.28 | -0.99 |
| Martin ratioReturn relative to average drawdown | 9.06 | 11.51 | -2.45 |
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Drawdowns
ESEH.DE vs. SPYL.DE - Drawdown Comparison
The maximum ESEH.DE drawdown since its inception was -94.54%, 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 ESEH.DE and SPYL.DE.
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Drawdown Indicators
| ESEH.DE | SPYL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.54% | -23.27% | -71.27% |
Max Drawdown (1Y)Largest decline over 1 year | -8.66% | -7.13% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -18.51% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.90% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -94.54% | — | — |
Current DrawdownCurrent decline from peak | -82.43% | -0.41% | -82.02% |
Average DrawdownAverage peak-to-trough decline | -68.20% | -3.27% | -64.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 2.03% | +0.15% |
Volatility
ESEH.DE vs. SPYL.DE - Volatility Comparison
BNP Paribas Easy S&P 500 UCITS ETF EUR H (ESEH.DE) and State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE) have volatilities of 2.73% and 2.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ESEH.DE | SPYL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 2.80% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 9.17% | 8.09% | +1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.09% | 12.01% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.02% | 14.93% | +1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 410.50% | 14.93% | +395.57% |
ESEH.DE vs. SPYL.DE - Expense Ratio Comparison
ESEH.DE has a 0.14% 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
ESEH.DE vs. SPYL.DE - Dividend Comparison
Neither ESEH.DE nor SPYL.DE has paid dividends to shareholders.
Frequently Asked Questions
ESEH.DE and SPYL.DE have a correlation of 0.84, 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 0.14% for ESEH.DE.
ESEH.DE tracks S&P 500 Composite (EUR Hedged) Net Return Index, while SPYL.DE tracks S&P 500 Index. They also come from different issuers: BNP Paribas Easy and State Street. Their fees differ too: 0.14% for ESEH.DE and 0.03% for SPYL.DE.
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