ETZ.PA vs. SPYL.DE
ETZ.PA (BNP Paribas Easy Stoxx Europe 600 UCITS ETF EUR C) and SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)) are both exchange-traded funds - ETZ.PA is a Europe Equities fund tracking the STOXX Europe 600 NR, while SPYL.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, ETZ.PA returned 16.29% vs 25.56% for SPYL.DE. A 0.54 correlation means they provide meaningful diversification when combined. ETZ.PA charges 0.18%/yr vs 0.03%/yr for SPYL.DE.
Performance
ETZ.PA vs. SPYL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ETZ.PA achieves a 7.27% return, which is significantly lower than SPYL.DE's 11.37% return.
ETZ.PA
- 1D
- 0.61%
- 1M
- 3.05%
- YTD
- 7.27%
- 6M
- 9.83%
- 1Y
- 16.29%
- 3Y*
- 13.70%
- 5Y*
- 9.62%
- 10Y*
- 9.18%
SPYL.DE
- 1D
- -0.15%
- 1M
- 4.36%
- YTD
- 11.37%
- 6M
- 10.86%
- 1Y
- 25.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETZ.PA vs. SPYL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ETZ.PA BNP Paribas Easy Stoxx Europe 600 UCITS ETF EUR C | 7.27% | 19.14% | 9.68% | 9.81% |
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 ETZ.PA and SPYL.DE is 0.60, 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 | 0.60 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | 0.54 |
The correlation between ETZ.PA and SPYL.DE has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.
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Return for Risk
ETZ.PA vs. SPYL.DE — Risk / Return Rank
ETZ.PA
SPYL.DE
ETZ.PA vs. SPYL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNP Paribas Easy Stoxx Europe 600 UCITS ETF EUR C (ETZ.PA) 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.
| ETZ.PA | SPYL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.41 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 3.58 | -1.87 |
| Martin ratioReturn relative to average drawdown | 6.40 | 12.72 | -6.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETZ.PA | SPYL.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 2.21 | -1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 1.54 | -1.12 |
Drawdowns
ETZ.PA vs. SPYL.DE - Drawdown Comparison
The maximum ETZ.PA drawdown since its inception was -44.31%, 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 ETZ.PA and SPYL.DE.
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Drawdown Indicators
| ETZ.PA | SPYL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.31% | -23.27% | -21.04% |
Max Drawdown (1Y)Largest decline over 1 year | -9.41% | -7.13% | -2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -16.28% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.10% | — | — |
Current DrawdownCurrent decline from peak | -1.61% | -0.46% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -6.48% | -3.24% | -3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 2.01% | +0.51% |
Volatility
ETZ.PA vs. SPYL.DE - Volatility Comparison
BNP Paribas Easy Stoxx Europe 600 UCITS ETF EUR C (ETZ.PA) has a higher volatility of 4.36% compared to State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE) at 2.66%. This indicates that ETZ.PA'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
| ETZ.PA | SPYL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 2.66% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 11.34% | 7.57% | +3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.34% | 11.52% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.52% | 14.61% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.93% | 14.61% | +1.32% |
ETZ.PA vs. SPYL.DE - Expense Ratio Comparison
ETZ.PA has a 0.18% 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
ETZ.PA vs. SPYL.DE - Dividend Comparison
Neither ETZ.PA nor SPYL.DE has paid dividends to shareholders.
Frequently Asked Questions
ETZ.PA and SPYL.DE have a correlation of 0.60, 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 0.18% for ETZ.PA.
ETZ.PA is categorized as Europe Equities, while SPYL.DE is S&P 500. ETZ.PA tracks STOXX Europe 600 NR, while SPYL.DE tracks S&P 500 Index. They also come from different issuers: BNP Paribas and State Street. Their fees differ too: 0.18% for ETZ.PA and 0.03% for SPYL.DE.
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