PABD vs. SPEU

Last updated Aug 4, 2026

PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and SPEU (SPDR Portfolio Europe ETF) are both exchange-traded funds - PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while SPEU is a Europe Equities fund tracking the STOXX Europe Total Market Index. Both are passively managed. Over the past year, PABD returned 22.78% vs 23.99% for SPEU. Their correlation of 0.94 means they have usually moved in the same direction. PABD charges 0.12%/yr vs 0.07%/yr for SPEU.

Performance

PABD vs. SPEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and SPDR Portfolio Europe ETF (SPEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PABD achieves a 9.56% return, which is significantly lower than SPEU's 10.30% return.

PABD

• 1D: 0.48%
• 1M: 0.77%
• 6M: 5.02%
• YTD: 9.56%
• 1Y: 22.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.35%

SPEU

• 1D: 0.43%
• 1M: 1.57%
• 6M: 4.71%
• YTD: 10.30%
• 1Y: 23.99%
• 3Y*: 17.35%
• 5Y*: 8.97%
• 10Y*: 9.89%
• ALL TIME*: 7.04%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	$83.86K	$55.85K	$338.84K
SPEU SPDR Portfolio Europe ETF	$1.30M	$1.27M	$1.69M

PABD vs. SPEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	9.56%	30.06%	5.32%
SPEU SPDR Portfolio Europe ETF	10.30%	35.80%	5.28%

Correlation

The correlation between PABD and SPEU is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.94

The correlation between PABD and SPEU has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

PABD vs. SPEU - Sectors Allocation Comparison

Sectors	PABD	SPEU
Financial Services	29.5%	23.7%
Industrials	16.0%	20.2%
Technology	14.5%	9.8%
Healthcare	12.2%	12.6%
Real Estate	6.2%	1.5%
Basic Materials	4.8%	5.3%
Consumer Cyclical	4.6%	7.1%
Utilities	4.6%	4.5%
Consumer Defensive	4.4%	8.0%
Communication Services	3.0%	2.8%
Energy	0.2%	4.6%

Return for Risk

PABD vs. SPEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PABD

PABD Risk / Return Rank: 53
PABD Sharpe Ratio Rank: 55
PABD Sortino Ratio Rank: 56
PABD Omega Ratio Rank: 53
PABD Calmar Ratio Rank: 48
PABD Martin Ratio Rank: 55

SPEU

SPEU Risk / Return Rank: 61
SPEU Sharpe Ratio Rank: 63
SPEU Sortino Ratio Rank: 64
SPEU Omega Ratio Rank: 61
SPEU Calmar Ratio Rank: 54
SPEU Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PABD vs. SPEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and SPDR Portfolio Europe ETF (SPEU). 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.

	PABD	SPEU	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.52	-0.11
Sortino ratio: Return per unit of downside risk	2.04	2.20	-0.15
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.82	1.99	-0.17
Martin ratio: Return relative to average drawdown	6.86	7.47	-0.61

PABD vs. SPEU - Sharpe Ratio Comparison

The current PABD Sharpe Ratio is 1.42, which is comparable to the SPEU Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of PABD and SPEU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PABD vs. SPEU - Drawdown Comparison

The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for PABD and SPEU.

Drawdown Indicators

	PABD	SPEU	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-62.45%	+49.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.55%	-12.09%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.83%	—
Current Drawdown Current decline from peak	-0.18%	-0.03%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.55%	-13.76%	+11.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.22%	+0.11%

Volatility

PABD vs. SPEU - Volatility Comparison

iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a higher volatility of 4.50% compared to SPDR Portfolio Europe ETF (SPEU) at 4.03%. This indicates that PABD's price experiences larger fluctuations and is considered to be riskier than SPEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PABD	SPEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.03%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	13.75%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	15.86%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	17.58%	-1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	18.15%	-2.55%

PABD vs. SPEU - Expense Ratio Comparison

PABD has a 0.12% expense ratio, which is higher than SPEU's 0.07% 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

PABD vs. SPEU - Dividend Comparison

PABD's dividend yield for the trailing twelve months is around 2.98%, less than SPEU's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	2.98%	2.74%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEU SPDR Portfolio Europe ETF	3.35%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both PABD and SPEU in my portfolio?

With a correlation of 0.95, PABD and SPEU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PABD or SPEU?

PABD has higher volatility (4.50%) compared to SPEU (4.03%). In terms of maximum drawdown, PABD dropped -13.37% vs SPEU's -62.45%.

Which ETF is better, PABD or SPEU?

On 1-year performance, SPEU leads with 23.99% vs 22.78% for PABD. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PABD or SPEU?

Over the 1-year period, SPEU has performed better with a 23.99% return vs 22.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PABD or SPEU?

SPEU is cheaper with a 0.07% expense ratio, compared with 0.12% for PABD.

Which ETF pays a higher dividend yield, PABD or SPEU?

SPEU has the higher dividend yield at 3.35%, compared with 2.98% for PABD.

What is the main difference between PABD and SPEU?

PABD is categorized as Foreign Large Cap Equities, while SPEU is Europe Equities. PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while SPEU tracks STOXX Europe Total Market Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.12% for PABD and 0.07% for SPEU.

Which has better risk-adjusted returns?

SPEU currently has the higher Sharpe Ratio (1.52 vs 1.42), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.