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PABD vs. SPEU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PABD vs. SPEU

Last updated Jun 24, 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 19.72% vs 18.69% for SPEU. Their correlation of 0.94 suggests significant overlap in exposure. 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.

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Returns By Period

In the year-to-date period, PABD achieves a 6.96% return, which is significantly higher than SPEU's 5.69% return.

PABD

1D
-1.88%
1M
0.85%
YTD
6.96%
6M
6.59%
1Y
19.72%
3Y*
—
5Y*
—
10Y*
—

SPEU

1D
-1.28%
1M
-0.38%
YTD
5.69%
6M
5.86%
1Y
18.69%
3Y*
16.48%
5Y*
8.37%
10Y*
10.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PABD vs. SPEU - Yearly Performance Comparison

2026 (YTD)20252024
PABD
iShares Paris-Aligned Climate MSCI World Ex USA ETF		6.96%30.06%5.32%
SPEU
SPDR Portfolio Europe ETF		5.69%35.80%5.28%

Correlation

The correlation between PABD and SPEU is 0.95, 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

0.95

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

29.8%
23.1%

Industrials

15.7%
20.0%

Technology

14.5%
10.1%

Healthcare

11.4%
11.2%

Real Estate

6.1%
1.7%

Basic Materials

5.0%
6.0%

Consumer Cyclical

4.7%
6.5%

Consumer Defensive

4.7%
7.7%

Utilities

4.4%
4.8%

Communication Services

3.1%
3.4%

Energy

0.2%
5.5%

Financial Services

PABD
29.8%
SPEU
23.1%

Industrials

PABD
15.7%
SPEU
20.0%

Technology

PABD
14.5%
SPEU
10.1%

Healthcare

PABD
11.4%
SPEU
11.2%

Real Estate

PABD
6.1%
SPEU
1.7%

Basic Materials

PABD
5.0%
SPEU
6.0%

Consumer Cyclical

PABD
4.7%
SPEU
6.5%

Consumer Defensive

PABD
4.7%
SPEU
7.7%

Utilities

PABD
4.4%
SPEU
4.8%

Communication Services

PABD
3.1%
SPEU
3.4%

Energy

PABD
0.2%
SPEU
5.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Paris-Aligned Climate MSCI World Ex USA ETF

SPDR Portfolio Europe ETF

Often compared with PABD:
PABD vs. ESMVPABD vs. CVIEPABD vs. DMXFPABD vs. VOOPABD vs. CHPSPABD vs. ESGDPABD vs. BBEU
Often compared with SPEU:
SPEU vs. VGKSPEU vs. FLEESPEU vs. IEVSPEU vs. VXUSSPEU vs. GMFSPEU vs. IEUSSPEU vs. IOO

Return for Risk

PABD vs. SPEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PABD
PABD Risk / Return Rank: 3636
Overall Rank
PABD Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
PABD Sortino Ratio Rank: 3737
Sortino Ratio Rank
PABD Omega Ratio Rank: 3636
Omega Ratio Rank
PABD Calmar Ratio Rank: 3333
Calmar Ratio Rank
PABD Martin Ratio Rank: 4040
Martin Ratio Rank
SPEU
SPEU Risk / Return Rank: 3434
Overall Rank
SPEU Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
SPEU Sortino Ratio Rank: 3535
Sortino Ratio Rank
SPEU Omega Ratio Rank: 3333
Omega Ratio Rank
SPEU Calmar Ratio Rank: 3232
Calmar Ratio Rank
SPEU Martin Ratio Rank: 3838
Martin Ratio Rank
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.

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.

PABDSPEUDifference
Sharpe ratioReturn per unit of total volatility
1.24
1.19

+0.05

Sortino ratioReturn per unit of downside risk
1.81
1.75

+0.05

Omega ratioGain probability vs. loss probability

1.22

1.21

+0.01

Calmar ratioReturn relative to maximum drawdown

1.58

1.55

+0.03

Martin ratioReturn relative to average drawdown

5.90

5.68

+0.21

PABD vs. SPEU - Sharpe Ratio Comparison

The current PABD Sharpe Ratio is 1.24, which is comparable to the SPEU Sharpe Ratio of 1.19. 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.

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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.

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Drawdown Indicators

PABDSPEUDifference

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

-1.88%

-2.23%

+0.35%

Average Drawdown

Average peak-to-trough decline

-2.61%

-13.82%

+11.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

3.30%

+0.05%

Volatility

PABD vs. SPEU - Volatility Comparison

iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) and SPDR Portfolio Europe ETF (SPEU) have volatilities of 5.21% and 4.97%, 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

PABDSPEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.21%

4.97%

+0.24%

Volatility (6M)

Calculated over the trailing 6-month period

13.67%

13.42%

+0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

16.03%

15.82%

+0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.66%

17.58%

-1.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

18.19%

-2.53%

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 3.05%, less than SPEU's 3.50% yield.

PositionTTM20252024202320222021202020192018201720162015
PABD
iShares Paris-Aligned Climate MSCI World Ex USA ETF		3.05%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		3.50%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

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.

PABD has higher volatility (5.21%) compared to SPEU (4.97%). In terms of maximum drawdown, PABD dropped -13.37% vs SPEU's -62.45%.

On 1-year performance, PABD leads with 19.72% vs 18.69% for SPEU. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPEU has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, PABD has performed better with a 19.72% return vs 18.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPEU has the higher dividend yield at 3.50%, compared with 3.05% for PABD.

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.

PABD currently has the higher Sharpe Ratio (1.24 vs 1.19), 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.

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