PJEU.DE vs. P500.DE
PJEU.DE (Invesco Euro Cash 3 Months UCITS ETF Acc) and P500.DE (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - PJEU.DE is a Money Market fund tracking the FTSE Eurozone Government Bill 0-6 Month Capped Index, while P500.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PJEU.DE returned 0.56%/yr vs 15.07%/yr for P500.DE. At a 0.03 correlation, their price movements are largely independent. PJEU.DE charges 0.09%/yr vs 0.05%/yr for P500.DE.
Performance
PJEU.DE vs. P500.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PJEU.DE achieves a 0.88% return, which is significantly lower than P500.DE's 12.30% return. Over the past 10 years, PJEU.DE has underperformed P500.DE with an annualized return of 0.56%, while P500.DE has yielded a comparatively higher 15.07% annualized return.
PJEU.DE
- 1D
- -0.01%
- 1M
- 0.14%
- 6M
- 0.79%
- YTD
- 0.88%
- 1Y
- 1.99%
- 3Y*
- 2.87%
- 5Y*
- 1.77%
- 10Y*
- 0.56%
P500.DE
- 1D
- 0.23%
- 1M
- 0.61%
- 6M
- 13.07%
- YTD
- 12.30%
- 1Y
- 24.17%
- 3Y*
- 18.56%
- 5Y*
- 13.90%
- 10Y*
- 15.07%
PJEU.DE vs. P500.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc | 0.88% | 2.33% | 3.61% | 2.91% | -0.44% | -0.76% | -0.60% | -0.48% | -0.71% | -0.79% |
P500.DE Invesco S&P 500 UCITS ETF | 12.30% | 4.83% | 32.66% | 22.56% | -14.02% | 41.17% | 6.99% | 34.95% | -1.01% | 6.74% |
Correlation
The correlation between PJEU.DE and P500.DE is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2011 | 0.03 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PJEU.DE vs. P500.DE — Risk / Return Rank
PJEU.DE
P500.DE
PJEU.DE vs. P500.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) and Invesco S&P 500 UCITS ETF (P500.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.
| PJEU.DE | P500.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.37 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 3.39 | +0.31 |
| Martin ratioReturn relative to average drawdown | 10.42 | 12.01 | -1.59 |
Loading charts...
Drawdowns
PJEU.DE vs. P500.DE - Drawdown Comparison
The maximum PJEU.DE drawdown since its inception was -4.67%, smaller than the maximum P500.DE drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for PJEU.DE and P500.DE.
Loading charts...
Drawdown Indicators
| PJEU.DE | P500.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.67% | -33.85% | +29.18% |
Max Drawdown (1Y)Largest decline over 1 year | -0.54% | -7.10% | +6.56% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -23.39% | +22.85% |
Max Drawdown (5Y)Largest decline over 5 years | -1.04% | -23.39% | +22.35% |
Max Drawdown (10Y)Largest decline over 10 years | -4.17% | -33.85% | +29.68% |
Current DrawdownCurrent decline from peak | -0.08% | -0.60% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -1.21% | -3.84% | +2.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 2.01% | -1.82% |
Volatility
PJEU.DE vs. P500.DE - Volatility Comparison
The current volatility for Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) is 0.24%, while Invesco S&P 500 UCITS ETF (P500.DE) has a volatility of 3.66%. This indicates that PJEU.DE experiences smaller price fluctuations and is considered to be less risky than P500.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PJEU.DE | P500.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.24% | 3.66% | -3.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.43% | 8.08% | -6.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 12.00% | -10.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.88% | 15.22% | -14.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.67% | 16.07% | -15.40% |
PJEU.DE vs. P500.DE - Expense Ratio Comparison
PJEU.DE has a 0.09% expense ratio, which is higher than P500.DE's 0.05% 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
PJEU.DE vs. P500.DE - Dividend Comparison
Neither PJEU.DE nor P500.DE has paid dividends to shareholders.
Frequently Asked Questions
PJEU.DE and P500.DE have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, P500.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
P500.DE is cheaper with a 0.05% expense ratio, compared with 0.09% for PJEU.DE.
PJEU.DE is categorized as Money Market, while P500.DE is S&P 500. PJEU.DE tracks FTSE Eurozone Government Bill 0-6 Month Capped Index, while P500.DE tracks S&P 500 Index. Their fees differ too: 0.09% for PJEU.DE and 0.05% for P500.DE.
Find the right allocation for PJEU.DE and P500.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer