PJEU.DE vs. ZPR1.DE
PJEU.DE (Invesco Euro Cash 3 Months UCITS ETF Acc) and ZPR1.DE (State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc)) are both Money Market funds - PJEU.DE tracks the FTSE Eurozone Government Bill 0-6 Month Capped Index while ZPR1.DE tracks the Bloomberg US Treasury Bills 1-3 Month Index. Both are passively managed. Over the past 5 years, PJEU.DE returned 1.77%/yr vs 4.28%/yr for ZPR1.DE. At a correlation of -0.01, they often move in opposite directions. PJEU.DE charges 0.09%/yr vs 0.05%/yr for ZPR1.DE.
Performance
PJEU.DE vs. ZPR1.DE - Performance Comparison
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Different Trading Currencies
PJEU.DE is traded in EUR, while ZPR1.DE is traded in USD. To make them comparable, the ZPR1.DE values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, PJEU.DE achieves a 0.88% return, which is significantly lower than ZPR1.DE's 4.60% 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%
ZPR1.DE
- 1D
- -0.01%
- 1M
- 1.73%
- 6M
- 4.36%
- YTD
- 4.60%
- 1Y
- 6.75%
- 3Y*
- 2.91%
- 5Y*
- 4.28%
- 10Y*
- —
PJEU.DE vs. ZPR1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PJEU.DE Invesco Euro Cash 3 Months UCITS ETF Acc | 0.88% | 2.33% | 3.61% | 2.91% | -0.44% | -0.76% | -0.60% | -0.29% |
ZPR1.DE State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) | 4.60% | -7.65% | 11.56% | 1.86% | 7.26% | 8.54% | -8.63% | 1.13% |
Correlation
The correlation between PJEU.DE and ZPR1.DE is 0.00, 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 | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | -0.01 |
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Return for Risk
PJEU.DE vs. ZPR1.DE — Risk / Return Rank
PJEU.DE
ZPR1.DE
PJEU.DE vs. ZPR1.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 State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) (ZPR1.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 | ZPR1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.20 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 1.75 | +1.95 |
| Martin ratioReturn relative to average drawdown | 10.42 | 4.47 | +5.95 |
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Drawdowns
PJEU.DE vs. ZPR1.DE - Drawdown Comparison
The maximum PJEU.DE drawdown since its inception was -4.67%, smaller than the maximum ZPR1.DE drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for PJEU.DE and ZPR1.DE.
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Drawdown Indicators
| PJEU.DE | ZPR1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.67% | -13.91% | +9.24% |
Max Drawdown (1Y)Largest decline over 1 year | -0.54% | -3.85% | +3.31% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -11.52% | +10.98% |
Max Drawdown (5Y)Largest decline over 5 years | -1.04% | -11.73% | +10.69% |
Max Drawdown (10Y)Largest decline over 10 years | -4.17% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | -5.08% | +5.00% |
Average DrawdownAverage peak-to-trough decline | -1.21% | -6.31% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 1.51% | -1.32% |
Volatility
PJEU.DE vs. ZPR1.DE - Volatility Comparison
The current volatility for Invesco Euro Cash 3 Months UCITS ETF Acc (PJEU.DE) is 0.24%, while State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) (ZPR1.DE) has a volatility of 1.62%. This indicates that PJEU.DE experiences smaller price fluctuations and is considered to be less risky than ZPR1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJEU.DE | ZPR1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.24% | 1.62% | -1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.43% | 4.40% | -2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 6.17% | -4.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.88% | 7.57% | -6.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.67% | 7.57% | -6.90% |
PJEU.DE vs. ZPR1.DE - Expense Ratio Comparison
PJEU.DE has a 0.09% expense ratio, which is higher than ZPR1.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. ZPR1.DE - Dividend Comparison
Neither PJEU.DE nor ZPR1.DE has paid dividends to shareholders.
Frequently Asked Questions
PJEU.DE and ZPR1.DE have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPR1.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPR1.DE is cheaper with a 0.05% expense ratio, compared with 0.09% for PJEU.DE.
PJEU.DE tracks FTSE Eurozone Government Bill 0-6 Month Capped Index, while ZPR1.DE tracks Bloomberg US Treasury Bills 1-3 Month Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.09% for PJEU.DE and 0.05% for ZPR1.DE.
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