SPEH.L vs. CSP1.L
SPEH.L (iShares Spain Govt Bond UCITS ETF USD Hedged (Acc)) and CSP1.L (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - SPEH.L is a Government Bonds fund tracking the iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), while CSP1.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, SPEH.L returned -0.14%/yr vs 13.16%/yr for CSP1.L. At a 0.06 correlation, their price movements are largely independent. SPEH.L charges 0.22%/yr vs 0.07%/yr for CSP1.L.
Performance
SPEH.L vs. CSP1.L - Performance Comparison
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Different Trading Currencies
SPEH.L is traded in USD, while CSP1.L is traded in GBp. To make them comparable, the CSP1.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPEH.L achieves a 0.87% return, which is significantly lower than CSP1.L's 10.64% return.
SPEH.L
- 1D
- -0.17%
- 1M
- -0.68%
- 6M
- 0.34%
- YTD
- 0.87%
- 1Y
- 3.37%
- 3Y*
- 5.12%
- 5Y*
- -0.14%
- 10Y*
- —
CSP1.L
- 1D
- 0.64%
- 1M
- 0.52%
- 6M
- 10.36%
- YTD
- 10.64%
- 1Y
- 22.24%
- 3Y*
- 20.23%
- 5Y*
- 13.16%
- 10Y*
- 15.00%
SPEH.L vs. CSP1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPEH.L iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) | 0.87% | 3.59% | 4.70% | 9.02% | -16.01% | -2.52% | 5.30% | 11.64% | 1.72% |
CSP1.L iShares Core S&P 500 UCITS ETF | 10.64% | 17.63% | 25.22% | 26.11% | -18.77% | 29.88% | 17.14% | 31.49% | -6.68% |
Correlation
The correlation between SPEH.L and CSP1.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2018 | 0.06 |
Over the past year, SPEH.L and CSP1.L have become more correlated (0.38) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
SPEH.L vs. CSP1.L — Risk / Return Rank
SPEH.L
CSP1.L
SPEH.L vs. CSP1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) and iShares Core S&P 500 UCITS ETF (CSP1.L). 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.
| SPEH.L | CSP1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.33 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 2.55 | -1.51 |
| Martin ratioReturn relative to average drawdown | 3.13 | 10.42 | -7.28 |
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Drawdowns
SPEH.L vs. CSP1.L - Drawdown Comparison
The maximum SPEH.L drawdown since its inception was -19.03%, smaller than the maximum CSP1.L drawdown of -33.51%. Use the drawdown chart below to compare losses from any high point for SPEH.L and CSP1.L.
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Drawdown Indicators
| SPEH.L | CSP1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -33.51% | +14.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -8.68% | +5.46% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -19.33% | +15.79% |
Max Drawdown (5Y)Largest decline over 5 years | -18.21% | -25.16% | +6.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.51% | — |
Current DrawdownCurrent decline from peak | -2.84% | -0.22% | -2.62% |
Average DrawdownAverage peak-to-trough decline | -6.16% | -4.07% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 2.13% | -1.06% |
Volatility
SPEH.L vs. CSP1.L - Volatility Comparison
The current volatility for iShares Spain Govt Bond UCITS ETF USD Hedged (Acc) (SPEH.L) is 1.16%, while iShares Core S&P 500 UCITS ETF (CSP1.L) has a volatility of 3.12%. This indicates that SPEH.L experiences smaller price fluctuations and is considered to be less risky than CSP1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEH.L | CSP1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 3.12% | -1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 8.66% | -5.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 11.64% | -7.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 20.99% | -14.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 18.84% | -13.02% |
SPEH.L vs. CSP1.L - Expense Ratio Comparison
SPEH.L has a 0.22% expense ratio, which is higher than CSP1.L'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
SPEH.L vs. CSP1.L - Dividend Comparison
Neither SPEH.L nor CSP1.L has paid dividends to shareholders.
Frequently Asked Questions
SPEH.L and CSP1.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSP1.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSP1.L is cheaper with a 0.07% expense ratio, compared with 0.22% for SPEH.L.
SPEH.L is categorized as Government Bonds, while CSP1.L is S&P 500. SPEH.L tracks iShares Spain Govt Bond UCITS ETF USD Hedged (Acc), while CSP1.L tracks S&P 500 Index. Their fees differ too: 0.22% for SPEH.L and 0.07% for CSP1.L.
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