SPEU vs. ITA

Last updated Jun 14, 2026

SPEU (SPDR Portfolio Europe ETF) and ITA (iShares U.S. Aerospace & Defense ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market, while ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past 10 years, SPEU returned 10.17%/yr vs 15.34%/yr for ITA. A 0.62 correlation means they provide meaningful diversification when combined. SPEU charges 0.09%/yr vs 0.38%/yr for ITA.

Performance

SPEU vs. ITA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and iShares U.S. Aerospace & Defense ETF (ITA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEU achieves a 7.38% return, which is significantly lower than ITA's 8.97% return. Over the past 10 years, SPEU has underperformed ITA with an annualized return of 10.17%, while ITA has yielded a comparatively higher 15.34% annualized return.

SPEU

• 1D: 0.18%
• 1M: 2.29%
• YTD: 7.38%
• 6M: 9.85%
• 1Y: 19.59%
• 3Y*: 16.58%
• 5Y*: 8.33%
• 10Y*: 10.17%

ITA

• 1D: -0.95%
• 1M: 4.16%
• YTD: 8.97%
• 6M: 11.71%
• 1Y: 30.42%
• 3Y*: 27.30%
• 5Y*: 16.86%
• 10Y*: 15.34%

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

SPEU vs. ITA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEU SPDR Portfolio Europe ETF	7.38%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%
ITA iShares U.S. Aerospace & Defense ETF	8.97%	48.64%	15.81%	14.33%	9.96%	9.39%	-13.57%	30.51%	-7.22%	35.24%

Correlation

The correlation between SPEU and ITA is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 5, 2006	0.62

The correlation between SPEU and ITA shifts across timeframes, from 0.44 (3 years) to 0.62 (all time), reflecting how their relationship changes across market environments.

SPEU vs. ITA - Sectors Allocation Comparison

Sectors	SPEU	ITA
Financial Services	12.9%	-
Healthcare	9.1%	-
Technology	8.6%	0.1%
Industrials	6.2%	99.8%
Energy	4.7%	-
Consumer Defensive	3.5%	-
Consumer Cyclical	3.4%	-
Basic Materials	3.3%	-
Utilities	1.3%	-
Communication Services	1.1%	-
Real Estate	0.4%	-

Return for Risk

SPEU vs. ITA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPEU

SPEU Risk / Return Rank: 35
SPEU Sharpe Ratio Rank: 35
SPEU Sortino Ratio Rank: 35
SPEU Omega Ratio Rank: 34
SPEU Calmar Ratio Rank: 34
SPEU Martin Ratio Rank: 39

ITA

ITA Risk / Return Rank: 44
ITA Sharpe Ratio Rank: 47
ITA Sortino Ratio Rank: 48
ITA Omega Ratio Rank: 43
ITA Calmar Ratio Rank: 45
ITA Martin Ratio Rank: 38

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.

SPEU vs. ITA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and iShares U.S. Aerospace & Defense ETF (ITA). 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.

	SPEU	ITA	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.43	-0.31
Sortino ratio: Return per unit of downside risk	1.67	2.11	-0.44
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.05
Calmar ratio: Return relative to maximum drawdown	1.48	1.97	-0.49
Martin ratio: Return relative to average drawdown	5.42	5.20	+0.21

SPEU vs. ITA - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.13, which is comparable to the ITA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SPEU and ITA, 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

SPEU vs. ITA - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, roughly equal to the maximum ITA drawdown of -59.72%. Use the drawdown chart below to compare losses from any high point for SPEU and ITA.

Drawdown Indicators

	SPEU	ITA	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-59.72%	-2.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-15.82%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-15.82%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	-18.72%	-13.98%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	-51.00%	+14.17%
Current Drawdown Current decline from peak	-0.67%	-6.64%	+5.97%
Average Drawdown Average peak-to-trough decline	-13.83%	-9.45%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	5.97%	-2.66%

Volatility

SPEU vs. ITA - Volatility Comparison

The current volatility for SPDR Portfolio Europe ETF (SPEU) is 5.81%, while iShares U.S. Aerospace & Defense ETF (ITA) has a volatility of 9.07%. This indicates that SPEU experiences smaller price fluctuations and is considered to be less risky than ITA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEU	ITA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	9.07%	-3.26%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	18.47%	-5.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	21.74%	-5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	20.21%	-2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	23.22%	-4.71%

SPEU vs. ITA - Expense Ratio Comparison

SPEU has a 0.09% expense ratio, which is lower than ITA's 0.38% expense ratio.

Dividends

SPEU vs. ITA - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.33%, more than ITA's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITA iShares U.S. Aerospace & Defense ETF	0.46%	0.55%	0.85%	0.93%	0.95%	0.82%	1.07%	1.54%	1.13%	0.91%	1.07%	1.04%
SPEU SPDR Portfolio Europe ETF	3.33%	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 SPEU and ITA in my portfolio?

SPEU and ITA have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEU or ITA?

ITA has higher volatility (9.07%) compared to SPEU (5.81%). In terms of maximum drawdown, SPEU dropped -62.45% vs ITA's -59.72%.

Which ETF is better, SPEU or ITA?

On 10-year performance, ITA leads with 15.34% vs 10.17% for SPEU. On fees, SPEU is cheaper at 0.09% per year. On volatility, SPEU has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEU or ITA?

Over the 10-year period, ITA has performed better with a 15.34% return vs 10.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEU or ITA?

SPEU is cheaper with a 0.09% expense ratio, compared with 0.38% for ITA.

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

SPEU has the higher dividend yield at 3.33%, compared with 0.46% for ITA.

What is the main difference between SPEU and ITA?

SPEU is categorized as Europe Equities, while ITA is Aerospace & Defense. SPEU tracks STOXX Europe Total Market, while ITA tracks Dow Jones U.S. Select Aerospace & Defense Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.09% for SPEU and 0.38% for ITA.

Which has better risk-adjusted returns?

ITA currently has the higher Sharpe Ratio (1.43 vs 1.13), 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.