SPEU vs. SPY

Last updated Jun 24, 2026

SPEU (SPDR Portfolio Europe ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPEU returned 10.12%/yr vs 15.53%/yr for SPY. A 0.73 correlation means they provide meaningful diversification when combined. SPEU charges 0.07%/yr vs 0.09%/yr for SPY.

Performance

SPEU vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEU achieves a 5.69% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, SPEU has underperformed SPY with an annualized return of 10.12%, while SPY has yielded a comparatively higher 15.53% annualized return.

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%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

SPEU vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEU SPDR Portfolio Europe ETF	5.69%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPEU and SPY is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 21, 2002	0.73

The correlation between SPEU and SPY has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

SPEU vs. SPY - Sectors Allocation Comparison

Sectors	SPEU	SPY
Financial Services	23.1%	11.1%
Industrials	20.0%	7.8%
Healthcare	11.2%	8.3%
Technology	10.1%	39.0%
Consumer Defensive	7.7%	4.5%
Consumer Cyclical	6.5%	9.9%
Basic Materials	6.0%	1.7%
Energy	5.5%	3.1%
Utilities	4.8%	2.1%
Communication Services	3.4%	10.6%
Real Estate	1.7%	1.8%

Return for Risk

SPEU vs. SPY — Risk / Return Rank

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

SPEU

SPEU Risk / Return Rank: 34
SPEU Sharpe Ratio Rank: 34
SPEU Sortino Ratio Rank: 35
SPEU Omega Ratio Rank: 33
SPEU Calmar Ratio Rank: 32
SPEU Martin Ratio Rank: 38

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.90	-0.71
Sortino ratio: Return per unit of downside risk	1.75	2.58	-0.83
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	1.55	2.67	-1.11
Martin ratio: Return relative to average drawdown	5.68	11.92	-6.24

SPEU vs. SPY - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.19, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SPEU and SPY, 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. SPY - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPEU and SPY.

Drawdown Indicators

	SPEU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-55.19%	-7.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-8.88%	-3.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-18.76%	+4.59%
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	-24.50%	-8.20%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	-33.72%	-3.11%
Current Drawdown Current decline from peak	-2.23%	-3.17%	+0.94%
Average Drawdown Average peak-to-trough decline	-13.82%	-9.04%	-4.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	1.98%	+1.32%

Volatility

SPEU vs. SPY - Volatility Comparison

SPDR Portfolio Europe ETF (SPEU) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.97% and 4.87%, 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.

Volatility by Period

	SPEU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	4.87%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	9.85%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	12.50%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.58%	17.15%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	17.95%	+0.24%

SPEU vs. SPY - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPEU vs. SPY - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.50%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPEU and SPY in my portfolio?

SPEU and SPY have a correlation of 0.74, 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 SPY?

SPEU has higher volatility (4.97%) compared to SPY (4.87%). In terms of maximum drawdown, SPEU dropped -62.45% vs SPY's -55.19%.

Which ETF is better, SPEU or SPY?

On 10-year performance, SPY leads with 15.53% vs 10.12% for SPEU. On fees, SPEU is cheaper at 0.07% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEU or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 10.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEU or SPY?

SPEU is cheaper with a 0.07% expense ratio, compared with 0.09% for SPY.

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

SPEU has the higher dividend yield at 3.50%, compared with 1.03% for SPY.

What is the main difference between SPEU and SPY?

SPEU is categorized as Europe Equities, while SPY is S&P 500. SPEU tracks STOXX Europe Total Market Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.07% for SPEU and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 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.