SPEU vs. SPYG

Last updated Jun 4, 2026

SPEU (SPDR Portfolio Europe ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, SPEU returned 9.17%/yr vs 18.20%/yr for SPYG. A 0.68 correlation means they provide meaningful diversification when combined. SPEU charges 0.09%/yr vs 0.04%/yr for SPYG.

Performance

SPEU vs. SPYG - Performance Comparison

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

Returns By Period

In the year-to-date period, SPEU achieves a 5.34% return, which is significantly lower than SPYG's 13.75% return. Over the past 10 years, SPEU has underperformed SPYG with an annualized return of 9.17%, while SPYG has yielded a comparatively higher 18.20% annualized return.

SPEU

• 1D: -1.25%
• 1M: 2.61%
• YTD: 5.34%
• 6M: 8.65%
• 1Y: 17.93%
• 3Y*: 16.24%
• 5Y*: 8.03%
• 10Y*: 9.17%

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

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

SPEU vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEU SPDR Portfolio Europe ETF	5.34%	35.80%	1.93%	19.85%	-15.97%	16.20%	6.35%	26.15%	-13.79%	23.80%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between SPEU and SPYG is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 22, 2002	0.68

The correlation between SPEU and SPYG shifts across timeframes, from 0.57 (3 years) to 0.68 (all time), reflecting how their relationship changes across market environments.

SPEU vs. SPYG - Sectors Allocation Comparison

Sectors	SPEU	SPYG
Financial Services	13.3%	8.5%
Healthcare	10.4%	5.8%
Technology	9.2%	51.9%
Industrials	6.1%	5.0%
Energy	5.3%	0.1%
Consumer Defensive	3.6%	1.0%
Basic Materials	3.4%	0.3%
Consumer Cyclical	3.3%	8.9%
Real Estate	1.6%	0.6%
Utilities	1.5%	1.2%
Communication Services	0.9%	16.8%

Return for Risk

SPEU vs. SPYG — Risk / Return Rank

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

SPEU

SPEU Risk / Return Rank: 32
SPEU Sharpe Ratio Rank: 32
SPEU Sortino Ratio Rank: 31
SPEU Omega Ratio Rank: 30
SPEU Calmar Ratio Rank: 30
SPEU Martin Ratio Rank: 35

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

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. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

	SPEU	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.17	2.12	-0.95
Sortino ratio: Return per unit of downside risk	1.71	2.90	-1.19
Omega ratio: Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	1.49	2.48	-0.99
Martin ratio: Return relative to average drawdown	5.47	10.25	-4.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPEU vs. SPYG - Sharpe Ratio Comparison

The current SPEU Sharpe Ratio is 1.17, which is lower than the SPYG Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SPEU and SPYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPEU	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	2.12	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.76	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.88	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.35	-0.04

Drawdowns

SPEU vs. SPYG - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for SPEU and SPYG.

Drawdown Indicators

	SPEU	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-67.63%	+5.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-13.76%	+1.67%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-22.14%	+7.97%
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	-32.67%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	-32.67%	-4.16%
Current Drawdown Current decline from peak	-2.56%	-1.13%	-1.43%
Average Drawdown Average peak-to-trough decline	-13.85%	-24.33%	+10.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	3.32%	-0.03%

Volatility

SPEU vs. SPYG - Volatility Comparison

SPDR Portfolio Europe ETF (SPEU) has a higher volatility of 5.75% compared to State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) at 4.35%. This indicates that SPEU's price experiences larger fluctuations and is considered to be riskier than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEU	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	4.35%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	12.46%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	16.06%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	21.17%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	20.64%	-2.13%

SPEU vs. SPYG - Expense Ratio Comparison

SPEU has a 0.09% expense ratio, which is higher than SPYG's 0.04% 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

SPEU vs. SPYG - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.40%, more than SPYG's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPEU SPDR Portfolio Europe ETF	3.40%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPEU and SPYG in my portfolio?

SPEU and SPYG have a correlation of 0.63, 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 SPYG?

SPEU has higher volatility (5.75%) compared to SPYG (4.35%). In terms of maximum drawdown, SPEU dropped -62.45% vs SPYG's -67.63%.

Which ETF is better, SPEU or SPYG?

On 10-year performance, SPYG leads with 18.20% vs 9.17% for SPEU. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPEU or SPYG?

Over the 10-year period, SPYG has performed better with a 18.20% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPEU or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.09% for SPEU.

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

SPEU has the higher dividend yield at 3.40%, compared with 0.47% for SPYG.

What is the main difference between SPEU and SPYG?

SPEU is categorized as Europe Equities, while SPYG is S&P 500. SPEU tracks STOXX Europe Total Market, while SPYG tracks S&P 500 Growth Index. Their fees differ too: 0.09% for SPEU and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (2.12 vs 1.17), 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.