SPF1.DE vs. BMAX
Compare and contrast key facts about SPDR FTSE Global Convertible Bond EUR Hedged UCITS ETF Accumulating (SPF1.DE) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX).
SPF1.DE and BMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPF1.DE is a passively managed fund by SPDR that tracks the performance of the FTSE Qualified Global Convertible Index (EUR Hedged). It was launched on Jan 31, 2022. BMAX is an actively managed fund by REX. It was launched on Mar 13, 2025.
Performance
SPF1.DE vs. BMAX - Performance Comparison
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SPF1.DE vs. BMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPF1.DE SPDR FTSE Global Convertible Bond EUR Hedged UCITS ETF Accumulating | 4.46% | 18.02% |
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF | 1.21% | -19.38% |
Different Trading Currencies
SPF1.DE is traded in EUR, while BMAX is traded in USD. To make them comparable, the BMAX values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPF1.DE achieves a 4.46% return, which is significantly higher than BMAX's 1.21% return.
SPF1.DE
- 1D
- 3.28%
- 1M
- -3.12%
- YTD
- 4.46%
- 6M
- 8.14%
- 1Y
- 24.11%
- 3Y*
- 13.71%
- 5Y*
- 3.29%
- 10Y*
- —
BMAX
- 1D
- 0.28%
- 1M
- -1.95%
- YTD
- 1.21%
- 6M
- -19.09%
- 1Y
- -17.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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SPF1.DE vs. BMAX - Expense Ratio Comparison
SPF1.DE has a 0.55% expense ratio, which is lower than BMAX's 1.14% expense ratio.
Return for Risk
SPF1.DE vs. BMAX — Risk / Return Rank
SPF1.DE
BMAX
SPF1.DE vs. BMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE Global Convertible Bond EUR Hedged UCITS ETF Accumulating (SPF1.DE) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). 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.
| SPF1.DE | BMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.88 | -0.54 | +2.42 |
Sortino ratioReturn per unit of downside risk | 2.74 | -0.61 | +3.35 |
Omega ratioGain probability vs. loss probability | 1.38 | 0.93 | +0.45 |
Calmar ratioReturn relative to maximum drawdown | 3.53 | -0.47 | +3.99 |
Martin ratioReturn relative to average drawdown | 14.76 | -0.79 | +15.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPF1.DE | BMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | -0.54 | +2.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | -0.52 | +1.08 |
Correlation
The correlation between SPF1.DE and BMAX is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SPF1.DE vs. BMAX - Dividend Comparison
Neither SPF1.DE nor BMAX has paid dividends to shareholders.
Drawdowns
SPF1.DE vs. BMAX - Drawdown Comparison
The maximum SPF1.DE drawdown since its inception was -30.44%, smaller than the maximum BMAX drawdown of -32.30%. Use the drawdown chart below to compare losses from any high point for SPF1.DE and BMAX.
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Drawdown Indicators
| SPF1.DE | BMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.44% | -31.32% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.07% | -31.32% | +24.25% |
Max Drawdown (5Y)Largest decline over 5 years | -26.99% | — | — |
Current DrawdownCurrent decline from peak | -3.77% | -28.90% | +25.13% |
Average DrawdownAverage peak-to-trough decline | -11.55% | -15.10% | +3.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.64% | 18.53% | -16.89% |
Volatility
SPF1.DE vs. BMAX - Volatility Comparison
The current volatility for SPDR FTSE Global Convertible Bond EUR Hedged UCITS ETF Accumulating (SPF1.DE) is 5.68%, while REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) has a volatility of 6.11%. This indicates that SPF1.DE experiences smaller price fluctuations and is considered to be less risky than BMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPF1.DE | BMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.68% | 6.11% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 19.63% | -10.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.76% | 33.38% | -20.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.57% | 33.91% | -23.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.61% | 33.91% | -22.30% |