SPF2.DE vs. SPPY.DE

Last updated Jun 5, 2026

SPF2.DE (SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)) and SPPY.DE (State Street SPDR S&P 500 Leaders UCITS ETF) are both exchange-traded funds - SPF2.DE is a Convertible Bonds fund tracking the FTSE Qualified Global Convertible Index, while SPPY.DE is a S&P 500 fund tracking the S&P 500 Scored & Screened Leaders Index. Both are passively managed. Over the past 3 years, SPF2.DE returned 19.76%/yr vs 22.11%/yr for SPPY.DE. A 0.72 correlation means they provide meaningful diversification when combined. SPF2.DE charges 0.50%/yr vs 0.10%/yr for SPPY.DE.

Performance

SPF2.DE vs. SPPY.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist) (SPF2.DE) and State Street SPDR S&P 500 Leaders UCITS ETF (SPPY.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPF2.DE is traded in USD, while SPPY.DE is traded in EUR. To make them comparable, the SPPY.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPF2.DE achieves a 18.08% return, which is significantly higher than SPPY.DE's 9.80% return.

SPF2.DE

• 1D: -0.33%
• 1M: 4.31%
• YTD: 18.08%
• 6M: 20.36%
• 1Y: 36.83%
• 3Y*: 19.76%
• 5Y*: —
• 10Y*: —

SPPY.DE

• 1D: 0.70%
• 1M: 4.39%
• YTD: 9.80%
• 6M: 11.40%
• 1Y: 30.57%
• 3Y*: 22.11%
• 5Y*: 14.55%
• 10Y*: —

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

SPF2.DE vs. SPPY.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPF2.DE SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)	18.08%	23.43%	10.05%	14.59%	-13.22%
SPPY.DE State Street SPDR S&P 500 Leaders UCITS ETF	9.80%	17.91%	25.27%	30.93%	-14.11%

Correlation

The correlation between SPF2.DE and SPPY.DE is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.72

The correlation between SPF2.DE and SPPY.DE has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

Return for Risk

SPF2.DE vs. SPPY.DE — Risk / Return Rank

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

SPF2.DE

SPF2.DE Risk / Return Rank: 93
SPF2.DE Sharpe Ratio Rank: 92
SPF2.DE Sortino Ratio Rank: 94
SPF2.DE Omega Ratio Rank: 94
SPF2.DE Calmar Ratio Rank: 91
SPF2.DE Martin Ratio Rank: 93

SPPY.DE

SPPY.DE Risk / Return Rank: 78
SPPY.DE Sharpe Ratio Rank: 76
SPPY.DE Sortino Ratio Rank: 75
SPPY.DE Omega Ratio Rank: 76
SPPY.DE Calmar Ratio Rank: 82
SPPY.DE Martin Ratio Rank: 81

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.

SPF2.DE vs. SPPY.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist) (SPF2.DE) and State Street SPDR S&P 500 Leaders UCITS ETF (SPPY.DE). 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.

	SPF2.DE	SPPY.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.29	2.59	+0.70
Sortino ratio: Return per unit of downside risk	4.73	3.74	+0.99
Omega ratio: Gain probability vs. loss probability	1.66	1.45	+0.21
Calmar ratio: Return relative to maximum drawdown	5.74	3.35	+2.39
Martin ratio: Return relative to average drawdown	24.70	14.56	+10.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPF2.DE vs. SPPY.DE - Sharpe Ratio Comparison

The current SPF2.DE Sharpe Ratio is 3.29, which is comparable to the SPPY.DE Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of SPF2.DE and SPPY.DE, 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

	SPF2.DE	SPPY.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.29	2.59	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.93	+0.18

Drawdowns

SPF2.DE vs. SPPY.DE - Drawdown Comparison

The maximum SPF2.DE drawdown since its inception was -16.29%, smaller than the maximum SPPY.DE drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for SPF2.DE and SPPY.DE.

Drawdown Indicators

	SPF2.DE	SPPY.DE	Difference
Max Drawdown Largest peak-to-trough decline	-16.29%	-33.79%	+17.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-9.08%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-8.21%	-20.63%	+12.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.92%	—
Current Drawdown Current decline from peak	-0.43%	-0.11%	-0.32%
Average Drawdown Average peak-to-trough decline	-4.68%	-5.35%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.09%	-0.60%

Volatility

SPF2.DE vs. SPPY.DE - Volatility Comparison

SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist) (SPF2.DE) has a higher volatility of 4.09% compared to State Street SPDR S&P 500 Leaders UCITS ETF (SPPY.DE) at 2.92%. This indicates that SPF2.DE's price experiences larger fluctuations and is considered to be riskier than SPPY.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPF2.DE	SPPY.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	2.92%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	8.48%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	11.16%	11.76%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.13%	16.18%	-6.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.13%	18.29%	-8.16%

SPF2.DE vs. SPPY.DE - Expense Ratio Comparison

SPF2.DE has a 0.50% expense ratio, which is higher than SPPY.DE's 0.10% expense ratio.

Dividends

SPF2.DE vs. SPPY.DE - Dividend Comparison

SPF2.DE's dividend yield for the trailing twelve months is around 0.53%, while SPPY.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
SPF2.DE SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)	0.53%	0.60%	0.43%	0.25%
SPPY.DE State Street SPDR S&P 500 Leaders UCITS ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPF2.DE and SPPY.DE in my portfolio?

SPF2.DE and SPPY.DE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPF2.DE or SPPY.DE?

On fees, SPPY.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPF2.DE or SPPY.DE?

SPPY.DE is cheaper with a 0.10% expense ratio, compared with 0.50% for SPF2.DE.

What is the main difference between SPF2.DE and SPPY.DE?

SPF2.DE is categorized as Convertible Bonds, while SPPY.DE is S&P 500. SPF2.DE tracks FTSE Qualified Global Convertible Index, while SPPY.DE tracks S&P 500 Scored & Screened Leaders Index. Their fees differ too: 0.50% for SPF2.DE and 0.10% for SPPY.DE.