SPF2.DE vs. SPY5.DE

Last updated Jun 5, 2026

SPF2.DE (SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)) and SPY5.DE (SPDR S&P 500 UCITS ETF) are both exchange-traded funds - SPF2.DE is a Convertible Bonds fund tracking the FTSE Qualified Global Convertible Index, while SPY5.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, SPF2.DE returned 19.76%/yr vs 22.13%/yr for SPY5.DE. A 0.74 correlation means they provide meaningful diversification when combined. SPF2.DE charges 0.50%/yr vs 0.03%/yr for SPY5.DE.

Performance

SPF2.DE vs. SPY5.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 SPDR S&P 500 UCITS ETF (SPY5.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPF2.DE is traded in USD, while SPY5.DE is traded in EUR. To make them comparable, the SPY5.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 SPY5.DE's 10.11% return.

SPF2.DE

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

SPY5.DE

• 1D: -0.01%
• 1M: 4.50%
• YTD: 10.11%
• 6M: 11.13%
• 1Y: 27.77%
• 3Y*: 22.13%
• 5Y*: 13.70%
• 10Y*: 15.39%

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

SPF2.DE vs. SPY5.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%
SPY5.DE SPDR S&P 500 UCITS ETF	10.11%	18.26%	24.79%	26.29%	-14.24%

Correlation

The correlation between SPF2.DE and SPY5.DE is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022	0.74

The correlation between SPF2.DE and SPY5.DE has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

Return for Risk

SPF2.DE vs. SPY5.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

SPY5.DE

SPY5.DE Risk / Return Rank: 69
SPY5.DE Sharpe Ratio Rank: 68
SPY5.DE Sortino Ratio Rank: 67
SPY5.DE Omega Ratio Rank: 70
SPY5.DE Calmar Ratio Rank: 73
SPY5.DE Martin Ratio Rank: 69

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. SPY5.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 SPDR S&P 500 UCITS ETF (SPY5.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	SPY5.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.29	2.40	+0.88
Sortino ratio: Return per unit of downside risk	4.73	3.43	+1.30
Omega ratio: Gain probability vs. loss probability	1.66	1.42	+0.24
Calmar ratio: Return relative to maximum drawdown	5.74	3.22	+2.52
Martin ratio: Return relative to average drawdown	24.70	13.69	+11.01
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. SPY5.DE - Sharpe Ratio Comparison

The current SPF2.DE Sharpe Ratio is 3.29, which is higher than the SPY5.DE Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of SPF2.DE and SPY5.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	SPY5.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.29	2.40	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.92	+0.19

Drawdowns

SPF2.DE vs. SPY5.DE - Drawdown Comparison

The maximum SPF2.DE drawdown since its inception was -16.29%, smaller than the maximum SPY5.DE drawdown of -34.33%. Use the drawdown chart below to compare losses from any high point for SPF2.DE and SPY5.DE.

Drawdown Indicators

	SPF2.DE	SPY5.DE	Difference
Max Drawdown Largest peak-to-trough decline	-16.29%	-34.33%	+18.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	-8.59%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.21%	-19.50%	+11.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.33%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.33%	—
Current Drawdown Current decline from peak	-0.43%	-0.60%	+0.17%
Average Drawdown Average peak-to-trough decline	-4.68%	-3.71%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.02%	-0.53%

Volatility

SPF2.DE vs. SPY5.DE - Volatility Comparison

SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist) (SPF2.DE) has a higher volatility of 4.09% compared to SPDR S&P 500 UCITS ETF (SPY5.DE) at 2.84%. This indicates that SPF2.DE's price experiences larger fluctuations and is considered to be riskier than SPY5.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPF2.DE	SPY5.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	2.84%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	8.09%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	11.16%	11.51%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.13%	15.90%	-5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.13%	16.33%	-6.20%

SPF2.DE vs. SPY5.DE - Expense Ratio Comparison

SPF2.DE has a 0.50% expense ratio, which is higher than SPY5.DE's 0.03% expense ratio.

Dividends

SPF2.DE vs. SPY5.DE - Dividend Comparison

SPF2.DE's dividend yield for the trailing twelve months is around 0.53%, less than SPY5.DE's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPF2.DE SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)	0.53%	0.60%	0.43%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY5.DE SPDR S&P 500 UCITS ETF	0.89%	0.99%	1.03%	1.22%	1.42%	0.95%	1.37%	1.74%	3.30%	1.59%	1.57%	1.69%

Frequently Asked Questions

Can I hold both SPF2.DE and SPY5.DE in my portfolio?

SPF2.DE and SPY5.DE have a correlation of 0.69, 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 SPY5.DE?

On fees, SPY5.DE is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPF2.DE or SPY5.DE?

SPY5.DE is cheaper with a 0.03% expense ratio, compared with 0.50% for SPF2.DE.

What is the main difference between SPF2.DE and SPY5.DE?

SPF2.DE is categorized as Convertible Bonds, while SPY5.DE is S&P 500. SPF2.DE tracks FTSE Qualified Global Convertible Index, while SPY5.DE tracks S&P 500 Index. Their fees differ too: 0.50% for SPF2.DE and 0.03% for SPY5.DE.