SPF2.DE vs. SPYI.DE
SPF2.DE (SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist)) and SPYI.DE (SPDR MSCI ACWI IMI UCITS ETF) are both exchange-traded funds - SPF2.DE is a Convertible Bonds fund tracking the FTSE Qualified Global Convertible Index, while SPYI.DE is a Global Equities fund tracking the MSCI All Country World Investable Market (ACWI IMI). Both are passively managed. Over the past 3 years, SPF2.DE returned 20.03%/yr vs 20.78%/yr for SPYI.DE. A 0.76 correlation means they provide meaningful diversification when combined. SPF2.DE charges 0.50%/yr vs 0.17%/yr for SPYI.DE.
Performance
SPF2.DE vs. SPYI.DE - Performance Comparison
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Different Trading Currencies
SPF2.DE is traded in USD, while SPYI.DE is traded in EUR. To make them comparable, the SPYI.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 18.47% return, which is significantly higher than SPYI.DE's 11.97% return.
SPF2.DE
- 1D
- -0.10%
- 1M
- 5.24%
- YTD
- 18.47%
- 6M
- 21.41%
- 1Y
- 37.65%
- 3Y*
- 20.03%
- 5Y*
- —
- 10Y*
- —
SPYI.DE
- 1D
- -0.00%
- 1M
- 4.43%
- YTD
- 11.97%
- 6M
- 13.62%
- 1Y
- 29.99%
- 3Y*
- 20.78%
- 5Y*
- 10.97%
- 10Y*
- 12.38%
SPF2.DE vs. SPYI.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPF2.DE SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist) | 18.47% | 23.43% | 10.05% | 14.59% | -13.22% |
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF | 11.97% | 23.16% | 15.89% | 21.26% | -14.27% |
Correlation
The correlation between SPF2.DE and SPYI.DE is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022 | 0.76 |
The correlation between SPF2.DE and SPYI.DE has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.
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Return for Risk
SPF2.DE vs. SPYI.DE — Risk / Return Rank
SPF2.DE
SPYI.DE
SPF2.DE vs. SPYI.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 MSCI ACWI IMI UCITS ETF (SPYI.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 | SPYI.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.44 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 5.87 | 3.40 | +2.46 |
| Martin ratioReturn relative to average drawdown | 25.25 | 14.24 | +11.02 |
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
| SPF2.DE | SPYI.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.36 | 2.44 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 0.70 | +0.41 |
Drawdowns
SPF2.DE vs. SPYI.DE - Drawdown Comparison
The maximum SPF2.DE drawdown since its inception was -16.29%, smaller than the maximum SPYI.DE drawdown of -35.07%. Use the drawdown chart below to compare losses from any high point for SPF2.DE and SPYI.DE.
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Drawdown Indicators
| SPF2.DE | SPYI.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.29% | -35.07% | +18.78% |
Max Drawdown (1Y)Largest decline over 1 year | -6.39% | -8.78% | +2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -17.94% | +9.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.20% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.07% | — |
Current DrawdownCurrent decline from peak | -0.10% | -0.72% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -4.97% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 2.10% | -0.61% |
Volatility
SPF2.DE vs. SPYI.DE - Volatility Comparison
SPDR FTSE Global Convertible Bond USD Hedged UCITS ETF (Dist) (SPF2.DE) has a higher volatility of 4.12% compared to SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) at 3.55%. This indicates that SPF2.DE's price experiences larger fluctuations and is considered to be riskier than SPYI.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPF2.DE | SPYI.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.12% | 3.55% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 9.23% | 9.33% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.16% | 12.24% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.14% | 15.40% | -5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.14% | 16.05% | -5.91% |
SPF2.DE vs. SPYI.DE - Expense Ratio Comparison
SPF2.DE has a 0.50% expense ratio, which is higher than SPYI.DE's 0.17% expense ratio.
Dividends
SPF2.DE vs. SPYI.DE - Dividend Comparison
SPF2.DE's dividend yield for the trailing twelve months is around 0.53%, while SPYI.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% |
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPF2.DE and SPYI.DE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYI.DE is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYI.DE is cheaper with a 0.17% expense ratio, compared with 0.50% for SPF2.DE.
SPF2.DE is categorized as Convertible Bonds, while SPYI.DE is Global Equities. SPF2.DE tracks FTSE Qualified Global Convertible Index, while SPYI.DE tracks MSCI All Country World Investable Market (ACWI IMI). Their fees differ too: 0.50% for SPF2.DE and 0.17% for SPYI.DE.
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