SPFA.DE vs. 36B1.DE
SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and 36B1.DE (iShares J.P. Morgan ESG USD EM Bond UCITS ETF) are both Emerging Markets Bonds funds - SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond while 36B1.DE tracks the JP Morgan ESG EMBI Global Diversified. Both are passively managed. Over the past 5 years, SPFA.DE returned 1.72%/yr vs 1.88%/yr for 36B1.DE. A 0.57 correlation means they provide meaningful diversification when combined. SPFA.DE charges 0.55%/yr vs 0.45%/yr for 36B1.DE.
Performance
SPFA.DE vs. 36B1.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPFA.DE achieves a 2.31% return, which is significantly lower than 36B1.DE's 4.50% return.
SPFA.DE
- 1D
- -0.29%
- 1M
- 0.20%
- 6M
- 0.89%
- YTD
- 2.31%
- 1Y
- 5.20%
- 3Y*
- 3.54%
- 5Y*
- 1.72%
- 10Y*
- —
36B1.DE
- 1D
- 0.26%
- 1M
- 0.79%
- 6M
- 3.14%
- YTD
- 4.50%
- 1Y
- 10.75%
- 3Y*
- 7.32%
- 5Y*
- 1.88%
- 10Y*
- —
SPFA.DE vs. 36B1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 2.31% | 2.44% | 3.19% | 5.65% | -4.47% | -1.03% | -5.67% | 14.74% | 5.11% |
36B1.DE iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 4.50% | 0.52% | 11.39% | 6.09% | -13.65% | 5.10% | -3.83% | 1.34% | -1.20% |
Correlation
The correlation between SPFA.DE and 36B1.DE is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2018 | 0.57 |
The correlation between SPFA.DE and 36B1.DE has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
SPFA.DE vs. 36B1.DE — Risk / Return Rank
SPFA.DE
36B1.DE
SPFA.DE vs. 36B1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) and iShares J.P. Morgan ESG USD EM Bond UCITS ETF (36B1.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPFA.DE | 36B1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.36 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 3.73 | -2.42 |
| Martin ratioReturn relative to average drawdown | 4.06 | 10.56 | -6.50 |
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Drawdowns
SPFA.DE vs. 36B1.DE - Drawdown Comparison
The maximum SPFA.DE drawdown since its inception was -18.03%, smaller than the maximum 36B1.DE drawdown of -22.35%. Use the drawdown chart below to compare losses from any high point for SPFA.DE and 36B1.DE.
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Drawdown Indicators
| SPFA.DE | 36B1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -22.35% | +4.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -2.87% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -12.32% | +4.66% |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | -16.23% | +7.72% |
Current DrawdownCurrent decline from peak | -1.42% | -1.28% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -8.78% | -8.65% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.02% | +0.26% |
Volatility
SPFA.DE vs. 36B1.DE - Volatility Comparison
SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) and iShares J.P. Morgan ESG USD EM Bond UCITS ETF (36B1.DE) have volatilities of 1.29% and 1.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPFA.DE | 36B1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.29% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 4.07% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.34% | 6.02% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 8.51% | -2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 10.17% | -1.31% |
SPFA.DE vs. 36B1.DE - Expense Ratio Comparison
SPFA.DE has a 0.55% expense ratio, which is higher than 36B1.DE's 0.45% expense ratio.
Dividends
SPFA.DE vs. 36B1.DE - Dividend Comparison
SPFA.DE has not paid dividends to shareholders, while 36B1.DE's dividend yield for the trailing twelve months is around 5.66%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
36B1.DE iShares J.P. Morgan ESG USD EM Bond UCITS ETF | 5.66% | 5.96% | 5.31% | 5.52% | 5.19% | 3.36% | 3.81% | 2.35% |
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPFA.DE and 36B1.DE have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 36B1.DE is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
36B1.DE is cheaper with a 0.45% expense ratio, compared with 0.55% for SPFA.DE.
SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond, while 36B1.DE tracks JP Morgan ESG EMBI Global Diversified. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for SPFA.DE and 0.45% for 36B1.DE.
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