SPFA.DE vs. EMIE.DE

Last updated Jun 5, 2026

SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and EMIE.DE (UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc) are both Emerging Markets Bonds funds - SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond while EMIE.DE tracks the JP Morgan USD Emerging Markets IG ESG Diversified Bond (EUR Hedged). Both are passively managed. Over the past 5 years, SPFA.DE returned 1.46%/yr vs -2.28%/yr for EMIE.DE. At a 0.28 correlation, their price movements are largely independent. SPFA.DE charges 0.55%/yr vs 0.43%/yr for EMIE.DE.

Performance

SPFA.DE vs. EMIE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) and UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc (EMIE.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPFA.DE achieves a 0.46% return, which is significantly higher than EMIE.DE's -0.43% return.

SPFA.DE

• 1D: -0.01%
• 1M: 0.39%
• YTD: 0.46%
• 6M: 0.45%
• 1Y: 3.30%
• 3Y*: 2.58%
• 5Y*: 1.46%
• 10Y*: —

EMIE.DE

• 1D: 0.18%
• 1M: 0.27%
• YTD: -0.43%
• 6M: -0.44%
• 1Y: 3.98%
• 3Y*: 2.76%
• 5Y*: -2.28%
• 10Y*: —

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

SPFA.DE vs. EMIE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF	0.46%	2.44%	3.19%	5.66%	-4.47%	-1.04%	-5.66%	4.90%
EMIE.DE UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc	-0.43%	7.05%	-0.36%	3.88%	-19.72%	-2.93%	6.95%	2.47%

Correlation

The correlation between SPFA.DE and EMIE.DE is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Aug 7, 2019	0.28

Return for Risk

SPFA.DE vs. EMIE.DE — Risk / Return Rank

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

SPFA.DE

SPFA.DE Risk / Return Rank: 20
SPFA.DE Sharpe Ratio Rank: 20
SPFA.DE Sortino Ratio Rank: 19
SPFA.DE Omega Ratio Rank: 19
SPFA.DE Calmar Ratio Rank: 20
SPFA.DE Martin Ratio Rank: 22

EMIE.DE

EMIE.DE Risk / Return Rank: 28
EMIE.DE Sharpe Ratio Rank: 30
EMIE.DE Sortino Ratio Rank: 30
EMIE.DE Omega Ratio Rank: 28
EMIE.DE Calmar Ratio Rank: 24
EMIE.DE Martin Ratio Rank: 27

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.

SPFA.DE vs. EMIE.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 UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc (EMIE.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.

	SPFA.DE	EMIE.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.07	-0.44
Sortino ratio: Return per unit of downside risk	0.96	1.60	-0.65
Omega ratio: Gain probability vs. loss probability	1.11	1.19	-0.07
Calmar ratio: Return relative to maximum drawdown	0.83	1.12	-0.29
Martin ratio: Return relative to average drawdown	2.62	3.63	-1.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPFA.DE vs. EMIE.DE - Sharpe Ratio Comparison

The current SPFA.DE Sharpe Ratio is 0.62, which is lower than the EMIE.DE Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of SPFA.DE and EMIE.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

	SPFA.DE	EMIE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	1.07	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	-0.34	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	-0.11	+0.37

Drawdowns

SPFA.DE vs. EMIE.DE - Drawdown Comparison

The maximum SPFA.DE drawdown since its inception was -16.39%, smaller than the maximum EMIE.DE drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for SPFA.DE and EMIE.DE.

Drawdown Indicators

	SPFA.DE	EMIE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-16.39%	-26.98%	+10.59%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-3.53%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-7.66%	-6.97%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-8.51%	-25.83%	+17.32%
Current Drawdown Current decline from peak	-3.19%	-14.02%	+10.83%
Average Drawdown Average peak-to-trough decline	-7.62%	-12.69%	+5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	1.09%	+0.17%

Volatility

SPFA.DE vs. EMIE.DE - Volatility Comparison

SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) has a higher volatility of 1.83% compared to UBS ETF (LU) J.P. Morgan USD EM IG ESG Diversified Bond UCITS ETF (EUR Hedged) Acc (EMIE.DE) at 1.28%. This indicates that SPFA.DE's price experiences larger fluctuations and is considered to be riskier than EMIE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPFA.DE	EMIE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	1.28%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	4.51%	2.83%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	5.31%	3.73%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.24%	6.67%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.05%	7.95%	-0.90%

SPFA.DE vs. EMIE.DE - Expense Ratio Comparison

SPFA.DE has a 0.55% expense ratio, which is higher than EMIE.DE's 0.43% expense ratio.

Dividends

SPFA.DE vs. EMIE.DE - Dividend Comparison

Neither SPFA.DE nor EMIE.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPFA.DE and EMIE.DE in my portfolio?

SPFA.DE and EMIE.DE have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPFA.DE or EMIE.DE?

On fees, EMIE.DE is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPFA.DE or EMIE.DE?

EMIE.DE is cheaper with a 0.43% expense ratio, compared with 0.55% for SPFA.DE.

What is the main difference between SPFA.DE and EMIE.DE?

SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond, while EMIE.DE tracks JP Morgan USD Emerging Markets IG ESG Diversified Bond (EUR Hedged). They also come from different issuers: State Street and UBS. Their fees differ too: 0.55% for SPFA.DE and 0.43% for EMIE.DE.