SPFA.DE vs. GASF.DE
SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and GASF.DE (Goldman Sachs Access China Government Bond UCITS ETF USD Inc) are both Emerging Markets Bonds funds - SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond while GASF.DE tracks the FTSE Goldman Sachs China Government Bond Index. Both are passively managed. Over the past 5 years, SPFA.DE returned 1.72%/yr vs 3.49%/yr for GASF.DE. At a 0.42 correlation, their price movements are largely independent. SPFA.DE charges 0.55%/yr vs 0.24%/yr for GASF.DE.
Performance
SPFA.DE vs. GASF.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 GASF.DE's 7.80% 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*
- —
GASF.DE
- 1D
- 0.00%
- 1M
- 1.11%
- 6M
- 5.78%
- YTD
- 7.80%
- 1Y
- 8.64%
- 3Y*
- 5.05%
- 5Y*
- 3.49%
- 10Y*
- —
SPFA.DE vs. GASF.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 2.31% | 2.44% | 3.19% | 5.65% | -4.47% | -1.03% | -5.67% | 1.94% |
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 7.80% | -6.82% | 10.85% | -2.28% | 0.91% | 16.54% | -0.76% | -8.22% |
Correlation
The correlation between SPFA.DE and GASF.DE is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2019 | 0.42 |
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Return for Risk
SPFA.DE vs. GASF.DE — Risk / Return Rank
SPFA.DE
GASF.DE
SPFA.DE vs. GASF.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 Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.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 | GASF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.30 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 2.53 | -1.22 |
| Martin ratioReturn relative to average drawdown | 4.06 | 7.67 | -3.62 |
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Drawdowns
SPFA.DE vs. GASF.DE - Drawdown Comparison
The maximum SPFA.DE drawdown since its inception was -18.03%, which is greater than GASF.DE's maximum drawdown of -13.75%. Use the drawdown chart below to compare losses from any high point for SPFA.DE and GASF.DE.
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Drawdown Indicators
| SPFA.DE | GASF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -13.75% | -4.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -3.40% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -11.00% | +3.34% |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | -13.75% | +5.24% |
Current DrawdownCurrent decline from peak | -1.42% | -1.66% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -8.78% | -6.05% | -2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.12% | +0.16% |
Volatility
SPFA.DE vs. GASF.DE - Volatility Comparison
SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) and Goldman Sachs Access China Government Bond UCITS ETF USD Inc (GASF.DE) have volatilities of 1.29% and 1.25%, 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 | GASF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.25% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 3.44% | +1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.34% | 5.31% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 6.68% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 7.71% | +1.15% |
SPFA.DE vs. GASF.DE - Expense Ratio Comparison
SPFA.DE has a 0.55% expense ratio, which is higher than GASF.DE's 0.24% expense ratio.
Dividends
SPFA.DE vs. GASF.DE - Dividend Comparison
SPFA.DE has not paid dividends to shareholders, while GASF.DE's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GASF.DE Goldman Sachs Access China Government Bond UCITS ETF USD Inc | 1.99% | 2.36% | 2.35% | 2.63% | 2.73% | 2.40% | 1.99% |
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPFA.DE and GASF.DE have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GASF.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GASF.DE is cheaper with a 0.24% expense ratio, compared with 0.55% for SPFA.DE.
SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond, while GASF.DE tracks FTSE Goldman Sachs China Government Bond Index. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.55% for SPFA.DE and 0.24% for GASF.DE.
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