SPFA.DE vs. HY3M.DE
SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and HY3M.DE (VanEck Emerging Markets High Yield Bond UCITS ETF) are both Emerging Markets Bonds funds - SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond while HY3M.DE tracks the ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. Both are passively managed. Over the past 5 years, SPFA.DE returned 1.72%/yr vs 3.45%/yr for HY3M.DE. At a 0.40 correlation, their price movements are largely independent. SPFA.DE charges 0.55%/yr vs 0.40%/yr for HY3M.DE.
Performance
SPFA.DE vs. HY3M.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 HY3M.DE's 6.76% 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*
- —
HY3M.DE
- 1D
- 0.18%
- 1M
- 0.99%
- 6M
- 4.21%
- YTD
- 6.76%
- 1Y
- 9.61%
- 3Y*
- 9.20%
- 5Y*
- 3.45%
- 10Y*
- —
SPFA.DE vs. HY3M.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% | -12.93% |
HY3M.DE VanEck Emerging Markets High Yield Bond UCITS ETF | 6.76% | -3.30% | 18.25% | 4.13% | -7.66% | 7.35% | -3.67% | 17.71% | 0.08% |
Correlation
The correlation between SPFA.DE and HY3M.DE is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jul 20, 2018 | 0.40 |
The correlation between SPFA.DE and HY3M.DE shifts across timeframes, from 0.28 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPFA.DE vs. HY3M.DE — Risk / Return Rank
SPFA.DE
HY3M.DE
SPFA.DE vs. HY3M.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 VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.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 | HY3M.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.26 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 3.11 | -1.80 |
| Martin ratioReturn relative to average drawdown | 4.06 | 9.17 | -5.11 |
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Drawdowns
SPFA.DE vs. HY3M.DE - Drawdown Comparison
The maximum SPFA.DE drawdown since its inception was -18.03%, smaller than the maximum HY3M.DE drawdown of -21.08%. Use the drawdown chart below to compare losses from any high point for SPFA.DE and HY3M.DE.
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Drawdown Indicators
| SPFA.DE | HY3M.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -21.08% | +3.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -3.08% | -0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -12.09% | +4.43% |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | -13.58% | +5.07% |
Current DrawdownCurrent decline from peak | -1.42% | -0.77% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -8.78% | -7.04% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.04% | +0.24% |
Volatility
SPFA.DE vs. HY3M.DE - Volatility Comparison
The current volatility for SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) is 1.29%, while VanEck Emerging Markets High Yield Bond UCITS ETF (HY3M.DE) has a volatility of 1.80%. This indicates that SPFA.DE experiences smaller price fluctuations and is considered to be less risky than HY3M.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPFA.DE | HY3M.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.80% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 5.09% | -0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.34% | 6.74% | -1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 8.60% | -2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 13.19% | -4.33% |
SPFA.DE vs. HY3M.DE - Expense Ratio Comparison
SPFA.DE has a 0.55% expense ratio, which is higher than HY3M.DE's 0.40% expense ratio.
Dividends
SPFA.DE vs. HY3M.DE - Dividend Comparison
Neither SPFA.DE nor HY3M.DE has paid dividends to shareholders.
Frequently Asked Questions
SPFA.DE and HY3M.DE have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HY3M.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HY3M.DE is cheaper with a 0.40% expense ratio, compared with 0.55% for SPFA.DE.
SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond, while HY3M.DE tracks ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.55% for SPFA.DE and 0.40% for HY3M.DE.
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