SPFA.DE vs. IS02.DE
SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and IS02.DE (iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc)) are both Emerging Markets Bonds funds - SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond while IS02.DE tracks the JP Morgan EMBI Global Core. Both are passively managed. Over the past 5 years, SPFA.DE returned 1.46%/yr vs 2.88%/yr for IS02.DE. A 0.60 correlation means they provide meaningful diversification when combined. SPFA.DE charges 0.55%/yr vs 0.45%/yr for IS02.DE.
Performance
SPFA.DE vs. IS02.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPFA.DE achieves a 0.46% return, which is significantly lower than IS02.DE's 2.97% return.
SPFA.DE
- 1D
- -0.01%
- 1M
- -0.34%
- YTD
- 0.46%
- 6M
- 0.39%
- 1Y
- 3.12%
- 3Y*
- 2.58%
- 5Y*
- 1.46%
- 10Y*
- —
IS02.DE
- 1D
- 0.11%
- 1M
- 1.39%
- YTD
- 2.97%
- 6M
- 2.43%
- 1Y
- 9.76%
- 3Y*
- 6.78%
- 5Y*
- 2.88%
- 10Y*
- —
SPFA.DE vs. IS02.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 0.46% | 2.44% | 3.19% | 5.66% | -4.47% | -1.04% | 3.45% |
IS02.DE iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) | 2.97% | 1.10% | 11.83% | 6.71% | -13.12% | 5.72% | 0.08% |
Correlation
The correlation between SPFA.DE and IS02.DE is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2020 | 0.60 |
The correlation between SPFA.DE and IS02.DE has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.
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Return for Risk
SPFA.DE vs. IS02.DE — Risk / Return Rank
SPFA.DE
IS02.DE
SPFA.DE vs. IS02.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 USD Emerging Markets Bond UCITS ETF (Acc) (IS02.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 | IS02.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.30 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 3.11 | -2.28 |
| Martin ratioReturn relative to average drawdown | 2.62 | 8.98 | -6.36 |
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
| SPFA.DE | IS02.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.62 | 1.57 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.33 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.27 | -0.01 |
Drawdowns
SPFA.DE vs. IS02.DE - Drawdown Comparison
The maximum SPFA.DE drawdown since its inception was -16.39%, roughly equal to the maximum IS02.DE drawdown of -16.21%. Use the drawdown chart below to compare losses from any high point for SPFA.DE and IS02.DE.
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Drawdown Indicators
| SPFA.DE | IS02.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.39% | -16.21% | -0.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -3.00% | -0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -12.85% | +5.19% |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | -16.21% | +7.70% |
Current DrawdownCurrent decline from peak | -3.19% | 0.00% | -3.19% |
Average DrawdownAverage peak-to-trough decline | -7.62% | -5.92% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 1.04% | +0.22% |
Volatility
SPFA.DE vs. IS02.DE - Volatility Comparison
SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) has a higher volatility of 1.83% compared to iShares J.P. Morgan USD Emerging Markets Bond UCITS ETF (Acc) (IS02.DE) at 1.19%. This indicates that SPFA.DE's price experiences larger fluctuations and is considered to be riskier than IS02.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 | IS02.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 1.19% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 3.97% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.31% | 5.94% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.24% | 8.53% | -2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.05% | 8.34% | -1.29% |
SPFA.DE vs. IS02.DE - Expense Ratio Comparison
SPFA.DE has a 0.55% expense ratio, which is higher than IS02.DE's 0.45% expense ratio.
Dividends
SPFA.DE vs. IS02.DE - Dividend Comparison
Neither SPFA.DE nor IS02.DE has paid dividends to shareholders.
Frequently Asked Questions
SPFA.DE and IS02.DE have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IS02.DE is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IS02.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 IS02.DE tracks JP Morgan EMBI Global Core. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for SPFA.DE and 0.45% for IS02.DE.
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