SPFA.DE vs. SNAZ.DE
SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and SNAZ.DE (iShares J.P. Morgan $ EM Corp 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 SNAZ.DE tracks the J.P. Morgan CEMBI Broad Diversified Core Index (EUR Hedged). Both are passively managed. Over the past 5 years, SPFA.DE returned 1.72%/yr vs -0.19%/yr for SNAZ.DE. At a 0.24 correlation, their price movements are largely independent. SPFA.DE charges 0.55%/yr vs 0.53%/yr for SNAZ.DE.
Performance
SPFA.DE vs. SNAZ.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 higher than SNAZ.DE's 0.59% 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*
- —
SNAZ.DE
- 1D
- 0.39%
- 1M
- -0.19%
- 6M
- 0.39%
- YTD
- 0.59%
- 1Y
- 3.64%
- 3Y*
- 4.79%
- 5Y*
- -0.19%
- 10Y*
- —
SPFA.DE vs. SNAZ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 2.31% | 2.44% | 3.19% | 5.65% | -4.47% | -1.03% | -2.18% |
SNAZ.DE iShares J.P. Morgan $ EM Corp Bond UCITS ETF EUR Hedged (Acc) | 0.59% | 6.26% | 4.36% | 5.28% | -14.17% | -1.55% | 5.52% |
Correlation
The correlation between SPFA.DE and SNAZ.DE is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2020 | 0.24 |
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Return for Risk
SPFA.DE vs. SNAZ.DE — Risk / Return Rank
SPFA.DE
SNAZ.DE
SPFA.DE vs. SNAZ.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 $ EM Corp Bond UCITS ETF EUR Hedged (Acc) (SNAZ.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 | SNAZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 1.25 | +0.06 |
| Martin ratioReturn relative to average drawdown | 4.06 | 4.53 | -0.48 |
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Drawdowns
SPFA.DE vs. SNAZ.DE - Drawdown Comparison
The maximum SPFA.DE drawdown since its inception was -18.03%, smaller than the maximum SNAZ.DE drawdown of -21.88%. Use the drawdown chart below to compare losses from any high point for SPFA.DE and SNAZ.DE.
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Drawdown Indicators
| SPFA.DE | SNAZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -21.88% | +3.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -2.91% | -1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -3.82% | -3.84% |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | -21.88% | +13.37% |
Current DrawdownCurrent decline from peak | -1.42% | -1.73% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -8.78% | -7.60% | -1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 0.80% | +0.48% |
Volatility
SPFA.DE vs. SNAZ.DE - Volatility Comparison
SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) has a higher volatility of 1.29% compared to iShares J.P. Morgan $ EM Corp Bond UCITS ETF EUR Hedged (Acc) (SNAZ.DE) at 1.09%. This indicates that SPFA.DE's price experiences larger fluctuations and is considered to be riskier than SNAZ.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 | SNAZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.09% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 2.81% | +1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.34% | 3.45% | +1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.25% | 5.07% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 7.63% | +1.23% |
SPFA.DE vs. SNAZ.DE - Expense Ratio Comparison
SPFA.DE has a 0.55% expense ratio, which is higher than SNAZ.DE's 0.53% expense ratio.
Dividends
SPFA.DE vs. SNAZ.DE - Dividend Comparison
Neither SPFA.DE nor SNAZ.DE has paid dividends to shareholders.
Frequently Asked Questions
SPFA.DE and SNAZ.DE have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SNAZ.DE is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SNAZ.DE is cheaper with a 0.53% expense ratio, compared with 0.55% for SPFA.DE.
SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond, while SNAZ.DE tracks J.P. Morgan CEMBI Broad Diversified Core Index (EUR Hedged). They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for SPFA.DE and 0.53% for SNAZ.DE.
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