SPFA.DE vs. VGEM.DE
SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, SPFA.DE returned 1.46%/yr vs 2.73%/yr for VGEM.DE. A 0.60 correlation means they provide meaningful diversification when combined. SPFA.DE charges 0.55%/yr vs 0.25%/yr for VGEM.DE.
Performance
SPFA.DE vs. VGEM.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 VGEM.DE's 2.34% 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*
- —
VGEM.DE
- 1D
- 0.20%
- 1M
- 1.24%
- YTD
- 2.34%
- 6M
- 1.63%
- 1Y
- 6.72%
- 3Y*
- 5.24%
- 5Y*
- 2.73%
- 10Y*
- —
SPFA.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 0.46% | 2.44% | 3.19% | 5.66% | -4.47% | -1.04% | -5.66% | 14.72% | 0.62% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 2.34% | -1.55% | 12.06% | 5.25% | -10.22% | 5.82% | -3.91% | 15.57% | 0.51% |
Correlation
The correlation between SPFA.DE and VGEM.DE is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018 | 0.60 |
The correlation between SPFA.DE and VGEM.DE has been stable across timeframes, ranging from 0.58 to 0.60 - a consistent structural relationship.
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Return for Risk
SPFA.DE vs. VGEM.DE — Risk / Return Rank
SPFA.DE
VGEM.DE
SPFA.DE vs. VGEM.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 Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.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 | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.21 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 2.16 | -1.33 |
| Martin ratioReturn relative to average drawdown | 2.62 | 5.71 | -3.09 |
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 | VGEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.62 | 1.13 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.34 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.29 | -0.03 |
Drawdowns
SPFA.DE vs. VGEM.DE - Drawdown Comparison
The maximum SPFA.DE drawdown since its inception was -16.39%, smaller than the maximum VGEM.DE drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for SPFA.DE and VGEM.DE.
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Drawdown Indicators
| SPFA.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.39% | -19.64% | +3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -3.10% | -0.86% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -11.98% | +4.32% |
Max Drawdown (5Y)Largest decline over 5 years | -8.51% | -12.46% | +3.95% |
Current DrawdownCurrent decline from peak | -3.19% | -2.18% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -7.62% | -6.63% | -0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 1.17% | +0.09% |
Volatility
SPFA.DE vs. VGEM.DE - Volatility Comparison
SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) has a higher volatility of 1.83% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.18%. This indicates that SPFA.DE's price experiences larger fluctuations and is considered to be riskier than VGEM.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 | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 1.18% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 3.96% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.31% | 5.93% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.24% | 7.89% | -1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.05% | 8.77% | -1.72% |
SPFA.DE vs. VGEM.DE - Expense Ratio Comparison
SPFA.DE has a 0.55% expense ratio, which is higher than VGEM.DE's 0.25% expense ratio.
Dividends
SPFA.DE vs. VGEM.DE - Dividend Comparison
SPFA.DE has not paid dividends to shareholders, while VGEM.DE's dividend yield for the trailing twelve months is around 5.06%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.06% | 5.60% | 5.23% | 5.14% | 4.84% | 3.16% | 3.99% | 3.87% | 3.84% | 0.68% |
Frequently Asked Questions
SPFA.DE and VGEM.DE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.55% for SPFA.DE.
SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.55% for SPFA.DE and 0.25% for VGEM.DE.
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