SPFD.DE vs. UEFE.DE
SPFD.DE (State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc)) and UEFE.DE (UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis) are both Emerging Markets Bonds funds - SPFD.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged) while UEFE.DE tracks the JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond. Both are passively managed. Over the past 5 years, SPFD.DE returned -1.55%/yr vs 3.40%/yr for UEFE.DE. At a 0.29 correlation, their price movements are largely independent. SPFD.DE charges 0.60%/yr vs 0.40%/yr for UEFE.DE.
Performance
SPFD.DE vs. UEFE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPFD.DE achieves a -1.67% return, which is significantly lower than UEFE.DE's 5.04% return.
SPFD.DE
- 1D
- 0.51%
- 1M
- 0.04%
- YTD
- -1.67%
- 6M
- -1.18%
- 1Y
- 1.50%
- 3Y*
- 2.75%
- 5Y*
- -1.55%
- 10Y*
- —
UEFE.DE
- 1D
- 0.09%
- 1M
- 2.81%
- YTD
- 5.04%
- 6M
- 5.50%
- 1Y
- 12.05%
- 3Y*
- 6.75%
- 5Y*
- 3.40%
- 10Y*
- —
SPFD.DE vs. UEFE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | -1.67% | 12.44% | -4.38% | 6.62% | -12.76% | -9.84% | 1.86% | 2.40% |
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 5.04% | 6.42% | 4.70% | 10.83% | -7.97% | -1.52% | -6.87% | 2.07% |
Correlation
The correlation between SPFD.DE and UEFE.DE is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2019 | 0.29 |
The correlation between SPFD.DE and UEFE.DE shifts across timeframes, from 0.18 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPFD.DE vs. UEFE.DE — Risk / Return Rank
SPFD.DE
UEFE.DE
SPFD.DE vs. UEFE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) and UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.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.
| SPFD.DE | UEFE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.42 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 3.08 | -2.85 |
| Martin ratioReturn relative to average drawdown | 0.61 | 10.78 | -10.17 |
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Drawdowns
SPFD.DE vs. UEFE.DE - Drawdown Comparison
The maximum SPFD.DE drawdown since its inception was -28.89%, which is greater than UEFE.DE's maximum drawdown of -23.70%. Use the drawdown chart below to compare losses from any high point for SPFD.DE and UEFE.DE.
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Drawdown Indicators
| SPFD.DE | UEFE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.89% | -23.70% | -5.19% |
Max Drawdown (1Y)Largest decline over 1 year | -6.69% | -3.90% | -2.79% |
Max Drawdown (3Y)Largest decline over 3 years | -9.26% | -7.95% | -1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -25.58% | -12.90% | -12.68% |
Current DrawdownCurrent decline from peak | -11.63% | 0.00% | -11.63% |
Average DrawdownAverage peak-to-trough decline | -13.42% | -8.59% | -4.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 1.12% | +1.34% |
Volatility
SPFD.DE vs. UEFE.DE - Volatility Comparison
State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) has a higher volatility of 2.50% compared to UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (UEFE.DE) at 1.50%. This indicates that SPFD.DE's price experiences larger fluctuations and is considered to be riskier than UEFE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPFD.DE | UEFE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 1.50% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 4.70% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.44% | 5.52% | +1.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.99% | 8.08% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.41% | 13.03% | -4.62% |
SPFD.DE vs. UEFE.DE - Expense Ratio Comparison
SPFD.DE has a 0.60% expense ratio, which is higher than UEFE.DE's 0.40% expense ratio.
Dividends
SPFD.DE vs. UEFE.DE - Dividend Comparison
SPFD.DE has not paid dividends to shareholders, while UEFE.DE's dividend yield for the trailing twelve months is around 5.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UEFE.DE UBS ETF (LU) J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis | 5.35% | 5.84% | 4.97% | 4.52% | 4.68% | 4.87% | 5.10% | 4.88% |
Frequently Asked Questions
SPFD.DE and UEFE.DE have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UEFE.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UEFE.DE is cheaper with a 0.40% expense ratio, compared with 0.60% for SPFD.DE.
SPFD.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged), while UEFE.DE tracks JP Morgan Emerging Markets Multi-Factor Enhanced Local Currency Bond. They also come from different issuers: State Street and UBS. Their fees differ too: 0.60% for SPFD.DE and 0.40% for UEFE.DE.
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