SPFD.DE vs. VGEM.DE
SPFD.DE (State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc)) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - SPFD.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged) while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, SPFD.DE returned -1.83%/yr vs 2.73%/yr for VGEM.DE. At a correlation of -0.04, they often move in opposite directions. SPFD.DE charges 0.60%/yr vs 0.25%/yr for VGEM.DE.
Performance
SPFD.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPFD.DE achieves a -1.76% return, which is significantly lower than VGEM.DE's 2.34% return.
SPFD.DE
- 1D
- 0.08%
- 1M
- -0.48%
- YTD
- -1.76%
- 6M
- -1.05%
- 1Y
- 2.41%
- 3Y*
- 2.99%
- 5Y*
- -1.83%
- 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*
- —
SPFD.DE vs. VGEM.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) | -1.76% | 12.45% | -4.39% | 6.63% | -12.77% | -9.84% | 2.14% | 2.12% |
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% | 0.62% |
Correlation
The correlation between SPFD.DE and VGEM.DE is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019 | -0.04 |
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Return for Risk
SPFD.DE vs. VGEM.DE — Risk / Return Rank
SPFD.DE
VGEM.DE
SPFD.DE vs. VGEM.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 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.
| SPFD.DE | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.21 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 2.16 | -1.80 |
| Martin ratioReturn relative to average drawdown | 1.09 | 5.71 | -4.62 |
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
| SPFD.DE | VGEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 1.13 | -0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.23 | 0.34 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.13 | 0.29 | -0.42 |
Drawdowns
SPFD.DE vs. VGEM.DE - Drawdown Comparison
The maximum SPFD.DE drawdown since its inception was -28.91%, which is greater than VGEM.DE's maximum drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for SPFD.DE and VGEM.DE.
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Drawdown Indicators
| SPFD.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.91% | -19.64% | -9.27% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -3.10% | -3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -9.24% | -11.98% | +2.74% |
Max Drawdown (5Y)Largest decline over 5 years | -26.77% | -12.46% | -14.31% |
Current DrawdownCurrent decline from peak | -11.71% | -2.18% | -9.53% |
Average DrawdownAverage peak-to-trough decline | -13.46% | -6.63% | -6.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 1.17% | +1.05% |
Volatility
SPFD.DE vs. VGEM.DE - Volatility Comparison
State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) has a higher volatility of 2.53% compared to Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) at 1.18%. This indicates that SPFD.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
| SPFD.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.53% | 1.18% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 6.38% | 3.96% | +2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.27% | 5.93% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.94% | 7.89% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 8.77% | +0.11% |
SPFD.DE vs. VGEM.DE - Expense Ratio Comparison
SPFD.DE has a 0.60% expense ratio, which is higher than VGEM.DE's 0.25% expense ratio.
Dividends
SPFD.DE vs. VGEM.DE - Dividend Comparison
SPFD.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 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 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
SPFD.DE and VGEM.DE have a correlation of -0.14, 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 0.60% for SPFD.DE.
SPFD.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged), while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.60% for SPFD.DE and 0.25% for VGEM.DE.
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