SPFU.DE vs. EUN3.DE
SPFU.DE (State Street SPDR Bloomberg Global Aggregate Bond USD Hdg UCITS ETF (Dist)) and EUN3.DE (iShares Global Government Bond UCITS ETF USD (Dist)) are both Global Bonds funds - SPFU.DE tracks the Bloomberg Global Aggregate Bond Index (USD Hedged) while EUN3.DE tracks the FTSE G7 Government Bond. Both are passively managed. Over the past 5 years, SPFU.DE returned 0.45%/yr vs -3.91%/yr for EUN3.DE. A 0.68 correlation means they provide meaningful diversification when combined. SPFU.DE charges 0.10%/yr vs 0.20%/yr for EUN3.DE.
Performance
SPFU.DE vs. EUN3.DE - Performance Comparison
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Different Trading Currencies
SPFU.DE is traded in USD, while EUN3.DE is traded in EUR. To make them comparable, the EUN3.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPFU.DE achieves a 0.57% return, which is significantly higher than EUN3.DE's -3.41% return.
SPFU.DE
- 1D
- 0.13%
- 1M
- -0.49%
- 6M
- 0.41%
- YTD
- 0.57%
- 1Y
- 3.06%
- 3Y*
- 3.98%
- 5Y*
- 0.45%
- 10Y*
- —
EUN3.DE
- 1D
- 0.10%
- 1M
- -0.48%
- 6M
- -1.29%
- YTD
- -3.41%
- 1Y
- -1.88%
- 3Y*
- 0.05%
- 5Y*
- -3.91%
- 10Y*
- -1.22%
SPFU.DE vs. EUN3.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPFU.DE State Street SPDR Bloomberg Global Aggregate Bond USD Hdg UCITS ETF (Dist) | 0.57% | 4.89% | 3.05% | 6.77% | -11.22% | -1.54% | 5.34% | 8.06% | 2.43% |
EUN3.DE iShares Global Government Bond UCITS ETF USD (Dist) | -3.41% | 6.83% | -3.91% | 3.42% | -17.54% | -6.95% | 9.37% | 5.77% | -1.70% |
Correlation
The correlation between SPFU.DE and EUN3.DE is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2018 | 0.68 |
The correlation between SPFU.DE and EUN3.DE has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.
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Return for Risk
SPFU.DE vs. EUN3.DE — Risk / Return Rank
SPFU.DE
EUN3.DE
SPFU.DE vs. EUN3.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg Global Aggregate Bond USD Hdg UCITS ETF (Dist) (SPFU.DE) and iShares Global Government Bond UCITS ETF USD (Dist) (EUN3.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.
| SPFU.DE | EUN3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.96 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | -0.38 | +1.73 |
| Martin ratioReturn relative to average drawdown | 3.69 | -0.73 | +4.43 |
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Drawdowns
SPFU.DE vs. EUN3.DE - Drawdown Comparison
The maximum SPFU.DE drawdown since its inception was -15.24%, smaller than the maximum EUN3.DE drawdown of -33.55%. Use the drawdown chart below to compare losses from any high point for SPFU.DE and EUN3.DE.
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Drawdown Indicators
| SPFU.DE | EUN3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -33.55% | +18.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | -5.00% | +2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -3.39% | -7.80% | +4.41% |
Max Drawdown (5Y)Largest decline over 5 years | -15.00% | -25.97% | +10.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.13% | — |
Current DrawdownCurrent decline from peak | -1.01% | -27.42% | +26.41% |
Average DrawdownAverage peak-to-trough decline | -3.72% | -21.41% | +17.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 2.56% | -1.73% |
Volatility
SPFU.DE vs. EUN3.DE - Volatility Comparison
The current volatility for State Street SPDR Bloomberg Global Aggregate Bond USD Hdg UCITS ETF (Dist) (SPFU.DE) is 0.88%, while iShares Global Government Bond UCITS ETF USD (Dist) (EUN3.DE) has a volatility of 1.33%. This indicates that SPFU.DE experiences smaller price fluctuations and is considered to be less risky than EUN3.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPFU.DE | EUN3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 1.33% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 4.38% | -1.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.08% | 6.32% | -3.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 7.75% | -3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 6.95% | -3.15% |
SPFU.DE vs. EUN3.DE - Expense Ratio Comparison
SPFU.DE has a 0.10% expense ratio, which is lower than EUN3.DE's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPFU.DE vs. EUN3.DE - Dividend Comparison
SPFU.DE's dividend yield for the trailing twelve months is around 3.15%, more than EUN3.DE's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUN3.DE iShares Global Government Bond UCITS ETF USD (Dist) | 1.61% | 3.09% | 2.08% | 1.28% | 0.68% | 0.52% | 0.94% | 1.05% | 0.90% | 0.88% | 0.91% | 0.51% |
SPFU.DE State Street SPDR Bloomberg Global Aggregate Bond USD Hdg UCITS ETF (Dist) | 3.15% | 3.03% | 2.73% | 2.02% | 1.41% | 1.22% | 1.51% | 1.25% | 0.89% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPFU.DE and EUN3.DE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPFU.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPFU.DE is cheaper with a 0.10% expense ratio, compared with 0.20% for EUN3.DE.
SPFU.DE tracks Bloomberg Global Aggregate Bond Index (USD Hedged), while EUN3.DE tracks FTSE G7 Government Bond. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for SPFU.DE and 0.20% for EUN3.DE.
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