SPGM vs. NZAC
SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both Global Equities funds from State Street - SPGM tracks the MSCI ACWI IMI Index while NZAC tracks the MSCI ACWI Climate Paris Aligned Index. Both are passively managed. Over the past 10 years, SPGM returned 13.23%/yr vs 12.17%/yr for NZAC. Their correlation of 0.82 suggests significant overlap in exposure. SPGM charges 0.09%/yr vs 0.12%/yr for NZAC.
Performance
SPGM vs. NZAC - Performance Comparison
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Returns By Period
In the year-to-date period, SPGM achieves a 10.79% return, which is significantly higher than NZAC's 6.02% return. Over the past 10 years, SPGM has outperformed NZAC with an annualized return of 13.23%, while NZAC has yielded a comparatively lower 12.17% annualized return.
SPGM
- 1D
- -1.85%
- 1M
- -0.09%
- YTD
- 10.79%
- 6M
- 9.88%
- 1Y
- 28.37%
- 3Y*
- 20.39%
- 5Y*
- 11.06%
- 10Y*
- 13.23%
NZAC
- 1D
- -1.70%
- 1M
- -1.26%
- YTD
- 6.02%
- 6M
- 5.37%
- 1Y
- 20.66%
- 3Y*
- 17.81%
- 5Y*
- 9.25%
- 10Y*
- 12.17%
SPGM vs. NZAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGM SPDR Portfolio MSCI Global Stock Market ETF | 10.79% | 23.62% | 16.75% | 21.34% | -17.53% | 21.13% | 15.28% | 26.58% | -10.12% | 23.26% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 6.02% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
Correlation
The correlation between SPGM and NZAC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2014 | 0.82 |
The correlation between SPGM and NZAC shifts across timeframes, from 0.82 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPGM vs. NZAC — Risk / Return Rank
SPGM
NZAC
SPGM vs. NZAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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.
| SPGM | NZAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.27 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.05 | +0.95 |
| Martin ratioReturn relative to average drawdown | 13.18 | 8.63 | +4.55 |
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Drawdowns
SPGM vs. NZAC - Drawdown Comparison
The maximum SPGM drawdown since its inception was -33.97%, roughly equal to the maximum NZAC drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for SPGM and NZAC.
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Drawdown Indicators
| SPGM | NZAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.97% | -33.72% | -0.25% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -10.10% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -16.90% | -16.19% | -0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -25.93% | -28.31% | +2.38% |
Max Drawdown (10Y)Largest decline over 10 years | -33.97% | -33.72% | -0.25% |
Current DrawdownCurrent decline from peak | -2.70% | -3.38% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -4.79% | -5.31% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 2.40% | -0.24% |
Volatility
SPGM vs. NZAC - Volatility Comparison
SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) have volatilities of 5.64% and 5.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPGM | NZAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 5.41% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.44% | 11.34% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.74% | 13.73% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 16.94% | -0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.50% | 17.13% | +0.37% |
SPGM vs. NZAC - Expense Ratio Comparison
SPGM has a 0.09% expense ratio, which is lower than NZAC's 0.12% 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
SPGM vs. NZAC - Dividend Comparison
SPGM's dividend yield for the trailing twelve months is around 1.83%, less than NZAC's 2.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.09% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
SPGM SPDR Portfolio MSCI Global Stock Market ETF | 1.83% | 1.89% | 1.98% | 2.09% | 2.37% | 1.94% | 1.45% | 2.46% | 1.89% | 2.29% | 1.87% | 3.70% |
Frequently Asked Questions
With a correlation of 0.97, SPGM and NZAC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPGM has higher volatility (5.64%) compared to NZAC (5.41%). In terms of maximum drawdown, SPGM dropped -33.97% vs NZAC's -33.72%.
On 10-year performance, SPGM leads with 13.23% vs 12.17% for NZAC. On fees, SPGM is cheaper at 0.09% per year. On volatility, NZAC has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPGM has performed better with a 13.23% return vs 12.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPGM is cheaper with a 0.09% expense ratio, compared with 0.12% for NZAC.
NZAC has the higher dividend yield at 2.09%, compared with 1.83% for SPGM.
SPGM tracks MSCI ACWI IMI Index, while NZAC tracks MSCI ACWI Climate Paris Aligned Index. Their fees differ too: 0.09% for SPGM and 0.12% for NZAC.
SPGM currently has the higher Sharpe Ratio (2.08 vs 1.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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