SPP1.DE vs. CBUG.DE
SPP1.DE (State Street SPDR MSCI All Country World EUR Hdg UCITS ETF (Acc)) and CBUG.DE (iShares USD Treasury Bond 3-7yr UCITS ETF GBP hedged (Dist)) are both Global Equities funds - SPP1.DE tracks the MSCI ACWI with Developed Markets 100% Hedged to EUR Index while CBUG.DE tracks the MSCI ACWI SMID NR USD. Both are passively managed. Over the past 3 years, SPP1.DE returned 17.27%/yr vs 13.25%/yr for CBUG.DE. Their correlation of 0.83 suggests significant overlap in exposure. SPP1.DE charges 0.17%/yr vs 0.10%/yr for CBUG.DE.
Performance
SPP1.DE vs. CBUG.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPP1.DE achieves a 10.38% return, which is significantly lower than CBUG.DE's 16.41% return.
SPP1.DE
- 1D
- 0.53%
- 1M
- -0.60%
- 6M
- 9.51%
- YTD
- 10.38%
- 1Y
- 21.02%
- 3Y*
- 17.27%
- 5Y*
- 10.06%
- 10Y*
- —
- ALL TIME*
- 12.29%
CBUG.DE
- 1D
- 0.66%
- 1M
- -0.49%
- 6M
- 11.52%
- YTD
- 16.41%
- 1Y
- 27.35%
- 3Y*
- 13.25%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.05%
SPP1.DE vs. CBUG.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPP1.DE State Street SPDR MSCI All Country World EUR Hdg UCITS ETF (Acc) | 10.38% | 17.43% | 19.40% | 19.48% | -17.94% | 2.29% |
CBUG.DE iShares USD Treasury Bond 3-7yr UCITS ETF GBP hedged (Dist) | 16.41% | 6.50% | 13.10% | 11.25% | -14.07% | 2.02% |
Correlation
The correlation between SPP1.DE and CBUG.DE is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021 | 0.83 |
The correlation between SPP1.DE and CBUG.DE has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.
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Return for Risk
SPP1.DE vs. CBUG.DE — Risk / Return Rank
SPP1.DE
CBUG.DE
SPP1.DE vs. CBUG.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI All Country World EUR Hdg UCITS ETF (Acc) (SPP1.DE) and iShares USD Treasury Bond 3-7yr UCITS ETF GBP hedged (Dist) (CBUG.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.
| SPP1.DE | CBUG.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.35 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 3.76 | -1.21 |
| Martin ratioReturn relative to average drawdown | 10.59 | 13.89 | -3.30 |
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Drawdowns
SPP1.DE vs. CBUG.DE - Drawdown Comparison
The maximum SPP1.DE drawdown since its inception was -32.51%, which is greater than CBUG.DE's maximum drawdown of -24.57%. Use the drawdown chart below to compare losses from any high point for SPP1.DE and CBUG.DE.
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Drawdown Indicators
| SPP1.DE | CBUG.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.51% | -24.57% | -7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.21% | -7.24% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -17.70% | -24.57% | +6.87% |
Max Drawdown (5Y)Largest decline over 5 years | -22.77% | — | — |
Current DrawdownCurrent decline from peak | -1.05% | -2.40% | +1.35% |
Average DrawdownAverage peak-to-trough decline | -5.36% | -7.32% | +1.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 1.96% | +0.02% |
Volatility
SPP1.DE vs. CBUG.DE - Volatility Comparison
The current volatility for State Street SPDR MSCI All Country World EUR Hdg UCITS ETF (Acc) (SPP1.DE) is 3.26%, while iShares USD Treasury Bond 3-7yr UCITS ETF GBP hedged (Dist) (CBUG.DE) has a volatility of 3.98%. This indicates that SPP1.DE experiences smaller price fluctuations and is considered to be less risky than CBUG.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPP1.DE | CBUG.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.26% | 3.98% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 9.88% | 10.22% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.27% | 13.87% | -1.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.60% | 16.63% | -2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.63% | 16.63% | 0.00% |
SPP1.DE vs. CBUG.DE - Expense Ratio Comparison
SPP1.DE has a 0.17% expense ratio, which is higher than CBUG.DE's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPP1.DE vs. CBUG.DE - Dividend Comparison
Neither SPP1.DE nor CBUG.DE has paid dividends to shareholders.
Frequently Asked Questions
SPP1.DE and CBUG.DE have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBUG.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBUG.DE is cheaper with a 0.10% expense ratio, compared with 0.17% for SPP1.DE.
SPP1.DE tracks MSCI ACWI with Developed Markets 100% Hedged to EUR Index, while CBUG.DE tracks MSCI ACWI SMID NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for SPP1.DE and 0.10% for CBUG.DE.
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