SPY2.DE vs. H4Z7.DE

Last updated Jun 5, 2026

SPY2.DE (SPDR Dow Jones Global Real Estate UCITS ETF Accumulating) and H4Z7.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc)) are both REIT funds - SPY2.DE tracks the Dow Jones Global Select Real Estate Securities while H4Z7.DE tracks the FTSE EPRA/NAREIT Developed. Both are passively managed. Over the past 3 years, SPY2.DE returned 5.92%/yr vs 6.21%/yr for H4Z7.DE. With a 0.97 correlation, they move nearly in lockstep. SPY2.DE charges 0.40%/yr vs 0.24%/yr for H4Z7.DE.

Performance

SPY2.DE vs. H4Z7.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Dow Jones Global Real Estate UCITS ETF Accumulating (SPY2.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc) (H4Z7.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY2.DE achieves a 8.38% return, which is significantly higher than H4Z7.DE's 7.83% return.

SPY2.DE

• 1D: 0.10%
• 1M: -0.62%
• YTD: 8.38%
• 6M: 7.13%
• 1Y: 10.21%
• 3Y*: 5.92%
• 5Y*: 2.27%
• 10Y*: —

H4Z7.DE

• 1D: -0.12%
• 1M: -1.09%
• YTD: 7.83%
• 6M: 7.24%
• 1Y: 9.70%
• 3Y*: 6.21%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY2.DE vs. H4Z7.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPY2.DE SPDR Dow Jones Global Real Estate UCITS ETF Accumulating	8.38%	-2.42%	5.09%	7.66%	-13.35%
H4Z7.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc)	7.83%	-1.78%	5.80%	7.39%	-13.07%

Correlation

The correlation between SPY2.DE and H4Z7.DE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 26, 2022	0.97

The correlation between SPY2.DE and H4Z7.DE has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

SPY2.DE vs. H4Z7.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPY2.DE

SPY2.DE Risk / Return Rank: 27
SPY2.DE Sharpe Ratio Rank: 25
SPY2.DE Sortino Ratio Rank: 24
SPY2.DE Omega Ratio Rank: 24
SPY2.DE Calmar Ratio Rank: 31
SPY2.DE Martin Ratio Rank: 30

H4Z7.DE

H4Z7.DE Risk / Return Rank: 25
H4Z7.DE Sharpe Ratio Rank: 25
H4Z7.DE Sortino Ratio Rank: 24
H4Z7.DE Omega Ratio Rank: 24
H4Z7.DE Calmar Ratio Rank: 26
H4Z7.DE Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPY2.DE vs. H4Z7.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Global Real Estate UCITS ETF Accumulating (SPY2.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc) (H4Z7.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.

	SPY2.DE	H4Z7.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.86	+0.03
Sortino ratio: Return per unit of downside risk	1.26	1.26	0.00
Omega ratio: Gain probability vs. loss probability	1.16	1.15	+0.01
Calmar ratio: Return relative to maximum drawdown	1.48	1.23	+0.25
Martin ratio: Return relative to average drawdown	4.38	3.99	+0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY2.DE vs. H4Z7.DE - Sharpe Ratio Comparison

The current SPY2.DE Sharpe Ratio is 0.89, which is comparable to the H4Z7.DE Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of SPY2.DE and H4Z7.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPY2.DE	H4Z7.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.86	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.08	-0.03

Drawdowns

SPY2.DE vs. H4Z7.DE - Drawdown Comparison

The maximum SPY2.DE drawdown since its inception was -42.59%, which is greater than H4Z7.DE's maximum drawdown of -26.78%. Use the drawdown chart below to compare losses from any high point for SPY2.DE and H4Z7.DE.

Drawdown Indicators

	SPY2.DE	H4Z7.DE	Difference
Max Drawdown Largest peak-to-trough decline	-42.59%	-26.78%	-15.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-7.86%	+1.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-20.13%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-30.72%	—	—
Current Drawdown Current decline from peak	-7.69%	-2.86%	-4.83%
Average Drawdown Average peak-to-trough decline	-15.50%	-11.53%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.42%	-0.09%

Volatility

SPY2.DE vs. H4Z7.DE - Volatility Comparison

SPDR Dow Jones Global Real Estate UCITS ETF Accumulating (SPY2.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (Acc) (H4Z7.DE) have volatilities of 2.82% and 2.87%, 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.

Volatility by Period

	SPY2.DE	H4Z7.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.87%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	8.56%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.46%	11.25%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.06%	14.42%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	14.42%	+5.49%

SPY2.DE vs. H4Z7.DE - Expense Ratio Comparison

SPY2.DE has a 0.40% expense ratio, which is higher than H4Z7.DE's 0.24% expense ratio.

Dividends

SPY2.DE vs. H4Z7.DE - Dividend Comparison

Neither SPY2.DE nor H4Z7.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPY2.DE and H4Z7.DE in my portfolio?

With a correlation of 0.94, SPY2.DE and H4Z7.DE 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.

Which ETF is better, SPY2.DE or H4Z7.DE?

On fees, H4Z7.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPY2.DE or H4Z7.DE?

H4Z7.DE is cheaper with a 0.24% expense ratio, compared with 0.40% for SPY2.DE.

What is the main difference between SPY2.DE and H4Z7.DE?

SPY2.DE tracks Dow Jones Global Select Real Estate Securities, while H4Z7.DE tracks FTSE EPRA/NAREIT Developed. They also come from different issuers: State Street and HSBC. Their fees differ too: 0.40% for SPY2.DE and 0.24% for H4Z7.DE.