SPYE.DE vs. EUNA.AS

Last updated Jun 27, 2026

SPYE.DE (SPDR MSCI Europe UCITS ETF) and EUNA.AS (iShares STOXX Europe 50 UCITS ETF) are both Europe Equities funds - SPYE.DE tracks the MSCI Europe while EUNA.AS tracks the MSCI Europe NR EUR. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. SPYE.DE charges 0.25%/yr vs 0.35%/yr for EUNA.AS.

Performance

SPYE.DE vs. EUNA.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Europe UCITS ETF (SPYE.DE) and iShares STOXX Europe 50 UCITS ETF (EUNA.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPYE.DE

• 1D: -0.66%
• 1M: 1.77%
• YTD: 9.96%
• 6M: 10.79%
• 1Y: 21.80%
• 3Y*: 14.98%
• 5Y*: 10.01%
• 10Y*: 10.12%

EUNA.AS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYE.DE vs. EUNA.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYE.DE SPDR MSCI Europe UCITS ETF	9.96%	20.32%	8.24%	15.50%	-9.42%	25.11%	-3.25%	27.31%	-10.83%	10.49%
EUNA.AS iShares STOXX Europe 50 UCITS ETF	0.00%	12.22%	8.00%	15.11%	-2.25%	26.64%	-6.34%	26.46%	-9.51%	9.05%

Correlation

The correlation between SPYE.DE and EUNA.AS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 30, 2010	0.92

Over the past year, the correlation between SPYE.DE and EUNA.AS has dropped to 0.45 - well below their long-term average of 0.92, suggesting their price drivers have been diverging.

Return for Risk

SPYE.DE vs. EUNA.AS — Risk / Return Rank

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

SPYE.DE

SPYE.DE Risk / Return Rank: 58
SPYE.DE Sharpe Ratio Rank: 58
SPYE.DE Sortino Ratio Rank: 59
SPYE.DE Omega Ratio Rank: 61
SPYE.DE Calmar Ratio Rank: 53
SPYE.DE Martin Ratio Rank: 57

EUNA.AS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SPYE.DE vs. EUNA.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (SPYE.DE) and iShares STOXX Europe 50 UCITS ETF (EUNA.AS). 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.

	SPYE.DE	EUNA.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.68	—	—
Sortino ratio: Return per unit of downside risk	2.42	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.30	—	—
Martin ratio: Return relative to average drawdown	8.65	—	—

Drawdowns

Drawdown Indicators

	SPYE.DE	EUNA.AS	Difference
Max Drawdown Largest peak-to-trough decline	-35.54%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.54%	—	—
Current Drawdown Current decline from peak	-0.66%	—	—
Average Drawdown Average peak-to-trough decline	-5.48%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	—	—

Volatility

Volatility by Period

	SPYE.DE	EUNA.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	—	—

SPYE.DE vs. EUNA.AS - Expense Ratio Comparison

SPYE.DE has a 0.25% expense ratio, which is lower than EUNA.AS's 0.35% expense ratio.

Dividends

SPYE.DE vs. EUNA.AS - Dividend Comparison

SPYE.DE has not paid dividends to shareholders, while EUNA.AS's dividend yield for the trailing twelve months is around 1.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUNA.AS iShares STOXX Europe 50 UCITS ETF	1.21%	2.52%	2.61%	2.56%	2.62%	2.22%	2.42%	2.96%	3.51%	3.24%	3.29%	3.05%
SPYE.DE SPDR MSCI Europe UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYE.DE and EUNA.AS in my portfolio?

SPYE.DE and EUNA.AS have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYE.DE or EUNA.AS?

On fees, SPYE.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYE.DE or EUNA.AS?

SPYE.DE is cheaper with a 0.25% expense ratio, compared with 0.35% for EUNA.AS.

What is the main difference between SPYE.DE and EUNA.AS?

SPYE.DE tracks MSCI Europe, while EUNA.AS tracks MSCI Europe NR EUR. They also come from different issuers: State Street and iShares. Their fees differ too: 0.25% for SPYE.DE and 0.35% for EUNA.AS.