SPYE.DE vs. LGGE.DE

Last updated Jun 5, 2026

SPYE.DE (SPDR MSCI Europe UCITS ETF) and LGGE.DE (L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF) are both Europe Equities funds - SPYE.DE tracks the MSCI Europe while LGGE.DE tracks the FTSE Developed Europe ex UK All Cap ex CW ex TC ex REITS Dividend Growth with Quality. Both are passively managed. Over the past 3 years, SPYE.DE returned 13.73%/yr vs 24.04%/yr for LGGE.DE. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

SPYE.DE vs. LGGE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Europe UCITS ETF (SPYE.DE) and L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LGGE.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYE.DE achieves a 7.68% return, which is significantly lower than LGGE.DE's 11.27% return.

SPYE.DE

• 1D: 0.62%
• 1M: 1.21%
• YTD: 7.68%
• 6M: 10.03%
• 1Y: 16.22%
• 3Y*: 13.73%
• 5Y*: 9.86%
• 10Y*: 9.09%

LGGE.DE

• 1D: 0.15%
• 1M: -0.22%
• YTD: 11.27%
• 6M: 15.32%
• 1Y: 26.49%
• 3Y*: 24.04%
• 5Y*: —
• 10Y*: —

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

SPYE.DE vs. LGGE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPYE.DE SPDR MSCI Europe UCITS ETF	7.68%	20.32%	8.24%	15.50%	-9.42%	7.95%
LGGE.DE L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	11.27%	38.29%	14.07%	17.18%	-3.86%	7.23%

Correlation

The correlation between SPYE.DE and LGGE.DE is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 16, 2021	0.88

The correlation between SPYE.DE and LGGE.DE has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

SPYE.DE vs. LGGE.DE — 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: 37
SPYE.DE Sharpe Ratio Rank: 37
SPYE.DE Sortino Ratio Rank: 37
SPYE.DE Omega Ratio Rank: 38
SPYE.DE Calmar Ratio Rank: 36
SPYE.DE Martin Ratio Rank: 41

LGGE.DE

LGGE.DE Risk / Return Rank: 69
LGGE.DE Sharpe Ratio Rank: 67
LGGE.DE Sortino Ratio Rank: 65
LGGE.DE Omega Ratio Rank: 67
LGGE.DE Calmar Ratio Rank: 73
LGGE.DE Martin Ratio Rank: 71

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. LGGE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (SPYE.DE) and L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LGGE.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.

	SPYE.DE	LGGE.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.19	-0.91
Sortino ratio: Return per unit of downside risk	1.87	2.95	-1.07
Omega ratio: Gain probability vs. loss probability	1.24	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	1.74	3.61	-1.87
Martin ratio: Return relative to average drawdown	6.36	13.07	-6.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYE.DE vs. LGGE.DE - Sharpe Ratio Comparison

The current SPYE.DE Sharpe Ratio is 1.28, which is lower than the LGGE.DE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of SPYE.DE and LGGE.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

	SPYE.DE	LGGE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.19	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.13	-0.61

Drawdowns

SPYE.DE vs. LGGE.DE - Drawdown Comparison

The maximum SPYE.DE drawdown since its inception was -35.54%, which is greater than LGGE.DE's maximum drawdown of -20.11%. Use the drawdown chart below to compare losses from any high point for SPYE.DE and LGGE.DE.

Drawdown Indicators

	SPYE.DE	LGGE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.54%	-20.11%	-15.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-7.28%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-16.65%	-14.71%	-1.94%
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	-1.47%	-2.09%	+0.62%
Average Drawdown Average peak-to-trough decline	-5.36%	-3.23%	-2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.01%	+0.58%

Volatility

SPYE.DE vs. LGGE.DE - Volatility Comparison

SPDR MSCI Europe UCITS ETF (SPYE.DE) has a higher volatility of 4.24% compared to L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF (LGGE.DE) at 3.60%. This indicates that SPYE.DE's price experiences larger fluctuations and is considered to be riskier than LGGE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYE.DE	LGGE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	3.60%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	10.58%	9.47%	+1.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.87%	11.99%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	14.60%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	14.60%	+1.11%

SPYE.DE vs. LGGE.DE - Expense Ratio Comparison

Both SPYE.DE and LGGE.DE have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPYE.DE vs. LGGE.DE - Dividend Comparison

SPYE.DE has not paid dividends to shareholders, while LGGE.DE's dividend yield for the trailing twelve months is around 3.13%.

Position	TTM	2025	2024	2023	2022	2021
LGGE.DE L&G Quality Equity Dividends ESG Exclusions Europe ex-UK UCITS ETF	3.13%	3.47%	4.37%	4.43%	4.18%	1.52%
SPYE.DE SPDR MSCI Europe UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

SPYE.DE and LGGE.DE have a correlation of 0.83, 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 LGGE.DE?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYE.DE or LGGE.DE?

SPYE.DE and LGGE.DE have the same expense ratio: 0.25% per year.

What is the main difference between SPYE.DE and LGGE.DE?

SPYE.DE tracks MSCI Europe, while LGGE.DE tracks FTSE Developed Europe ex UK All Cap ex CW ex TC ex REITS Dividend Growth with Quality. They also come from different issuers: State Street and Legal & General.