SPYE.DE vs. SPEU
SPYE.DE (SPDR MSCI Europe UCITS ETF) and SPEU (SPDR Portfolio Europe ETF) are both Europe Equities funds from State Street - SPYE.DE tracks the MSCI Europe while SPEU tracks the STOXX Europe Total Market. Both are passively managed. Over the past 10 years, SPYE.DE returned 9.09%/yr vs 9.02%/yr for SPEU. A 0.76 correlation means they provide meaningful diversification when combined. SPYE.DE charges 0.25%/yr vs 0.09%/yr for SPEU.
Performance
SPYE.DE vs. SPEU - Performance Comparison
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Different Trading Currencies
SPYE.DE is traded in EUR, while SPEU is traded in USD. To make them comparable, the SPEU values have been converted to EUR using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with SPYE.DE having a 7.68% return and SPEU slightly higher at 7.83%. Both investments have delivered pretty close results over the past 10 years, with SPYE.DE having a 9.09% annualized return and SPEU not far behind at 9.02%.
SPYE.DE
- 1D
- 0.62%
- 1M
- 3.48%
- YTD
- 7.68%
- 6M
- 9.95%
- 1Y
- 16.48%
- 3Y*
- 13.73%
- 5Y*
- 9.86%
- 10Y*
- 9.09%
SPEU
- 1D
- 1.07%
- 1M
- 3.05%
- YTD
- 7.83%
- 6M
- 10.24%
- 1Y
- 16.57%
- 3Y*
- 13.78%
- 5Y*
- 9.30%
- 10Y*
- 9.02%
SPYE.DE vs. SPEU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYE.DE SPDR MSCI Europe UCITS ETF | 7.68% | 20.32% | 8.24% | 15.50% | -9.42% | 25.11% | -3.25% | 27.31% | -10.83% | 10.49% |
SPEU SPDR Portfolio Europe ETF | 7.83% | 19.69% | 8.66% | 16.26% | -10.76% | 24.89% | -2.41% | 29.00% | -9.74% | 8.59% |
Correlation
The correlation between SPYE.DE and SPEU is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since May 14, 2013 | 0.76 |
The correlation between SPYE.DE and SPEU has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.
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Return for Risk
SPYE.DE vs. SPEU — Risk / Return Rank
SPYE.DE
SPEU
SPYE.DE vs. SPEU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (SPYE.DE) and SPDR Portfolio Europe ETF (SPEU). 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 | SPEU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.62 | +0.11 |
| Martin ratioReturn relative to average drawdown | 6.36 | 6.45 | -0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPYE.DE | SPEU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 1.24 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | 0.64 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.54 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.25 | +0.27 |
Drawdowns
SPYE.DE vs. SPEU - Drawdown Comparison
The maximum SPYE.DE drawdown since its inception was -35.54%, smaller than the maximum SPEU drawdown of -57.14%. Use the drawdown chart below to compare losses from any high point for SPYE.DE and SPEU.
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Drawdown Indicators
| SPYE.DE | SPEU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.54% | -57.14% | +21.60% |
Max Drawdown (1Y)Largest decline over 1 year | -9.45% | -10.27% | +0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -16.65% | -15.07% | -1.58% |
Max Drawdown (5Y)Largest decline over 5 years | -19.53% | -21.01% | +1.48% |
Max Drawdown (10Y)Largest decline over 10 years | -35.54% | -36.96% | +1.42% |
Current DrawdownCurrent decline from peak | -1.47% | -0.61% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -5.36% | -12.90% | +7.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 2.58% | +0.01% |
Volatility
SPYE.DE vs. SPEU - Volatility Comparison
The current volatility for SPDR MSCI Europe UCITS ETF (SPYE.DE) is 4.24%, while SPDR Portfolio Europe ETF (SPEU) has a volatility of 4.80%. This indicates that SPYE.DE experiences smaller price fluctuations and is considered to be less risky than SPEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYE.DE | SPEU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 4.80% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 10.58% | 11.13% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.87% | 13.41% | -0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.30% | 14.52% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.71% | 16.85% | -1.14% |
SPYE.DE vs. SPEU - Expense Ratio Comparison
SPYE.DE has a 0.25% expense ratio, which is higher than SPEU's 0.09% 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
SPYE.DE vs. SPEU - Dividend Comparison
SPYE.DE has not paid dividends to shareholders, while SPEU's dividend yield for the trailing twelve months is around 3.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPEU SPDR Portfolio Europe ETF | 3.36% | 3.47% | 3.29% | 2.91% | 3.08% | 2.67% | 2.29% | 3.19% | 3.99% | 2.82% | 3.66% | 3.62% |
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
SPYE.DE and SPEU have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPEU is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPEU is cheaper with a 0.09% expense ratio, compared with 0.25% for SPYE.DE.
SPYE.DE tracks MSCI Europe, while SPEU tracks STOXX Europe Total Market. Their fees differ too: 0.25% for SPYE.DE and 0.09% for SPEU.
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