SPYE.DE vs. XDEM.L

Last updated Jun 27, 2026

SPYE.DE (SPDR MSCI Europe UCITS ETF) and XDEM.L (Xtrackers MSCI World Momentum Factor UCITS ETF 1C) are both exchange-traded funds - SPYE.DE is a Europe Equities fund tracking the MSCI Europe, while XDEM.L is a Momentum fund tracking the MSCI World Momentum Index. Both are passively managed. Over the past 10 years, SPYE.DE returned 10.12%/yr vs 16.39%/yr for XDEM.L. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

SPYE.DE vs. XDEM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Europe UCITS ETF (SPYE.DE) and Xtrackers MSCI World Momentum Factor UCITS ETF 1C (XDEM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPYE.DE is traded in EUR, while XDEM.L is traded in GBp. To make them comparable, the XDEM.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPYE.DE achieves a 9.96% return, which is significantly lower than XDEM.L's 27.37% return. Over the past 10 years, SPYE.DE has underperformed XDEM.L with an annualized return of 10.12%, while XDEM.L has yielded a comparatively higher 16.39% annualized return.

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%

XDEM.L

• 1D: -1.59%
• 1M: 5.54%
• YTD: 27.37%
• 6M: 26.68%
• 1Y: 37.84%
• 3Y*: 27.70%
• 5Y*: 14.92%
• 10Y*: 16.39%

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

SPYE.DE vs. XDEM.L - 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%
XDEM.L Xtrackers MSCI World Momentum Factor UCITS ETF 1C	27.37%	6.65%	39.28%	8.13%	-12.80%	23.13%	17.40%	31.22%	1.02%	15.65%

Correlation

The correlation between SPYE.DE and XDEM.L is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 5, 2014	0.67

The correlation between SPYE.DE and XDEM.L has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

Return for Risk

SPYE.DE vs. XDEM.L — 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

XDEM.L

XDEM.L Risk / Return Rank: 84
XDEM.L Sharpe Ratio Rank: 81
XDEM.L Sortino Ratio Rank: 83
XDEM.L Omega Ratio Rank: 79
XDEM.L Calmar Ratio Rank: 87
XDEM.L Martin Ratio Rank: 88

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. XDEM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (SPYE.DE) and Xtrackers MSCI World Momentum Factor UCITS ETF 1C (XDEM.L). 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	XDEM.L	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.10	-0.42
Sortino ratio: Return per unit of downside risk	2.42	3.08	-0.66
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.30	4.12	-1.82
Martin ratio: Return relative to average drawdown	8.65	15.87	-7.22

SPYE.DE vs. XDEM.L - Sharpe Ratio Comparison

The current SPYE.DE Sharpe Ratio is 1.68, which is comparable to the XDEM.L Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SPYE.DE and XDEM.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYE.DE vs. XDEM.L - Drawdown Comparison

The maximum SPYE.DE drawdown since its inception was -35.54%, smaller than the maximum XDEM.L drawdown of -49.06%. Use the drawdown chart below to compare losses from any high point for SPYE.DE and XDEM.L.

Drawdown Indicators

	SPYE.DE	XDEM.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.54%	-49.06%	+13.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-9.15%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.65%	-22.76%	+6.11%
Max Drawdown (5Y) Largest decline over 5 years	-19.53%	-22.76%	+3.23%
Max Drawdown (10Y) Largest decline over 10 years	-35.54%	-30.16%	-5.38%
Current Drawdown Current decline from peak	-0.66%	-2.92%	+2.26%
Average Drawdown Average peak-to-trough decline	-5.48%	-15.42%	+9.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.38%	+0.13%

Volatility

SPYE.DE vs. XDEM.L - Volatility Comparison

The current volatility for SPDR MSCI Europe UCITS ETF (SPYE.DE) is 2.86%, while Xtrackers MSCI World Momentum Factor UCITS ETF 1C (XDEM.L) has a volatility of 7.47%. This indicates that SPYE.DE experiences smaller price fluctuations and is considered to be less risky than XDEM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYE.DE	XDEM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	7.47%	-4.61%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	15.29%	-4.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	17.95%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	22.26%	-7.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	22.81%	-7.43%

SPYE.DE vs. XDEM.L - Expense Ratio Comparison

Both SPYE.DE and XDEM.L 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. XDEM.L - Dividend Comparison

Neither SPYE.DE nor XDEM.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

SPYE.DE and XDEM.L have a correlation of 0.62, 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 XDEM.L?

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 XDEM.L?

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

What is the main difference between SPYE.DE and XDEM.L?

SPYE.DE is categorized as Europe Equities, while XDEM.L is Momentum. SPYE.DE tracks MSCI Europe, while XDEM.L tracks MSCI World Momentum Index. They also come from different issuers: State Street and DWS.