SPYI.DE vs. ZPR1.DE
SPYI.DE (SPDR MSCI ACWI IMI UCITS ETF) and ZPR1.DE (State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc)) are both exchange-traded funds - SPYI.DE is a Global Equities fund tracking the MSCI All Country World Investable Market (ACWI IMI), while ZPR1.DE is a Money Market fund tracking the Bloomberg US Treasury Bills 1-3 Month Index. Both are passively managed. Over the past 5 years, SPYI.DE returned 11.23%/yr vs 4.20%/yr for ZPR1.DE. At a 0.06 correlation, their price movements are largely independent. SPYI.DE charges 0.17%/yr vs 0.05%/yr for ZPR1.DE.
Performance
SPYI.DE vs. ZPR1.DE - Performance Comparison
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Different Trading Currencies
SPYI.DE is traded in EUR, while ZPR1.DE is traded in USD. To make them comparable, the ZPR1.DE values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPYI.DE achieves a 13.13% return, which is significantly higher than ZPR1.DE's 4.73% return.
SPYI.DE
- 1D
- -1.22%
- 1M
- -0.62%
- 6M
- 9.40%
- YTD
- 13.13%
- 1Y
- 23.93%
- 3Y*
- 17.27%
- 5Y*
- 11.23%
- 10Y*
- 11.59%
ZPR1.DE
- 1D
- 0.05%
- 1M
- 0.84%
- 6M
- 3.26%
- YTD
- 4.73%
- 1Y
- 5.28%
- 3Y*
- 3.99%
- 5Y*
- 4.20%
- 10Y*
- —
SPYI.DE vs. ZPR1.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF | 13.13% | 9.07% | 22.98% | 17.54% | -12.93% | 27.77% | 5.37% | 7.78% |
ZPR1.DE State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) | 4.73% | -7.65% | 11.56% | 1.86% | 7.26% | 8.54% | -8.63% | 1.13% |
Correlation
The correlation between SPYI.DE and ZPR1.DE is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | 0.06 |
The correlation between SPYI.DE and ZPR1.DE shifts across timeframes, from 0.03 (1 year) to 0.15 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPYI.DE vs. ZPR1.DE — Risk / Return Rank
SPYI.DE
ZPR1.DE
SPYI.DE vs. ZPR1.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) and State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) (ZPR1.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.
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.
| SPYI.DE | ZPR1.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.16 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.69 | 1.37 | +2.33 |
| Martin ratioReturn relative to average drawdown | 14.57 | 3.49 | +11.08 |
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Drawdowns
SPYI.DE vs. ZPR1.DE - Drawdown Comparison
The maximum SPYI.DE drawdown since its inception was -41.58%, which is greater than ZPR1.DE's maximum drawdown of -13.91%. Use the drawdown chart below to compare losses from any high point for SPYI.DE and ZPR1.DE.
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Drawdown Indicators
| SPYI.DE | ZPR1.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.58% | -13.91% | -27.67% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -3.85% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -21.64% | -11.52% | -10.12% |
Max Drawdown (5Y)Largest decline over 5 years | -21.64% | -11.73% | -9.91% |
Max Drawdown (10Y)Largest decline over 10 years | -34.49% | — | — |
Current DrawdownCurrent decline from peak | -1.83% | -4.95% | +3.12% |
Average DrawdownAverage peak-to-trough decline | -8.38% | -6.30% | -2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.64% | 1.50% | +0.14% |
Volatility
SPYI.DE vs. ZPR1.DE - Volatility Comparison
SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) has a higher volatility of 3.13% compared to State Street SPDR Bloomberg 1-3 Month T-Bill UCITS ETF (Acc) (ZPR1.DE) at 1.31%. This indicates that SPYI.DE's price experiences larger fluctuations and is considered to be riskier than ZPR1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYI.DE | ZPR1.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 1.31% | +1.82% |
Volatility (6M)Calculated over the trailing 6-month period | 8.64% | 4.45% | +4.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 6.17% | +5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.98% | 7.57% | +6.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.92% | 7.56% | +8.36% |
SPYI.DE vs. ZPR1.DE - Expense Ratio Comparison
SPYI.DE has a 0.17% expense ratio, which is higher than ZPR1.DE's 0.05% 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
SPYI.DE vs. ZPR1.DE - Dividend Comparison
Neither SPYI.DE nor ZPR1.DE has paid dividends to shareholders.
Frequently Asked Questions
SPYI.DE and ZPR1.DE have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPR1.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPR1.DE is cheaper with a 0.05% expense ratio, compared with 0.17% for SPYI.DE.
SPYI.DE is categorized as Global Equities, while ZPR1.DE is Money Market. SPYI.DE tracks MSCI All Country World Investable Market (ACWI IMI), while ZPR1.DE tracks Bloomberg US Treasury Bills 1-3 Month Index. Their fees differ too: 0.17% for SPYI.DE and 0.05% for ZPR1.DE.
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