SPYL.DE vs. IS31.DE
SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)) and IS31.DE (iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc)) are both S&P 500 funds - SPYL.DE tracks the S&P 500 Index while IS31.DE tracks the S&P 500 Minimum Volatility Index (EUR Hedged). Both are passively managed. Over the past year, SPYL.DE returned 23.25% vs 8.36% for IS31.DE. A 0.62 correlation means they provide meaningful diversification when combined. SPYL.DE charges 0.03%/yr vs 0.25%/yr for IS31.DE.
Performance
SPYL.DE vs. IS31.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPYL.DE achieves a 12.88% return, which is significantly higher than IS31.DE's 2.57% return.
SPYL.DE
- 1D
- 0.00%
- 1M
- 1.25%
- 6M
- 11.87%
- YTD
- 12.88%
- 1Y
- 23.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IS31.DE
- 1D
- -0.55%
- 1M
- -0.28%
- 6M
- 3.07%
- YTD
- 2.57%
- 1Y
- 8.36%
- 3Y*
- 10.43%
- 5Y*
- 5.66%
- 10Y*
- —
SPYL.DE vs. IS31.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) | 12.88% | 4.71% | 32.33% | 8.23% |
IS31.DE iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) | 2.57% | 9.27% | 16.79% | 9.89% |
Correlation
The correlation between SPYL.DE and IS31.DE is 0.63, 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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | 0.62 |
The correlation between SPYL.DE and IS31.DE has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.
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Return for Risk
SPYL.DE vs. IS31.DE — Risk / Return Rank
SPYL.DE
IS31.DE
SPYL.DE vs. IS31.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE) and iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) (IS31.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.
| SPYL.DE | IS31.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.17 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 1.25 | +2.02 |
| Martin ratioReturn relative to average drawdown | 11.51 | 4.77 | +6.75 |
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Drawdowns
SPYL.DE vs. IS31.DE - Drawdown Comparison
The maximum SPYL.DE drawdown since its inception was -23.27%, smaller than the maximum IS31.DE drawdown of -33.66%. Use the drawdown chart below to compare losses from any high point for SPYL.DE and IS31.DE.
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Drawdown Indicators
| SPYL.DE | IS31.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.27% | -33.66% | +10.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.13% | -6.64% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.56% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.75% | — |
Current DrawdownCurrent decline from peak | -0.41% | -1.01% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -3.27% | -4.83% | +1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 1.75% | +0.28% |
Volatility
SPYL.DE vs. IS31.DE - Volatility Comparison
State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE) has a higher volatility of 2.80% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) (IS31.DE) at 2.40%. This indicates that SPYL.DE's price experiences larger fluctuations and is considered to be riskier than IS31.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYL.DE | IS31.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 2.40% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 8.09% | 6.55% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.01% | 8.70% | +3.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.93% | 12.78% | +2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.93% | 14.36% | +0.57% |
SPYL.DE vs. IS31.DE - Expense Ratio Comparison
SPYL.DE has a 0.03% expense ratio, which is lower than IS31.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPYL.DE vs. IS31.DE - Dividend Comparison
Neither SPYL.DE nor IS31.DE has paid dividends to shareholders.
Frequently Asked Questions
SPYL.DE and IS31.DE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYL.DE is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYL.DE is cheaper with a 0.03% expense ratio, compared with 0.25% for IS31.DE.
SPYL.DE tracks S&P 500 Index, while IS31.DE tracks S&P 500 Minimum Volatility Index (EUR Hedged). They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPYL.DE and 0.25% for IS31.DE.
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