SPYL.DE vs. SPYX.DE
SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)) and SPYX.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) are both exchange-traded funds - SPYL.DE is a S&P 500 fund tracking the S&P 500 Index, while SPYX.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Small Cap. Both are passively managed. Over the past year, SPYL.DE returned 25.61% vs 27.59% for SPYX.DE. A 0.54 correlation means they provide meaningful diversification when combined. SPYL.DE charges 0.03%/yr vs 0.55%/yr for SPYX.DE.
Performance
SPYL.DE vs. SPYX.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPYL.DE achieves a 11.37% return, which is significantly lower than SPYX.DE's 17.87% return.
SPYL.DE
- 1D
- -0.15%
- 1M
- 5.19%
- YTD
- 11.37%
- 6M
- 11.41%
- 1Y
- 25.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPYX.DE
- 1D
- 0.12%
- 1M
- 0.89%
- YTD
- 17.87%
- 6M
- 17.31%
- 1Y
- 27.59%
- 3Y*
- 14.36%
- 5Y*
- 8.43%
- 10Y*
- 9.22%
SPYL.DE vs. SPYX.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) | 11.37% | 4.71% | 32.33% | 9.54% |
SPYX.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF | 17.87% | 6.29% | 8.50% | 8.06% |
Correlation
The correlation between SPYL.DE and SPYX.DE is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | 0.54 |
The correlation between SPYL.DE and SPYX.DE has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.
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Return for Risk
SPYL.DE vs. SPYX.DE — Risk / Return Rank
SPYL.DE
SPYX.DE
SPYL.DE vs. SPYX.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 SPDR MSCI Emerging Markets Small Cap UCITS ETF (SPYX.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.
| SPYL.DE | SPYX.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.28 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.58 | 2.77 | +0.80 |
| Martin ratioReturn relative to average drawdown | 12.72 | 9.22 | +3.51 |
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
| SPYL.DE | SPYX.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 1.60 | +0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.56 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.54 | 0.37 | +1.16 |
Drawdowns
SPYL.DE vs. SPYX.DE - Drawdown Comparison
The maximum SPYL.DE drawdown since its inception was -23.27%, smaller than the maximum SPYX.DE drawdown of -41.12%. Use the drawdown chart below to compare losses from any high point for SPYL.DE and SPYX.DE.
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Drawdown Indicators
| SPYL.DE | SPYX.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.27% | -41.12% | +17.85% |
Max Drawdown (1Y)Largest decline over 1 year | -7.13% | -9.90% | +2.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -22.71% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.71% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.12% | — |
Current DrawdownCurrent decline from peak | -0.46% | -1.63% | +1.17% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -8.26% | +5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 2.99% | -0.98% |
Volatility
SPYL.DE vs. SPYX.DE - Volatility Comparison
The current volatility for State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE) is 2.66%, while SPDR MSCI Emerging Markets Small Cap UCITS ETF (SPYX.DE) has a volatility of 7.12%. This indicates that SPYL.DE experiences smaller price fluctuations and is considered to be less risky than SPYX.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 | SPYX.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.66% | 7.12% | -4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 7.57% | 14.24% | -6.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.52% | 17.22% | -5.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.61% | 14.85% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.61% | 16.85% | -2.24% |
SPYL.DE vs. SPYX.DE - Expense Ratio Comparison
SPYL.DE has a 0.03% expense ratio, which is lower than SPYX.DE's 0.55% expense ratio.
Dividends
SPYL.DE vs. SPYX.DE - Dividend Comparison
Neither SPYL.DE nor SPYX.DE has paid dividends to shareholders.
Frequently Asked Questions
SPYL.DE and SPYX.DE have a correlation of 0.58, 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 0.55% for SPYX.DE.
SPYL.DE is categorized as S&P 500, while SPYX.DE is Emerging Markets Equities. SPYL.DE tracks S&P 500 Index, while SPYX.DE tracks MSCI Emerging Markets Small Cap. Their fees differ too: 0.03% for SPYL.DE and 0.55% for SPYX.DE.
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