SPYY.DE vs. ERN1.L
SPYY.DE (SPDR MSCI ACWI UCITS ETF) and ERN1.L (iShares € Ultrashort Bond UCITS ETF) are both exchange-traded funds - SPYY.DE is a Global Equities fund tracking the MSCI All Country World (ACWI), while ERN1.L is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. Both are passively managed. Over the past 10 years, SPYY.DE returned 12.40%/yr vs 1.04%/yr for ERN1.L. At a correlation of -0.09, they often move in opposite directions. SPYY.DE charges 0.40%/yr vs 0.09%/yr for ERN1.L.
Performance
SPYY.DE vs. ERN1.L - Performance Comparison
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Different Trading Currencies
SPYY.DE is traded in EUR, while ERN1.L is traded in GBP. To make them comparable, the ERN1.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPYY.DE achieves a 12.54% return, which is significantly higher than ERN1.L's 0.82% return. Over the past 10 years, SPYY.DE has outperformed ERN1.L with an annualized return of 12.40%, while ERN1.L has yielded a comparatively lower 1.04% annualized return.
SPYY.DE
- 1D
- -0.21%
- 1M
- 3.61%
- YTD
- 12.54%
- 6M
- 12.98%
- 1Y
- 26.12%
- 3Y*
- 17.99%
- 5Y*
- 12.35%
- 10Y*
- 12.40%
ERN1.L
- 1D
- 0.14%
- 1M
- 0.33%
- YTD
- 0.82%
- 6M
- 1.12%
- 1Y
- 2.22%
- 3Y*
- 3.32%
- 5Y*
- 2.09%
- 10Y*
- 1.04%
SPYY.DE vs. ERN1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYY.DE SPDR MSCI ACWI UCITS ETF | 12.54% | 9.46% | 24.56% | 18.22% | -13.82% | 29.11% | 5.12% | 30.21% | -6.02% | 8.80% |
ERN1.L iShares € Ultrashort Bond UCITS ETF | 0.82% | 2.40% | 4.20% | 3.52% | -0.16% | -0.77% | -0.08% | 1.30% | -0.79% | -0.71% |
Correlation
The correlation between SPYY.DE and ERN1.L is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | -0.09 |
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Return for Risk
SPYY.DE vs. ERN1.L — Risk / Return Rank
SPYY.DE
ERN1.L
SPYY.DE vs. ERN1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI UCITS ETF (SPYY.DE) and iShares € Ultrashort Bond UCITS ETF (ERN1.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.
| SPYY.DE | ERN1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.17 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.10 | 3.46 | +0.65 |
| Martin ratioReturn relative to average drawdown | 16.60 | 12.60 | +4.01 |
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
| SPYY.DE | ERN1.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | 1.00 | +1.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 0.71 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.28 | +0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | -0.07 | +0.90 |
Drawdowns
SPYY.DE vs. ERN1.L - Drawdown Comparison
The maximum SPYY.DE drawdown since its inception was -33.49%, which is greater than ERN1.L's maximum drawdown of -16.96%. Use the drawdown chart below to compare losses from any high point for SPYY.DE and ERN1.L.
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Drawdown Indicators
| SPYY.DE | ERN1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.49% | -16.96% | -16.53% |
Max Drawdown (1Y)Largest decline over 1 year | -6.49% | -0.64% | -5.85% |
Max Drawdown (3Y)Largest decline over 3 years | -21.27% | -1.17% | -20.10% |
Max Drawdown (5Y)Largest decline over 5 years | -21.27% | -2.49% | -18.78% |
Max Drawdown (10Y)Largest decline over 10 years | -33.49% | -4.23% | -29.26% |
Current DrawdownCurrent decline from peak | -0.61% | -5.18% | +4.57% |
Average DrawdownAverage peak-to-trough decline | -4.39% | -13.27% | +8.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 0.18% | +1.43% |
Volatility
SPYY.DE vs. ERN1.L - Volatility Comparison
SPDR MSCI ACWI UCITS ETF (SPYY.DE) has a higher volatility of 3.05% compared to iShares € Ultrashort Bond UCITS ETF (ERN1.L) at 1.00%. This indicates that SPYY.DE's price experiences larger fluctuations and is considered to be riskier than ERN1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYY.DE | ERN1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 1.00% | +2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 8.21% | 1.62% | +6.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.47% | 2.21% | +9.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 2.96% | +10.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 3.68% | +11.39% |
SPYY.DE vs. ERN1.L - Expense Ratio Comparison
SPYY.DE has a 0.40% expense ratio, which is higher than ERN1.L's 0.09% expense ratio.
Dividends
SPYY.DE vs. ERN1.L - Dividend Comparison
SPYY.DE has not paid dividends to shareholders, while ERN1.L's dividend yield for the trailing twelve months is around 3.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERN1.L iShares € Ultrashort Bond UCITS ETF | 3.28% | 2.70% | 3.82% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
SPYY.DE SPDR MSCI ACWI 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
SPYY.DE and ERN1.L have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERN1.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERN1.L is cheaper with a 0.09% expense ratio, compared with 0.40% for SPYY.DE.
SPYY.DE is categorized as Global Equities, while ERN1.L is Ultrashort Bond. SPYY.DE tracks MSCI All Country World (ACWI), while ERN1.L tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for SPYY.DE and 0.09% for ERN1.L.
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