SPYZ.DE vs. SPYI.DE

Last updated Jun 5, 2026

SPYZ.DE (SPDR MSCI Europe Financials UCITS ETF) and SPYI.DE (SPDR MSCI ACWI IMI UCITS ETF) are both exchange-traded funds - SPYZ.DE is a Financials Equities fund tracking the MSCI Europe Financials 20/35 Capped, while SPYI.DE is a Global Equities fund tracking the MSCI All Country World Investable Market (ACWI IMI). Both are passively managed. Over the past 10 years, SPYZ.DE returned 12.24%/yr vs 12.12%/yr for SPYI.DE. A 0.63 correlation means they provide meaningful diversification when combined. SPYZ.DE charges 0.18%/yr vs 0.17%/yr for SPYI.DE.

Performance

SPYZ.DE vs. SPYI.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Europe Financials UCITS ETF (SPYZ.DE) and SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYZ.DE achieves a 3.30% return, which is significantly lower than SPYI.DE's 13.27% return. Both investments have delivered pretty close results over the past 10 years, with SPYZ.DE having a 12.24% annualized return and SPYI.DE not far behind at 12.12%.

SPYZ.DE

• 1D: 0.55%
• 1M: 3.48%
• YTD: 3.30%
• 6M: 9.90%
• 1Y: 22.41%
• 3Y*: 28.74%
• 5Y*: 19.38%
• 10Y*: 12.24%

SPYI.DE

• 1D: -0.12%
• 1M: 5.15%
• YTD: 13.27%
• 6M: 13.93%
• 1Y: 27.79%
• 3Y*: 17.57%
• 5Y*: 12.01%
• 10Y*: 12.12%

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

SPYZ.DE vs. SPYI.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYZ.DE SPDR MSCI Europe Financials UCITS ETF	3.30%	48.26%	25.23%	21.51%	-2.51%	28.19%	-15.32%	24.02%	-19.59%	12.30%
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF	13.27%	9.10%	22.92%	17.54%	-12.90%	27.74%	5.39%	29.64%	-6.71%	8.46%

Correlation

The correlation between SPYZ.DE and SPYI.DE is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 14, 2013	0.63

The correlation between SPYZ.DE and SPYI.DE has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

Return for Risk

SPYZ.DE vs. SPYI.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPYZ.DE

SPYZ.DE Risk / Return Rank: 36
SPYZ.DE Sharpe Ratio Rank: 36
SPYZ.DE Sortino Ratio Rank: 36
SPYZ.DE Omega Ratio Rank: 34
SPYZ.DE Calmar Ratio Rank: 37
SPYZ.DE Martin Ratio Rank: 40

SPYI.DE

SPYI.DE Risk / Return Rank: 79
SPYI.DE Sharpe Ratio Rank: 76
SPYI.DE Sortino Ratio Rank: 76
SPYI.DE Omega Ratio Rank: 78
SPYI.DE Calmar Ratio Rank: 82
SPYI.DE Martin Ratio Rank: 85

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.

SPYZ.DE vs. SPYI.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Financials UCITS ETF (SPYZ.DE) and SPDR MSCI ACWI IMI UCITS ETF (SPYI.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.

	SPYZ.DE	SPYI.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.41	-1.15
Sortino ratio: Return per unit of downside risk	1.83	3.38	-1.54
Omega ratio: Gain probability vs. loss probability	1.22	1.45	-0.23
Calmar ratio: Return relative to maximum drawdown	1.82	4.32	-2.50
Martin ratio: Return relative to average drawdown	6.13	17.43	-11.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYZ.DE vs. SPYI.DE - Sharpe Ratio Comparison

The current SPYZ.DE Sharpe Ratio is 1.26, which is lower than the SPYI.DE Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SPYZ.DE and SPYI.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPYZ.DE	SPYI.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.41	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.85	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.81	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.84	-0.37

Drawdowns

SPYZ.DE vs. SPYI.DE - Drawdown Comparison

The maximum SPYZ.DE drawdown since its inception was -45.16%, which is greater than SPYI.DE's maximum drawdown of -34.60%. Use the drawdown chart below to compare losses from any high point for SPYZ.DE and SPYI.DE.

Drawdown Indicators

	SPYZ.DE	SPYI.DE	Difference
Max Drawdown Largest peak-to-trough decline	-45.16%	-34.60%	-10.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-6.41%	-5.87%
Max Drawdown (3Y) Largest decline over 3 years	-16.91%	-21.66%	+4.75%
Max Drawdown (5Y) Largest decline over 5 years	-23.17%	-21.66%	-1.51%
Max Drawdown (10Y) Largest decline over 10 years	-45.16%	-34.60%	-10.56%
Current Drawdown Current decline from peak	-2.74%	-0.56%	-2.18%
Average Drawdown Average peak-to-trough decline	-9.57%	-4.34%	-5.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	1.59%	+2.06%

Volatility

SPYZ.DE vs. SPYI.DE - Volatility Comparison

SPDR MSCI Europe Financials UCITS ETF (SPYZ.DE) has a higher volatility of 5.19% compared to SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) at 3.11%. This indicates that SPYZ.DE's price experiences larger fluctuations and is considered to be riskier than SPYI.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYZ.DE	SPYI.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	3.11%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	14.37%	8.21%	+6.16%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	11.48%	+6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.75%	13.90%	+4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	15.18%	+6.10%

SPYZ.DE vs. SPYI.DE - Expense Ratio Comparison

SPYZ.DE has a 0.18% expense ratio, which is higher than SPYI.DE's 0.17% 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

SPYZ.DE vs. SPYI.DE - Dividend Comparison

Neither SPYZ.DE nor SPYI.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPYZ.DE and SPYI.DE in my portfolio?

SPYZ.DE and SPYI.DE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYZ.DE or SPYI.DE?

On fees, SPYI.DE is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYZ.DE or SPYI.DE?

SPYI.DE is cheaper with a 0.17% expense ratio, compared with 0.18% for SPYZ.DE.

What is the main difference between SPYZ.DE and SPYI.DE?

SPYZ.DE is categorized as Financials Equities, while SPYI.DE is Global Equities. SPYZ.DE tracks MSCI Europe Financials 20/35 Capped, while SPYI.DE tracks MSCI All Country World Investable Market (ACWI IMI). Their fees differ too: 0.18% for SPYZ.DE and 0.17% for SPYI.DE.