UEFS.DE vs. SPFA.DE
UEFS.DE (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist) and SPFA.DE (SPDR Bloomberg Emerging Markets Local Bond UCITS ETF) are both Emerging Markets Bonds funds - UEFS.DE tracks the Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped while SPFA.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond. Both are passively managed. Over the past 5 years, UEFS.DE returned 3.30%/yr vs 1.46%/yr for SPFA.DE. A 0.60 correlation means they provide meaningful diversification when combined. UEFS.DE charges 0.25%/yr vs 0.55%/yr for SPFA.DE.
Performance
UEFS.DE vs. SPFA.DE - Performance Comparison
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Returns By Period
In the year-to-date period, UEFS.DE achieves a 3.71% return, which is significantly higher than SPFA.DE's 0.46% return.
UEFS.DE
- 1D
- -0.03%
- 1M
- 1.91%
- YTD
- 3.71%
- 6M
- 3.67%
- 1Y
- 11.43%
- 3Y*
- 8.56%
- 5Y*
- 3.30%
- 10Y*
- 3.55%
SPFA.DE
- 1D
- -0.01%
- 1M
- 0.39%
- YTD
- 0.46%
- 6M
- 0.45%
- 1Y
- 3.30%
- 3Y*
- 2.58%
- 5Y*
- 1.46%
- 10Y*
- —
UEFS.DE vs. SPFA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UEFS.DE UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist | 3.71% | 2.37% | 13.84% | 8.28% | -14.67% | 5.66% | -4.70% | 17.07% | 0.05% |
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 0.46% | 2.44% | 3.19% | 5.66% | -4.47% | -1.04% | -5.66% | 14.72% | 0.62% |
Correlation
The correlation between UEFS.DE and SPFA.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 (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018 | 0.60 |
The correlation between UEFS.DE and SPFA.DE has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.
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Return for Risk
UEFS.DE vs. SPFA.DE — Risk / Return Rank
UEFS.DE
SPFA.DE
UEFS.DE vs. SPFA.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist (UEFS.DE) and SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.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.
| UEFS.DE | SPFA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.11 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | 0.83 | +3.13 |
| Martin ratioReturn relative to average drawdown | 12.59 | 2.62 | +9.97 |
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
| UEFS.DE | SPFA.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 0.62 | +1.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.23 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.26 | +0.18 |
Drawdowns
UEFS.DE vs. SPFA.DE - Drawdown Comparison
The maximum UEFS.DE drawdown since its inception was -24.26%, which is greater than SPFA.DE's maximum drawdown of -16.39%. Use the drawdown chart below to compare losses from any high point for UEFS.DE and SPFA.DE.
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Drawdown Indicators
| UEFS.DE | SPFA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.26% | -16.39% | -7.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -3.96% | +1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -13.70% | -7.66% | -6.04% |
Max Drawdown (5Y)Largest decline over 5 years | -17.84% | -8.51% | -9.33% |
Max Drawdown (10Y)Largest decline over 10 years | -24.26% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -3.19% | +3.16% |
Average DrawdownAverage peak-to-trough decline | -7.41% | -7.62% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 1.26% | -0.35% |
Volatility
UEFS.DE vs. SPFA.DE - Volatility Comparison
The current volatility for UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist (UEFS.DE) is 1.27%, while SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (SPFA.DE) has a volatility of 1.83%. This indicates that UEFS.DE experiences smaller price fluctuations and is considered to be less risky than SPFA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UEFS.DE | SPFA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.83% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 4.51% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.76% | 5.31% | +0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.69% | 6.24% | +2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.37% | 7.05% | +2.32% |
UEFS.DE vs. SPFA.DE - Expense Ratio Comparison
UEFS.DE has a 0.25% expense ratio, which is lower than SPFA.DE's 0.55% expense ratio.
Dividends
UEFS.DE vs. SPFA.DE - Dividend Comparison
UEFS.DE's dividend yield for the trailing twelve months is around 6.50%, while SPFA.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SPFA.DE SPDR Bloomberg Emerging Markets Local Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UEFS.DE UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) Dist | 6.50% | 7.96% | 6.14% | 6.46% | 6.08% | 4.22% | 5.09% | 4.60% | 4.53% | 4.90% | 2.30% |
Frequently Asked Questions
UEFS.DE and SPFA.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, UEFS.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UEFS.DE is cheaper with a 0.25% expense ratio, compared with 0.55% for SPFA.DE.
UEFS.DE tracks Bloomberg Emerging Markets USD Sovereign & Agency 3% Country Capped, while SPFA.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond. They also come from different issuers: UBS and State Street. Their fees differ too: 0.25% for UEFS.DE and 0.55% for SPFA.DE.
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