USUE.DE vs. SPYL.DE
USUE.DE (UBS ETF (IE) MSCI USA Select Factor Mix UCITS ETF (USD) Acc) and SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)) are both exchange-traded funds - USUE.DE is a Large Cap Blend Equities fund tracking the MSCI USA Select Factor Mix, while SPYL.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, USUE.DE returned 21.52% vs 25.56% for SPYL.DE. A 0.79 correlation means they provide meaningful diversification when combined. USUE.DE charges 0.25%/yr vs 0.03%/yr for SPYL.DE.
Performance
USUE.DE vs. SPYL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, USUE.DE achieves a 13.01% return, which is significantly higher than SPYL.DE's 11.37% return.
USUE.DE
- 1D
- 0.29%
- 1M
- 4.91%
- YTD
- 13.01%
- 6M
- 13.36%
- 1Y
- 21.52%
- 3Y*
- 15.86%
- 5Y*
- 11.49%
- 10Y*
- —
SPYL.DE
- 1D
- -0.15%
- 1M
- 4.36%
- YTD
- 11.37%
- 6M
- 10.86%
- 1Y
- 25.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USUE.DE vs. SPYL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USUE.DE UBS ETF (IE) MSCI USA Select Factor Mix UCITS ETF (USD) Acc | 13.01% | 1.00% | 25.07% | 8.42% |
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) | 11.37% | 4.71% | 32.33% | 9.54% |
Correlation
The correlation between USUE.DE and SPYL.DE is 0.70, 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 | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | 0.79 |
The correlation between USUE.DE and SPYL.DE has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
USUE.DE vs. SPYL.DE — Risk / Return Rank
USUE.DE
SPYL.DE
USUE.DE vs. SPYL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) MSCI USA Select Factor Mix UCITS ETF (USD) Acc (USUE.DE) and State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.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.
| USUE.DE | SPYL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.41 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.41 | 3.58 | +0.83 |
| Martin ratioReturn relative to average drawdown | 14.20 | 12.72 | +1.48 |
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
| USUE.DE | SPYL.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.89 | 2.21 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 1.54 | -0.89 |
Drawdowns
USUE.DE vs. SPYL.DE - Drawdown Comparison
The maximum USUE.DE drawdown since its inception was -35.36%, which is greater than SPYL.DE's maximum drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for USUE.DE and SPYL.DE.
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Drawdown Indicators
| USUE.DE | SPYL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.36% | -23.27% | -12.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -7.13% | +2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -20.79% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.79% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.46% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -5.53% | -3.24% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 2.01% | -0.50% |
Volatility
USUE.DE vs. SPYL.DE - Volatility Comparison
UBS ETF (IE) MSCI USA Select Factor Mix UCITS ETF (USD) Acc (USUE.DE) has a higher volatility of 2.84% compared to State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE) at 2.66%. This indicates that USUE.DE's price experiences larger fluctuations and is considered to be riskier than SPYL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USUE.DE | SPYL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 2.66% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 7.98% | 7.57% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.34% | 11.52% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.42% | 14.61% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.33% | 14.61% | +2.72% |
USUE.DE vs. SPYL.DE - Expense Ratio Comparison
USUE.DE has a 0.25% expense ratio, which is higher than SPYL.DE's 0.03% 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
USUE.DE vs. SPYL.DE - Dividend Comparison
Neither USUE.DE nor SPYL.DE has paid dividends to shareholders.
Frequently Asked Questions
USUE.DE and SPYL.DE have a correlation of 0.70, 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 USUE.DE.
USUE.DE is categorized as Large Cap Blend Equities, while SPYL.DE is S&P 500. USUE.DE tracks MSCI USA Select Factor Mix, while SPYL.DE tracks S&P 500 Index. They also come from different issuers: UBS and State Street. Their fees differ too: 0.25% for USUE.DE and 0.03% for SPYL.DE.
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