VALU.DE vs. AMES.DE

Last updated Jun 26, 2026

VALU.DE (BNP Paribas Easy ESG Value Europe UCITS ETF) and AMES.DE (Amundi ETF MSCI Spain UCITS ETF EUR) are both Europe Equities funds - VALU.DE tracks the BNP Paribas Value Europe ESG while AMES.DE tracks the MSCI Spain. Both are passively managed. Over the past 10 years, VALU.DE returned 8.70%/yr vs 13.44%/yr for AMES.DE. A 0.77 correlation means they provide meaningful diversification when combined. VALU.DE charges 0.30%/yr vs 0.25%/yr for AMES.DE.

Performance

VALU.DE vs. AMES.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in BNP Paribas Easy ESG Value Europe UCITS ETF (VALU.DE) and Amundi ETF MSCI Spain UCITS ETF EUR (AMES.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VALU.DE achieves a 12.64% return, which is significantly lower than AMES.DE's 14.53% return. Over the past 10 years, VALU.DE has underperformed AMES.DE with an annualized return of 8.70%, while AMES.DE has yielded a comparatively higher 13.44% annualized return.

VALU.DE

• 1D: 0.78%
• 1M: 1.79%
• YTD: 12.64%
• 6M: 13.34%
• 1Y: 24.34%
• 3Y*: 18.27%
• 5Y*: 7.97%
• 10Y*: 8.70%

AMES.DE

• 1D: 0.72%
• 1M: 7.06%
• YTD: 14.53%
• 6M: 15.44%
• 1Y: 46.37%
• 3Y*: 32.90%
• 5Y*: 20.69%
• 10Y*: 13.44%

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

VALU.DE vs. AMES.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VALU.DE BNP Paribas Easy ESG Value Europe UCITS ETF	12.64%	23.55%	9.22%	14.94%	-19.32%	23.14%	-12.18%	17.78%	-12.49%	17.81%
AMES.DE Amundi ETF MSCI Spain UCITS ETF EUR	14.53%	55.41%	19.00%	26.86%	-0.71%	6.98%	-12.87%	15.76%	-12.77%	11.84%

Correlation

The correlation between VALU.DE and AMES.DE is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 7, 2016	0.77

The correlation between VALU.DE and AMES.DE has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

VALU.DE vs. AMES.DE — Risk / Return Rank

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

VALU.DE

VALU.DE Risk / Return Rank: 73
VALU.DE Sharpe Ratio Rank: 74
VALU.DE Sortino Ratio Rank: 74
VALU.DE Omega Ratio Rank: 75
VALU.DE Calmar Ratio Rank: 71
VALU.DE Martin Ratio Rank: 69

AMES.DE

AMES.DE Risk / Return Rank: 90
AMES.DE Sharpe Ratio Rank: 92
AMES.DE Sortino Ratio Rank: 91
AMES.DE Omega Ratio Rank: 90
AMES.DE Calmar Ratio Rank: 89
AMES.DE Martin Ratio Rank: 87

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.

VALU.DE vs. AMES.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNP Paribas Easy ESG Value Europe UCITS ETF (VALU.DE) and Amundi ETF MSCI Spain UCITS ETF EUR (AMES.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VALU.DE	AMES.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.82	-0.73
Sortino ratio: Return per unit of downside risk	2.92	3.77	-0.85
Omega ratio: Gain probability vs. loss probability	1.39	1.50	-0.12
Calmar ratio: Return relative to maximum drawdown	3.14	4.64	-1.50
Martin ratio: Return relative to average drawdown	11.27	16.40	-5.13

VALU.DE vs. AMES.DE - Sharpe Ratio Comparison

The current VALU.DE Sharpe Ratio is 2.09, which is comparable to the AMES.DE Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of VALU.DE and AMES.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.

Drawdowns

VALU.DE vs. AMES.DE - Drawdown Comparison

The maximum VALU.DE drawdown since its inception was -41.04%, roughly equal to the maximum AMES.DE drawdown of -40.98%. Use the drawdown chart below to compare losses from any high point for VALU.DE and AMES.DE.

Drawdown Indicators

	VALU.DE	AMES.DE	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-40.98%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-9.95%	+2.24%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-12.58%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-31.19%	-17.77%	-13.42%
Max Drawdown (10Y) Largest decline over 10 years	-41.04%	-40.98%	-0.06%
Current Drawdown Current decline from peak	-0.47%	-0.10%	-0.37%
Average Drawdown Average peak-to-trough decline	-7.71%	-10.09%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.82%	-0.67%

Volatility

VALU.DE vs. AMES.DE - Volatility Comparison

The current volatility for BNP Paribas Easy ESG Value Europe UCITS ETF (VALU.DE) is 3.04%, while Amundi ETF MSCI Spain UCITS ETF EUR (AMES.DE) has a volatility of 4.04%. This indicates that VALU.DE experiences smaller price fluctuations and is considered to be less risky than AMES.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VALU.DE	AMES.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	4.04%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	13.99%	-4.54%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	16.47%	-4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	16.97%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.81%	18.42%	-2.61%

VALU.DE vs. AMES.DE - Expense Ratio Comparison

VALU.DE has a 0.30% expense ratio, which is higher than AMES.DE's 0.25% expense ratio.

Dividends

VALU.DE vs. AMES.DE - Dividend Comparison

Neither VALU.DE nor AMES.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VALU.DE and AMES.DE in my portfolio?

VALU.DE and AMES.DE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VALU.DE or AMES.DE?

On fees, AMES.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VALU.DE or AMES.DE?

AMES.DE is cheaper with a 0.25% expense ratio, compared with 0.30% for VALU.DE.

What is the main difference between VALU.DE and AMES.DE?

VALU.DE tracks BNP Paribas Value Europe ESG, while AMES.DE tracks MSCI Spain. They also come from different issuers: BNP Paribas and Amundi. Their fees differ too: 0.30% for VALU.DE and 0.25% for AMES.DE.