VUSA.L vs. ZPA5.DE

Last updated Jul 21, 2026

VUSA.L (Vanguard S&P 500 UCITS ETF) and ZPA5.DE (Amundi S&P 500 Climate Paris Aligned UCITS ETF Acc) are both exchange-traded funds - VUSA.L is a S&P 500 fund tracking the S&P 500 Index, while ZPA5.DE is a ESG fund tracking the S&P 500 Net Zero 2050 Paris-Aligned ESG+ Index. Both are passively managed. Over the past year, VUSA.L returned 20.18% vs 16.44% for ZPA5.DE. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.

Performance

VUSA.L vs. ZPA5.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard S&P 500 UCITS ETF (VUSA.L) and Amundi S&P 500 Climate Paris Aligned UCITS ETF Acc (ZPA5.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VUSA.L is traded in GBP, while ZPA5.DE is traded in EUR. To make them comparable, the ZPA5.DE values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VUSA.L achieves a 9.45% return, which is significantly higher than ZPA5.DE's 6.25% return.

VUSA.L

• 1D: 0.36%
• 1M: -1.56%
• 6M: 9.55%
• YTD: 9.45%
• 1Y: 20.18%
• 3Y*: 17.62%
• 5Y*: 13.22%
• 10Y*: 14.45%
• ALL TIME*: 16.14%

ZPA5.DE

• 1D: 0.00%
• 1M: -1.55%
• 6M: 7.61%
• YTD: 6.25%
• 1Y: 16.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.70%

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

VUSA.L vs. ZPA5.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VUSA.L Vanguard S&P 500 UCITS ETF	9.45%	9.39%	27.33%	4.02%
ZPA5.DE Amundi S&P 500 Climate Paris Aligned UCITS ETF Acc	6.25%	8.11%	28.25%	4.46%

Correlation

The correlation between VUSA.L and ZPA5.DE is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 27, 2023	0.93

The correlation between VUSA.L and ZPA5.DE has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

VUSA.L vs. ZPA5.DE — Risk / Return Rank

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

VUSA.L

VUSA.L Risk / Return Rank: 76
VUSA.L Sharpe Ratio Rank: 77
VUSA.L Sortino Ratio Rank: 75
VUSA.L Omega Ratio Rank: 77
VUSA.L Calmar Ratio Rank: 75
VUSA.L Martin Ratio Rank: 75

ZPA5.DE

ZPA5.DE Risk / Return Rank: 33
ZPA5.DE Sharpe Ratio Rank: 28
ZPA5.DE Sortino Ratio Rank: 31
ZPA5.DE Omega Ratio Rank: 59
ZPA5.DE Calmar Ratio Rank: 26
ZPA5.DE Martin Ratio Rank: 21

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.

VUSA.L vs. ZPA5.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 UCITS ETF (VUSA.L) and Amundi S&P 500 Climate Paris Aligned UCITS ETF Acc (ZPA5.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.

	VUSA.L	ZPA5.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.85	0.67	+1.17
Sortino ratio: Return per unit of downside risk	2.54	1.19	+1.35
Omega ratio: Gain probability vs. loss probability	1.34	1.25	+0.09
Calmar ratio: Return relative to maximum drawdown	2.83	0.79	+2.04
Martin ratio: Return relative to average drawdown	10.12	1.42	+8.71

VUSA.L vs. ZPA5.DE - Sharpe Ratio Comparison

The current VUSA.L Sharpe Ratio is 1.85, which is higher than the ZPA5.DE Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of VUSA.L and ZPA5.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

VUSA.L vs. ZPA5.DE - Drawdown Comparison

The maximum VUSA.L drawdown since its inception was -25.48%, which is greater than ZPA5.DE's maximum drawdown of -21.71%. Use the drawdown chart below to compare losses from any high point for VUSA.L and ZPA5.DE.

Drawdown Indicators

	VUSA.L	ZPA5.DE	Difference
Max Drawdown Largest peak-to-trough decline	-25.48%	-21.71%	-3.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-20.89%	+13.79%
Max Drawdown (3Y) Largest decline over 3 years	-20.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.48%	—	—
Current Drawdown Current decline from peak	-1.56%	-8.24%	+6.68%
Average Drawdown Average peak-to-trough decline	-3.14%	-6.00%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	11.61%	-9.62%

Volatility

VUSA.L vs. ZPA5.DE - Volatility Comparison

The current volatility for Vanguard S&P 500 UCITS ETF (VUSA.L) is 2.97%, while Amundi S&P 500 Climate Paris Aligned UCITS ETF Acc (ZPA5.DE) has a volatility of 3.13%. This indicates that VUSA.L experiences smaller price fluctuations and is considered to be less risky than ZPA5.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSA.L	ZPA5.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	3.13%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	8.27%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.90%	24.49%	-13.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.35%	19.22%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.52%	19.22%	-3.70%

VUSA.L vs. ZPA5.DE - Expense Ratio Comparison

Both VUSA.L and ZPA5.DE have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VUSA.L vs. ZPA5.DE - Dividend Comparison

VUSA.L's dividend yield for the trailing twelve months is around 0.89%, while ZPA5.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VUSA.L Vanguard S&P 500 UCITS ETF	0.89%	0.95%	1.00%	1.24%	1.41%	1.04%	1.44%	1.50%	1.72%	1.61%	1.58%	1.74%
ZPA5.DE Amundi S&P 500 Climate Paris Aligned UCITS ETF Acc	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

Can I hold both VUSA.L and ZPA5.DE in my portfolio?

With a correlation of 0.91, VUSA.L and ZPA5.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, VUSA.L or ZPA5.DE?

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VUSA.L or ZPA5.DE?

VUSA.L and ZPA5.DE have the same expense ratio: 0.07% per year.

What is the main difference between VUSA.L and ZPA5.DE?

VUSA.L is categorized as S&P 500, while ZPA5.DE is ESG. VUSA.L tracks S&P 500 Index, while ZPA5.DE tracks S&P 500 Net Zero 2050 Paris-Aligned ESG+ Index. They also come from different issuers: Vanguard and Amundi.