VWCE.DE vs. SPY

Last updated Jun 13, 2026

VWCE.DE (Vanguard FTSE All-World UCITS ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VWCE.DE is a Global Equities fund tracking the FTSE All-World Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, VWCE.DE returned 11.89%/yr vs 14.39%/yr for SPY. A 0.59 correlation means they provide meaningful diversification when combined. VWCE.DE charges 0.19%/yr vs 0.09%/yr for SPY.

Performance

VWCE.DE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard FTSE All-World UCITS ETF (VWCE.DE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VWCE.DE is traded in EUR, while SPY is traded in USD. To make them comparable, the SPY values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, VWCE.DE achieves a 11.72% return, which is significantly higher than SPY's 10.75% return.

VWCE.DE

• 1D: 1.82%
• 1M: 1.89%
• YTD: 11.72%
• 6M: 13.39%
• 1Y: 26.35%
• 3Y*: 17.02%
• 5Y*: 11.89%
• 10Y*: —

SPY

• 1D: 0.62%
• 1M: 0.86%
• YTD: 10.75%
• 6M: 11.04%
• 1Y: 25.48%
• 3Y*: 18.08%
• 5Y*: 14.39%
• 10Y*: 15.05%

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

VWCE.DE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VWCE.DE Vanguard FTSE All-World UCITS ETF	11.72%	9.16%	24.41%	18.18%	-13.47%	28.62%	5.36%	7.08%
SPY State Street SPDR S&P 500 ETF	10.75%	3.75%	33.13%	22.39%	-13.10%	38.36%	8.58%	7.13%

Correlation

The correlation between VWCE.DE and SPY is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019	0.59

The correlation between VWCE.DE and SPY shifts across timeframes, from 0.58 (5 years) to 0.69 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VWCE.DE vs. SPY — Risk / Return Rank

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

VWCE.DE

VWCE.DE Risk / Return Rank: 82
VWCE.DE Sharpe Ratio Rank: 80
VWCE.DE Sortino Ratio Rank: 81
VWCE.DE Omega Ratio Rank: 80
VWCE.DE Calmar Ratio Rank: 83
VWCE.DE Martin Ratio Rank: 87

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

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.

VWCE.DE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWCE.DE) and State Street SPDR S&P 500 ETF (SPY). 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.

	VWCE.DE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.98	+0.23
Sortino ratio: Return per unit of downside risk	3.10	2.56	+0.54
Omega ratio: Gain probability vs. loss probability	1.41	1.37	+0.04
Calmar ratio: Return relative to maximum drawdown	3.92	3.33	+0.58
Martin ratio: Return relative to average drawdown	16.07	12.53	+3.54

VWCE.DE vs. SPY - Sharpe Ratio Comparison

The current VWCE.DE Sharpe Ratio is 2.21, which is comparable to the SPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VWCE.DE and SPY, 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

VWCE.DE vs. SPY - Drawdown Comparison

The maximum VWCE.DE drawdown since its inception was -33.43%, smaller than the maximum SPY drawdown of -49.85%. Use the drawdown chart below to compare losses from any high point for VWCE.DE and SPY.

Drawdown Indicators

	VWCE.DE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.43%	-49.85%	+16.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-7.38%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-23.87%	+2.80%
Max Drawdown (5Y) Largest decline over 5 years	-21.07%	-23.87%	+2.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.22%	—
Current Drawdown Current decline from peak	-1.47%	-1.82%	+0.35%
Average Drawdown Average peak-to-trough decline	-4.68%	-7.85%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.96%	-0.36%

Volatility

VWCE.DE vs. SPY - Volatility Comparison

Vanguard FTSE All-World UCITS ETF (VWCE.DE) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.40% and 3.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWCE.DE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	3.55%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	9.01%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	12.41%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.79%	17.00%	-3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	18.48%	-2.32%

VWCE.DE vs. SPY - Expense Ratio Comparison

VWCE.DE has a 0.19% expense ratio, which is higher than SPY's 0.09% 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

VWCE.DE vs. SPY - Dividend Comparison

VWCE.DE has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VWCE.DE Vanguard FTSE All-World UCITS ETF	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 VWCE.DE and SPY in my portfolio?

VWCE.DE and SPY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VWCE.DE or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VWCE.DE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.19% for VWCE.DE.

What is the main difference between VWCE.DE and SPY?

VWCE.DE is categorized as Global Equities, while SPY is S&P 500. VWCE.DE tracks FTSE All-World Index, while SPY tracks S&P 500 Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.19% for VWCE.DE and 0.09% for SPY.