VWCE.DE vs. SPY5.DE
VWCE.DE (Vanguard FTSE All-World UCITS ETF) and SPY5.DE (SPDR S&P 500 UCITS ETF) are both exchange-traded funds - VWCE.DE is a Global Equities fund tracking the FTSE All-World Index, while SPY5.DE 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 14.23%/yr for SPY5.DE. With a 0.96 correlation, they move nearly in lockstep. VWCE.DE charges 0.19%/yr vs 0.03%/yr for SPY5.DE.
Performance
VWCE.DE vs. SPY5.DE - Performance Comparison
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Returns By Period
In the year-to-date period, VWCE.DE achieves a 11.72% return, which is significantly higher than SPY5.DE's 9.95% return.
VWCE.DE
- 1D
- 1.82%
- 1M
- 0.89%
- YTD
- 11.72%
- 6M
- 13.39%
- 1Y
- 26.35%
- 3Y*
- 17.02%
- 5Y*
- 11.89%
- 10Y*
- —
SPY5.DE
- 1D
- 1.56%
- 1M
- 0.08%
- YTD
- 9.95%
- 6M
- 10.78%
- 1Y
- 24.88%
- 3Y*
- 17.96%
- 5Y*
- 14.23%
- 10Y*
- 14.78%
VWCE.DE vs. SPY5.DE - 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% |
SPY5.DE SPDR S&P 500 UCITS ETF | 9.95% | 4.75% | 32.36% | 22.42% | -14.24% | 40.60% | 6.73% | 8.04% |
Correlation
The correlation between VWCE.DE and SPY5.DE is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019 | 0.96 |
The correlation between VWCE.DE and SPY5.DE has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
VWCE.DE vs. SPY5.DE — Risk / Return Rank
VWCE.DE
SPY5.DE
VWCE.DE vs. SPY5.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWCE.DE) and SPDR S&P 500 UCITS ETF (SPY5.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.
| VWCE.DE | SPY5.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.38 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.92 | 3.41 | +0.50 |
| Martin ratioReturn relative to average drawdown | 16.07 | 12.10 | +3.97 |
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Drawdowns
VWCE.DE vs. SPY5.DE - Drawdown Comparison
The maximum VWCE.DE drawdown since its inception was -33.43%, roughly equal to the maximum SPY5.DE drawdown of -33.86%. Use the drawdown chart below to compare losses from any high point for VWCE.DE and SPY5.DE.
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Drawdown Indicators
| VWCE.DE | SPY5.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.43% | -33.86% | +0.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -7.15% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -21.07% | -23.34% | +2.27% |
Max Drawdown (5Y)Largest decline over 5 years | -21.07% | -23.34% | +2.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.86% | — |
Current DrawdownCurrent decline from peak | -1.47% | -1.74% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -3.92% | -0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 2.02% | -0.42% |
Volatility
VWCE.DE vs. SPY5.DE - Volatility Comparison
Vanguard FTSE All-World UCITS ETF (VWCE.DE) has a higher volatility of 3.40% compared to SPDR S&P 500 UCITS ETF (SPY5.DE) at 3.08%. This indicates that VWCE.DE's price experiences larger fluctuations and is considered to be riskier than SPY5.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VWCE.DE | SPY5.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.40% | 3.08% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 8.51% | 7.88% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.63% | 11.75% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.79% | 15.21% | -1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.16% | 16.08% | +0.08% |
VWCE.DE vs. SPY5.DE - Expense Ratio Comparison
VWCE.DE has a 0.19% expense ratio, which is higher than SPY5.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
VWCE.DE vs. SPY5.DE - Dividend Comparison
VWCE.DE has not paid dividends to shareholders, while SPY5.DE's dividend yield for the trailing twelve months is around 0.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY5.DE SPDR S&P 500 UCITS ETF | 0.90% | 0.99% | 1.03% | 1.22% | 1.42% | 0.95% | 1.37% | 1.43% | 1.28% | 1.59% | 1.57% | 1.69% |
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
With a correlation of 0.92, VWCE.DE and SPY5.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.
On fees, SPY5.DE is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPY5.DE is cheaper with a 0.03% expense ratio, compared with 0.19% for VWCE.DE.
VWCE.DE is categorized as Global Equities, while SPY5.DE is S&P 500. VWCE.DE tracks FTSE All-World Index, while SPY5.DE 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 0.03% for SPY5.DE.
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