XS5E.DE vs. SPQH.DE
XS5E.DE (Xtrackers S&P 500 Swap UCITS ETF EUR Hedged (Acc)) and SPQH.DE (Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating) are both exchange-traded funds - XS5E.DE is a S&P 500 fund tracking the S&P 500 Index (EUR Hedged), while SPQH.DE is a Defined Outcome fund tracking the Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index. Both are passively managed. Over the past 3 years, XS5E.DE returned 17.82%/yr vs 6.55%/yr for SPQH.DE. At a 0.35 correlation, their price movements are largely independent. XS5E.DE charges 0.20%/yr vs 0.50%/yr for SPQH.DE.
Performance
XS5E.DE vs. SPQH.DE - Performance Comparison
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Returns By Period
In the year-to-date period, XS5E.DE achieves a 7.75% return, which is significantly higher than SPQH.DE's 2.79% return.
XS5E.DE
- 1D
- 0.18%
- 1M
- -0.99%
- 6M
- 8.38%
- YTD
- 7.75%
- 1Y
- 17.67%
- 3Y*
- 17.82%
- 5Y*
- —
- 10Y*
- —
SPQH.DE
- 1D
- 0.00%
- 1M
- 1.12%
- 6M
- 3.56%
- YTD
- 2.79%
- 1Y
- 10.07%
- 3Y*
- 6.55%
- 5Y*
- —
- 10Y*
- —
XS5E.DE vs. SPQH.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XS5E.DE Xtrackers S&P 500 Swap UCITS ETF EUR Hedged (Acc) | 7.75% | 15.25% | 23.26% | 16.56% |
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating | 2.79% | -4.41% | 21.88% | 0.96% |
Correlation
The correlation between XS5E.DE and SPQH.DE is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2023 | 0.35 |
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Return for Risk
XS5E.DE vs. SPQH.DE — Risk / Return Rank
XS5E.DE
SPQH.DE
XS5E.DE vs. SPQH.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 Swap UCITS ETF EUR Hedged (Acc) (XS5E.DE) and Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.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.
| XS5E.DE | SPQH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 3.20 | -1.17 |
| Martin ratioReturn relative to average drawdown | 8.14 | 7.87 | +0.26 |
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Drawdowns
XS5E.DE vs. SPQH.DE - Drawdown Comparison
The maximum XS5E.DE drawdown since its inception was -26.08%, which is greater than SPQH.DE's maximum drawdown of -17.68%. Use the drawdown chart below to compare losses from any high point for XS5E.DE and SPQH.DE.
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Drawdown Indicators
| XS5E.DE | SPQH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.08% | -17.68% | -8.40% |
Max Drawdown (1Y)Largest decline over 1 year | -8.63% | -3.16% | -5.47% |
Max Drawdown (3Y)Largest decline over 3 years | -18.49% | -17.68% | -0.81% |
Current DrawdownCurrent decline from peak | -1.61% | -3.86% | +2.25% |
Average DrawdownAverage peak-to-trough decline | -7.10% | -4.41% | -2.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 1.28% | +0.89% |
Volatility
XS5E.DE vs. SPQH.DE - Volatility Comparison
Xtrackers S&P 500 Swap UCITS ETF EUR Hedged (Acc) (XS5E.DE) has a higher volatility of 4.03% compared to Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) at 2.13%. This indicates that XS5E.DE's price experiences larger fluctuations and is considered to be riskier than SPQH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XS5E.DE | SPQH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 2.13% | +1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 9.21% | 4.67% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.08% | 7.43% | +4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.24% | 11.06% | +5.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.24% | 11.06% | +5.18% |
XS5E.DE vs. SPQH.DE - Expense Ratio Comparison
XS5E.DE has a 0.20% expense ratio, which is lower than SPQH.DE's 0.50% expense ratio.
Dividends
XS5E.DE vs. SPQH.DE - Dividend Comparison
Neither XS5E.DE nor SPQH.DE has paid dividends to shareholders.
Frequently Asked Questions
XS5E.DE and SPQH.DE have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XS5E.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XS5E.DE is cheaper with a 0.20% expense ratio, compared with 0.50% for SPQH.DE.
XS5E.DE is categorized as S&P 500, while SPQH.DE is Defined Outcome. XS5E.DE tracks S&P 500 Index (EUR Hedged), while SPQH.DE tracks Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index. They also come from different issuers: Xtrackers and Global X. Their fees differ too: 0.20% for XS5E.DE and 0.50% for SPQH.DE.
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