ZPR5.DE vs. VGEM.DE
ZPR5.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF) and VGEM.DE (Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing) are both Emerging Markets Bonds funds - ZPR5.DE tracks the ICE BofA Emerging Markets USD Government Bond 0-5 ex-144a while VGEM.DE tracks the Bloomberg EM USD Sovereign + Quasi-Sov. Both are passively managed. Over the past 5 years, ZPR5.DE returned 3.18%/yr vs 2.73%/yr for VGEM.DE. A 0.75 correlation means they provide meaningful diversification when combined. ZPR5.DE charges 0.42%/yr vs 0.25%/yr for VGEM.DE.
Performance
ZPR5.DE vs. VGEM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPR5.DE achieves a 2.14% return, which is significantly lower than VGEM.DE's 2.34% return.
ZPR5.DE
- 1D
- -0.10%
- 1M
- 0.89%
- YTD
- 2.14%
- 6M
- 1.74%
- 1Y
- 3.56%
- 3Y*
- 3.25%
- 5Y*
- 3.18%
- 10Y*
- 2.25%
VGEM.DE
- 1D
- 0.20%
- 1M
- 1.24%
- YTD
- 2.34%
- 6M
- 1.63%
- 1Y
- 6.72%
- 3Y*
- 5.24%
- 5Y*
- 2.73%
- 10Y*
- —
ZPR5.DE vs. VGEM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPR5.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF | 2.14% | -4.12% | 11.04% | 2.52% | -1.06% | 7.98% | -6.72% | 8.14% | 4.71% | -2.24% |
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 2.34% | -1.55% | 12.06% | 5.25% | -10.22% | 5.82% | -3.91% | 15.57% | 0.84% | -1.87% |
Correlation
The correlation between ZPR5.DE and VGEM.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 | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017 | 0.75 |
The correlation between ZPR5.DE and VGEM.DE has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.
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Return for Risk
ZPR5.DE vs. VGEM.DE — Risk / Return Rank
ZPR5.DE
VGEM.DE
ZPR5.DE vs. VGEM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (ZPR5.DE) and Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.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.
| ZPR5.DE | VGEM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.21 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 2.16 | -1.05 |
| Martin ratioReturn relative to average drawdown | 2.73 | 5.71 | -2.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZPR5.DE | VGEM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.65 | 1.13 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.34 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.29 | +0.10 |
Drawdowns
ZPR5.DE vs. VGEM.DE - Drawdown Comparison
The maximum ZPR5.DE drawdown since its inception was -14.48%, smaller than the maximum VGEM.DE drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for ZPR5.DE and VGEM.DE.
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Drawdown Indicators
| ZPR5.DE | VGEM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.48% | -19.64% | +5.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -3.10% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -9.72% | -11.98% | +2.26% |
Max Drawdown (5Y)Largest decline over 5 years | -9.92% | -12.46% | +2.54% |
Max Drawdown (10Y)Largest decline over 10 years | -14.48% | — | — |
Current DrawdownCurrent decline from peak | -4.28% | -2.18% | -2.10% |
Average DrawdownAverage peak-to-trough decline | -4.88% | -6.63% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 1.17% | +0.13% |
Volatility
ZPR5.DE vs. VGEM.DE - Volatility Comparison
The current volatility for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (ZPR5.DE) is 0.96%, while Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing (VGEM.DE) has a volatility of 1.18%. This indicates that ZPR5.DE experiences smaller price fluctuations and is considered to be less risky than VGEM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPR5.DE | VGEM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.18% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.56% | 3.96% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 5.93% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.04% | 7.89% | -0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.20% | 8.77% | -1.57% |
ZPR5.DE vs. VGEM.DE - Expense Ratio Comparison
ZPR5.DE has a 0.42% expense ratio, which is higher than VGEM.DE's 0.25% expense ratio.
Dividends
ZPR5.DE vs. VGEM.DE - Dividend Comparison
ZPR5.DE's dividend yield for the trailing twelve months is around 4.83%, less than VGEM.DE's 5.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGEM.DE Vanguard USD Emerging Markets Government Bond UCITS ETF Distributing | 5.06% | 5.60% | 5.23% | 5.14% | 4.84% | 3.16% | 3.99% | 3.87% | 3.84% | 0.68% | 0.00% | 0.00% |
ZPR5.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF | 4.83% | 5.10% | 4.16% | 3.16% | 2.54% | 2.63% | 3.53% | 3.34% | 2.73% | 3.18% | 2.72% | 1.83% |
Frequently Asked Questions
ZPR5.DE and VGEM.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.
On fees, VGEM.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGEM.DE is cheaper with a 0.25% expense ratio, compared with 0.42% for ZPR5.DE.
ZPR5.DE tracks ICE BofA Emerging Markets USD Government Bond 0-5 ex-144a, while VGEM.DE tracks Bloomberg EM USD Sovereign + Quasi-Sov. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.42% for ZPR5.DE and 0.25% for VGEM.DE.
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