ZPR6.DE vs. SPFD.DE
ZPR6.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc) and SPFD.DE (State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc)) are both Emerging Markets Bonds funds from State Street - ZPR6.DE tracks the ICE BofAML 0-5 EM USD Government Bond (EUR Hedged) while SPFD.DE tracks the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). Both are passively managed. Over the past 5 years, ZPR6.DE returned 0.23%/yr vs -1.83%/yr for SPFD.DE. At a 0.48 correlation, their price movements are largely independent. ZPR6.DE charges 0.47%/yr vs 0.60%/yr for SPFD.DE.
Performance
ZPR6.DE vs. SPFD.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPR6.DE achieves a 0.15% return, which is significantly higher than SPFD.DE's -1.76% return.
ZPR6.DE
- 1D
- 0.04%
- 1M
- -0.09%
- YTD
- 0.15%
- 6M
- 0.47%
- 1Y
- 3.13%
- 3Y*
- 4.05%
- 5Y*
- 0.23%
- 10Y*
- —
SPFD.DE
- 1D
- 0.08%
- 1M
- -0.48%
- YTD
- -1.76%
- 6M
- -1.05%
- 1Y
- 2.41%
- 3Y*
- 2.99%
- 5Y*
- -1.83%
- 10Y*
- —
ZPR6.DE vs. SPFD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZPR6.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc | 0.15% | 5.62% | 3.09% | 3.99% | -9.09% | -1.17% | 0.69% | 0.48% |
SPFD.DE State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) | -1.76% | 12.45% | -4.39% | 6.63% | -12.77% | -9.84% | 2.14% | 2.12% |
Correlation
The correlation between ZPR6.DE and SPFD.DE is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019 | 0.48 |
The correlation between ZPR6.DE and SPFD.DE has been stable across timeframes, ranging from 0.48 to 0.58 - a consistent structural relationship.
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Return for Risk
ZPR6.DE vs. SPFD.DE — Risk / Return Rank
ZPR6.DE
SPFD.DE
ZPR6.DE vs. SPFD.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 (EUR Hedged) Acc (ZPR6.DE) and State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.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.
| ZPR6.DE | SPFD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.07 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 0.36 | +1.38 |
| Martin ratioReturn relative to average drawdown | 7.22 | 1.09 | +6.13 |
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
| ZPR6.DE | SPFD.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.26 | 0.33 | +0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | -0.23 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | -0.13 | +0.20 |
Drawdowns
ZPR6.DE vs. SPFD.DE - Drawdown Comparison
The maximum ZPR6.DE drawdown since its inception was -13.50%, smaller than the maximum SPFD.DE drawdown of -28.91%. Use the drawdown chart below to compare losses from any high point for ZPR6.DE and SPFD.DE.
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Drawdown Indicators
| ZPR6.DE | SPFD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.50% | -28.91% | +15.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.80% | -6.70% | +4.90% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -9.24% | +7.44% |
Max Drawdown (5Y)Largest decline over 5 years | -13.50% | -26.77% | +13.27% |
Current DrawdownCurrent decline from peak | -0.37% | -11.71% | +11.34% |
Average DrawdownAverage peak-to-trough decline | -4.62% | -13.46% | +8.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 2.22% | -1.79% |
Volatility
ZPR6.DE vs. SPFD.DE - Volatility Comparison
The current volatility for SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc (ZPR6.DE) is 0.61%, while State Street SPDR Bloomberg Emerging Markets Local Bond UCITS ETF EUR (Acc) (SPFD.DE) has a volatility of 2.53%. This indicates that ZPR6.DE experiences smaller price fluctuations and is considered to be less risky than SPFD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPR6.DE | SPFD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 2.53% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 2.11% | 6.38% | -4.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.48% | 7.27% | -4.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.41% | 7.94% | -3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 8.88% | -3.75% |
ZPR6.DE vs. SPFD.DE - Expense Ratio Comparison
ZPR6.DE has a 0.47% expense ratio, which is lower than SPFD.DE's 0.60% expense ratio.
Dividends
ZPR6.DE vs. SPFD.DE - Dividend Comparison
Neither ZPR6.DE nor SPFD.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPR6.DE and SPFD.DE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPR6.DE is cheaper at 0.47% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPR6.DE is cheaper with a 0.47% expense ratio, compared with 0.60% for SPFD.DE.
ZPR6.DE tracks ICE BofAML 0-5 EM USD Government Bond (EUR Hedged), while SPFD.DE tracks Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (EUR Hedged). Their fees differ too: 0.47% for ZPR6.DE and 0.60% for SPFD.DE.
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