ZPR6.DE vs. SPY5.DE

Last updated Jun 5, 2026

ZPR6.DE (SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc) and SPY5.DE (SPDR S&P 500 UCITS ETF) are both exchange-traded funds - ZPR6.DE is a Emerging Markets Bonds fund tracking the ICE BofAML 0-5 EM USD Government Bond (EUR Hedged), while SPY5.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, ZPR6.DE returned 0.23%/yr vs 14.76%/yr for SPY5.DE. At a 0.29 correlation, their price movements are largely independent. ZPR6.DE charges 0.47%/yr vs 0.03%/yr for SPY5.DE.

Performance

ZPR6.DE vs. SPY5.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc (ZPR6.DE) and SPDR S&P 500 UCITS ETF (SPY5.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPR6.DE achieves a 0.15% return, which is significantly lower than SPY5.DE's 11.39% return.

ZPR6.DE

• 1D: 0.04%
• 1M: -0.19%
• YTD: 0.15%
• 6M: 0.48%
• 1Y: 3.15%
• 3Y*: 4.05%
• 5Y*: 0.23%
• 10Y*: —

SPY5.DE

• 1D: -0.13%
• 1M: 4.37%
• YTD: 11.39%
• 6M: 10.88%
• 1Y: 25.57%
• 3Y*: 18.89%
• 5Y*: 14.76%
• 10Y*: 15.13%

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

ZPR6.DE vs. SPY5.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%	-0.12%
SPY5.DE SPDR S&P 500 UCITS ETF	11.39%	4.75%	32.36%	22.42%	-14.24%	40.60%	6.73%	11.70%

Correlation

The correlation between ZPR6.DE and SPY5.DE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 19, 2019	0.29

The correlation between ZPR6.DE and SPY5.DE shifts across timeframes, from 0.21 (3 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZPR6.DE vs. SPY5.DE — Risk / Return Rank

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

ZPR6.DE

ZPR6.DE Risk / Return Rank: 39
ZPR6.DE Sharpe Ratio Rank: 36
ZPR6.DE Sortino Ratio Rank: 38
ZPR6.DE Omega Ratio Rank: 39
ZPR6.DE Calmar Ratio Rank: 36
ZPR6.DE Martin Ratio Rank: 45

SPY5.DE

SPY5.DE Risk / Return Rank: 69
SPY5.DE Sharpe Ratio Rank: 68
SPY5.DE Sortino Ratio Rank: 67
SPY5.DE Omega Ratio Rank: 70
SPY5.DE Calmar Ratio Rank: 73
SPY5.DE Martin Ratio Rank: 69

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.

ZPR6.DE vs. SPY5.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 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.

	ZPR6.DE	SPY5.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.22	-0.95
Sortino ratio: Return per unit of downside risk	1.96	3.01	-1.06
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	1.74	3.57	-1.83
Martin ratio: Return relative to average drawdown	7.22	12.77	-5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZPR6.DE vs. SPY5.DE - Sharpe Ratio Comparison

The current ZPR6.DE Sharpe Ratio is 1.26, which is lower than the SPY5.DE Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ZPR6.DE and SPY5.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZPR6.DE	SPY5.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.22	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.96	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.97	-0.90

Drawdowns

ZPR6.DE vs. SPY5.DE - Drawdown Comparison

The maximum ZPR6.DE drawdown since its inception was -13.50%, smaller than the maximum SPY5.DE drawdown of -33.86%. Use the drawdown chart below to compare losses from any high point for ZPR6.DE and SPY5.DE.

Drawdown Indicators

	ZPR6.DE	SPY5.DE	Difference
Max Drawdown Largest peak-to-trough decline	-13.50%	-33.86%	+20.36%
Max Drawdown (1Y) Largest decline over 1 year	-1.80%	-7.15%	+5.35%
Max Drawdown (3Y) Largest decline over 3 years	-1.80%	-23.34%	+21.54%
Max Drawdown (5Y) Largest decline over 5 years	-13.50%	-23.34%	+9.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.86%	—
Current Drawdown Current decline from peak	-0.37%	-0.44%	+0.07%
Average Drawdown Average peak-to-trough decline	-4.62%	-3.95%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	2.00%	-1.57%

Volatility

ZPR6.DE vs. SPY5.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 SPDR S&P 500 UCITS ETF (SPY5.DE) has a volatility of 2.66%. This indicates that ZPR6.DE experiences smaller price fluctuations and is considered to be less risky than SPY5.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPR6.DE	SPY5.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	2.66%	-2.05%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	7.54%	-5.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	11.51%	-9.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.41%	15.18%	-10.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.13%	16.07%	-10.94%

ZPR6.DE vs. SPY5.DE - Expense Ratio Comparison

ZPR6.DE has a 0.47% expense ratio, which is higher than SPY5.DE's 0.03% expense ratio.

Dividends

ZPR6.DE vs. SPY5.DE - Dividend Comparison

ZPR6.DE has not paid dividends to shareholders, while SPY5.DE's dividend yield for the trailing twelve months is around 0.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY5.DE SPDR S&P 500 UCITS ETF	0.89%	0.99%	1.03%	1.22%	1.42%	0.95%	1.37%	1.74%	3.30%	1.59%	1.57%	1.69%
ZPR6.DE SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF (EUR Hedged) Acc	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 ZPR6.DE and SPY5.DE in my portfolio?

ZPR6.DE and SPY5.DE have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZPR6.DE or SPY5.DE?

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.

Which ETF is cheaper, ZPR6.DE or SPY5.DE?

SPY5.DE is cheaper with a 0.03% expense ratio, compared with 0.47% for ZPR6.DE.

What is the main difference between ZPR6.DE and SPY5.DE?

ZPR6.DE is categorized as Emerging Markets Bonds, while SPY5.DE is S&P 500. ZPR6.DE tracks ICE BofAML 0-5 EM USD Government Bond (EUR Hedged), while SPY5.DE tracks S&P 500 Index. Their fees differ too: 0.47% for ZPR6.DE and 0.03% for SPY5.DE.