ZPRC.DE vs. CSPX.L
ZPRC.DE (SPDR Refinitiv Global Convertible Bond UCITS ETF) and CSPX.L (iShares Core S&P 500 UCITS ETF USD (Acc)) are both exchange-traded funds - ZPRC.DE is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible, while CSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZPRC.DE returned 8.83%/yr vs 14.96%/yr for CSPX.L. A 0.67 correlation means they provide meaningful diversification when combined. ZPRC.DE charges 0.50%/yr vs 0.07%/yr for CSPX.L.
Performance
ZPRC.DE vs. CSPX.L - Performance Comparison
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Different Trading Currencies
ZPRC.DE is traded in EUR, while CSPX.L is traded in USD. To make them comparable, the CSPX.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZPRC.DE achieves a 19.28% return, which is significantly higher than CSPX.L's 11.58% return. Over the past 10 years, ZPRC.DE has underperformed CSPX.L with an annualized return of 8.83%, while CSPX.L has yielded a comparatively higher 14.96% annualized return.
ZPRC.DE
- 1D
- -0.38%
- 1M
- 4.36%
- YTD
- 19.28%
- 6M
- 19.64%
- 1Y
- 33.40%
- 3Y*
- 16.27%
- 5Y*
- 7.58%
- 10Y*
- 8.83%
CSPX.L
- 1D
- -0.13%
- 1M
- 5.21%
- YTD
- 11.58%
- 6M
- 11.45%
- 1Y
- 25.70%
- 3Y*
- 18.92%
- 5Y*
- 14.77%
- 10Y*
- 14.96%
ZPRC.DE vs. CSPX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPRC.DE SPDR Refinitiv Global Convertible Bond UCITS ETF | 19.28% | 11.36% | 13.71% | 10.51% | -15.60% | 5.44% | 24.70% | 16.78% | -1.19% | -1.51% |
CSPX.L iShares Core S&P 500 UCITS ETF USD (Acc) | 11.59% | 3.52% | 33.52% | 22.94% | -13.69% | 39.03% | 7.93% | 33.50% | -1.02% | 6.66% |
Correlation
The correlation between ZPRC.DE and CSPX.L is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | 0.67 |
The correlation between ZPRC.DE and CSPX.L has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.
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Return for Risk
ZPRC.DE vs. CSPX.L — Risk / Return Rank
ZPRC.DE
CSPX.L
ZPRC.DE vs. CSPX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L). 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.
| ZPRC.DE | CSPX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.38 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 6.98 | 3.56 | +3.41 |
| Martin ratioReturn relative to average drawdown | 25.17 | 12.33 | +12.84 |
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
| ZPRC.DE | CSPX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.93 | 2.02 | +0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.92 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.90 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.92 | -0.10 |
Drawdowns
ZPRC.DE vs. CSPX.L - Drawdown Comparison
The maximum ZPRC.DE drawdown since its inception was -23.49%, smaller than the maximum CSPX.L drawdown of -33.40%. Use the drawdown chart below to compare losses from any high point for ZPRC.DE and CSPX.L.
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Drawdown Indicators
| ZPRC.DE | CSPX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.49% | -33.40% | +9.91% |
Max Drawdown (1Y)Largest decline over 1 year | -4.80% | -7.09% | +2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -13.00% | -22.56% | +9.56% |
Max Drawdown (5Y)Largest decline over 5 years | -20.71% | -22.56% | +1.85% |
Max Drawdown (10Y)Largest decline over 10 years | -23.49% | -33.40% | +9.91% |
Current DrawdownCurrent decline from peak | -0.38% | -0.39% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -4.12% | -1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 2.06% | -0.73% |
Volatility
ZPRC.DE vs. CSPX.L - Volatility Comparison
SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) has a higher volatility of 3.94% compared to iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L) at 3.06%. This indicates that ZPRC.DE's price experiences larger fluctuations and is considered to be riskier than CSPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPRC.DE | CSPX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 3.06% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 8.74% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.45% | 12.53% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.54% | 15.93% | -5.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.76% | 16.61% | -5.85% |
ZPRC.DE vs. CSPX.L - Expense Ratio Comparison
ZPRC.DE has a 0.50% expense ratio, which is higher than CSPX.L's 0.07% expense ratio.
Dividends
ZPRC.DE vs. CSPX.L - Dividend Comparison
ZPRC.DE's dividend yield for the trailing twelve months is around 0.57%, while CSPX.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSPX.L iShares Core S&P 500 UCITS ETF USD (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% |
ZPRC.DE SPDR Refinitiv Global Convertible Bond UCITS ETF | 0.57% | 0.68% | 0.46% | 0.23% | 0.24% | 0.16% | 0.32% | 0.41% | 0.36% | 0.51% | 0.61% | 0.69% |
Frequently Asked Questions
ZPRC.DE and CSPX.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSPX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSPX.L is cheaper with a 0.07% expense ratio, compared with 0.50% for ZPRC.DE.
ZPRC.DE is categorized as Convertible Bonds, while CSPX.L is S&P 500. ZPRC.DE tracks Refinitiv Qualified Global Convertible, while CSPX.L tracks S&P 500 Index. They also come from different issuers: State Street and BlackRock. Their fees differ too: 0.50% for ZPRC.DE and 0.07% for CSPX.L.
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