ZPRC.DE vs. ETL2.DE
ZPRC.DE (SPDR Refinitiv Global Convertible Bond UCITS ETF) and ETL2.DE (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - ZPRC.DE is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible, while ETL2.DE is a Commodities fund tracking the Bloomberg Commodity 3 Month Forward. Both are passively managed. Over the past 10 years, ZPRC.DE returned 8.83%/yr vs 8.17%/yr for ETL2.DE. At a 0.33 correlation, their price movements are largely independent. ZPRC.DE charges 0.50%/yr vs 0.30%/yr for ETL2.DE.
Performance
ZPRC.DE vs. ETL2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPRC.DE achieves a 19.28% return, which is significantly higher than ETL2.DE's 18.23% return. Over the past 10 years, ZPRC.DE has outperformed ETL2.DE with an annualized return of 8.83%, while ETL2.DE has yielded a comparatively lower 8.17% annualized return.
ZPRC.DE
- 1D
- -0.38%
- 1M
- 5.04%
- YTD
- 19.28%
- 6M
- 20.49%
- 1Y
- 33.63%
- 3Y*
- 16.27%
- 5Y*
- 7.58%
- 10Y*
- 8.83%
ETL2.DE
- 1D
- -1.24%
- 1M
- -1.51%
- YTD
- 18.23%
- 6M
- 19.58%
- 1Y
- 28.45%
- 3Y*
- 10.87%
- 5Y*
- 13.12%
- 10Y*
- 8.17%
ZPRC.DE vs. ETL2.DE - 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% |
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 18.23% | 4.89% | 11.54% | -9.44% | 24.86% | 46.17% | -7.55% | 10.85% | -4.21% | -9.85% |
Correlation
The correlation between ZPRC.DE and ETL2.DE is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | 0.33 |
Over the past year, the correlation between ZPRC.DE and ETL2.DE has dropped to 0.11 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.
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Return for Risk
ZPRC.DE vs. ETL2.DE — Risk / Return Rank
ZPRC.DE
ETL2.DE
ZPRC.DE vs. ETL2.DE - 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 L&G Longer Dated All Commodities UCITS ETF (ETL2.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.
| ZPRC.DE | ETL2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.33 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 6.98 | 3.59 | +3.39 |
| Martin ratioReturn relative to average drawdown | 25.17 | 8.20 | +16.98 |
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
| ZPRC.DE | ETL2.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.93 | 1.87 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.84 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.59 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.25 | +0.56 |
Drawdowns
ZPRC.DE vs. ETL2.DE - Drawdown Comparison
The maximum ZPRC.DE drawdown since its inception was -23.49%, smaller than the maximum ETL2.DE drawdown of -47.04%. Use the drawdown chart below to compare losses from any high point for ZPRC.DE and ETL2.DE.
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Drawdown Indicators
| ZPRC.DE | ETL2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.49% | -47.04% | +23.55% |
Max Drawdown (1Y)Largest decline over 1 year | -4.80% | -7.90% | +3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -13.00% | -15.06% | +2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -20.71% | -23.27% | +2.56% |
Max Drawdown (10Y)Largest decline over 10 years | -23.49% | -26.50% | +3.01% |
Current DrawdownCurrent decline from peak | -0.38% | -3.57% | +3.19% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -21.90% | +15.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 3.46% | -2.13% |
Volatility
ZPRC.DE vs. ETL2.DE - Volatility Comparison
The current volatility for SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) is 3.94%, while L&G Longer Dated All Commodities UCITS ETF (ETL2.DE) has a volatility of 4.60%. This indicates that ZPRC.DE experiences smaller price fluctuations and is considered to be less risky than ETL2.DE 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 | ETL2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 4.60% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 12.74% | -3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.45% | 15.15% | -3.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.54% | 15.44% | -4.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.76% | 13.69% | -2.93% |
ZPRC.DE vs. ETL2.DE - Expense Ratio Comparison
ZPRC.DE has a 0.50% expense ratio, which is higher than ETL2.DE's 0.30% expense ratio.
Dividends
ZPRC.DE vs. ETL2.DE - Dividend Comparison
ZPRC.DE's dividend yield for the trailing twelve months is around 0.57%, while ETL2.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETL2.DE L&G Longer Dated All Commodities UCITS ETF | 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 ETL2.DE have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETL2.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETL2.DE is cheaper with a 0.30% expense ratio, compared with 0.50% for ZPRC.DE.
ZPRC.DE is categorized as Convertible Bonds, while ETL2.DE is Commodities. ZPRC.DE tracks Refinitiv Qualified Global Convertible, while ETL2.DE tracks Bloomberg Commodity 3 Month Forward. They also come from different issuers: State Street and Legal & General. Their fees differ too: 0.50% for ZPRC.DE and 0.30% for ETL2.DE.
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