ZPRC.DE vs. EUNW.DE
ZPRC.DE (SPDR Refinitiv Global Convertible Bond UCITS ETF) and EUNW.DE (iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist)) are both exchange-traded funds - ZPRC.DE is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible, while EUNW.DE is a European High Yield Bonds fund tracking the iBoxx® EUR Liquid High Yield. Both are passively managed. Over the past 10 years, ZPRC.DE returned 8.83%/yr vs 3.10%/yr for EUNW.DE. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.
Performance
ZPRC.DE vs. EUNW.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 EUNW.DE's 0.85% return. Over the past 10 years, ZPRC.DE has outperformed EUNW.DE with an annualized return of 8.83%, while EUNW.DE has yielded a comparatively lower 3.10% 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%
EUNW.DE
- 1D
- 0.05%
- 1M
- 0.46%
- YTD
- 0.85%
- 6M
- 1.40%
- 1Y
- 3.33%
- 3Y*
- 6.32%
- 5Y*
- 2.68%
- 10Y*
- 3.10%
ZPRC.DE vs. EUNW.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% |
EUNW.DE iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) | 0.85% | 5.00% | 5.90% | 11.26% | -9.36% | 2.93% | 1.06% | 9.87% | -3.52% | 4.59% |
Correlation
The correlation between ZPRC.DE and EUNW.DE is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2014 | 0.41 |
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Return for Risk
ZPRC.DE vs. EUNW.DE — Risk / Return Rank
ZPRC.DE
EUNW.DE
ZPRC.DE vs. EUNW.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 iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) (EUNW.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 | EUNW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.96 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.19 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 6.98 | 1.12 | +5.85 |
| Martin ratioReturn relative to average drawdown | 25.17 | 4.73 | +20.45 |
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 | EUNW.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.93 | 0.96 | +1.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.50 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.47 | +0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.47 | +0.35 |
Drawdowns
ZPRC.DE vs. EUNW.DE - Drawdown Comparison
The maximum ZPRC.DE drawdown since its inception was -23.49%, smaller than the maximum EUNW.DE drawdown of -25.47%. Use the drawdown chart below to compare losses from any high point for ZPRC.DE and EUNW.DE.
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Drawdown Indicators
| ZPRC.DE | EUNW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.49% | -25.47% | +1.98% |
Max Drawdown (1Y)Largest decline over 1 year | -4.80% | -2.83% | -1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -13.00% | -3.80% | -9.20% |
Max Drawdown (5Y)Largest decline over 5 years | -20.71% | -14.79% | -5.92% |
Max Drawdown (10Y)Largest decline over 10 years | -23.49% | -25.47% | +1.98% |
Current DrawdownCurrent decline from peak | -0.38% | -0.10% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -2.31% | -3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 0.67% | +0.66% |
Volatility
ZPRC.DE vs. EUNW.DE - Volatility Comparison
SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) has a higher volatility of 3.94% compared to iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) (EUNW.DE) at 0.79%. This indicates that ZPRC.DE's price experiences larger fluctuations and is considered to be riskier than EUNW.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 | EUNW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 0.79% | +3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 2.86% | +6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.45% | 3.30% | +8.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.54% | 5.25% | +5.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.76% | 6.58% | +4.18% |
ZPRC.DE vs. EUNW.DE - Expense Ratio Comparison
Both ZPRC.DE and EUNW.DE have an expense ratio of 0.50%.
Dividends
ZPRC.DE vs. EUNW.DE - Dividend Comparison
ZPRC.DE's dividend yield for the trailing twelve months is around 0.57%, less than EUNW.DE's 5.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUNW.DE iShares EUR High Yield Corporate Bond UCITS ETF EUR (Dist) | 5.17% | 5.45% | 6.09% | 5.41% | 3.70% | 3.07% | 3.67% | 3.75% | 3.68% | 3.78% | 4.03% | 4.59% |
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 EUNW.DE have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZPRC.DE and EUNW.DE have the same expense ratio: 0.50% per year.
ZPRC.DE is categorized as Convertible Bonds, while EUNW.DE is European High Yield Bonds. ZPRC.DE tracks Refinitiv Qualified Global Convertible, while EUNW.DE tracks iBoxx® EUR Liquid High Yield. They also come from different issuers: State Street and iShares.
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