ZPRC.DE vs. URTH
ZPRC.DE (SPDR Refinitiv Global Convertible Bond UCITS ETF) and URTH (iShares MSCI World ETF) are both exchange-traded funds - ZPRC.DE is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible, while URTH is a Global Equities fund tracking the MSCI World Index (Net). Both are passively managed. Over the past 10 years, ZPRC.DE returned 8.83%/yr vs 12.91%/yr for URTH. A 0.51 correlation means they provide meaningful diversification when combined. ZPRC.DE charges 0.50%/yr vs 0.24%/yr for URTH.
Performance
ZPRC.DE vs. URTH - Performance Comparison
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Different Trading Currencies
ZPRC.DE is traded in EUR, while URTH is traded in USD. To make them comparable, the URTH 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 URTH's 11.97% return. Over the past 10 years, ZPRC.DE has underperformed URTH with an annualized return of 8.83%, while URTH has yielded a comparatively higher 12.91% 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%
URTH
- 1D
- 0.00%
- 1M
- 3.69%
- YTD
- 11.97%
- 6M
- 11.38%
- 1Y
- 25.19%
- 3Y*
- 17.68%
- 5Y*
- 13.01%
- 10Y*
- 12.91%
ZPRC.DE vs. URTH - 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% |
URTH iShares MSCI World ETF | 11.97% | 6.96% | 26.49% | 20.23% | -12.88% | 31.42% | 6.24% | 31.04% | -4.27% | 7.84% |
Correlation
The correlation between ZPRC.DE and URTH is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | 0.51 |
The correlation between ZPRC.DE and URTH has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.
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Return for Risk
ZPRC.DE vs. URTH — Risk / Return Rank
ZPRC.DE
URTH
ZPRC.DE vs. URTH - 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 MSCI World ETF (URTH). 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 | URTH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.40 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 6.98 | 3.86 | +3.12 |
| Martin ratioReturn relative to average drawdown | 25.17 | 15.85 | +9.32 |
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 | URTH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.93 | 2.16 | +0.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.85 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.75 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.75 | +0.07 |
Drawdowns
ZPRC.DE vs. URTH - Drawdown Comparison
The maximum ZPRC.DE drawdown since its inception was -23.49%, smaller than the maximum URTH drawdown of -33.45%. Use the drawdown chart below to compare losses from any high point for ZPRC.DE and URTH.
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Drawdown Indicators
| ZPRC.DE | URTH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.49% | -33.45% | +9.96% |
Max Drawdown (1Y)Largest decline over 1 year | -4.80% | -6.56% | +1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -13.00% | -20.94% | +7.94% |
Max Drawdown (5Y)Largest decline over 5 years | -20.71% | -20.94% | +0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -23.49% | -33.45% | +9.96% |
Current DrawdownCurrent decline from peak | -0.38% | -0.11% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -4.10% | -1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 1.59% | -0.26% |
Volatility
ZPRC.DE vs. URTH - Volatility Comparison
SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) has a higher volatility of 3.94% compared to iShares MSCI World ETF (URTH) at 2.24%. This indicates that ZPRC.DE's price experiences larger fluctuations and is considered to be riskier than URTH 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 | URTH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 2.24% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 8.59% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.45% | 11.76% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.54% | 15.36% | -4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.76% | 17.21% | -6.45% |
ZPRC.DE vs. URTH - Expense Ratio Comparison
ZPRC.DE has a 0.50% expense ratio, which is higher than URTH's 0.24% expense ratio.
Dividends
ZPRC.DE vs. URTH - Dividend Comparison
ZPRC.DE's dividend yield for the trailing twelve months is around 0.57%, less than URTH's 1.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
URTH iShares MSCI World ETF | 1.38% | 1.48% | 1.47% | 1.70% | 1.68% | 1.50% | 1.52% | 2.16% | 2.30% | 1.88% | 2.15% | 2.35% |
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 URTH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, URTH is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
URTH is cheaper with a 0.24% expense ratio, compared with 0.50% for ZPRC.DE.
ZPRC.DE is categorized as Convertible Bonds, while URTH is Global Equities. ZPRC.DE tracks Refinitiv Qualified Global Convertible, while URTH tracks MSCI World Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for ZPRC.DE and 0.24% for URTH.
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