ZPRC.DE vs. ZPRX.DE
ZPRC.DE (SPDR Refinitiv Global Convertible Bond UCITS ETF) and ZPRX.DE (SPDR MSCI Europe Small Cap Value Weighted UCITS ETF) are both exchange-traded funds - ZPRC.DE is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible, while ZPRX.DE is a Europe Equities fund tracking the MSCI Europe Small Cap Value Weighted. Both are passively managed. Over the past 10 years, ZPRC.DE returned 8.83%/yr vs 8.15%/yr for ZPRX.DE. At a 0.48 correlation, their price movements are largely independent. ZPRC.DE charges 0.50%/yr vs 0.30%/yr for ZPRX.DE.
Performance
ZPRC.DE vs. ZPRX.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 ZPRX.DE's 7.81% return. Over the past 10 years, ZPRC.DE has outperformed ZPRX.DE with an annualized return of 8.83%, while ZPRX.DE has yielded a comparatively lower 8.15% 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%
ZPRX.DE
- 1D
- 0.33%
- 1M
- 1.27%
- YTD
- 7.81%
- 6M
- 10.93%
- 1Y
- 17.80%
- 3Y*
- 15.09%
- 5Y*
- 7.77%
- 10Y*
- 8.15%
ZPRC.DE vs. ZPRX.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% |
ZPRX.DE SPDR MSCI Europe Small Cap Value Weighted UCITS ETF | 7.81% | 26.81% | 4.28% | 15.28% | -13.52% | 27.58% | -3.52% | 29.02% | -19.20% | 12.89% |
Correlation
The correlation between ZPRC.DE and ZPRX.DE is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2015 | 0.48 |
The correlation between ZPRC.DE and ZPRX.DE shifts across timeframes, from 0.35 (3 years) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZPRC.DE vs. ZPRX.DE — Risk / Return Rank
ZPRC.DE
ZPRX.DE
ZPRC.DE vs. ZPRX.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 SPDR MSCI Europe Small Cap Value Weighted UCITS ETF (ZPRX.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 | ZPRX.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.70 | ||
| Sortino ratioReturn per unit of downside risk | +2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.22 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 6.98 | 1.47 | +5.51 |
| Martin ratioReturn relative to average drawdown | 25.17 | 5.42 | +19.75 |
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 | ZPRX.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.93 | 1.23 | +1.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.46 | +0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.45 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.39 | +0.42 |
Drawdowns
ZPRC.DE vs. ZPRX.DE - Drawdown Comparison
The maximum ZPRC.DE drawdown since its inception was -23.49%, smaller than the maximum ZPRX.DE drawdown of -43.93%. Use the drawdown chart below to compare losses from any high point for ZPRC.DE and ZPRX.DE.
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Drawdown Indicators
| ZPRC.DE | ZPRX.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.49% | -43.93% | +20.44% |
Max Drawdown (1Y)Largest decline over 1 year | -4.80% | -11.63% | +6.83% |
Max Drawdown (3Y)Largest decline over 3 years | -13.00% | -15.95% | +2.95% |
Max Drawdown (5Y)Largest decline over 5 years | -20.71% | -27.52% | +6.81% |
Max Drawdown (10Y)Largest decline over 10 years | -23.49% | -43.93% | +20.44% |
Current DrawdownCurrent decline from peak | -0.38% | -1.51% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -7.71% | +1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 3.16% | -1.83% |
Volatility
ZPRC.DE vs. ZPRX.DE - Volatility Comparison
The current volatility for SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) is 3.94%, while SPDR MSCI Europe Small Cap Value Weighted UCITS ETF (ZPRX.DE) has a volatility of 4.17%. This indicates that ZPRC.DE experiences smaller price fluctuations and is considered to be less risky than ZPRX.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 | ZPRX.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 4.17% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 11.30% | -1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.45% | 13.94% | -2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.54% | 16.69% | -6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.76% | 18.14% | -7.38% |
ZPRC.DE vs. ZPRX.DE - Expense Ratio Comparison
ZPRC.DE has a 0.50% expense ratio, which is higher than ZPRX.DE's 0.30% expense ratio.
Dividends
ZPRC.DE vs. ZPRX.DE - Dividend Comparison
ZPRC.DE's dividend yield for the trailing twelve months is around 0.57%, while ZPRX.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZPRX.DE SPDR MSCI Europe Small Cap Value Weighted 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% |
Frequently Asked Questions
ZPRC.DE and ZPRX.DE have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPRX.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPRX.DE is cheaper with a 0.30% expense ratio, compared with 0.50% for ZPRC.DE.
ZPRC.DE is categorized as Convertible Bonds, while ZPRX.DE is Europe Equities. ZPRC.DE tracks Refinitiv Qualified Global Convertible, while ZPRX.DE tracks MSCI Europe Small Cap Value Weighted. Their fees differ too: 0.50% for ZPRC.DE and 0.30% for ZPRX.DE.
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