ZPRI.DE vs. SPYL.DE

Last updated Jun 5, 2026

ZPRI.DE (SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF) and SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)) are both exchange-traded funds - ZPRI.DE is a Diversified Portfolio fund tracking the Morningstar Global Multi-Asset Infrastructure, while SPYL.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, ZPRI.DE returned 8.87% vs 25.61% for SPYL.DE. At a 0.35 correlation, their price movements are largely independent. ZPRI.DE charges 0.40%/yr vs 0.03%/yr for SPYL.DE.

Performance

ZPRI.DE vs. SPYL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF (ZPRI.DE) and State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPRI.DE achieves a 5.11% return, which is significantly lower than SPYL.DE's 11.37% return.

ZPRI.DE

• 1D: -0.55%
• 1M: -0.71%
• YTD: 5.11%
• 6M: 4.65%
• 1Y: 8.87%
• 3Y*: 6.15%
• 5Y*: 3.55%
• 10Y*: 4.91%

SPYL.DE

• 1D: -0.15%
• 1M: 5.19%
• YTD: 11.37%
• 6M: 11.41%
• 1Y: 25.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPRI.DE vs. SPYL.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZPRI.DE SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF	5.11%	1.93%	8.86%	6.93%
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)	11.37%	4.71%	32.33%	9.54%

Correlation

The correlation between ZPRI.DE and SPYL.DE is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023	0.35

Return for Risk

ZPRI.DE vs. SPYL.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZPRI.DE

ZPRI.DE Risk / Return Rank: 41
ZPRI.DE Sharpe Ratio Rank: 36
ZPRI.DE Sortino Ratio Rank: 34
ZPRI.DE Omega Ratio Rank: 34
ZPRI.DE Calmar Ratio Rank: 53
ZPRI.DE Martin Ratio Rank: 45

SPYL.DE

SPYL.DE Risk / Return Rank: 69
SPYL.DE Sharpe Ratio Rank: 68
SPYL.DE Sortino Ratio Rank: 67
SPYL.DE Omega Ratio Rank: 70
SPYL.DE Calmar Ratio Rank: 73
SPYL.DE Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZPRI.DE vs. SPYL.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF (ZPRI.DE) and State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.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.

	ZPRI.DE	SPYL.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.21	-0.93
Sortino ratio: Return per unit of downside risk	1.78	3.01	-1.23
Omega ratio: Gain probability vs. loss probability	1.22	1.41	-0.19
Calmar ratio: Return relative to maximum drawdown	2.62	3.58	-0.96
Martin ratio: Return relative to average drawdown	7.25	12.72	-5.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZPRI.DE vs. SPYL.DE - Sharpe Ratio Comparison

The current ZPRI.DE Sharpe Ratio is 1.28, which is lower than the SPYL.DE Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ZPRI.DE and SPYL.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZPRI.DE	SPYL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.21	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.54	-1.18

Drawdowns

ZPRI.DE vs. SPYL.DE - Drawdown Comparison

The maximum ZPRI.DE drawdown since its inception was -22.84%, roughly equal to the maximum SPYL.DE drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for ZPRI.DE and SPYL.DE.

Drawdown Indicators

	ZPRI.DE	SPYL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.84%	-23.27%	+0.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.37%	-7.13%	+3.76%
Max Drawdown (3Y) Largest decline over 3 years	-11.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.84%	—	—
Current Drawdown Current decline from peak	-1.86%	-0.46%	-1.40%
Average Drawdown Average peak-to-trough decline	-5.00%	-3.24%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	2.01%	-0.79%

Volatility

ZPRI.DE vs. SPYL.DE - Volatility Comparison

The current volatility for SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF (ZPRI.DE) is 1.70%, while State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) (SPYL.DE) has a volatility of 2.66%. This indicates that ZPRI.DE experiences smaller price fluctuations and is considered to be less risky than SPYL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPRI.DE	SPYL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	2.66%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	7.57%	-2.30%
Volatility (1Y) Calculated over the trailing 1-year period	6.91%	11.52%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.93%	14.61%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.37%	14.61%	-4.24%

ZPRI.DE vs. SPYL.DE - Expense Ratio Comparison

ZPRI.DE has a 0.40% expense ratio, which is higher than SPYL.DE's 0.03% expense ratio.

Dividends

ZPRI.DE vs. SPYL.DE - Dividend Comparison

ZPRI.DE's dividend yield for the trailing twelve months is around 2.91%, while SPYL.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Unhedged (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%
ZPRI.DE SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF	2.91%	2.99%	2.76%	2.78%	2.54%	1.89%	2.23%	2.29%	2.18%	2.36%	2.21%	1.19%

Frequently Asked Questions

Can I hold both ZPRI.DE and SPYL.DE in my portfolio?

ZPRI.DE and SPYL.DE have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZPRI.DE or SPYL.DE?

On fees, SPYL.DE is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZPRI.DE or SPYL.DE?

SPYL.DE is cheaper with a 0.03% expense ratio, compared with 0.40% for ZPRI.DE.

What is the main difference between ZPRI.DE and SPYL.DE?

ZPRI.DE is categorized as Diversified Portfolio, while SPYL.DE is S&P 500. ZPRI.DE tracks Morningstar Global Multi-Asset Infrastructure, while SPYL.DE tracks S&P 500 Index. Their fees differ too: 0.40% for ZPRI.DE and 0.03% for SPYL.DE.