ZPRI.DE vs. SPYU.DE

Last updated Jun 20, 2026

ZPRI.DE (SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF) and SPYU.DE (SPDR MSCI Europe Utilities UCITS ETF) are both exchange-traded funds - ZPRI.DE is a Diversified Portfolio fund tracking the Morningstar Global Multi-Asset Infrastructure, while SPYU.DE is a Utilities Equities fund tracking the MSCI Europe Utilities 20/35 Capped. Both are passively managed. Over the past 10 years, ZPRI.DE returned 4.82%/yr vs 10.68%/yr for SPYU.DE. At a 0.46 correlation, their price movements are largely independent. ZPRI.DE charges 0.40%/yr vs 0.18%/yr for SPYU.DE.

Performance

ZPRI.DE vs. SPYU.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 SPDR MSCI Europe Utilities UCITS ETF (SPYU.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 6.71% return, which is significantly lower than SPYU.DE's 15.06% return. Over the past 10 years, ZPRI.DE has underperformed SPYU.DE with an annualized return of 4.82%, while SPYU.DE has yielded a comparatively higher 10.68% annualized return.

ZPRI.DE

• 1D: 0.00%
• 1M: 1.06%
• YTD: 6.71%
• 6M: 7.29%
• 1Y: 11.92%
• 3Y*: 6.87%
• 5Y*: 3.52%
• 10Y*: 4.82%

SPYU.DE

• 1D: 0.29%
• 1M: -0.12%
• YTD: 15.06%
• 6M: 15.66%
• 1Y: 27.66%
• 3Y*: 16.66%
• 5Y*: 12.05%
• 10Y*: 10.68%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZPRI.DE SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF	6.71%	1.94%	8.86%	3.53%	-7.87%	14.36%	-1.90%	20.85%	1.57%	-1.34%
SPYU.DE SPDR MSCI Europe Utilities UCITS ETF	15.06%	34.39%	0.99%	13.57%	-7.97%	8.80%	11.01%	31.91%	2.41%	9.05%

Correlation

The correlation between ZPRI.DE and SPYU.DE is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Apr 14, 2015	0.46

Return for Risk

ZPRI.DE vs. SPYU.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: 55
ZPRI.DE Sharpe Ratio Rank: 49
ZPRI.DE Sortino Ratio Rank: 48
ZPRI.DE Omega Ratio Rank: 46
ZPRI.DE Calmar Ratio Rank: 71
ZPRI.DE Martin Ratio Rank: 60

SPYU.DE

SPYU.DE Risk / Return Rank: 61
SPYU.DE Sharpe Ratio Rank: 58
SPYU.DE Sortino Ratio Rank: 53
SPYU.DE Omega Ratio Rank: 57
SPYU.DE Calmar Ratio Rank: 78
SPYU.DE Martin Ratio Rank: 60

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. SPYU.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 SPDR MSCI Europe Utilities UCITS ETF (SPYU.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ZPRI.DE	SPYU.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.88	-0.25
Sortino ratio: Return per unit of downside risk	2.29	2.46	-0.17
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	3.41	3.78	-0.37
Martin ratio: Return relative to average drawdown	10.30	10.22	+0.08

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

The current ZPRI.DE Sharpe Ratio is 1.63, which is comparable to the SPYU.DE Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of ZPRI.DE and SPYU.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.

Drawdowns

ZPRI.DE vs. SPYU.DE - Drawdown Comparison

The maximum ZPRI.DE drawdown since its inception was -22.82%, smaller than the maximum SPYU.DE drawdown of -32.98%. Use the drawdown chart below to compare losses from any high point for ZPRI.DE and SPYU.DE.

Drawdown Indicators

	ZPRI.DE	SPYU.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.82%	-32.98%	+10.16%
Max Drawdown (1Y) Largest decline over 1 year	-3.37%	-7.43%	+4.06%
Max Drawdown (3Y) Largest decline over 3 years	-11.11%	-13.44%	+2.33%
Max Drawdown (5Y) Largest decline over 5 years	-14.83%	-22.28%	+7.45%
Max Drawdown (10Y) Largest decline over 10 years	-22.82%	-32.98%	+10.16%
Current Drawdown Current decline from peak	-0.35%	-3.55%	+3.20%
Average Drawdown Average peak-to-trough decline	-7.46%	-7.01%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	2.76%	-1.64%

Volatility

ZPRI.DE vs. SPYU.DE - Volatility Comparison

The current volatility for SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF (ZPRI.DE) is 2.25%, while SPDR MSCI Europe Utilities UCITS ETF (SPYU.DE) has a volatility of 3.35%. This indicates that ZPRI.DE experiences smaller price fluctuations and is considered to be less risky than SPYU.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPRI.DE	SPYU.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	3.35%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	5.41%	13.00%	-7.59%
Volatility (1Y) Calculated over the trailing 1-year period	7.08%	14.98%	-7.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.92%	16.00%	-6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.83%	17.13%	-2.30%

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

ZPRI.DE has a 0.40% expense ratio, which is higher than SPYU.DE's 0.18% expense ratio.

Dividends

ZPRI.DE vs. SPYU.DE - Dividend Comparison

ZPRI.DE's dividend yield for the trailing twelve months is around 2.86%, while SPYU.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYU.DE SPDR MSCI Europe Utilities 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%
ZPRI.DE SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF	2.86%	2.99%	2.76%	2.78%	2.54%	1.89%	2.23%	2.29%	2.18%	2.36%	0.98%	1.19%

Frequently Asked Questions

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

ZPRI.DE and SPYU.DE have a correlation of 0.38, 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 SPYU.DE?

On fees, SPYU.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

SPYU.DE is cheaper with a 0.18% expense ratio, compared with 0.40% for ZPRI.DE.

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

ZPRI.DE is categorized as Diversified Portfolio, while SPYU.DE is Utilities Equities. ZPRI.DE tracks Morningstar Global Multi-Asset Infrastructure, while SPYU.DE tracks MSCI Europe Utilities 20/35 Capped. Their fees differ too: 0.40% for ZPRI.DE and 0.18% for SPYU.DE.