ZPRS.DE vs. GLDN.AX
ZPRS.DE (SPDR MSCI World Small Cap UCITS ETF) and GLDN.AX (Ishares Physical Gold ETF) are both exchange-traded funds - ZPRS.DE is a Global Equities fund tracking the MSCI World Small Cap, while GLDN.AX is a Gold fund tracking the LBMA Gold Price PM AUD Index. Both are passively managed. Over the past year, ZPRS.DE returned 30.01% vs 30.07% for GLDN.AX. At a 0.07 correlation, their price movements are largely independent. ZPRS.DE charges 0.45%/yr vs 0.18%/yr for GLDN.AX.
Performance
ZPRS.DE vs. GLDN.AX - Performance Comparison
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Different Trading Currencies
ZPRS.DE is traded in EUR, while GLDN.AX is traded in AUD. To make them comparable, the GLDN.AX values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZPRS.DE achieves a 14.70% return, which is significantly higher than GLDN.AX's 3.99% return.
ZPRS.DE
- 1D
- 0.46%
- 1M
- 3.86%
- YTD
- 14.70%
- 6M
- 15.69%
- 1Y
- 30.01%
- 3Y*
- 14.74%
- 5Y*
- 7.87%
- 10Y*
- 9.81%
GLDN.AX
- 1D
- 0.37%
- 1M
- -1.51%
- YTD
- 3.99%
- 6M
- 6.75%
- 1Y
- 30.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPRS.DE vs. GLDN.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZPRS.DE SPDR MSCI World Small Cap UCITS ETF | 14.70% | 7.37% | 13.79% | 12.65% |
GLDN.AX Ishares Physical Gold ETF | 3.99% | 47.39% | 33.85% | -0.28% |
Correlation
The correlation between ZPRS.DE and GLDN.AX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023 | 0.07 |
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Return for Risk
ZPRS.DE vs. GLDN.AX — Risk / Return Rank
ZPRS.DE
GLDN.AX
ZPRS.DE vs. GLDN.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Small Cap UCITS ETF (ZPRS.DE) and Ishares Physical Gold ETF (GLDN.AX). 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.
| ZPRS.DE | GLDN.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.24 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.14 | 1.57 | +2.57 |
| Martin ratioReturn relative to average drawdown | 15.60 | 3.88 | +11.72 |
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
| ZPRS.DE | GLDN.AX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.16 | 1.15 | +1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 1.55 | -0.95 |
Drawdowns
ZPRS.DE vs. GLDN.AX - Drawdown Comparison
The maximum ZPRS.DE drawdown since its inception was -40.22%, which is greater than GLDN.AX's maximum drawdown of -18.99%. Use the drawdown chart below to compare losses from any high point for ZPRS.DE and GLDN.AX.
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Drawdown Indicators
| ZPRS.DE | GLDN.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.22% | -18.99% | -21.23% |
Max Drawdown (1Y)Largest decline over 1 year | -7.22% | -18.99% | +11.77% |
Max Drawdown (3Y)Largest decline over 3 years | -24.49% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -16.75% | +16.75% |
Average DrawdownAverage peak-to-trough decline | -6.41% | -3.64% | -2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 7.71% | -5.79% |
Volatility
ZPRS.DE vs. GLDN.AX - Volatility Comparison
The current volatility for SPDR MSCI World Small Cap UCITS ETF (ZPRS.DE) is 3.55%, while Ishares Physical Gold ETF (GLDN.AX) has a volatility of 5.44%. This indicates that ZPRS.DE experiences smaller price fluctuations and is considered to be less risky than GLDN.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPRS.DE | GLDN.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 5.44% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 22.31% | -12.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.83% | 25.89% | -12.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.58% | 20.73% | -4.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.26% | 20.73% | -3.47% |
ZPRS.DE vs. GLDN.AX - Expense Ratio Comparison
ZPRS.DE has a 0.45% expense ratio, which is higher than GLDN.AX's 0.18% expense ratio.
Dividends
ZPRS.DE vs. GLDN.AX - Dividend Comparison
ZPRS.DE has not paid dividends to shareholders, while GLDN.AX's dividend yield for the trailing twelve months is around 0.08%.
| Position | TTM | 2025 |
|---|---|---|
GLDN.AX Ishares Physical Gold ETF | 0.08% | 0.07% |
ZPRS.DE SPDR MSCI World Small Cap UCITS ETF | 0.00% | 0.00% |
Frequently Asked Questions
ZPRS.DE and GLDN.AX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLDN.AX is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLDN.AX is cheaper with a 0.18% expense ratio, compared with 0.45% for ZPRS.DE.
ZPRS.DE is categorized as Global Equities, while GLDN.AX is Gold. ZPRS.DE tracks MSCI World Small Cap, while GLDN.AX tracks LBMA Gold Price PM AUD Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.45% for ZPRS.DE and 0.18% for GLDN.AX.
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