ZPRS.DE vs. SPY5.DE

Last updated Jun 5, 2026

ZPRS.DE (SPDR MSCI World Small Cap UCITS ETF) and SPY5.DE (SPDR S&P 500 UCITS ETF) are both exchange-traded funds - ZPRS.DE is a Global Equities fund tracking the MSCI World Small Cap, while SPY5.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZPRS.DE returned 9.81%/yr vs 15.13%/yr for SPY5.DE. Their correlation of 0.81 suggests significant overlap in exposure. ZPRS.DE charges 0.45%/yr vs 0.03%/yr for SPY5.DE.

Performance

ZPRS.DE vs. SPY5.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI World Small Cap UCITS ETF (ZPRS.DE) and SPDR S&P 500 UCITS ETF (SPY5.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPRS.DE achieves a 14.70% return, which is significantly higher than SPY5.DE's 11.39% return. Over the past 10 years, ZPRS.DE has underperformed SPY5.DE with an annualized return of 9.81%, while SPY5.DE has yielded a comparatively higher 15.13% annualized 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%

SPY5.DE

• 1D: -0.13%
• 1M: 5.22%
• YTD: 11.39%
• 6M: 11.43%
• 1Y: 25.61%
• 3Y*: 18.89%
• 5Y*: 14.76%
• 10Y*: 15.13%

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

ZPRS.DE vs. SPY5.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZPRS.DE SPDR MSCI World Small Cap UCITS ETF	14.70%	7.37%	13.79%	12.57%	-13.88%	25.10%	5.40%	30.21%	-11.45%	7.16%
SPY5.DE SPDR S&P 500 UCITS ETF	11.39%	4.75%	32.36%	22.42%	-14.24%	40.60%	6.73%	34.93%	0.25%	6.69%

Correlation

The correlation between ZPRS.DE and SPY5.DE is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 28, 2013	0.81

The correlation between ZPRS.DE and SPY5.DE has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

ZPRS.DE vs. SPY5.DE — Risk / Return Rank

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

ZPRS.DE

ZPRS.DE Risk / Return Rank: 72
ZPRS.DE Sharpe Ratio Rank: 66
ZPRS.DE Sortino Ratio Rank: 68
ZPRS.DE Omega Ratio Rank: 64
ZPRS.DE Calmar Ratio Rank: 80
ZPRS.DE Martin Ratio Rank: 80

SPY5.DE

SPY5.DE Risk / Return Rank: 69
SPY5.DE Sharpe Ratio Rank: 68
SPY5.DE Sortino Ratio Rank: 67
SPY5.DE Omega Ratio Rank: 70
SPY5.DE Calmar Ratio Rank: 73
SPY5.DE Martin Ratio Rank: 69

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.

ZPRS.DE vs. SPY5.DE - 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 SPDR S&P 500 UCITS ETF (SPY5.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.

	ZPRS.DE	SPY5.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.22	-0.06
Sortino ratio: Return per unit of downside risk	3.07	3.01	+0.06
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	4.14	3.57	+0.57
Martin ratio: Return relative to average drawdown	15.60	12.77	+2.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZPRS.DE vs. SPY5.DE - Sharpe Ratio Comparison

The current ZPRS.DE Sharpe Ratio is 2.16, which is comparable to the SPY5.DE Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ZPRS.DE and SPY5.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

	ZPRS.DE	SPY5.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.22	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.96	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.93	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.97	-0.37

Drawdowns

ZPRS.DE vs. SPY5.DE - Drawdown Comparison

The maximum ZPRS.DE drawdown since its inception was -40.22%, which is greater than SPY5.DE's maximum drawdown of -33.86%. Use the drawdown chart below to compare losses from any high point for ZPRS.DE and SPY5.DE.

Drawdown Indicators

	ZPRS.DE	SPY5.DE	Difference
Max Drawdown Largest peak-to-trough decline	-40.22%	-33.86%	-6.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-7.15%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-24.49%	-23.34%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-23.34%	-1.15%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-33.86%	-6.36%
Current Drawdown Current decline from peak	0.00%	-0.44%	+0.44%
Average Drawdown Average peak-to-trough decline	-6.41%	-3.95%	-2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.00%	-0.08%

Volatility

ZPRS.DE vs. SPY5.DE - Volatility Comparison

SPDR MSCI World Small Cap UCITS ETF (ZPRS.DE) has a higher volatility of 3.55% compared to SPDR S&P 500 UCITS ETF (SPY5.DE) at 2.66%. This indicates that ZPRS.DE's price experiences larger fluctuations and is considered to be riskier than SPY5.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPRS.DE	SPY5.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	2.66%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	7.54%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	11.51%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	15.18%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	16.07%	+1.19%

ZPRS.DE vs. SPY5.DE - Expense Ratio Comparison

ZPRS.DE has a 0.45% expense ratio, which is higher than SPY5.DE's 0.03% expense ratio.

Dividends

ZPRS.DE vs. SPY5.DE - Dividend Comparison

ZPRS.DE has not paid dividends to shareholders, while SPY5.DE's dividend yield for the trailing twelve months is around 0.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY5.DE SPDR S&P 500 UCITS ETF	0.89%	0.99%	1.03%	1.22%	1.42%	0.95%	1.37%	1.74%	3.30%	1.59%	1.57%	1.69%
ZPRS.DE SPDR MSCI World Small Cap 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

Can I hold both ZPRS.DE and SPY5.DE in my portfolio?

ZPRS.DE and SPY5.DE have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZPRS.DE or SPY5.DE?

On fees, SPY5.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, ZPRS.DE or SPY5.DE?

SPY5.DE is cheaper with a 0.03% expense ratio, compared with 0.45% for ZPRS.DE.

What is the main difference between ZPRS.DE and SPY5.DE?

ZPRS.DE is categorized as Global Equities, while SPY5.DE is S&P 500. ZPRS.DE tracks MSCI World Small Cap, while SPY5.DE tracks S&P 500 Index. Their fees differ too: 0.45% for ZPRS.DE and 0.03% for SPY5.DE.