ZPRW.DE vs. ZPRL.DE

Last updated Jun 5, 2026

ZPRW.DE (SPDR MSCI Europe Value UCITS ETF) and ZPRL.DE (SPDR EURO STOXX Low Volatility UCITS ETF) are both Europe Equities funds from State Street - ZPRW.DE tracks the MSCI Europe Value Exposure Select while ZPRL.DE tracks the EURO STOXX® Low Risk Weighted 100. Both are passively managed. Over the past 10 years, ZPRW.DE returned 10.74%/yr vs 6.55%/yr for ZPRL.DE. A 0.69 correlation means they provide meaningful diversification when combined. ZPRW.DE charges 0.20%/yr vs 0.30%/yr for ZPRL.DE.

Performance

ZPRW.DE vs. ZPRL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Europe Value UCITS ETF (ZPRW.DE) and SPDR EURO STOXX Low Volatility UCITS ETF (ZPRL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPRW.DE achieves a 11.85% return, which is significantly higher than ZPRL.DE's 5.19% return. Over the past 10 years, ZPRW.DE has outperformed ZPRL.DE with an annualized return of 10.74%, while ZPRL.DE has yielded a comparatively lower 6.55% annualized return.

ZPRW.DE

• 1D: 0.72%
• 1M: 3.83%
• YTD: 11.85%
• 6M: 15.32%
• 1Y: 31.00%
• 3Y*: 20.72%
• 5Y*: 13.99%
• 10Y*: 10.74%

ZPRL.DE

• 1D: 0.22%
• 1M: -0.23%
• YTD: 5.19%
• 6M: 6.78%
• 1Y: 5.74%
• 3Y*: 11.19%
• 5Y*: 7.05%
• 10Y*: 6.55%

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

ZPRW.DE vs. ZPRL.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZPRW.DE SPDR MSCI Europe Value UCITS ETF	11.85%	35.70%	8.86%	13.72%	-4.74%	27.39%	-7.65%	23.73%	-14.98%	10.96%
ZPRL.DE SPDR EURO STOXX Low Volatility UCITS ETF	5.19%	18.48%	7.41%	12.34%	-14.65%	17.34%	-5.25%	22.05%	-8.17%	15.38%

Correlation

The correlation between ZPRW.DE and ZPRL.DE is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 19, 2015	0.69

The correlation between ZPRW.DE and ZPRL.DE shifts across timeframes, from 0.65 (10 years) to 0.80 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ZPRW.DE vs. ZPRL.DE — Risk / Return Rank

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

ZPRW.DE

ZPRW.DE Risk / Return Rank: 69
ZPRW.DE Sharpe Ratio Rank: 71
ZPRW.DE Sortino Ratio Rank: 71
ZPRW.DE Omega Ratio Rank: 70
ZPRW.DE Calmar Ratio Rank: 68
ZPRW.DE Martin Ratio Rank: 68

ZPRL.DE

ZPRL.DE Risk / Return Rank: 19
ZPRL.DE Sharpe Ratio Rank: 20
ZPRL.DE Sortino Ratio Rank: 18
ZPRL.DE Omega Ratio Rank: 19
ZPRL.DE Calmar Ratio Rank: 18
ZPRL.DE Martin Ratio Rank: 19

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.

ZPRW.DE vs. ZPRL.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Value UCITS ETF (ZPRW.DE) and SPDR EURO STOXX Low Volatility UCITS ETF (ZPRL.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.

	ZPRW.DE	ZPRL.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.28	0.62	+1.66
Sortino ratio: Return per unit of downside risk	3.16	0.89	+2.27
Omega ratio: Gain probability vs. loss probability	1.41	1.11	+0.30
Calmar ratio: Return relative to maximum drawdown	3.33	0.72	+2.61
Martin ratio: Return relative to average drawdown	12.39	2.02	+10.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZPRW.DE vs. ZPRL.DE - Sharpe Ratio Comparison

The current ZPRW.DE Sharpe Ratio is 2.28, which is higher than the ZPRL.DE Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of ZPRW.DE and ZPRL.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

	ZPRW.DE	ZPRL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	0.62	+1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.59	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.48	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.53	-0.08

Drawdowns

ZPRW.DE vs. ZPRL.DE - Drawdown Comparison

The maximum ZPRW.DE drawdown since its inception was -39.54%, which is greater than ZPRL.DE's maximum drawdown of -35.35%. Use the drawdown chart below to compare losses from any high point for ZPRW.DE and ZPRL.DE.

Drawdown Indicators

	ZPRW.DE	ZPRL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-39.54%	-35.35%	-4.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.27%	-7.97%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.04%	-9.37%	-7.67%
Max Drawdown (5Y) Largest decline over 5 years	-18.41%	-23.37%	+4.96%
Max Drawdown (10Y) Largest decline over 10 years	-39.54%	-35.35%	-4.19%
Current Drawdown Current decline from peak	-1.75%	-3.70%	+1.95%
Average Drawdown Average peak-to-trough decline	-6.92%	-5.39%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.84%	-0.34%

Volatility

ZPRW.DE vs. ZPRL.DE - Volatility Comparison

SPDR MSCI Europe Value UCITS ETF (ZPRW.DE) has a higher volatility of 4.40% compared to SPDR EURO STOXX Low Volatility UCITS ETF (ZPRL.DE) at 2.90%. This indicates that ZPRW.DE's price experiences larger fluctuations and is considered to be riskier than ZPRL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPRW.DE	ZPRL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	2.90%	+1.50%
Volatility (6M) Calculated over the trailing 6-month period	10.84%	7.65%	+3.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	9.22%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.89%	11.89%	+3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	13.60%	+3.94%

ZPRW.DE vs. ZPRL.DE - Expense Ratio Comparison

ZPRW.DE has a 0.20% expense ratio, which is lower than ZPRL.DE's 0.30% expense ratio.

Dividends

ZPRW.DE vs. ZPRL.DE - Dividend Comparison

Neither ZPRW.DE nor ZPRL.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZPRW.DE and ZPRL.DE in my portfolio?

ZPRW.DE and ZPRL.DE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZPRW.DE or ZPRL.DE?

On fees, ZPRW.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZPRW.DE or ZPRL.DE?

ZPRW.DE is cheaper with a 0.20% expense ratio, compared with 0.30% for ZPRL.DE.

What is the main difference between ZPRW.DE and ZPRL.DE?

ZPRW.DE tracks MSCI Europe Value Exposure Select, while ZPRL.DE tracks EURO STOXX® Low Risk Weighted 100. Their fees differ too: 0.20% for ZPRW.DE and 0.30% for ZPRL.DE.