ZPRX.DE vs. CEMS.DE
ZPRX.DE (SPDR MSCI Europe Small Cap Value Weighted UCITS ETF) and CEMS.DE (iShares Edge MSCI Europe Value Factor UCITS ETF) are both Europe Equities funds - ZPRX.DE tracks the MSCI Europe Small Cap Value Weighted while CEMS.DE tracks the MSCI Europe Enhanced Value. Both are passively managed. Over the past 10 years, ZPRX.DE returned 8.15%/yr vs 10.71%/yr for CEMS.DE. Their correlation of 0.87 suggests significant overlap in exposure. ZPRX.DE charges 0.30%/yr vs 0.25%/yr for CEMS.DE.
Performance
ZPRX.DE vs. CEMS.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPRX.DE achieves a 7.81% return, which is significantly lower than CEMS.DE's 13.72% return. Over the past 10 years, ZPRX.DE has underperformed CEMS.DE with an annualized return of 8.15%, while CEMS.DE has yielded a comparatively higher 10.71% annualized return.
ZPRX.DE
- 1D
- 0.33%
- 1M
- 3.14%
- YTD
- 7.81%
- 6M
- 11.48%
- 1Y
- 17.16%
- 3Y*
- 15.09%
- 5Y*
- 7.77%
- 10Y*
- 8.15%
CEMS.DE
- 1D
- 0.10%
- 1M
- 4.58%
- YTD
- 13.72%
- 6M
- 16.86%
- 1Y
- 33.02%
- 3Y*
- 21.63%
- 5Y*
- 14.47%
- 10Y*
- 10.71%
ZPRX.DE vs. CEMS.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPRX.DE SPDR MSCI Europe Small Cap Value Weighted UCITS ETF | 7.81% | 26.81% | 4.28% | 15.28% | -13.52% | 27.58% | -3.52% | 29.02% | -19.20% | 12.89% |
CEMS.DE iShares Edge MSCI Europe Value Factor UCITS ETF | 13.72% | 35.97% | 9.93% | 13.90% | -4.54% | 26.62% | -8.86% | 23.48% | -14.04% | 10.16% |
Correlation
The correlation between ZPRX.DE and CEMS.DE is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2015 | 0.87 |
The correlation between ZPRX.DE and CEMS.DE has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.
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Return for Risk
ZPRX.DE vs. CEMS.DE — Risk / Return Rank
ZPRX.DE
CEMS.DE
ZPRX.DE vs. CEMS.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Small Cap Value Weighted UCITS ETF (ZPRX.DE) and iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.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.
| ZPRX.DE | CEMS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.43 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 3.29 | -1.82 |
| Martin ratioReturn relative to average drawdown | 5.42 | 12.37 | -6.94 |
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
| ZPRX.DE | CEMS.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 2.37 | -1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.94 | -0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.61 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.49 | -0.09 |
Drawdowns
ZPRX.DE vs. CEMS.DE - Drawdown Comparison
The maximum ZPRX.DE drawdown since its inception was -43.93%, which is greater than CEMS.DE's maximum drawdown of -40.20%. Use the drawdown chart below to compare losses from any high point for ZPRX.DE and CEMS.DE.
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Drawdown Indicators
| ZPRX.DE | CEMS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.93% | -40.20% | -3.73% |
Max Drawdown (1Y)Largest decline over 1 year | -11.63% | -9.99% | -1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -15.95% | -17.57% | +1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -27.52% | -19.55% | -7.97% |
Max Drawdown (10Y)Largest decline over 10 years | -43.93% | -40.20% | -3.73% |
Current DrawdownCurrent decline from peak | -1.51% | -1.26% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -7.71% | -7.49% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 2.66% | +0.50% |
Volatility
ZPRX.DE vs. CEMS.DE - Volatility Comparison
The current volatility for SPDR MSCI Europe Small Cap Value Weighted UCITS ETF (ZPRX.DE) is 4.17%, while iShares Edge MSCI Europe Value Factor UCITS ETF (CEMS.DE) has a volatility of 4.65%. This indicates that ZPRX.DE experiences smaller price fluctuations and is considered to be less risky than CEMS.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPRX.DE | CEMS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 4.65% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 11.30% | 11.17% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.94% | 13.87% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.69% | 15.23% | +1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.14% | 17.43% | +0.71% |
ZPRX.DE vs. CEMS.DE - Expense Ratio Comparison
ZPRX.DE has a 0.30% expense ratio, which is higher than CEMS.DE's 0.25% expense ratio.
Dividends
ZPRX.DE vs. CEMS.DE - Dividend Comparison
Neither ZPRX.DE nor CEMS.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPRX.DE and CEMS.DE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMS.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMS.DE is cheaper with a 0.25% expense ratio, compared with 0.30% for ZPRX.DE.
ZPRX.DE tracks MSCI Europe Small Cap Value Weighted, while CEMS.DE tracks MSCI Europe Enhanced Value. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for ZPRX.DE and 0.25% for CEMS.DE.
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