S&P 500 ETFs in euros: a comparison without a winner
CSPX, VUAA and SPYL track the same index, reinvest dividends and are domiciled in Ireland. Their differences are small: provider, costs and size. Here is the data for all three side by side; what matters most depends on each investor.
Daily closes from Yahoo Finance in euros (CSSPX.MI, VUAA.MI, SPYL.DE), data as of 23 October 2026. Past performance does not guarantee future results.
Two-year performance (base 100, in euros)
Because they replicate the same index, their returns are almost identical and the correlation between them is close to 1. What does show up over the long run is the actual tracking difference, not just the TER, along with the bid-ask spread at the broker used.
What people usually compare between ETFs on the same index
Ongoing charges (TER)
What the fund charges each year, already deducted from the price. Between ETFs on the same index the differences are usually hundredths of a percent.
Tracking difference
How far the ETF actually drifts from its index in a year, including costs, securities lending and dividend taxation. It can be lower or higher than the TER.
Accumulating or distributing
Reinvesting or paying out dividends changes the tax treatment and cash flows, not the market exposure.
Replication
Full physical (buys every stock) or sampling (a representative selection). With broad indices, both usually track the index closely.
Size and liquidity
Large funds usually have tighter bid-ask spreads; in practice what counts is the liquidity of the specific listing you buy.
Domicile and broker
Almost all are domiciled in Ireland, which reduces withholding tax on US dividends. Whether the ETF is available at your broker or in a savings plan also matters.
There is no single answer and this site does not recommend any. All three track the same index; people usually compare them on costs, tracking difference, size, liquidity at their broker and availability in savings plans. The table brings that data together.
Why is SXR8 not included?
SXR8 is the same fund as CSPX (same ISIN) listed on Xetra. As it is part of the LearnAImarkets model universe, this comparison uses CSPX to avoid repeating the same fund.
What changes with an accumulating ETF?
All three reinvest dividends inside the fund. Depending on the country, that changes when and how tax is due; Germany, for example, has its own rule (the Vorabpauschale).