36B4.DE vs. ZPDW.DE
36B4.DE (iShares MSCI Japan SRI UCITS ETF USD Dist) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - 36B4.DE tracks the MSCI Japan SRI Select Reduced Fossil Fuels while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 5 years, 36B4.DE returned 4.99%/yr vs 19.99%/yr for ZPDW.DE. A 0.79 correlation means they provide meaningful diversification when combined. 36B4.DE charges 0.20%/yr vs 0.17%/yr for ZPDW.DE.
Performance
36B4.DE vs. ZPDW.DE - Performance Comparison
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Returns By Period
In the year-to-date period, 36B4.DE achieves a 9.48% return, which is significantly lower than ZPDW.DE's 20.74% return.
36B4.DE
- 1D
- -1.25%
- 1M
- 5.00%
- 6M
- 5.52%
- YTD
- 9.48%
- 1Y
- 22.17%
- 3Y*
- 9.80%
- 5Y*
- 4.99%
- 10Y*
- —
ZPDW.DE
- 1D
- -0.90%
- 1M
- 0.79%
- 6M
- 13.52%
- YTD
- 20.74%
- 1Y
- 49.79%
- 3Y*
- 27.02%
- 5Y*
- 19.99%
- 10Y*
- 14.41%
36B4.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
36B4.DE iShares MSCI Japan SRI UCITS ETF USD Dist | 9.48% | 6.64% | 9.02% | 9.56% | -13.77% | 9.87% | 6.38% | 16.82% |
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 20.74% | 27.50% | 22.78% | 33.59% | -5.96% | 12.63% | 7.91% | 7.63% |
Correlation
The correlation between 36B4.DE and ZPDW.DE is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2019 | 0.79 |
The correlation between 36B4.DE and ZPDW.DE has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
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Return for Risk
36B4.DE vs. ZPDW.DE — Risk / Return Rank
36B4.DE
ZPDW.DE
36B4.DE vs. ZPDW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan SRI UCITS ETF USD Dist (36B4.DE) and State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| 36B4.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.44 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 5.14 | -3.10 |
| Martin ratioReturn relative to average drawdown | 5.90 | 16.99 | -11.09 |
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Drawdowns
36B4.DE vs. ZPDW.DE - Drawdown Comparison
The maximum 36B4.DE drawdown since its inception was -26.98%, smaller than the maximum ZPDW.DE drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for 36B4.DE and ZPDW.DE.
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Drawdown Indicators
| 36B4.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.98% | -34.37% | +7.39% |
Max Drawdown (1Y)Largest decline over 1 year | -10.82% | -9.65% | -1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -15.67% | -21.70% | +6.03% |
Max Drawdown (5Y)Largest decline over 5 years | -21.57% | -21.70% | +0.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.37% | — |
Current DrawdownCurrent decline from peak | -1.25% | -3.28% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -7.47% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.75% | 2.92% | +0.83% |
Volatility
36B4.DE vs. ZPDW.DE - Volatility Comparison
The current volatility for iShares MSCI Japan SRI UCITS ETF USD Dist (36B4.DE) is 5.12%, while State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a volatility of 6.74%. This indicates that 36B4.DE experiences smaller price fluctuations and is considered to be less risky than ZPDW.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 36B4.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 6.74% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 14.23% | 16.39% | -2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.43% | 20.62% | -2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.34% | 18.81% | -2.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.26% | 18.43% | -1.17% |
36B4.DE vs. ZPDW.DE - Expense Ratio Comparison
36B4.DE has a 0.20% expense ratio, which is higher than ZPDW.DE's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
36B4.DE vs. ZPDW.DE - Dividend Comparison
36B4.DE's dividend yield for the trailing twelve months is around 1.47%, while ZPDW.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
36B4.DE iShares MSCI Japan SRI UCITS ETF USD Dist | 1.47% | 1.46% | 1.38% | 1.81% | 2.45% | 1.54% | 1.60% | 0.81% |
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
36B4.DE and ZPDW.DE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPDW.DE is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPDW.DE is cheaper with a 0.17% expense ratio, compared with 0.20% for 36B4.DE.
36B4.DE tracks MSCI Japan SRI Select Reduced Fossil Fuels, while ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for 36B4.DE and 0.17% for ZPDW.DE.
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