ETLR.DE vs. ZPDJ.DE

Last updated Jun 5, 2026

ETLR.DE (L&G Japan Equity UCITS ETF) and ZPDJ.DE (SPDR MSCI Japan UCITS ETF) are both Japan Equities funds - ETLR.DE tracks the Solactive Core Japan Large & Mid Cap while ZPDJ.DE tracks the MSCI Japan. Both are passively managed. Over the past 5 years, ETLR.DE returned 9.93%/yr vs 10.06%/yr for ZPDJ.DE. With a 0.98 correlation, they move nearly in lockstep. ETLR.DE charges 0.10%/yr vs 0.12%/yr for ZPDJ.DE.

Performance

ETLR.DE vs. ZPDJ.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G Japan Equity UCITS ETF (ETLR.DE) and SPDR MSCI Japan UCITS ETF (ZPDJ.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETLR.DE achieves a 15.36% return, which is significantly lower than ZPDJ.DE's 16.79% return.

ETLR.DE

• 1D: -0.30%
• 1M: 3.65%
• YTD: 15.36%
• 6M: 15.65%
• 1Y: 29.68%
• 3Y*: 15.30%
• 5Y*: 9.93%
• 10Y*: —

ZPDJ.DE

• 1D: -0.45%
• 1M: 6.00%
• YTD: 16.79%
• 6M: 16.66%
• 1Y: 30.67%
• 3Y*: 15.52%
• 5Y*: 10.06%
• 10Y*: 9.18%

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

ETLR.DE vs. ZPDJ.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ETLR.DE L&G Japan Equity UCITS ETF	15.36%	12.36%	14.84%	16.06%	-11.99%	10.00%	5.41%	16.57%
ZPDJ.DE SPDR MSCI Japan UCITS ETF	16.79%	12.60%	13.75%	16.51%	-12.51%	9.97%	5.16%	15.76%

Correlation

The correlation between ETLR.DE and ZPDJ.DE is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 16, 2019	0.98

The correlation between ETLR.DE and ZPDJ.DE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

ETLR.DE vs. ZPDJ.DE — Risk / Return Rank

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

ETLR.DE

ETLR.DE Risk / Return Rank: 50
ETLR.DE Sharpe Ratio Rank: 45
ETLR.DE Sortino Ratio Rank: 49
ETLR.DE Omega Ratio Rank: 48
ETLR.DE Calmar Ratio Rank: 56
ETLR.DE Martin Ratio Rank: 53

ZPDJ.DE

ZPDJ.DE Risk / Return Rank: 54
ZPDJ.DE Sharpe Ratio Rank: 48
ZPDJ.DE Sortino Ratio Rank: 52
ZPDJ.DE Omega Ratio Rank: 52
ZPDJ.DE Calmar Ratio Rank: 63
ZPDJ.DE Martin Ratio Rank: 57

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.

ETLR.DE vs. ZPDJ.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Japan Equity UCITS ETF (ETLR.DE) and SPDR MSCI Japan UCITS ETF (ZPDJ.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.

	ETLR.DE	ZPDJ.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.64	-0.08
Sortino ratio: Return per unit of downside risk	2.38	2.50	-0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.74	3.06	-0.32
Martin ratio: Return relative to average drawdown	8.92	9.86	-0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETLR.DE vs. ZPDJ.DE - Sharpe Ratio Comparison

The current ETLR.DE Sharpe Ratio is 1.56, which is comparable to the ZPDJ.DE Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ETLR.DE and ZPDJ.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

	ETLR.DE	ZPDJ.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	1.64	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.60	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.44	+0.17

Drawdowns

ETLR.DE vs. ZPDJ.DE - Drawdown Comparison

The maximum ETLR.DE drawdown since its inception was -27.67%, roughly equal to the maximum ZPDJ.DE drawdown of -28.06%. Use the drawdown chart below to compare losses from any high point for ETLR.DE and ZPDJ.DE.

Drawdown Indicators

	ETLR.DE	ZPDJ.DE	Difference
Max Drawdown Largest peak-to-trough decline	-27.67%	-28.06%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-9.98%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.42%	-16.90%	+0.48%
Max Drawdown (5Y) Largest decline over 5 years	-18.73%	-19.10%	+0.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.06%	—
Current Drawdown Current decline from peak	-0.30%	-0.45%	+0.15%
Average Drawdown Average peak-to-trough decline	-5.44%	-5.93%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.10%	+0.10%

Volatility

ETLR.DE vs. ZPDJ.DE - Volatility Comparison

The current volatility for L&G Japan Equity UCITS ETF (ETLR.DE) is 3.19%, while SPDR MSCI Japan UCITS ETF (ZPDJ.DE) has a volatility of 3.60%. This indicates that ETLR.DE experiences smaller price fluctuations and is considered to be less risky than ZPDJ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETLR.DE	ZPDJ.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	3.60%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	14.63%	14.86%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	18.62%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	16.57%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.84%	16.40%	+0.44%

ETLR.DE vs. ZPDJ.DE - Expense Ratio Comparison

ETLR.DE has a 0.10% expense ratio, which is lower than ZPDJ.DE's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ETLR.DE vs. ZPDJ.DE - Dividend Comparison

Neither ETLR.DE nor ZPDJ.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETLR.DE and ZPDJ.DE in my portfolio?

With a correlation of 0.98, ETLR.DE and ZPDJ.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ETLR.DE or ZPDJ.DE?

On fees, ETLR.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETLR.DE or ZPDJ.DE?

ETLR.DE is cheaper with a 0.10% expense ratio, compared with 0.12% for ZPDJ.DE.

What is the main difference between ETLR.DE and ZPDJ.DE?

ETLR.DE tracks Solactive Core Japan Large & Mid Cap, while ZPDJ.DE tracks MSCI Japan. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.10% for ETLR.DE and 0.12% for ZPDJ.DE.