ETLR.DE vs. ZPDW.DE
ETLR.DE (L&G Japan Equity UCITS ETF) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - ETLR.DE tracks the Solactive Core Japan Large & Mid Cap while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 5 years, ETLR.DE returned 10.35%/yr vs 19.99%/yr for ZPDW.DE. Their correlation of 0.83 suggests significant overlap in exposure. ETLR.DE charges 0.10%/yr vs 0.17%/yr for ZPDW.DE.
Performance
ETLR.DE vs. ZPDW.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ETLR.DE achieves a 18.27% return, which is significantly lower than ZPDW.DE's 20.74% return.
ETLR.DE
- 1D
- -1.15%
- 1M
- 1.64%
- 6M
- 12.08%
- YTD
- 18.27%
- 1Y
- 36.88%
- 3Y*
- 17.34%
- 5Y*
- 10.35%
- 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%
ETLR.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETLR.DE L&G Japan Equity UCITS ETF | 18.27% | 12.41% | 14.84% | 16.04% | -12.03% | 10.00% | 5.42% | 16.90% |
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% | 15.00% |
Correlation
The correlation between ETLR.DE and ZPDW.DE is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2019 | 0.83 |
The correlation between ETLR.DE and ZPDW.DE shifts across timeframes, from 0.82 (5 years) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ETLR.DE vs. ZPDW.DE — Risk / Return Rank
ETLR.DE
ZPDW.DE
ETLR.DE vs. ZPDW.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 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.
| ETLR.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.44 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 5.14 | -1.61 |
| Martin ratioReturn relative to average drawdown | 11.56 | 16.99 | -5.43 |
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Drawdowns
ETLR.DE vs. ZPDW.DE - Drawdown Comparison
The maximum ETLR.DE drawdown since its inception was -27.65%, smaller than the maximum ZPDW.DE drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for ETLR.DE and ZPDW.DE.
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Drawdown Indicators
| ETLR.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.65% | -34.37% | +6.72% |
Max Drawdown (1Y)Largest decline over 1 year | -10.42% | -9.65% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -16.41% | -21.70% | +5.29% |
Max Drawdown (5Y)Largest decline over 5 years | -18.74% | -21.70% | +2.96% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.37% | — |
Current DrawdownCurrent decline from peak | -2.60% | -3.28% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -5.40% | -7.47% | +2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 2.92% | +0.26% |
Volatility
ETLR.DE vs. ZPDW.DE - Volatility Comparison
The current volatility for L&G Japan Equity UCITS ETF (ETLR.DE) is 6.16%, while State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a volatility of 6.74%. This indicates that ETLR.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
| ETLR.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.16% | 6.74% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 15.45% | 16.39% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.08% | 20.62% | -1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.49% | 18.81% | -2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 18.43% | -1.50% |
ETLR.DE vs. ZPDW.DE - Expense Ratio Comparison
ETLR.DE has a 0.10% expense ratio, which is lower than ZPDW.DE's 0.17% 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. ZPDW.DE - Dividend Comparison
Neither ETLR.DE nor ZPDW.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, ETLR.DE and ZPDW.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.
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.
ETLR.DE is cheaper with a 0.10% expense ratio, compared with 0.17% for ZPDW.DE.
ETLR.DE tracks Solactive Core Japan Large & Mid Cap, while ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.10% for ETLR.DE and 0.17% for ZPDW.DE.
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