IBCG.DE vs. ZPDW.DE
IBCG.DE (iShares MSCI Japan EUR Hedged UCITS ETF (Acc)) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - IBCG.DE tracks the MSCI Japan Index (EUR Hedged) while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 10 years, IBCG.DE returned 14.08%/yr vs 14.41%/yr for ZPDW.DE. With a 0.99 correlation, they move nearly in lockstep. IBCG.DE charges 0.64%/yr vs 0.17%/yr for ZPDW.DE.
Performance
IBCG.DE vs. ZPDW.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IBCG.DE having a 20.30% return and ZPDW.DE slightly higher at 20.74%. Both investments have delivered pretty close results over the past 10 years, with IBCG.DE having a 14.08% annualized return and ZPDW.DE not far ahead at 14.41%.
IBCG.DE
- 1D
- -1.21%
- 1M
- 0.60%
- 6M
- 13.03%
- YTD
- 20.30%
- 1Y
- 49.05%
- 3Y*
- 26.62%
- 5Y*
- 19.66%
- 10Y*
- 14.08%
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%
IBCG.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBCG.DE iShares MSCI Japan EUR Hedged UCITS ETF (Acc) | 20.30% | 26.94% | 22.76% | 32.85% | -5.89% | 12.06% | 7.58% | 16.67% | -16.91% | 18.65% |
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% | 16.59% | -16.65% | 19.02% |
Correlation
The correlation between IBCG.DE and ZPDW.DE is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015 | 0.99 |
The correlation between IBCG.DE and ZPDW.DE has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
IBCG.DE vs. ZPDW.DE — Risk / Return Rank
IBCG.DE
ZPDW.DE
IBCG.DE vs. ZPDW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan EUR Hedged UCITS ETF (Acc) (IBCG.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.
| IBCG.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.44 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.91 | 5.14 | -0.22 |
| Martin ratioReturn relative to average drawdown | 16.44 | 16.99 | -0.54 |
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Drawdowns
IBCG.DE vs. ZPDW.DE - Drawdown Comparison
The maximum IBCG.DE drawdown since its inception was -34.79%, roughly equal to the maximum ZPDW.DE drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for IBCG.DE and ZPDW.DE.
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Drawdown Indicators
| IBCG.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.79% | -34.37% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -9.94% | -9.65% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -21.63% | -21.70% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -21.63% | -21.70% | +0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -34.79% | -34.37% | -0.42% |
Current DrawdownCurrent decline from peak | -3.52% | -3.28% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -8.31% | -7.47% | -0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 2.92% | +0.05% |
Volatility
IBCG.DE vs. ZPDW.DE - Volatility Comparison
iShares MSCI Japan EUR Hedged UCITS ETF (Acc) (IBCG.DE) and State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) have volatilities of 6.82% and 6.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCG.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.82% | 6.74% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 16.24% | 16.39% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.47% | 20.62% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.64% | 18.81% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 18.43% | -0.04% |
IBCG.DE vs. ZPDW.DE - Expense Ratio Comparison
IBCG.DE has a 0.64% expense ratio, which is higher than ZPDW.DE's 0.17% expense ratio.
Dividends
IBCG.DE vs. ZPDW.DE - Dividend Comparison
Neither IBCG.DE nor ZPDW.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, IBCG.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, 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 0.64% for IBCG.DE.
IBCG.DE tracks MSCI Japan Index (EUR Hedged), 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: 0.64% for IBCG.DE and 0.17% for ZPDW.DE.
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