IUS4.DE vs. ZPDW.DE
IUS4.DE (iShares MSCI Japan Small Cap UCITS ETF (Dist)) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - IUS4.DE tracks the MSCI Japan Small Cap while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 10 years, IUS4.DE returned 7.62%/yr vs 14.41%/yr for ZPDW.DE. A 0.70 correlation means they provide meaningful diversification when combined. IUS4.DE charges 0.58%/yr vs 0.17%/yr for ZPDW.DE.
Performance
IUS4.DE vs. ZPDW.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IUS4.DE achieves a 18.57% return, which is significantly lower than ZPDW.DE's 20.74% return. Over the past 10 years, IUS4.DE has underperformed ZPDW.DE with an annualized return of 7.62%, while ZPDW.DE has yielded a comparatively higher 14.41% annualized return.
IUS4.DE
- 1D
- -0.77%
- 1M
- 2.81%
- 6M
- 13.89%
- YTD
- 18.57%
- 1Y
- 33.19%
- 3Y*
- 16.91%
- 5Y*
- 8.56%
- 10Y*
- 7.62%
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%
IUS4.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IUS4.DE iShares MSCI Japan Small Cap UCITS ETF (Dist) | 18.57% | 15.97% | 9.46% | 9.42% | -7.68% | 5.35% | -2.08% | 21.73% | -13.13% | 15.52% |
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 IUS4.DE and ZPDW.DE is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015 | 0.70 |
The correlation between IUS4.DE and ZPDW.DE has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
IUS4.DE vs. ZPDW.DE — Risk / Return Rank
IUS4.DE
ZPDW.DE
IUS4.DE vs. ZPDW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap UCITS ETF (Dist) (IUS4.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.
| IUS4.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.44 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | 5.14 | -1.87 |
| Martin ratioReturn relative to average drawdown | 11.26 | 16.99 | -5.73 |
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Drawdowns
IUS4.DE vs. ZPDW.DE - Drawdown Comparison
The maximum IUS4.DE drawdown since its inception was -51.61%, which is greater than ZPDW.DE's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for IUS4.DE and ZPDW.DE.
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Drawdown Indicators
| IUS4.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.61% | -34.37% | -17.24% |
Max Drawdown (1Y)Largest decline over 1 year | -10.11% | -9.65% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -12.92% | -21.70% | +8.78% |
Max Drawdown (5Y)Largest decline over 5 years | -21.46% | -21.70% | +0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -32.62% | -34.37% | +1.75% |
Current DrawdownCurrent decline from peak | -2.30% | -3.28% | +0.98% |
Average DrawdownAverage peak-to-trough decline | -15.02% | -7.47% | -7.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.94% | 2.92% | +0.02% |
Volatility
IUS4.DE vs. ZPDW.DE - Volatility Comparison
The current volatility for iShares MSCI Japan Small Cap UCITS ETF (Dist) (IUS4.DE) is 4.62%, while State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a volatility of 6.74%. This indicates that IUS4.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
| IUS4.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 6.74% | -2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 16.39% | -2.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.56% | 20.62% | -4.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 18.81% | -3.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 18.43% | -2.49% |
IUS4.DE vs. ZPDW.DE - Expense Ratio Comparison
IUS4.DE has a 0.58% expense ratio, which is higher than ZPDW.DE's 0.17% expense ratio.
Dividends
IUS4.DE vs. ZPDW.DE - Dividend Comparison
IUS4.DE's dividend yield for the trailing twelve months is around 0.85%, while ZPDW.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IUS4.DE iShares MSCI Japan Small Cap UCITS ETF (Dist) | 0.85% | 1.88% | 1.70% | 1.77% | 2.10% | 1.47% | 1.60% | 1.45% | 1.41% | 1.31% | 1.15% | 0.70% |
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% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IUS4.DE and ZPDW.DE have a correlation of 0.72, 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 0.58% for IUS4.DE.
IUS4.DE tracks MSCI Japan Small Cap, 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: 0.58% for IUS4.DE and 0.17% for ZPDW.DE.
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