JPNH.DE vs. ZPDW.DE
JPNH.DE (Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist)) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - JPNH.DE tracks the TOPIX Index (EUR Hedged) while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 10 years, JPNH.DE returned 13.72%/yr vs 14.41%/yr for ZPDW.DE. With a 0.99 correlation, they move nearly in lockstep. JPNH.DE charges 0.45%/yr vs 0.17%/yr for ZPDW.DE.
Performance
JPNH.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 JPNH.DE having a 19.83% return and ZPDW.DE slightly higher at 20.74%. Over the past 10 years, JPNH.DE has underperformed ZPDW.DE with an annualized return of 13.72%, while ZPDW.DE has yielded a comparatively higher 14.41% annualized return.
JPNH.DE
- 1D
- -0.93%
- 1M
- 1.78%
- 6M
- 12.92%
- YTD
- 19.83%
- 1Y
- 47.19%
- 3Y*
- 26.36%
- 5Y*
- 19.27%
- 10Y*
- 13.72%
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%
JPNH.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPNH.DE Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) | 19.83% | 27.75% | 21.23% | 32.08% | -4.87% | 10.85% | 5.84% | 15.91% | -17.82% | 20.38% |
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 JPNH.DE and ZPDW.DE is 0.99 - 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 | 0.99 |
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 JPNH.DE and ZPDW.DE has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
JPNH.DE vs. ZPDW.DE — Risk / Return Rank
JPNH.DE
ZPDW.DE
JPNH.DE vs. ZPDW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.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.
| JPNH.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.44 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.66 | 5.14 | -0.48 |
| Martin ratioReturn relative to average drawdown | 16.50 | 16.99 | -0.49 |
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Drawdowns
JPNH.DE vs. ZPDW.DE - Drawdown Comparison
The maximum JPNH.DE drawdown since its inception was -36.52%, 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 JPNH.DE and ZPDW.DE.
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Drawdown Indicators
| JPNH.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.52% | -34.37% | -2.15% |
Max Drawdown (1Y)Largest decline over 1 year | -10.08% | -9.65% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -20.72% | -21.70% | +0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -21.70% | +0.98% |
Max Drawdown (10Y)Largest decline over 10 years | -36.52% | -34.37% | -2.15% |
Current DrawdownCurrent decline from peak | -1.64% | -3.28% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -7.47% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 2.92% | -0.07% |
Volatility
JPNH.DE vs. ZPDW.DE - Volatility Comparison
The current volatility for Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.DE) is 5.65%, while State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a volatility of 6.74%. This indicates that JPNH.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
| JPNH.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.65% | 6.74% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 15.45% | 16.39% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.48% | 20.62% | -1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.05% | 18.81% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 18.43% | -0.26% |
JPNH.DE vs. ZPDW.DE - Expense Ratio Comparison
JPNH.DE has a 0.45% expense ratio, which is higher than ZPDW.DE's 0.17% expense ratio.
Dividends
JPNH.DE vs. ZPDW.DE - Dividend Comparison
JPNH.DE's dividend yield for the trailing twelve months is around 0.74%, while ZPDW.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPNH.DE Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) | 0.74% | 0.89% | 1.52% | 1.29% | 1.66% | 1.33% | 1.09% | 1.93% | 1.89% | 1.36% | 1.96% | 1.84% |
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
With a correlation of 0.99, JPNH.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 0.45% for JPNH.DE.
JPNH.DE tracks TOPIX Index (EUR Hedged), while ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index. They also come from different issuers: Amundi and State Street. Their fees differ too: 0.45% for JPNH.DE and 0.17% for ZPDW.DE.
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