NS4E.DE vs. ZPDW.DE
NS4E.DE (Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - NS4E.DE tracks the JPX-Nikkei Index 400 while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 10 years, NS4E.DE returned 13.98%/yr vs 14.04%/yr for ZPDW.DE. With a 0.99 correlation, they move nearly in lockstep. NS4E.DE charges 0.19%/yr vs 0.17%/yr for ZPDW.DE.
Performance
NS4E.DE vs. ZPDW.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with NS4E.DE having a 17.06% return and ZPDW.DE slightly lower at 16.76%. Both investments have delivered pretty close results over the past 10 years, with NS4E.DE having a 13.98% annualized return and ZPDW.DE not far ahead at 14.04%.
NS4E.DE
- 1D
- -2.16%
- 1M
- -2.98%
- 6M
- 9.96%
- YTD
- 17.06%
- 1Y
- 42.35%
- 3Y*
- 25.18%
- 5Y*
- 19.49%
- 10Y*
- 13.98%
ZPDW.DE
- 1D
- -2.48%
- 1M
- -4.34%
- 6M
- 9.40%
- YTD
- 16.76%
- 1Y
- 43.91%
- 3Y*
- 25.04%
- 5Y*
- 19.19%
- 10Y*
- 14.04%
NS4E.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 17.06% | 27.33% | 22.81% | 33.35% | -4.26% | 10.90% | 7.50% | 17.31% | -17.52% | 19.58% |
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 16.76% | 27.50% | 22.78% | 33.59% | -5.96% | 12.63% | 7.91% | 16.59% | -16.65% | 19.02% |
Correlation
The correlation between NS4E.DE and ZPDW.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 (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 NS4E.DE and ZPDW.DE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
NS4E.DE vs. ZPDW.DE — Risk / Return Rank
NS4E.DE
ZPDW.DE
NS4E.DE vs. ZPDW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.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.
| NS4E.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.39 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.40 | 4.53 | -0.13 |
| Martin ratioReturn relative to average drawdown | 15.01 | 14.78 | +0.23 |
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Drawdowns
NS4E.DE vs. ZPDW.DE - Drawdown Comparison
The maximum NS4E.DE drawdown since its inception was -35.32%, roughly equal to the maximum ZPDW.DE drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for NS4E.DE and ZPDW.DE.
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Drawdown Indicators
| NS4E.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.32% | -34.37% | -0.95% |
Max Drawdown (1Y)Largest decline over 1 year | -9.59% | -9.65% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -20.96% | -21.70% | +0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -20.96% | -21.70% | +0.74% |
Max Drawdown (10Y)Largest decline over 10 years | -35.32% | -34.37% | -0.95% |
Current DrawdownCurrent decline from peak | -4.65% | -6.47% | +1.82% |
Average DrawdownAverage peak-to-trough decline | -8.00% | -7.46% | -0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.81% | 2.96% | -0.15% |
Volatility
NS4E.DE vs. ZPDW.DE - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) is 6.07%, while State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a volatility of 6.94%. This indicates that NS4E.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
| NS4E.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 6.94% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 15.68% | 16.62% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.57% | 20.76% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.21% | 18.83% | -0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 18.45% | -0.25% |
NS4E.DE vs. ZPDW.DE - Expense Ratio Comparison
NS4E.DE has a 0.19% expense ratio, which is higher than ZPDW.DE's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NS4E.DE vs. ZPDW.DE - Dividend Comparison
Neither NS4E.DE nor ZPDW.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, NS4E.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 0.19% for NS4E.DE.
NS4E.DE tracks JPX-Nikkei Index 400, while ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.19% for NS4E.DE and 0.17% for ZPDW.DE.
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