SGAJ.DE vs. ZPDW.DE
SGAJ.DE (iShares MSCI Japan ESG Screened UCITS ETF USD (Acc)) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - SGAJ.DE tracks the MSCI Japan ESG Screened while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 5 years, SGAJ.DE returned 9.98%/yr vs 19.99%/yr for ZPDW.DE. Their correlation of 0.85 suggests significant overlap in exposure. SGAJ.DE charges 0.15%/yr vs 0.17%/yr for ZPDW.DE.
Performance
SGAJ.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 SGAJ.DE having a 19.86% return and ZPDW.DE slightly higher at 20.74%.
SGAJ.DE
- 1D
- -1.05%
- 1M
- 0.83%
- 6M
- 13.77%
- YTD
- 19.86%
- 1Y
- 39.05%
- 3Y*
- 17.02%
- 5Y*
- 9.98%
- 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%
SGAJ.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SGAJ.DE iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) | 19.86% | 11.81% | 12.99% | 16.12% | -12.79% | 9.68% | 5.86% | 23.51% | -21.34% |
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% | -11.45% |
Correlation
The correlation between SGAJ.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 | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018 | 0.85 |
The correlation between SGAJ.DE and ZPDW.DE has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.
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Return for Risk
SGAJ.DE vs. ZPDW.DE — Risk / Return Rank
SGAJ.DE
ZPDW.DE
SGAJ.DE vs. ZPDW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) (SGAJ.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.
| SGAJ.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.44 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.77 | 5.14 | -1.37 |
| Martin ratioReturn relative to average drawdown | 12.39 | 16.99 | -4.59 |
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Drawdowns
SGAJ.DE vs. ZPDW.DE - Drawdown Comparison
The maximum SGAJ.DE drawdown since its inception was -28.34%, smaller than the maximum ZPDW.DE drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for SGAJ.DE and ZPDW.DE.
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Drawdown Indicators
| SGAJ.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.34% | -34.37% | +6.03% |
Max Drawdown (1Y)Largest decline over 1 year | -10.31% | -9.65% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -17.07% | -21.70% | +4.63% |
Max Drawdown (5Y)Largest decline over 5 years | -19.31% | -21.70% | +2.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.37% | — |
Current DrawdownCurrent decline from peak | -3.41% | -3.28% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -7.23% | -7.47% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 2.92% | +0.22% |
Volatility
SGAJ.DE vs. ZPDW.DE - Volatility Comparison
iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) (SGAJ.DE) and State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) have volatilities of 6.50% 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
| SGAJ.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 6.74% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 16.05% | 16.39% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.81% | 20.62% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.94% | 18.81% | -1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.18% | 18.43% | -0.25% |
SGAJ.DE vs. ZPDW.DE - Expense Ratio Comparison
SGAJ.DE has a 0.15% 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
SGAJ.DE vs. ZPDW.DE - Dividend Comparison
Neither SGAJ.DE nor ZPDW.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, SGAJ.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, SGAJ.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGAJ.DE is cheaper with a 0.15% expense ratio, compared with 0.17% for ZPDW.DE.
SGAJ.DE tracks MSCI Japan ESG Screened, 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: 0.15% for SGAJ.DE and 0.17% for ZPDW.DE.
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