SMLN.DE vs. ZPDJ.DE
SMLN.DE (Invesco JPX-Nikkei 400 UCITS ETF) and ZPDJ.DE (SPDR MSCI Japan UCITS ETF) are both Japan Equities funds - SMLN.DE tracks the JPX-Nikkei 400 while ZPDJ.DE tracks the MSCI Japan. Both are passively managed. Over the past 10 years, SMLN.DE returned 8.93%/yr vs 9.18%/yr for ZPDJ.DE. With a 0.99 correlation, they move nearly in lockstep. SMLN.DE charges 0.19%/yr vs 0.12%/yr for ZPDJ.DE.
Performance
SMLN.DE vs. ZPDJ.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SMLN.DE achieves a 15.87% return, which is significantly lower than ZPDJ.DE's 16.79% return. Both investments have delivered pretty close results over the past 10 years, with SMLN.DE having a 8.93% annualized return and ZPDJ.DE not far ahead at 9.18%.
SMLN.DE
- 1D
- -0.49%
- 1M
- 4.75%
- YTD
- 15.87%
- 6M
- 15.93%
- 1Y
- 28.29%
- 3Y*
- 14.96%
- 5Y*
- 9.82%
- 10Y*
- 8.93%
ZPDJ.DE
- 1D
- -0.45%
- 1M
- 6.00%
- YTD
- 16.79%
- 6M
- 16.66%
- 1Y
- 30.67%
- 3Y*
- 15.52%
- 5Y*
- 10.06%
- 10Y*
- 9.18%
SMLN.DE vs. ZPDJ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLN.DE Invesco JPX-Nikkei 400 UCITS ETF | 15.87% | 12.69% | 12.93% | 16.15% | -11.17% | 8.51% | 4.78% | 22.29% | -10.60% | 9.59% |
ZPDJ.DE SPDR MSCI Japan UCITS ETF | 16.79% | 12.60% | 13.75% | 16.51% | -12.51% | 9.97% | 5.16% | 21.83% | -9.81% | 9.06% |
Correlation
The correlation between SMLN.DE and ZPDJ.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 | 0.98 |
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 Dec 2, 2015 | 0.99 |
The correlation between SMLN.DE and ZPDJ.DE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
SMLN.DE vs. ZPDJ.DE — Risk / Return Rank
SMLN.DE
ZPDJ.DE
SMLN.DE vs. ZPDJ.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco JPX-Nikkei 400 UCITS ETF (SMLN.DE) and SPDR MSCI Japan UCITS ETF (ZPDJ.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.
| SMLN.DE | ZPDJ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 3.06 | -0.07 |
| Martin ratioReturn relative to average drawdown | 9.93 | 9.86 | +0.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMLN.DE | ZPDJ.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 1.64 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.60 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.56 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.44 | +0.07 |
Drawdowns
SMLN.DE vs. ZPDJ.DE - Drawdown Comparison
The maximum SMLN.DE drawdown since its inception was -28.42%, roughly equal to the maximum ZPDJ.DE drawdown of -28.06%. Use the drawdown chart below to compare losses from any high point for SMLN.DE and ZPDJ.DE.
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Drawdown Indicators
| SMLN.DE | ZPDJ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.42% | -28.06% | -0.36% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -9.98% | +0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -15.55% | -16.90% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -19.85% | -19.10% | -0.75% |
Max Drawdown (10Y)Largest decline over 10 years | -28.42% | -28.06% | -0.36% |
Current DrawdownCurrent decline from peak | -0.49% | -0.45% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -6.03% | -5.93% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 3.10% | -0.26% |
Volatility
SMLN.DE vs. ZPDJ.DE - Volatility Comparison
Invesco JPX-Nikkei 400 UCITS ETF (SMLN.DE) and SPDR MSCI Japan UCITS ETF (ZPDJ.DE) have volatilities of 3.44% and 3.60%, 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
| SMLN.DE | ZPDJ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 3.60% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 14.75% | 14.86% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.07% | 18.62% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 16.57% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.22% | 16.40% | -0.18% |
SMLN.DE vs. ZPDJ.DE - Expense Ratio Comparison
SMLN.DE has a 0.19% expense ratio, which is higher than ZPDJ.DE's 0.12% 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
SMLN.DE vs. ZPDJ.DE - Dividend Comparison
Neither SMLN.DE nor ZPDJ.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, SMLN.DE and ZPDJ.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, ZPDJ.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPDJ.DE is cheaper with a 0.12% expense ratio, compared with 0.19% for SMLN.DE.
SMLN.DE tracks JPX-Nikkei 400, while ZPDJ.DE tracks MSCI Japan. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.19% for SMLN.DE and 0.12% for ZPDJ.DE.
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