SMLN.DE vs. ZPDW.DE
SMLN.DE (Invesco JPX-Nikkei 400 UCITS ETF) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - SMLN.DE tracks the JPX-Nikkei 400 while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 10 years, SMLN.DE returned 8.71%/yr vs 14.31%/yr for ZPDW.DE. Their correlation of 0.83 suggests significant overlap in exposure. SMLN.DE charges 0.19%/yr vs 0.17%/yr for ZPDW.DE.
Performance
SMLN.DE vs. ZPDW.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SMLN.DE achieves a 17.38% return, which is significantly lower than ZPDW.DE's 19.72% return. Over the past 10 years, SMLN.DE has underperformed ZPDW.DE with an annualized return of 8.71%, while ZPDW.DE has yielded a comparatively higher 14.31% annualized return.
SMLN.DE
- 1D
- -0.97%
- 1M
- 0.27%
- 6M
- 10.43%
- YTD
- 17.38%
- 1Y
- 35.81%
- 3Y*
- 16.73%
- 5Y*
- 10.00%
- 10Y*
- 8.71%
ZPDW.DE
- 1D
- -0.84%
- 1M
- -0.79%
- 6M
- 11.78%
- YTD
- 19.72%
- 1Y
- 50.51%
- 3Y*
- 26.69%
- 5Y*
- 19.79%
- 10Y*
- 14.31%
SMLN.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLN.DE Invesco JPX-Nikkei 400 UCITS ETF | 17.38% | 12.69% | 12.93% | 16.15% | -11.17% | 8.51% | 4.78% | 22.29% | -10.60% | 9.59% |
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 19.72% | 27.50% | 22.78% | 33.59% | -5.96% | 12.63% | 7.91% | 16.59% | -16.65% | 19.02% |
Correlation
The correlation between SMLN.DE and ZPDW.DE is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015 | 0.83 |
The correlation between SMLN.DE and ZPDW.DE shifts across timeframes, from 0.80 (5 years) to 0.91 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMLN.DE vs. ZPDW.DE — Risk / Return Rank
SMLN.DE
ZPDW.DE
SMLN.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 (SMLN.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.
| SMLN.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.44 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 5.21 | -1.43 |
| Martin ratioReturn relative to average drawdown | 12.64 | 17.17 | -4.52 |
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Drawdowns
SMLN.DE vs. ZPDW.DE - Drawdown Comparison
The maximum SMLN.DE drawdown since its inception was -99.33%, 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 SMLN.DE and ZPDW.DE.
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Drawdown Indicators
| SMLN.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.33% | -34.37% | -64.96% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -9.65% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -15.55% | -21.70% | +6.15% |
Max Drawdown (5Y)Largest decline over 5 years | -19.85% | -21.70% | +1.85% |
Max Drawdown (10Y)Largest decline over 10 years | -99.33% | -34.37% | -64.96% |
Current DrawdownCurrent decline from peak | -98.40% | -4.09% | -94.31% |
Average DrawdownAverage peak-to-trough decline | -78.05% | -7.47% | -70.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 2.93% | -0.11% |
Volatility
SMLN.DE vs. ZPDW.DE - Volatility Comparison
The current volatility for Invesco JPX-Nikkei 400 UCITS ETF (SMLN.DE) is 5.79%, while State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a volatility of 6.68%. This indicates that SMLN.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
| SMLN.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 6.68% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 15.59% | 16.41% | -0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.86% | 20.64% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.28% | 18.81% | -2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4,014.90% | 18.43% | +3,996.47% |
SMLN.DE vs. ZPDW.DE - Expense Ratio Comparison
SMLN.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
SMLN.DE vs. ZPDW.DE - Dividend Comparison
Neither SMLN.DE nor ZPDW.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, SMLN.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 SMLN.DE.
SMLN.DE tracks JPX-Nikkei 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 SMLN.DE and 0.17% for ZPDW.DE.
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