WTDX.DE vs. ZPDW.DE

Last updated Jul 16, 2026

WTDX.DE (WisdomTree Japan Equity UCITS ETF USD Hedged) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - WTDX.DE tracks the WisdomTree Japan Hedged Equity UCITS Index while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 10 years, WTDX.DE returned 18.14%/yr vs 14.41%/yr for ZPDW.DE. A 0.71 correlation means they provide meaningful diversification when combined. WTDX.DE charges 0.48%/yr vs 0.17%/yr for ZPDW.DE.

Performance

WTDX.DE vs. ZPDW.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in WisdomTree Japan Equity UCITS ETF USD Hedged (WTDX.DE) and State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WTDX.DE achieves a 26.25% return, which is significantly higher than ZPDW.DE's 20.74% return. Over the past 10 years, WTDX.DE has outperformed ZPDW.DE with an annualized return of 18.14%, while ZPDW.DE has yielded a comparatively lower 14.41% annualized return.

WTDX.DE

• 1D: -0.37%
• 1M: 3.84%
• 6M: 17.92%
• YTD: 26.25%
• 1Y: 57.34%
• 3Y*: 32.07%
• 5Y*: 28.03%
• 10Y*: 18.14%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

WTDX.DE vs. ZPDW.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WTDX.DE WisdomTree Japan Equity UCITS ETF USD Hedged	26.25%	17.86%	36.79%	37.12%	11.85%	27.70%	-6.91%	24.57%	-17.23%	8.62%
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 WTDX.DE and ZPDW.DE is 0.86, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015	0.71

The correlation between WTDX.DE and ZPDW.DE shifts across timeframes, from 0.69 (10 years) to 0.88 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

WTDX.DE vs. ZPDW.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WTDX.DE

WTDX.DE Risk / Return Rank: 94
WTDX.DE Sharpe Ratio Rank: 94
WTDX.DE Sortino Ratio Rank: 93
WTDX.DE Omega Ratio Rank: 93
WTDX.DE Calmar Ratio Rank: 96
WTDX.DE Martin Ratio Rank: 95

ZPDW.DE

ZPDW.DE Risk / Return Rank: 90
ZPDW.DE Sharpe Ratio Rank: 90
ZPDW.DE Sortino Ratio Rank: 89
ZPDW.DE Omega Ratio Rank: 88
ZPDW.DE Calmar Ratio Rank: 93
ZPDW.DE Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WTDX.DE vs. ZPDW.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Equity UCITS ETF USD Hedged (WTDX.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.

	WTDX.DE	ZPDW.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.88	2.40	+0.48
Sortino ratio: Return per unit of downside risk	3.81	3.33	+0.48
Omega ratio: Gain probability vs. loss probability	1.51	1.44	+0.07
Calmar ratio: Return relative to maximum drawdown	7.05	5.14	+1.92
Martin ratio: Return relative to average drawdown	23.54	16.99	+6.55

WTDX.DE vs. ZPDW.DE - Sharpe Ratio Comparison

The current WTDX.DE Sharpe Ratio is 2.88, which is comparable to the ZPDW.DE Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of WTDX.DE and ZPDW.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WTDX.DE vs. ZPDW.DE - Drawdown Comparison

The maximum WTDX.DE drawdown since its inception was -38.23%, 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 WTDX.DE and ZPDW.DE.

Drawdown Indicators

	WTDX.DE	ZPDW.DE	Difference
Max Drawdown Largest peak-to-trough decline	-38.23%	-34.37%	-3.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-9.65%	+1.56%
Max Drawdown (3Y) Largest decline over 3 years	-23.65%	-21.70%	-1.95%
Max Drawdown (5Y) Largest decline over 5 years	-23.65%	-21.70%	-1.95%
Max Drawdown (10Y) Largest decline over 10 years	-32.53%	-34.37%	+1.84%
Current Drawdown Current decline from peak	-1.71%	-3.28%	+1.57%
Average Drawdown Average peak-to-trough decline	-9.16%	-7.47%	-1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.92%	-0.49%

Volatility

WTDX.DE vs. ZPDW.DE - Volatility Comparison

The current volatility for WisdomTree Japan Equity UCITS ETF USD Hedged (WTDX.DE) is 5.75%, while State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a volatility of 6.74%. This indicates that WTDX.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.

Volatility by Period

	WTDX.DE	ZPDW.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	6.74%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	14.68%	16.39%	-1.71%
Volatility (1Y) Calculated over the trailing 1-year period	19.79%	20.62%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.43%	18.81%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.52%	18.43%	+3.09%

WTDX.DE vs. ZPDW.DE - Expense Ratio Comparison

WTDX.DE has a 0.48% expense ratio, which is higher than ZPDW.DE's 0.17% expense ratio.

Dividends

WTDX.DE vs. ZPDW.DE - Dividend Comparison

WTDX.DE's dividend yield for the trailing twelve months is around 0.80%, while ZPDW.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WTDX.DE WisdomTree Japan Equity UCITS ETF USD Hedged	0.80%	1.68%	1.52%	1.97%	2.28%	1.52%	2.10%	2.01%	2.17%	1.14%	1.90%	0.06%
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

Can I hold both WTDX.DE and ZPDW.DE in my portfolio?

WTDX.DE and ZPDW.DE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WTDX.DE or ZPDW.DE?

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.

Which ETF is cheaper, WTDX.DE or ZPDW.DE?

ZPDW.DE is cheaper with a 0.17% expense ratio, compared with 0.48% for WTDX.DE.

What is the main difference between WTDX.DE and ZPDW.DE?

WTDX.DE tracks WisdomTree Japan Hedged Equity UCITS Index, while ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.48% for WTDX.DE and 0.17% for ZPDW.DE.