XMK9.DE vs. ZPDW.DE
XMK9.DE (Xtrackers MSCI Japan UCITS ETF 4C EUR Hedged) and ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) are both Japan Equities funds - XMK9.DE tracks the MSCI Japan while ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index. Both are passively managed. Over the past 10 years, XMK9.DE returned 14.18%/yr vs 14.41%/yr for ZPDW.DE. With a 0.99 correlation, they move nearly in lockstep. XMK9.DE charges 0.40%/yr vs 0.17%/yr for ZPDW.DE.
Performance
XMK9.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 XMK9.DE having a 20.76% return and ZPDW.DE slightly lower at 20.74%. Both investments have delivered pretty close results over the past 10 years, with XMK9.DE having a 14.18% annualized return and ZPDW.DE not far ahead at 14.41%.
XMK9.DE
- 1D
- -0.98%
- 1M
- 0.82%
- 6M
- 13.78%
- YTD
- 20.76%
- 1Y
- 49.69%
- 3Y*
- 26.71%
- 5Y*
- 19.70%
- 10Y*
- 14.18%
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%
XMK9.DE vs. ZPDW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMK9.DE Xtrackers MSCI Japan UCITS ETF 4C EUR Hedged | 20.76% | 27.06% | 22.48% | 33.32% | -6.06% | 11.96% | 7.38% | 17.43% | -16.83% | 18.73% |
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 XMK9.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 XMK9.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
XMK9.DE vs. ZPDW.DE — Risk / Return Rank
XMK9.DE
ZPDW.DE
XMK9.DE vs. ZPDW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan UCITS ETF 4C EUR Hedged (XMK9.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.
| XMK9.DE | ZPDW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.44 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 5.08 | 5.14 | -0.05 |
| Martin ratioReturn relative to average drawdown | 16.58 | 16.99 | -0.41 |
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Drawdowns
XMK9.DE vs. ZPDW.DE - Drawdown Comparison
The maximum XMK9.DE drawdown since its inception was -34.30%, roughly equal to the maximum ZPDW.DE drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for XMK9.DE and ZPDW.DE.
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Drawdown Indicators
| XMK9.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.30% | -34.37% | +0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -9.73% | -9.65% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -21.74% | -21.70% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -21.74% | -21.70% | -0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -34.30% | -34.37% | +0.07% |
Current DrawdownCurrent decline from peak | -3.16% | -3.28% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -7.62% | -7.47% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.92% | +0.07% |
Volatility
XMK9.DE vs. ZPDW.DE - Volatility Comparison
Xtrackers MSCI Japan UCITS ETF 4C EUR Hedged (XMK9.DE) has a higher volatility of 7.31% compared to State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) at 6.74%. This indicates that XMK9.DE's price experiences larger fluctuations and is considered to be riskier 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
| XMK9.DE | ZPDW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.31% | 6.74% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 16.45% | 16.39% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.66% | 20.62% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.90% | 18.81% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.51% | 18.43% | +0.08% |
XMK9.DE vs. ZPDW.DE - Expense Ratio Comparison
XMK9.DE has a 0.40% expense ratio, which is higher than ZPDW.DE's 0.17% expense ratio.
Dividends
XMK9.DE vs. ZPDW.DE - Dividend Comparison
Neither XMK9.DE nor ZPDW.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, XMK9.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 0.40% for XMK9.DE.
XMK9.DE tracks MSCI Japan, while ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index. They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.40% for XMK9.DE and 0.17% for ZPDW.DE.
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