XNZE.L vs. XDNS.L

Last updated Jun 5, 2026

XNZE.L (Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C) and XDNS.L (Xtrackers MSCI Japan ESG Screened UCITS ETF 1D) are both exchange-traded funds - XNZE.L is a Europe Equities fund tracking the MSCI EMU NR EUR, while XDNS.L is a Japan Equities fund tracking the TOPIX TR JPY. Both are passively managed. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

XNZE.L vs. XDNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C (XNZE.L) and Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XNZE.L is traded in GBP, while XDNS.L is traded in GBp. To make them comparable, the XDNS.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

XNZE.L

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDNS.L

• 1D: -0.57%
• 1M: 6.27%
• YTD: 15.48%
• 6M: 14.59%
• 1Y: 32.42%
• 3Y*: 14.60%
• 5Y*: 9.38%
• 10Y*: 9.68%

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

XNZE.L vs. XDNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XNZE.L Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C	0.28%	18.74%	1.88%	16.90%	12.01%
XDNS.L Xtrackers MSCI Japan ESG Screened UCITS ETF 1D	15.48%	16.58%	9.87%	11.58%	3.25%

Correlation

The correlation between XNZE.L and XDNS.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	0.39

XNZE.L vs. XDNS.L - Sectors Allocation Comparison

Sectors	XNZE.L	XDNS.L
Technology	22.6%	19.8%
Financial Services	20.5%	18.5%
Industrials	12.9%	25.8%
Consumer Cyclical	11.9%	11.3%
Healthcare	10.6%	7.0%
Communication Services	6.7%	8.8%
Consumer Defensive	6.4%	2.6%
Basic Materials	3.6%	3.2%
Real Estate	2.4%	2.5%
Utilities	2.4%	0.6%
Energy	-	-

Return for Risk

XNZE.L vs. XDNS.L — Risk / Return Rank

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

XDNS.L

XDNS.L Risk / Return Rank: 67
XDNS.L Sharpe Ratio Rank: 64
XDNS.L Sortino Ratio Rank: 63
XDNS.L Omega Ratio Rank: 65
XDNS.L Calmar Ratio Rank: 76
XDNS.L Martin Ratio Rank: 64

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.

XNZE.L vs. XDNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C (XNZE.L) and Xtrackers MSCI Japan ESG Screened UCITS ETF 1D (XDNS.L). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XNZE.L	XDNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.09	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.60	—

Drawdowns

Drawdown Indicators

	XNZE.L	XDNS.L	Difference
Max Drawdown Largest peak-to-trough decline	—	-24.75%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-10.70%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.32%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.75%	—
Current Drawdown Current decline from peak	—	-0.57%	—
Average Drawdown Average peak-to-trough decline	—	-5.35%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.04%	—

Volatility

Volatility by Period

	XNZE.L	XDNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	19.56%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.83%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.31%	—

XNZE.L vs. XDNS.L - Expense Ratio Comparison

Both XNZE.L and XDNS.L have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XNZE.L vs. XDNS.L - Dividend Comparison

XNZE.L has not paid dividends to shareholders, while XDNS.L's dividend yield for the trailing twelve months is around 1.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
XDNS.L Xtrackers MSCI Japan ESG Screened UCITS ETF 1D	1.43%	1.63%	1.65%	1.81%	2.83%	1.46%	1.79%	1.77%	1.20%	1.97%	0.64%
XNZE.L Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF 1C	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 XNZE.L and XDNS.L in my portfolio?

XNZE.L and XDNS.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XNZE.L or XDNS.L?

Both ETFs have the same 0.15% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XNZE.L or XDNS.L?

XNZE.L and XDNS.L have the same expense ratio: 0.15% per year.

What is the main difference between XNZE.L and XDNS.L?

XNZE.L is categorized as Europe Equities, while XDNS.L is Japan Equities. XNZE.L tracks MSCI EMU NR EUR, while XDNS.L tracks TOPIX TR JPY.