ZPDJ.DE vs. JPNH.DE

Last updated Jul 18, 2026

ZPDJ.DE (SPDR MSCI Japan UCITS ETF) and JPNH.DE (Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist)) are both Japan Equities funds - ZPDJ.DE tracks the MSCI Japan while JPNH.DE tracks the TOPIX Index (EUR Hedged). Both are passively managed. Over the past 10 years, ZPDJ.DE returned 8.58%/yr vs 13.42%/yr for JPNH.DE. Their correlation of 0.83 suggests significant overlap in exposure. ZPDJ.DE charges 0.12%/yr vs 0.45%/yr for JPNH.DE.

Performance

ZPDJ.DE vs. JPNH.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Japan UCITS ETF (ZPDJ.DE) and Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPDJ.DE achieves a 14.95% return, which is significantly lower than JPNH.DE's 16.56% return. Over the past 10 years, ZPDJ.DE has underperformed JPNH.DE with an annualized return of 8.58%, while JPNH.DE has yielded a comparatively higher 13.42% annualized return.

ZPDJ.DE

• 1D: -2.40%
• 1M: -3.79%
• 6M: 7.97%
• YTD: 14.95%
• 1Y: 32.29%
• 3Y*: 15.49%
• 5Y*: 9.50%
• 10Y*: 8.58%

JPNH.DE

• 1D: -2.24%
• 1M: -2.67%
• 6M: 9.41%
• YTD: 16.56%
• 1Y: 42.09%
• 3Y*: 24.65%
• 5Y*: 18.61%
• 10Y*: 13.42%

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

ZPDJ.DE vs. JPNH.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZPDJ.DE SPDR MSCI Japan UCITS ETF	14.95%	12.53%	13.75%	16.51%	-12.51%	9.95%	5.17%	21.82%	-9.81%	9.06%
JPNH.DE Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist)	16.56%	27.75%	21.23%	32.08%	-4.87%	10.85%	5.84%	15.91%	-17.82%	20.38%

Correlation

The correlation between ZPDJ.DE and JPNH.DE is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 1, 2015	0.83

The correlation between ZPDJ.DE and JPNH.DE has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

ZPDJ.DE vs. JPNH.DE — Risk / Return Rank

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

ZPDJ.DE

ZPDJ.DE Risk / Return Rank: 68
ZPDJ.DE Sharpe Ratio Rank: 62
ZPDJ.DE Sortino Ratio Rank: 62
ZPDJ.DE Omega Ratio Rank: 64
ZPDJ.DE Calmar Ratio Rank: 79
ZPDJ.DE Martin Ratio Rank: 74

JPNH.DE

JPNH.DE Risk / Return Rank: 87
JPNH.DE Sharpe Ratio Rank: 87
JPNH.DE Sortino Ratio Rank: 86
JPNH.DE Omega Ratio Rank: 85
JPNH.DE Calmar Ratio Rank: 91
JPNH.DE Martin Ratio Rank: 89

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.

ZPDJ.DE vs. JPNH.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Japan UCITS ETF (ZPDJ.DE) and Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.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.

	ZPDJ.DE	JPNH.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.15	-0.59
Sortino ratio: Return per unit of downside risk	2.21	3.01	-0.80
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	3.04	4.16	-1.11
Martin ratio: Return relative to average drawdown	10.13	14.64	-4.51

ZPDJ.DE vs. JPNH.DE - Sharpe Ratio Comparison

The current ZPDJ.DE Sharpe Ratio is 1.56, which is comparable to the JPNH.DE Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ZPDJ.DE and JPNH.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

ZPDJ.DE vs. JPNH.DE - Drawdown Comparison

The maximum ZPDJ.DE drawdown since its inception was -28.05%, smaller than the maximum JPNH.DE drawdown of -36.52%. Use the drawdown chart below to compare losses from any high point for ZPDJ.DE and JPNH.DE.

Drawdown Indicators

	ZPDJ.DE	JPNH.DE	Difference
Max Drawdown Largest peak-to-trough decline	-28.05%	-36.52%	+8.47%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-10.08%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.91%	-20.72%	+3.81%
Max Drawdown (5Y) Largest decline over 5 years	-19.08%	-20.72%	+1.64%
Max Drawdown (10Y) Largest decline over 10 years	-28.05%	-36.52%	+8.47%
Current Drawdown Current decline from peak	-6.67%	-4.32%	-2.35%
Average Drawdown Average peak-to-trough decline	-5.88%	-7.95%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	2.87%	+0.31%

Volatility

ZPDJ.DE vs. JPNH.DE - Volatility Comparison

SPDR MSCI Japan UCITS ETF (ZPDJ.DE) has a higher volatility of 7.22% compared to Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.DE) at 5.93%. This indicates that ZPDJ.DE's price experiences larger fluctuations and is considered to be riskier than JPNH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPDJ.DE	JPNH.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.22%	5.93%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	16.87%	15.63%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	20.70%	19.58%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	18.07%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	18.18%	-1.61%

ZPDJ.DE vs. JPNH.DE - Expense Ratio Comparison

ZPDJ.DE has a 0.12% expense ratio, which is lower than JPNH.DE's 0.45% expense ratio.

Dividends

ZPDJ.DE vs. JPNH.DE - Dividend Comparison

ZPDJ.DE has not paid dividends to shareholders, while JPNH.DE's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPNH.DE Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist)	0.76%	0.89%	1.52%	1.29%	1.66%	1.33%	1.09%	1.93%	1.89%	1.36%	1.96%	1.84%
ZPDJ.DE SPDR MSCI Japan 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 ZPDJ.DE and JPNH.DE in my portfolio?

ZPDJ.DE and JPNH.DE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZPDJ.DE or JPNH.DE?

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.

Which ETF is cheaper, ZPDJ.DE or JPNH.DE?

ZPDJ.DE is cheaper with a 0.12% expense ratio, compared with 0.45% for JPNH.DE.

What is the main difference between ZPDJ.DE and JPNH.DE?

ZPDJ.DE tracks MSCI Japan, while JPNH.DE tracks TOPIX Index (EUR Hedged). They also come from different issuers: State Street and Amundi. Their fees differ too: 0.12% for ZPDJ.DE and 0.45% for JPNH.DE.