ZPDJ.DE vs. NS4E.DE
ZPDJ.DE (SPDR MSCI Japan UCITS ETF) and NS4E.DE (Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg)) are both Japan Equities funds - ZPDJ.DE tracks the MSCI Japan while NS4E.DE tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 10 years, ZPDJ.DE returned 8.58%/yr vs 13.98%/yr for NS4E.DE. Their correlation of 0.82 suggests significant overlap in exposure. ZPDJ.DE charges 0.12%/yr vs 0.19%/yr for NS4E.DE.
Performance
ZPDJ.DE vs. NS4E.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPDJ.DE achieves a 14.95% return, which is significantly lower than NS4E.DE's 17.06% return. Over the past 10 years, ZPDJ.DE has underperformed NS4E.DE with an annualized return of 8.58%, while NS4E.DE has yielded a comparatively higher 13.98% 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%
NS4E.DE
- 1D
- -2.16%
- 1M
- -2.98%
- 6M
- 9.96%
- YTD
- 17.06%
- 1Y
- 42.35%
- 3Y*
- 25.18%
- 5Y*
- 19.49%
- 10Y*
- 13.98%
ZPDJ.DE vs. NS4E.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% |
NS4E.DE Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) | 17.06% | 27.33% | 22.81% | 33.35% | -4.26% | 10.90% | 7.50% | 17.31% | -17.52% | 19.58% |
Correlation
The correlation between ZPDJ.DE and NS4E.DE is 0.82, 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 | 0.82 |
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 | 0.81 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2015 | 0.82 |
The correlation between ZPDJ.DE and NS4E.DE has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.
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Return for Risk
ZPDJ.DE vs. NS4E.DE — Risk / Return Rank
ZPDJ.DE
NS4E.DE
ZPDJ.DE vs. NS4E.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Japan UCITS ETF (ZPDJ.DE) and Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.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 | NS4E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.39 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | 4.40 | -1.35 |
| Martin ratioReturn relative to average drawdown | 10.13 | 15.01 | -4.88 |
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Drawdowns
ZPDJ.DE vs. NS4E.DE - Drawdown Comparison
The maximum ZPDJ.DE drawdown since its inception was -28.05%, smaller than the maximum NS4E.DE drawdown of -35.32%. Use the drawdown chart below to compare losses from any high point for ZPDJ.DE and NS4E.DE.
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Drawdown Indicators
| ZPDJ.DE | NS4E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.05% | -35.32% | +7.27% |
Max Drawdown (1Y)Largest decline over 1 year | -10.56% | -9.59% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -16.91% | -20.96% | +4.05% |
Max Drawdown (5Y)Largest decline over 5 years | -19.08% | -20.96% | +1.88% |
Max Drawdown (10Y)Largest decline over 10 years | -28.05% | -35.32% | +7.27% |
Current DrawdownCurrent decline from peak | -6.67% | -4.65% | -2.02% |
Average DrawdownAverage peak-to-trough decline | -5.88% | -8.00% | +2.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 2.81% | +0.37% |
Volatility
ZPDJ.DE vs. NS4E.DE - Volatility Comparison
SPDR MSCI Japan UCITS ETF (ZPDJ.DE) has a higher volatility of 7.22% compared to Invesco JPX-Nikkei 400 UCITS ETF (EUR Hdg) (NS4E.DE) at 6.07%. This indicates that ZPDJ.DE's price experiences larger fluctuations and is considered to be riskier than NS4E.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPDJ.DE | NS4E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.22% | 6.07% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 16.87% | 15.68% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.70% | 19.57% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.04% | 18.21% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.57% | 18.20% | -1.63% |
ZPDJ.DE vs. NS4E.DE - Expense Ratio Comparison
ZPDJ.DE has a 0.12% expense ratio, which is lower than NS4E.DE's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZPDJ.DE vs. NS4E.DE - Dividend Comparison
Neither ZPDJ.DE nor NS4E.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPDJ.DE and NS4E.DE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ZPDJ.DE is cheaper with a 0.12% expense ratio, compared with 0.19% for NS4E.DE.
ZPDJ.DE tracks MSCI Japan, while NS4E.DE tracks JPX-Nikkei Index 400. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for ZPDJ.DE and 0.19% for NS4E.DE.
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