ZPDJ.DE vs. SMLN.DE

Last updated Jun 5, 2026

ZPDJ.DE (SPDR MSCI Japan UCITS ETF) and SMLN.DE (Invesco JPX-Nikkei 400 UCITS ETF) are both Japan Equities funds - ZPDJ.DE tracks the MSCI Japan while SMLN.DE tracks the JPX-Nikkei 400. Both are passively managed. Over the past 10 years, ZPDJ.DE returned 9.18%/yr vs 8.93%/yr for SMLN.DE. With a 0.99 correlation, they move nearly in lockstep. ZPDJ.DE charges 0.12%/yr vs 0.19%/yr for SMLN.DE.

Performance

ZPDJ.DE vs. SMLN.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI Japan UCITS ETF (ZPDJ.DE) and Invesco JPX-Nikkei 400 UCITS ETF (SMLN.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 16.79% return, which is significantly higher than SMLN.DE's 15.87% return. Both investments have delivered pretty close results over the past 10 years, with ZPDJ.DE having a 9.18% annualized return and SMLN.DE not far behind at 8.93%.

ZPDJ.DE

• 1D: -0.45%
• 1M: 6.00%
• YTD: 16.79%
• 6M: 16.66%
• 1Y: 30.67%
• 3Y*: 15.52%
• 5Y*: 10.06%
• 10Y*: 9.18%

SMLN.DE

• 1D: -0.49%
• 1M: 4.75%
• YTD: 15.87%
• 6M: 15.93%
• 1Y: 28.29%
• 3Y*: 14.96%
• 5Y*: 9.82%
• 10Y*: 8.93%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZPDJ.DE SPDR MSCI Japan UCITS ETF	16.79%	12.60%	13.75%	16.51%	-12.51%	9.97%	5.16%	21.83%	-9.81%	9.06%
SMLN.DE Invesco JPX-Nikkei 400 UCITS ETF	15.87%	12.69%	12.93%	16.15%	-11.17%	8.51%	4.78%	22.29%	-10.60%	9.59%

Correlation

The correlation between ZPDJ.DE and SMLN.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	0.98
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 Dec 2, 2015	0.99

The correlation between ZPDJ.DE and SMLN.DE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

ZPDJ.DE vs. SMLN.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: 54
ZPDJ.DE Sharpe Ratio Rank: 48
ZPDJ.DE Sortino Ratio Rank: 52
ZPDJ.DE Omega Ratio Rank: 52
ZPDJ.DE Calmar Ratio Rank: 63
ZPDJ.DE Martin Ratio Rank: 57

SMLN.DE

SMLN.DE Risk / Return Rank: 52
SMLN.DE Sharpe Ratio Rank: 45
SMLN.DE Sortino Ratio Rank: 49
SMLN.DE Omega Ratio Rank: 49
SMLN.DE Calmar Ratio Rank: 61
SMLN.DE Martin Ratio Rank: 57

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. SMLN.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 (SMLN.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.

	ZPDJ.DE	SMLN.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.56	+0.08
Sortino ratio: Return per unit of downside risk	2.50	2.35	+0.15
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	3.06	2.99	+0.07
Martin ratio: Return relative to average drawdown	9.86	9.93	-0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZPDJ.DE Sharpe Ratio is 1.64, which is comparable to the SMLN.DE Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of ZPDJ.DE and SMLN.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.

Sharpe Ratios by Period

	ZPDJ.DE	SMLN.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.56	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.60	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.55	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.51	-0.07

Drawdowns

ZPDJ.DE vs. SMLN.DE - Drawdown Comparison

The maximum ZPDJ.DE drawdown since its inception was -28.06%, roughly equal to the maximum SMLN.DE drawdown of -28.42%. Use the drawdown chart below to compare losses from any high point for ZPDJ.DE and SMLN.DE.

Drawdown Indicators

	ZPDJ.DE	SMLN.DE	Difference
Max Drawdown Largest peak-to-trough decline	-28.06%	-28.42%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-9.43%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-15.55%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-19.10%	-19.85%	+0.75%
Max Drawdown (10Y) Largest decline over 10 years	-28.06%	-28.42%	+0.36%
Current Drawdown Current decline from peak	-0.45%	-0.49%	+0.04%
Average Drawdown Average peak-to-trough decline	-5.93%	-6.03%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.84%	+0.26%

Volatility

ZPDJ.DE vs. SMLN.DE - Volatility Comparison

SPDR MSCI Japan UCITS ETF (ZPDJ.DE) and Invesco JPX-Nikkei 400 UCITS ETF (SMLN.DE) have volatilities of 3.60% and 3.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPDJ.DE	SMLN.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	3.44%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	14.86%	14.75%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.62%	18.07%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	16.12%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	16.22%	+0.18%

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

ZPDJ.DE has a 0.12% expense ratio, which is lower than SMLN.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. SMLN.DE - Dividend Comparison

Neither ZPDJ.DE nor SMLN.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZPDJ.DE and SMLN.DE in my portfolio?

With a correlation of 0.98, ZPDJ.DE and SMLN.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.

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

ZPDJ.DE is cheaper with a 0.12% expense ratio, compared with 0.19% for SMLN.DE.

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

ZPDJ.DE tracks MSCI Japan, while SMLN.DE tracks JPX-Nikkei 400. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for ZPDJ.DE and 0.19% for SMLN.DE.