ZPDW.DE vs. 36B4.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and 36B4.DE (iShares MSCI Japan SRI UCITS ETF USD Dist) are both Japan Equities funds - ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index while 36B4.DE tracks the MSCI Japan SRI Select Reduced Fossil Fuels. Both are passively managed. Over the past 5 years, ZPDW.DE returned 19.19%/yr vs 4.83%/yr for 36B4.DE. A 0.79 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.20%/yr for 36B4.DE.
Performance
ZPDW.DE vs. 36B4.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPDW.DE achieves a 16.76% return, which is significantly higher than 36B4.DE's 8.61% return.
ZPDW.DE
- 1D
- -2.48%
- 1M
- -4.34%
- 6M
- 9.40%
- YTD
- 16.76%
- 1Y
- 43.91%
- 3Y*
- 25.04%
- 5Y*
- 19.19%
- 10Y*
- 14.04%
36B4.DE
- 1D
- -0.79%
- 1M
- 2.83%
- 6M
- 4.52%
- YTD
- 8.61%
- 1Y
- 19.17%
- 3Y*
- 9.22%
- 5Y*
- 4.83%
- 10Y*
- —
ZPDW.DE vs. 36B4.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 16.76% | 27.50% | 22.78% | 33.59% | -5.96% | 12.63% | 7.91% | 7.63% |
36B4.DE iShares MSCI Japan SRI UCITS ETF USD Dist | 8.61% | 6.64% | 9.02% | 9.56% | -13.77% | 9.87% | 6.38% | 16.82% |
Correlation
The correlation between ZPDW.DE and 36B4.DE is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2019 | 0.79 |
The correlation between ZPDW.DE and 36B4.DE has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. 36B4.DE — Risk / Return Rank
ZPDW.DE
36B4.DE
ZPDW.DE vs. 36B4.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) and iShares MSCI Japan SRI UCITS ETF USD Dist (36B4.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.
| ZPDW.DE | 36B4.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.19 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 1.76 | +2.77 |
| Martin ratioReturn relative to average drawdown | 14.78 | 5.09 | +9.69 |
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Drawdowns
ZPDW.DE vs. 36B4.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, which is greater than 36B4.DE's maximum drawdown of -26.98%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and 36B4.DE.
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Drawdown Indicators
| ZPDW.DE | 36B4.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -26.98% | -7.39% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -10.82% | +1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -15.67% | -6.03% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -21.57% | -0.13% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | — | — |
Current DrawdownCurrent decline from peak | -6.47% | -2.03% | -4.44% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -7.09% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 3.75% | -0.79% |
Volatility
ZPDW.DE vs. 36B4.DE - Volatility Comparison
State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a higher volatility of 6.94% compared to iShares MSCI Japan SRI UCITS ETF USD Dist (36B4.DE) at 4.74%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than 36B4.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPDW.DE | 36B4.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.94% | 4.74% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 16.62% | 14.24% | +2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.76% | 18.44% | +2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.83% | 16.33% | +2.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 17.25% | +1.20% |
ZPDW.DE vs. 36B4.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is lower than 36B4.DE's 0.20% 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
ZPDW.DE vs. 36B4.DE - Dividend Comparison
ZPDW.DE has not paid dividends to shareholders, while 36B4.DE's dividend yield for the trailing twelve months is around 1.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
36B4.DE iShares MSCI Japan SRI UCITS ETF USD Dist | 1.48% | 1.46% | 1.38% | 1.81% | 2.45% | 1.54% | 1.60% | 0.81% |
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZPDW.DE and 36B4.DE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.20% for 36B4.DE.
ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while 36B4.DE tracks MSCI Japan SRI Select Reduced Fossil Fuels. They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for ZPDW.DE and 0.20% for 36B4.DE.
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