ZPDW.DE vs. EMNJ.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and EMNJ.DE (iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist)) are both Japan Equities funds - ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index while EMNJ.DE tracks the MSCI Japan ESG Enhanced Focus CTB Index. Both are passively managed. Over the past 5 years, ZPDW.DE returned 19.99%/yr vs 9.72%/yr for EMNJ.DE. Their correlation of 0.84 suggests significant overlap in exposure. ZPDW.DE charges 0.17%/yr vs 0.15%/yr for EMNJ.DE.
Performance
ZPDW.DE vs. EMNJ.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ZPDW.DE having a 20.74% return and EMNJ.DE slightly lower at 19.97%.
ZPDW.DE
- 1D
- -0.90%
- 1M
- 0.79%
- 6M
- 13.52%
- YTD
- 20.74%
- 1Y
- 49.79%
- 3Y*
- 27.02%
- 5Y*
- 19.99%
- 10Y*
- 14.41%
EMNJ.DE
- 1D
- -0.76%
- 1M
- 1.81%
- 6M
- 13.73%
- YTD
- 19.97%
- 1Y
- 39.88%
- 3Y*
- 16.68%
- 5Y*
- 9.72%
- 10Y*
- —
ZPDW.DE vs. EMNJ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 20.74% | 27.50% | 22.78% | 33.59% | -5.96% | 12.63% | 7.91% | 10.22% |
EMNJ.DE iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist) | 19.97% | 12.87% | 10.79% | 16.08% | -13.34% | 9.71% | 5.81% | 3.88% |
Correlation
The correlation between ZPDW.DE and EMNJ.DE is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019 | 0.84 |
The correlation between ZPDW.DE and EMNJ.DE shifts across timeframes, from 0.81 (5 years) to 0.91 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZPDW.DE vs. EMNJ.DE — Risk / Return Rank
ZPDW.DE
EMNJ.DE
ZPDW.DE vs. EMNJ.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 CTB Enhanced ESG UCITS ETF USD (Dist) (EMNJ.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 | EMNJ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.36 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.14 | 3.71 | +1.42 |
| Martin ratioReturn relative to average drawdown | 16.99 | 12.48 | +4.50 |
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Drawdowns
ZPDW.DE vs. EMNJ.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, which is greater than EMNJ.DE's maximum drawdown of -28.10%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and EMNJ.DE.
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Drawdown Indicators
| ZPDW.DE | EMNJ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -28.10% | -6.27% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -10.70% | +1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -16.91% | -4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -19.91% | -1.79% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | — | — |
Current DrawdownCurrent decline from peak | -3.28% | -2.74% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -7.47% | -6.57% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 3.19% | -0.27% |
Volatility
ZPDW.DE vs. EMNJ.DE - Volatility Comparison
State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) and iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist) (EMNJ.DE) have volatilities of 6.74% and 6.67%, 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.
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Volatility by Period
| ZPDW.DE | EMNJ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 6.67% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 16.39% | 16.64% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 20.49% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.81% | 17.02% | +1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.43% | 18.26% | +0.17% |
ZPDW.DE vs. EMNJ.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is higher than EMNJ.DE's 0.15% expense ratio. However, 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. EMNJ.DE - Dividend Comparison
ZPDW.DE has not paid dividends to shareholders, while EMNJ.DE's dividend yield for the trailing twelve months is around 1.42%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EMNJ.DE iShares MSCI Japan CTB Enhanced ESG UCITS ETF USD (Dist) | 1.42% | 1.58% | 1.80% | 1.75% | 2.16% | 1.66% | 1.63% | 1.72% |
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
With a correlation of 0.91, ZPDW.DE and EMNJ.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.
On fees, EMNJ.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMNJ.DE is cheaper with a 0.15% expense ratio, compared with 0.17% for ZPDW.DE.
ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while EMNJ.DE tracks MSCI Japan ESG Enhanced Focus CTB Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for ZPDW.DE and 0.15% for EMNJ.DE.
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