ZPDW.DE vs. IUS4.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and IUS4.DE (iShares MSCI Japan Small Cap UCITS ETF (Dist)) are both Japan Equities funds - ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index while IUS4.DE tracks the MSCI Japan Small Cap. Both are passively managed. Over the past 10 years, ZPDW.DE returned 15.28%/yr vs 8.02%/yr for IUS4.DE. A 0.70 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.58%/yr for IUS4.DE.
Performance
ZPDW.DE vs. IUS4.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ZPDW.DE having a 21.38% return and IUS4.DE slightly higher at 22.03%. Over the past 10 years, ZPDW.DE has outperformed IUS4.DE with an annualized return of 15.28%, while IUS4.DE has yielded a comparatively lower 8.02% annualized return.
ZPDW.DE
- 1D
- 1.19%
- 1M
- 1.95%
- 6M
- 21.11%
- YTD
- 21.38%
- 1Y
- 48.83%
- 3Y*
- 26.19%
- 5Y*
- 19.84%
- 10Y*
- 15.28%
IUS4.DE
- 1D
- 1.33%
- 1M
- 5.89%
- 6M
- 22.20%
- YTD
- 22.03%
- 1Y
- 35.43%
- 3Y*
- 17.66%
- 5Y*
- 9.32%
- 10Y*
- 8.02%
ZPDW.DE vs. IUS4.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 21.38% | 27.50% | 22.78% | 33.59% | -5.96% | 12.63% | 7.91% | 16.59% | -16.65% | 19.02% |
IUS4.DE iShares MSCI Japan Small Cap UCITS ETF (Dist) | 22.03% | 15.97% | 9.46% | 9.42% | -7.68% | 5.35% | -2.08% | 21.73% | -13.13% | 15.52% |
Correlation
The correlation between ZPDW.DE and IUS4.DE is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015 | 0.70 |
The correlation between ZPDW.DE and IUS4.DE has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. IUS4.DE — Risk / Return Rank
ZPDW.DE
IUS4.DE
ZPDW.DE vs. IUS4.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 Small Cap UCITS ETF (Dist) (IUS4.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 | IUS4.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.39 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 5.04 | 3.49 | +1.55 |
| Martin ratioReturn relative to average drawdown | 16.98 | 12.11 | +4.87 |
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Drawdowns
ZPDW.DE vs. IUS4.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, smaller than the maximum IUS4.DE drawdown of -51.61%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and IUS4.DE.
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Drawdown Indicators
| ZPDW.DE | IUS4.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -51.61% | +17.24% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -10.11% | +0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -12.92% | -8.78% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -21.46% | -0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | -32.62% | -1.75% |
Current DrawdownCurrent decline from peak | -2.76% | 0.00% | -2.76% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -15.04% | +7.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 2.92% | -0.05% |
Volatility
ZPDW.DE vs. IUS4.DE - Volatility Comparison
State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a higher volatility of 6.74% compared to iShares MSCI Japan Small Cap UCITS ETF (Dist) (IUS4.DE) at 4.14%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than IUS4.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 | IUS4.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 4.14% | +2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 13.78% | +2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 16.26% | +4.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.79% | 14.98% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 15.92% | +2.57% |
ZPDW.DE vs. IUS4.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is lower than IUS4.DE's 0.58% expense ratio.
Dividends
ZPDW.DE vs. IUS4.DE - Dividend Comparison
ZPDW.DE has not paid dividends to shareholders, while IUS4.DE's dividend yield for the trailing twelve months is around 1.58%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IUS4.DE iShares MSCI Japan Small Cap UCITS ETF (Dist) | 1.58% | 1.88% | 1.70% | 1.77% | 2.10% | 1.47% | 1.60% | 1.45% | 1.41% | 1.31% | 1.15% | 0.70% |
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% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZPDW.DE and IUS4.DE have a correlation of 0.71, 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 0.58% for IUS4.DE.
ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while IUS4.DE tracks MSCI Japan Small Cap. They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for ZPDW.DE and 0.58% for IUS4.DE.
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