ZPDW.DE vs. JPNH.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and JPNH.DE (Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist)) are both Japan Equities funds - ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index while JPNH.DE tracks the TOPIX Index (EUR Hedged). Both are passively managed. Over the past 10 years, ZPDW.DE returned 14.04%/yr vs 13.42%/yr for JPNH.DE. With a 0.99 correlation, they move nearly in lockstep. ZPDW.DE charges 0.17%/yr vs 0.45%/yr for JPNH.DE.
Performance
ZPDW.DE vs. JPNH.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 16.76% return and JPNH.DE slightly lower at 16.56%. Both investments have delivered pretty close results over the past 10 years, with ZPDW.DE having a 14.04% annualized return and JPNH.DE not far behind at 13.42%.
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%
JPNH.DE
- 1D
- -2.24%
- 1M
- -2.67%
- 6M
- 9.41%
- YTD
- 16.56%
- 1Y
- 42.09%
- 3Y*
- 24.65%
- 5Y*
- 18.61%
- 10Y*
- 13.42%
ZPDW.DE vs. JPNH.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 | 16.76% | 27.50% | 22.78% | 33.59% | -5.96% | 12.63% | 7.91% | 16.59% | -16.65% | 19.02% |
JPNH.DE Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) | 16.56% | 27.75% | 21.23% | 32.08% | -4.87% | 10.85% | 5.84% | 15.91% | -17.82% | 20.38% |
Correlation
The correlation between ZPDW.DE and JPNH.DE is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
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 Nov 30, 2015 | 0.99 |
The correlation between ZPDW.DE and JPNH.DE has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. JPNH.DE — Risk / Return Rank
ZPDW.DE
JPNH.DE
ZPDW.DE vs. JPNH.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 Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.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 | JPNH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.39 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 4.16 | +0.37 |
| Martin ratioReturn relative to average drawdown | 14.78 | 14.64 | +0.15 |
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Drawdowns
ZPDW.DE vs. JPNH.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, smaller than the maximum JPNH.DE drawdown of -36.52%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and JPNH.DE.
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Drawdown Indicators
| ZPDW.DE | JPNH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -36.52% | +2.15% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -10.08% | +0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -20.72% | -0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -20.72% | -0.98% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | -36.52% | +2.15% |
Current DrawdownCurrent decline from peak | -6.47% | -4.32% | -2.15% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -7.95% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 2.87% | +0.09% |
Volatility
ZPDW.DE vs. JPNH.DE - Volatility Comparison
State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a higher volatility of 6.94% compared to Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) (JPNH.DE) at 5.93%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than JPNH.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 | JPNH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.94% | 5.93% | +1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 16.62% | 15.63% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.76% | 19.58% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.83% | 18.07% | +0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 18.18% | +0.27% |
ZPDW.DE vs. JPNH.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is lower than JPNH.DE's 0.45% expense ratio.
Dividends
ZPDW.DE vs. JPNH.DE - Dividend Comparison
ZPDW.DE has not paid dividends to shareholders, while JPNH.DE's dividend yield for the trailing twelve months is around 0.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPNH.DE Amundi Japan TOPIX II UCITS ETF EUR Hedged (Dist) | 0.76% | 0.89% | 1.52% | 1.29% | 1.66% | 1.33% | 1.09% | 1.93% | 1.89% | 1.36% | 1.96% | 1.84% |
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
With a correlation of 0.99, ZPDW.DE and JPNH.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, 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 0.45% for JPNH.DE.
ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while JPNH.DE tracks TOPIX Index (EUR Hedged). They also come from different issuers: State Street and Amundi. Their fees differ too: 0.17% for ZPDW.DE and 0.45% for JPNH.DE.
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