ZPDW.DE vs. OP5E.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and OP5E.DE (Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR)) are both Japan Equities funds - ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index while OP5E.DE tracks the Bloomberg PAB Japan Large & Mid Cap. Both are passively managed. Over the past 5 years, ZPDW.DE returned 19.19%/yr vs 8.53%/yr for OP5E.DE. A 0.53 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.19%/yr for OP5E.DE.
Performance
ZPDW.DE vs. OP5E.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 lower than OP5E.DE's 19.69% 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%
OP5E.DE
- 1D
- 0.00%
- 1M
- -1.23%
- 6M
- 13.37%
- YTD
- 19.69%
- 1Y
- 34.65%
- 3Y*
- 14.81%
- 5Y*
- 8.53%
- 10Y*
- —
ZPDW.DE vs. OP5E.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% | 2.23% |
OP5E.DE Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR) | 19.69% | 8.90% | 10.84% | 14.78% | -13.08% | 10.14% | 4.36% | 22.12% | -9.46% | 0.43% |
Correlation
The correlation between ZPDW.DE and OP5E.DE is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2017 | 0.53 |
Over the past year, ZPDW.DE and OP5E.DE have become more correlated (0.89) than their long-term average of 0.53, meaning their price movements have been converging.
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Return for Risk
ZPDW.DE vs. OP5E.DE — Risk / Return Rank
ZPDW.DE
OP5E.DE
ZPDW.DE vs. OP5E.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 Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR) (OP5E.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 | OP5E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.33 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 3.33 | +1.20 |
| Martin ratioReturn relative to average drawdown | 14.78 | 11.20 | +3.59 |
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Drawdowns
ZPDW.DE vs. OP5E.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, which is greater than OP5E.DE's maximum drawdown of -26.40%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and OP5E.DE.
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Drawdown Indicators
| ZPDW.DE | OP5E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -26.40% | -7.97% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -10.35% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -16.97% | -4.73% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -20.20% | -1.50% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | — | — |
Current DrawdownCurrent decline from peak | -6.47% | -4.22% | -2.25% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -6.35% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 3.09% | -0.13% |
Volatility
ZPDW.DE vs. OP5E.DE - Volatility Comparison
State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a higher volatility of 6.94% compared to Ossiam Bloomberg Japan PAB NR UCITS ETF (EUR) (OP5E.DE) at 5.90%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than OP5E.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 | OP5E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.94% | 5.90% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 16.62% | 15.25% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.76% | 19.16% | +1.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.83% | 16.99% | +1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 16.98% | +1.47% |
ZPDW.DE vs. OP5E.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is lower than OP5E.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
ZPDW.DE vs. OP5E.DE - Dividend Comparison
Neither ZPDW.DE nor OP5E.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPDW.DE and OP5E.DE have a correlation of 0.89, 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 0.19% for OP5E.DE.
ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while OP5E.DE tracks Bloomberg PAB Japan Large & Mid Cap. They also come from different issuers: State Street and Natixis. Their fees differ too: 0.17% for ZPDW.DE and 0.19% for OP5E.DE.
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