ZPDW.DE vs. SGAJ.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and SGAJ.DE (iShares MSCI Japan ESG Screened UCITS ETF USD (Acc)) are both Japan Equities funds - ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index while SGAJ.DE tracks the MSCI Japan ESG Screened. Both are passively managed. Over the past 5 years, ZPDW.DE returned 19.19%/yr vs 9.19%/yr for SGAJ.DE. Their correlation of 0.85 suggests significant overlap in exposure. ZPDW.DE charges 0.17%/yr vs 0.15%/yr for SGAJ.DE.
Performance
ZPDW.DE vs. SGAJ.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 SGAJ.DE's 15.63% 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%
SGAJ.DE
- 1D
- -2.49%
- 1M
- -4.31%
- 6M
- 8.60%
- YTD
- 15.63%
- 1Y
- 32.42%
- 3Y*
- 15.13%
- 5Y*
- 9.19%
- 10Y*
- —
ZPDW.DE vs. SGAJ.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -11.45% |
SGAJ.DE iShares MSCI Japan ESG Screened UCITS ETF USD (Acc) | 15.63% | 11.81% | 12.99% | 16.12% | -12.79% | 9.68% | 5.86% | 23.51% | -21.34% |
Correlation
The correlation between ZPDW.DE and SGAJ.DE is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018 | 0.85 |
The correlation between ZPDW.DE and SGAJ.DE has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. SGAJ.DE — Risk / Return Rank
ZPDW.DE
SGAJ.DE
ZPDW.DE vs. SGAJ.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 ESG Screened UCITS ETF USD (Acc) (SGAJ.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 | SGAJ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.30 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 3.13 | +1.40 |
| Martin ratioReturn relative to average drawdown | 14.78 | 10.16 | +4.63 |
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Drawdowns
ZPDW.DE vs. SGAJ.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, which is greater than SGAJ.DE's maximum drawdown of -28.34%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and SGAJ.DE.
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Drawdown Indicators
| ZPDW.DE | SGAJ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -28.34% | -6.03% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -10.31% | +0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -17.07% | -4.63% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -19.31% | -2.39% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | — | — |
Current DrawdownCurrent decline from peak | -6.47% | -6.81% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -7.23% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 3.18% | -0.22% |
Volatility
ZPDW.DE vs. SGAJ.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 ESG Screened UCITS ETF USD (Acc) (SGAJ.DE) at 6.59%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than SGAJ.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 | SGAJ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.94% | 6.59% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 16.62% | 16.28% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.76% | 20.00% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.83% | 16.97% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.45% | 18.19% | +0.26% |
ZPDW.DE vs. SGAJ.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is higher than SGAJ.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. SGAJ.DE - Dividend Comparison
Neither ZPDW.DE nor SGAJ.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, ZPDW.DE and SGAJ.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, SGAJ.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGAJ.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 SGAJ.DE tracks MSCI Japan ESG Screened. They also come from different issuers: State Street and iShares. Their fees differ too: 0.17% for ZPDW.DE and 0.15% for SGAJ.DE.
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