ZPDW.DE vs. SPPY.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and SPPY.DE (State Street SPDR S&P 500 Leaders UCITS ETF) are both exchange-traded funds - ZPDW.DE is a Japan Equities fund tracking the MSCI Japan 100% Hedged to EUR Index, while SPPY.DE is a S&P 500 fund tracking the S&P 500 Scored & Screened Leaders Index. Both are passively managed. Over the past 5 years, ZPDW.DE returned 19.84%/yr vs 14.69%/yr for SPPY.DE. A 0.59 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.10%/yr for SPPY.DE.
Performance
ZPDW.DE vs. SPPY.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ZPDW.DE achieves a 21.38% return, which is significantly higher than SPPY.DE's 12.82% 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%
SPPY.DE
- 1D
- 0.29%
- 1M
- 2.16%
- 6M
- 13.41%
- YTD
- 12.82%
- 1Y
- 27.18%
- 3Y*
- 18.66%
- 5Y*
- 14.69%
- 10Y*
- —
ZPDW.DE vs. SPPY.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 2.24% |
SPPY.DE State Street SPDR S&P 500 Leaders UCITS ETF | 12.82% | 4.43% | 32.86% | 26.94% | -14.48% | 41.13% | 8.01% | 3.47% |
Correlation
The correlation between ZPDW.DE and SPPY.DE is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019 | 0.59 |
The correlation between ZPDW.DE and SPPY.DE has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. SPPY.DE — Risk / Return Rank
ZPDW.DE
SPPY.DE
ZPDW.DE vs. SPPY.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 State Street SPDR S&P 500 Leaders UCITS ETF (SPPY.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 | SPPY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.42 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.04 | 4.03 | +1.01 |
| Martin ratioReturn relative to average drawdown | 16.98 | 15.45 | +1.53 |
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Drawdowns
ZPDW.DE vs. SPPY.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, roughly equal to the maximum SPPY.DE drawdown of -33.33%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and SPPY.DE.
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Drawdown Indicators
| ZPDW.DE | SPPY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -33.33% | -1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -6.72% | -2.93% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -23.81% | +2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -23.81% | +2.11% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | — | — |
Current DrawdownCurrent decline from peak | -2.76% | -0.58% | -2.18% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -4.78% | -2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 1.76% | +1.11% |
Volatility
ZPDW.DE vs. SPPY.DE - Volatility Comparison
State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a higher volatility of 6.74% compared to State Street SPDR S&P 500 Leaders UCITS ETF (SPPY.DE) at 3.33%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than SPPY.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 | SPPY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 3.33% | +3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 8.14% | +7.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 11.82% | +8.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.79% | 15.46% | +3.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 17.51% | +0.98% |
ZPDW.DE vs. SPPY.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is higher than SPPY.DE's 0.10% 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. SPPY.DE - Dividend Comparison
Neither ZPDW.DE nor SPPY.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPDW.DE and SPPY.DE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPPY.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPPY.DE is cheaper with a 0.10% expense ratio, compared with 0.17% for ZPDW.DE.
ZPDW.DE is categorized as Japan Equities, while SPPY.DE is S&P 500. ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while SPPY.DE tracks S&P 500 Scored & Screened Leaders Index. Their fees differ too: 0.17% for ZPDW.DE and 0.10% for SPPY.DE.
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