ZPDW.DE vs. SPY5.DE

Last updated Jul 4, 2026

ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and SPY5.DE (SPDR S&P 500 UCITS ETF) are both exchange-traded funds - ZPDW.DE is a Japan Equities fund tracking the MSCI Japan 100% Hedged to EUR Index, while SPY5.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZPDW.DE returned 15.28%/yr vs 14.69%/yr for SPY5.DE. A 0.63 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.03%/yr for SPY5.DE.

Performance

ZPDW.DE vs. SPY5.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) and SPDR S&P 500 UCITS ETF (SPY5.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPDW.DE achieves a 21.38% return, which is significantly higher than SPY5.DE's 12.25% return. Both investments have delivered pretty close results over the past 10 years, with ZPDW.DE having a 15.28% annualized return and SPY5.DE not far behind at 14.69%.

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%

SPY5.DE

• 1D: 0.23%
• 1M: 0.64%
• 6M: 13.05%
• YTD: 12.25%
• 1Y: 24.10%
• 3Y*: 18.38%
• 5Y*: 13.70%
• 10Y*: 14.69%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPDW.DE vs. SPY5.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%
SPY5.DE SPDR S&P 500 UCITS ETF	12.25%	4.75%	32.36%	22.42%	-14.24%	40.60%	6.73%	34.44%	-2.03%	6.29%

Correlation

The correlation between ZPDW.DE and SPY5.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	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015	0.63

The correlation between ZPDW.DE and SPY5.DE shifts across timeframes, from 0.52 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZPDW.DE vs. SPY5.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZPDW.DE

ZPDW.DE Risk / Return Rank: 90
ZPDW.DE Sharpe Ratio Rank: 89
ZPDW.DE Sortino Ratio Rank: 89
ZPDW.DE Omega Ratio Rank: 88
ZPDW.DE Calmar Ratio Rank: 92
ZPDW.DE Martin Ratio Rank: 91

SPY5.DE

SPY5.DE Risk / Return Rank: 77
SPY5.DE Sharpe Ratio Rank: 78
SPY5.DE Sortino Ratio Rank: 76
SPY5.DE Omega Ratio Rank: 76
SPY5.DE Calmar Ratio Rank: 79
SPY5.DE Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZPDW.DE vs. SPY5.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 SPDR S&P 500 UCITS ETF (SPY5.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	SPY5.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.03	+0.37
Sortino ratio: Return per unit of downside risk	3.36	2.79	+0.57
Omega ratio: Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio: Return relative to maximum drawdown	5.04	3.36	+1.68
Martin ratio: Return relative to average drawdown	16.98	11.87	+5.11

ZPDW.DE vs. SPY5.DE - Sharpe Ratio Comparison

The current ZPDW.DE Sharpe Ratio is 2.40, which is comparable to the SPY5.DE Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ZPDW.DE and SPY5.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZPDW.DE vs. SPY5.DE - Drawdown Comparison

The maximum ZPDW.DE drawdown since its inception was -34.37%, roughly equal to the maximum SPY5.DE drawdown of -33.86%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and SPY5.DE.

Drawdown Indicators

	ZPDW.DE	SPY5.DE	Difference
Max Drawdown Largest peak-to-trough decline	-34.37%	-33.86%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-7.15%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-21.70%	-23.34%	+1.64%
Max Drawdown (5Y) Largest decline over 5 years	-21.70%	-23.34%	+1.64%
Max Drawdown (10Y) Largest decline over 10 years	-34.37%	-33.86%	-0.51%
Current Drawdown Current decline from peak	-2.76%	-0.62%	-2.14%
Average Drawdown Average peak-to-trough decline	-7.48%	-3.91%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.03%	+0.84%

Volatility

ZPDW.DE vs. SPY5.DE - Volatility Comparison

State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a higher volatility of 6.74% compared to SPDR S&P 500 UCITS ETF (SPY5.DE) at 3.64%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than SPY5.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPDW.DE	SPY5.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	3.64%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	8.02%	+8.07%
Volatility (1Y) Calculated over the trailing 1-year period	20.26%	11.88%	+8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	15.23%	+3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	16.07%	+2.42%

ZPDW.DE vs. SPY5.DE - Expense Ratio Comparison

ZPDW.DE has a 0.17% expense ratio, which is higher than SPY5.DE's 0.03% 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. SPY5.DE - Dividend Comparison

ZPDW.DE has not paid dividends to shareholders, while SPY5.DE's dividend yield for the trailing twelve months is around 0.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY5.DE SPDR S&P 500 UCITS ETF	0.90%	0.99%	1.03%	1.22%	1.42%	0.95%	1.37%	1.43%	0.80%	1.21%	1.57%	1.69%
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

Can I hold both ZPDW.DE and SPY5.DE in my portfolio?

ZPDW.DE and SPY5.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.

Which ETF is better, ZPDW.DE or SPY5.DE?

On fees, SPY5.DE is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZPDW.DE or SPY5.DE?

SPY5.DE is cheaper with a 0.03% expense ratio, compared with 0.17% for ZPDW.DE.

What is the main difference between ZPDW.DE and SPY5.DE?

ZPDW.DE is categorized as Japan Equities, while SPY5.DE is S&P 500. ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while SPY5.DE tracks S&P 500 Index. Their fees differ too: 0.17% for ZPDW.DE and 0.03% for SPY5.DE.