ZPDW.DE vs. SPYI.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and SPYI.DE (SPDR MSCI ACWI IMI UCITS ETF) are both exchange-traded funds - ZPDW.DE is a Japan Equities fund tracking the MSCI Japan 100% Hedged to EUR Index, while SPYI.DE is a Global Equities fund tracking the MSCI All Country World Investable Market (ACWI IMI). Both are passively managed. Over the past 10 years, ZPDW.DE returned 15.28%/yr vs 12.19%/yr for SPYI.DE. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.17% expense ratio.
Performance
ZPDW.DE vs. SPYI.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 SPYI.DE's 14.63% return. Over the past 10 years, ZPDW.DE has outperformed SPYI.DE with an annualized return of 15.28%, while SPYI.DE has yielded a comparatively lower 12.19% annualized 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%
SPYI.DE
- 1D
- 0.53%
- 1M
- 1.06%
- 6M
- 14.29%
- YTD
- 14.63%
- 1Y
- 27.25%
- 3Y*
- 17.34%
- 5Y*
- 11.49%
- 10Y*
- 12.19%
ZPDW.DE vs. SPYI.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% |
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF | 14.63% | 9.07% | 22.98% | 17.54% | -12.93% | 27.77% | 5.37% | 29.81% | -6.73% | 8.25% |
Correlation
The correlation between ZPDW.DE and SPYI.DE is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015 | 0.72 |
The correlation between ZPDW.DE and SPYI.DE has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. SPYI.DE — Risk / Return Rank
ZPDW.DE
SPYI.DE
ZPDW.DE vs. SPYI.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 MSCI ACWI IMI UCITS ETF (SPYI.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 | SPYI.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.43 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 5.04 | 4.21 | +0.83 |
| Martin ratioReturn relative to average drawdown | 16.98 | 16.67 | +0.31 |
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Drawdowns
ZPDW.DE vs. SPYI.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, smaller than the maximum SPYI.DE drawdown of -41.58%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and SPYI.DE.
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Drawdown Indicators
| ZPDW.DE | SPYI.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -41.58% | +7.21% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -6.45% | -3.20% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -21.64% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -21.64% | -0.06% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | -34.49% | +0.12% |
Current DrawdownCurrent decline from peak | -2.76% | -0.17% | -2.59% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -8.40% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 1.63% | +1.24% |
Volatility
ZPDW.DE vs. SPYI.DE - Volatility Comparison
State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) has a higher volatility of 6.74% compared to SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) at 3.60%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than SPYI.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 | SPYI.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 3.60% | +3.14% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 8.62% | +7.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 11.80% | +8.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.79% | 13.98% | +4.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 15.92% | +2.57% |
ZPDW.DE vs. SPYI.DE - Expense Ratio Comparison
Both ZPDW.DE and SPYI.DE have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ZPDW.DE vs. SPYI.DE - Dividend Comparison
Neither ZPDW.DE nor SPYI.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPDW.DE and SPYI.DE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.17% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZPDW.DE and SPYI.DE have the same expense ratio: 0.17% per year.
ZPDW.DE is categorized as Japan Equities, while SPYI.DE is Global Equities. ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while SPYI.DE tracks MSCI All Country World Investable Market (ACWI IMI).
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