ZPDW.DE vs. SPYL.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and SPYL.DE (State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)) are both exchange-traded funds - ZPDW.DE is a Japan Equities fund tracking the MSCI Japan 100% Hedged to EUR Index, while SPYL.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, ZPDW.DE returned 48.83% vs 23.84% for SPYL.DE. A 0.51 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.03%/yr for SPYL.DE.
Performance
ZPDW.DE vs. SPYL.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZPDW.DE achieves a 21.38% return, which is significantly higher than SPYL.DE's 11.99% 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%
SPYL.DE
- 1D
- 0.00%
- 1M
- 0.41%
- 6M
- 12.78%
- YTD
- 11.99%
- 1Y
- 23.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPDW.DE vs. SPYL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 21.38% | 27.50% | 22.78% | 3.32% |
SPYL.DE State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc) | 11.99% | 4.71% | 32.33% | 8.23% |
Correlation
The correlation between ZPDW.DE and SPYL.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 (All Time) Calculated using the full available price history since Nov 2, 2023 | 0.51 |
The correlation between ZPDW.DE and SPYL.DE has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZPDW.DE vs. SPYL.DE — Risk / Return Rank
ZPDW.DE
SPYL.DE
ZPDW.DE vs. SPYL.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 UCITS ETF USD Unhedged (Acc) (SPYL.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 | SPYL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.37 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.04 | 3.36 | +1.68 |
| Martin ratioReturn relative to average drawdown | 16.98 | 11.80 | +5.18 |
Loading charts...
Drawdowns
ZPDW.DE vs. SPYL.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, which is greater than SPYL.DE's maximum drawdown of -23.27%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and SPYL.DE.
Loading charts...
Drawdown Indicators
| ZPDW.DE | SPYL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -23.27% | -11.10% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -7.13% | -2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | — | — |
Current DrawdownCurrent decline from peak | -2.76% | -0.86% | -1.90% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -3.31% | -4.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 2.03% | +0.84% |
Volatility
ZPDW.DE vs. SPYL.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 UCITS ETF USD Unhedged (Acc) (SPYL.DE) at 3.64%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than SPYL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZPDW.DE | SPYL.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% | 8.15% | +7.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 12.03% | +8.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.79% | 15.00% | +3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 15.00% | +3.49% |
ZPDW.DE vs. SPYL.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is higher than SPYL.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. SPYL.DE - Dividend Comparison
Neither ZPDW.DE nor SPYL.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPDW.DE and SPYL.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, SPYL.DE is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYL.DE is cheaper with a 0.03% expense ratio, compared with 0.17% for ZPDW.DE.
ZPDW.DE is categorized as Japan Equities, while SPYL.DE is S&P 500. ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while SPYL.DE tracks S&P 500 Index. Their fees differ too: 0.17% for ZPDW.DE and 0.03% for SPYL.DE.
Find the right allocation for ZPDW.DE and SPYL.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer