ZPDW.DE vs. SPYM.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and SPYM.DE (SPDR MSCI Emerging Markets UCITS ETF) are both exchange-traded funds - ZPDW.DE is a Japan Equities fund tracking the MSCI Japan 100% Hedged to EUR Index, while SPYM.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets. Both are passively managed. Over the past 10 years, ZPDW.DE returned 15.28%/yr vs 9.70%/yr for SPYM.DE. A 0.58 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.18%/yr for SPYM.DE.
Performance
ZPDW.DE vs. SPYM.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 lower than SPYM.DE's 27.63% return. Over the past 10 years, ZPDW.DE has outperformed SPYM.DE with an annualized return of 15.28%, while SPYM.DE has yielded a comparatively lower 9.70% 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%
SPYM.DE
- 1D
- 2.08%
- 1M
- -1.45%
- 6M
- 23.96%
- YTD
- 27.63%
- 1Y
- 45.61%
- 3Y*
- 20.78%
- 5Y*
- 8.29%
- 10Y*
- 9.70%
ZPDW.DE vs. SPYM.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% |
SPYM.DE SPDR MSCI Emerging Markets UCITS ETF | 27.63% | 19.06% | 14.05% | 6.05% | -14.90% | 5.28% | 6.27% | 22.31% | -11.26% | 19.74% |
Correlation
The correlation between ZPDW.DE and SPYM.DE is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015 | 0.58 |
The correlation between ZPDW.DE and SPYM.DE has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. SPYM.DE — Risk / Return Rank
ZPDW.DE
SPYM.DE
ZPDW.DE vs. SPYM.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 Emerging Markets UCITS ETF (SPYM.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 | SPYM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.41 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 5.04 | 4.37 | +0.67 |
| Martin ratioReturn relative to average drawdown | 16.98 | 14.29 | +2.69 |
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Drawdowns
ZPDW.DE vs. SPYM.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, smaller than the maximum SPYM.DE drawdown of -44.83%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and SPYM.DE.
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Drawdown Indicators
| ZPDW.DE | SPYM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -44.83% | +10.46% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -10.38% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -18.95% | -2.75% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -23.25% | +1.55% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | -31.69% | -2.68% |
Current DrawdownCurrent decline from peak | -2.76% | -5.10% | +2.34% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -17.60% | +10.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 3.18% | -0.31% |
Volatility
ZPDW.DE vs. SPYM.DE - Volatility Comparison
The current volatility for State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) is 6.74%, while SPDR MSCI Emerging Markets UCITS ETF (SPYM.DE) has a volatility of 9.36%. This indicates that ZPDW.DE experiences smaller price fluctuations and is considered to be less risky than SPYM.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 | SPYM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 9.36% | -2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 17.37% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 19.86% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.79% | 17.25% | +1.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 18.51% | -0.02% |
ZPDW.DE vs. SPYM.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is lower than SPYM.DE's 0.18% expense ratio. Despite the difference, 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. SPYM.DE - Dividend Comparison
Neither ZPDW.DE nor SPYM.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPDW.DE and SPYM.DE have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPDW.DE is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPDW.DE is cheaper with a 0.17% expense ratio, compared with 0.18% for SPYM.DE.
ZPDW.DE is categorized as Japan Equities, while SPYM.DE is Emerging Markets Equities. ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while SPYM.DE tracks MSCI Emerging Markets. Their fees differ too: 0.17% for ZPDW.DE and 0.18% for SPYM.DE.
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