ZPDW.DE vs. SPYW.DE

Last updated Jul 4, 2026

ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and SPYW.DE (SPDR S&P Euro Dividend Aristocrats UCITS ETF (Dist)) are both exchange-traded funds - ZPDW.DE is a Japan Equities fund tracking the MSCI Japan 100% Hedged to EUR Index, while SPYW.DE is a Europe Equities fund tracking the S&P Euro High Yield Dividend Aristocrats. Both are passively managed. Over the past 10 years, ZPDW.DE returned 15.28%/yr vs 7.74%/yr for SPYW.DE. A 0.59 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.30%/yr for SPYW.DE.

Performance

ZPDW.DE vs. SPYW.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 Euro Dividend Aristocrats UCITS ETF (Dist) (SPYW.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 SPYW.DE's 9.29% return. Over the past 10 years, ZPDW.DE has outperformed SPYW.DE with an annualized return of 15.28%, while SPYW.DE has yielded a comparatively lower 7.74% 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%

SPYW.DE

• 1D: 0.54%
• 1M: 3.80%
• 6M: 8.97%
• YTD: 9.29%
• 1Y: 12.97%
• 3Y*: 14.82%
• 5Y*: 8.95%
• 10Y*: 7.74%

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

ZPDW.DE vs. SPYW.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%
SPYW.DE SPDR S&P Euro Dividend Aristocrats UCITS ETF (Dist)	9.29%	20.21%	8.31%	17.92%	-11.22%	14.38%	-11.88%	23.33%	-8.56%	11.23%

Correlation

The correlation between ZPDW.DE and SPYW.DE is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.50
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	0.59

The correlation between ZPDW.DE and SPYW.DE shifts across timeframes, from 0.41 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZPDW.DE vs. SPYW.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

SPYW.DE

SPYW.DE Risk / Return Rank: 39
SPYW.DE Sharpe Ratio Rank: 40
SPYW.DE Sortino Ratio Rank: 38
SPYW.DE Omega Ratio Rank: 41
SPYW.DE Calmar Ratio Rank: 37
SPYW.DE Martin Ratio Rank: 40

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. SPYW.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 Euro Dividend Aristocrats UCITS ETF (Dist) (SPYW.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	SPYW.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.22	+1.18
Sortino ratio: Return per unit of downside risk	3.36	1.71	+1.64
Omega ratio: Gain probability vs. loss probability	1.45	1.23	+0.22
Calmar ratio: Return relative to maximum drawdown	5.04	1.62	+3.42
Martin ratio: Return relative to average drawdown	16.98	5.40	+11.58

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

The current ZPDW.DE Sharpe Ratio is 2.40, which is higher than the SPYW.DE Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of ZPDW.DE and SPYW.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. SPYW.DE - Drawdown Comparison

The maximum ZPDW.DE drawdown since its inception was -34.37%, smaller than the maximum SPYW.DE drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and SPYW.DE.

Drawdown Indicators

	ZPDW.DE	SPYW.DE	Difference
Max Drawdown Largest peak-to-trough decline	-34.37%	-38.67%	+4.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-7.99%	-1.66%
Max Drawdown (3Y) Largest decline over 3 years	-21.70%	-11.64%	-10.06%
Max Drawdown (5Y) Largest decline over 5 years	-21.70%	-23.99%	+2.29%
Max Drawdown (10Y) Largest decline over 10 years	-34.37%	-38.67%	+4.30%
Current Drawdown Current decline from peak	-2.76%	0.00%	-2.76%
Average Drawdown Average peak-to-trough decline	-7.48%	-5.58%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	2.40%	+0.47%

Volatility

ZPDW.DE vs. SPYW.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 Euro Dividend Aristocrats UCITS ETF (Dist) (SPYW.DE) at 2.20%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than SPYW.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPDW.DE	SPYW.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	2.20%	+4.54%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	8.91%	+7.18%
Volatility (1Y) Calculated over the trailing 1-year period	20.26%	10.61%	+9.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	13.27%	+5.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	14.62%	+3.87%

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

ZPDW.DE has a 0.17% expense ratio, which is lower than SPYW.DE's 0.30% expense ratio.

Dividends

ZPDW.DE vs. SPYW.DE - Dividend Comparison

ZPDW.DE has not paid dividends to shareholders, while SPYW.DE's dividend yield for the trailing twelve months is around 3.47%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYW.DE SPDR S&P Euro Dividend Aristocrats UCITS ETF (Dist)	3.47%	4.07%	3.67%	3.31%	3.62%	2.78%	3.05%	3.10%	3.74%	3.15%	2.97%	2.99%
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 SPYW.DE in my portfolio?

ZPDW.DE and SPYW.DE have a correlation of 0.41, 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 SPYW.DE?

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.

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

ZPDW.DE is cheaper with a 0.17% expense ratio, compared with 0.30% for SPYW.DE.

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

ZPDW.DE is categorized as Japan Equities, while SPYW.DE is Europe Equities. ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while SPYW.DE tracks S&P Euro High Yield Dividend Aristocrats. Their fees differ too: 0.17% for ZPDW.DE and 0.30% for SPYW.DE.