ZPDW.DE vs. SPYY.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and SPYY.DE (State Street SPDR MSCI All Country World UCITS ETF (Acc)) are both exchange-traded funds - ZPDW.DE is a Japan Equities fund tracking the MSCI Japan 100% Hedged to EUR Index, while SPYY.DE is a Global Equities fund tracking the MSCI ACWI Index. Both are passively managed. Over the past 10 years, ZPDW.DE returned 15.28%/yr vs 12.50%/yr for SPYY.DE. A 0.71 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.12%/yr for SPYY.DE.
Performance
ZPDW.DE vs. SPYY.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 SPYY.DE's 14.10% return. Over the past 10 years, ZPDW.DE has outperformed SPYY.DE with an annualized return of 15.28%, while SPYY.DE has yielded a comparatively lower 12.50% 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%
SPYY.DE
- 1D
- 0.62%
- 1M
- 1.16%
- 6M
- 14.08%
- YTD
- 14.10%
- 1Y
- 26.77%
- 3Y*
- 17.95%
- 5Y*
- 11.80%
- 10Y*
- 12.50%
ZPDW.DE vs. SPYY.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% |
SPYY.DE State Street SPDR MSCI All Country World UCITS ETF (Acc) | 14.10% | 9.46% | 24.56% | 18.22% | -13.76% | 29.02% | 5.12% | 30.21% | -6.02% | 8.80% |
Correlation
The correlation between ZPDW.DE and SPYY.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 | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2015 | 0.71 |
The correlation between ZPDW.DE and SPYY.DE has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. SPYY.DE — Risk / Return Rank
ZPDW.DE
SPYY.DE
ZPDW.DE vs. SPYY.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 MSCI All Country World UCITS ETF (Acc) (SPYY.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 | SPYY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.42 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.04 | 4.10 | +0.93 |
| Martin ratioReturn relative to average drawdown | 16.98 | 16.31 | +0.67 |
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Drawdowns
ZPDW.DE vs. SPYY.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, smaller than the maximum SPYY.DE drawdown of -40.72%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and SPYY.DE.
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Drawdown Indicators
| ZPDW.DE | SPYY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -40.72% | +6.35% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -6.49% | -3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -21.27% | -0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -21.27% | -0.43% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | -33.49% | -0.88% |
Current DrawdownCurrent decline from peak | -2.76% | -0.09% | -2.67% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -8.45% | +0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 1.64% | +1.23% |
Volatility
ZPDW.DE vs. SPYY.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 MSCI All Country World UCITS ETF (Acc) (SPYY.DE) at 3.65%. This indicates that ZPDW.DE's price experiences larger fluctuations and is considered to be riskier than SPYY.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 | SPYY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 3.65% | +3.09% |
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% | 11.77% | +8.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.79% | 13.95% | +4.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 15.93% | +2.56% |
ZPDW.DE vs. SPYY.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is higher than SPYY.DE's 0.12% 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. SPYY.DE - Dividend Comparison
Neither ZPDW.DE nor SPYY.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPDW.DE and SPYY.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.
On fees, SPYY.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYY.DE is cheaper with a 0.12% expense ratio, compared with 0.17% for ZPDW.DE.
ZPDW.DE is categorized as Japan Equities, while SPYY.DE is Global Equities. ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while SPYY.DE tracks MSCI ACWI Index. Their fees differ too: 0.17% for ZPDW.DE and 0.12% for SPYY.DE.
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