ZPDW.DE vs. XNKY.DE
ZPDW.DE (State Street SPDR MSCI Japan EUR Hdg UCITS ETF) and XNKY.DE (Xtrackers Nikkei 225 UCITS ETF) are both Japan Equities funds - ZPDW.DE tracks the MSCI Japan 100% Hedged to EUR Index while XNKY.DE tracks the Nikkei 225®. Both are passively managed. Over the past 5 years, ZPDW.DE returned 19.84%/yr vs 13.08%/yr for XNKY.DE. A 0.79 correlation means they provide meaningful diversification when combined. ZPDW.DE charges 0.17%/yr vs 0.09%/yr for XNKY.DE.
Performance
ZPDW.DE vs. XNKY.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 XNKY.DE's 36.19% 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%
XNKY.DE
- 1D
- 0.00%
- 1M
- 1.43%
- 6M
- 36.04%
- YTD
- 36.19%
- 1Y
- 60.65%
- 3Y*
- 22.64%
- 5Y*
- 13.08%
- 10Y*
- —
ZPDW.DE vs. XNKY.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZPDW.DE State Street SPDR MSCI Japan EUR Hdg UCITS ETF | 21.38% | 27.50% | 22.78% | 33.59% | -5.96% | 12.63% | 9.73% |
XNKY.DE Xtrackers Nikkei 225 UCITS ETF | 36.19% | 16.16% | 14.34% | 18.03% | -15.35% | 3.16% | 7.65% |
Correlation
The correlation between ZPDW.DE and XNKY.DE is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2020 | 0.79 |
The correlation between ZPDW.DE and XNKY.DE has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.
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Return for Risk
ZPDW.DE vs. XNKY.DE — Risk / Return Rank
ZPDW.DE
XNKY.DE
ZPDW.DE vs. XNKY.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 Xtrackers Nikkei 225 UCITS ETF (XNKY.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 | XNKY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.40 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 5.04 | 4.69 | +0.35 |
| Martin ratioReturn relative to average drawdown | 16.98 | 14.08 | +2.90 |
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Drawdowns
ZPDW.DE vs. XNKY.DE - Drawdown Comparison
The maximum ZPDW.DE drawdown since its inception was -34.37%, which is greater than XNKY.DE's maximum drawdown of -21.47%. Use the drawdown chart below to compare losses from any high point for ZPDW.DE and XNKY.DE.
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Drawdown Indicators
| ZPDW.DE | XNKY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.37% | -21.47% | -12.90% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -12.99% | +3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -21.70% | -20.16% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -21.70% | -21.15% | -0.55% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | — | — |
Current DrawdownCurrent decline from peak | -2.76% | -5.73% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -7.48% | -7.80% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 4.33% | -1.46% |
Volatility
ZPDW.DE vs. XNKY.DE - Volatility Comparison
The current volatility for State Street SPDR MSCI Japan EUR Hdg UCITS ETF (ZPDW.DE) is 6.74%, while Xtrackers Nikkei 225 UCITS ETF (XNKY.DE) has a volatility of 9.58%. This indicates that ZPDW.DE experiences smaller price fluctuations and is considered to be less risky than XNKY.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 | XNKY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.74% | 9.58% | -2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 20.53% | -4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 25.21% | -4.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.79% | 19.02% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.49% | 18.69% | -0.20% |
ZPDW.DE vs. XNKY.DE - Expense Ratio Comparison
ZPDW.DE has a 0.17% expense ratio, which is higher than XNKY.DE's 0.09% 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. XNKY.DE - Dividend Comparison
Neither ZPDW.DE nor XNKY.DE has paid dividends to shareholders.
Frequently Asked Questions
ZPDW.DE and XNKY.DE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XNKY.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XNKY.DE is cheaper with a 0.09% expense ratio, compared with 0.17% for ZPDW.DE.
ZPDW.DE tracks MSCI Japan 100% Hedged to EUR Index, while XNKY.DE tracks Nikkei 225®. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.17% for ZPDW.DE and 0.09% for XNKY.DE.
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