AEMD.DE vs. H4Z3.DE

Last updated Jun 5, 2026

AEMD.DE (Amundi Index MSCI Emerging Markets UCITS ETF DR EUR (D)) and H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - AEMD.DE tracks the MSCI EM NR USD while H4Z3.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, AEMD.DE returned 20.72%/yr vs 20.42%/yr for H4Z3.DE. With a 0.99 correlation, they move nearly in lockstep. AEMD.DE charges 0.20%/yr vs 0.15%/yr for H4Z3.DE.

Performance

AEMD.DE vs. H4Z3.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Amundi Index MSCI Emerging Markets UCITS ETF DR EUR (D) (AEMD.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AEMD.DE having a 27.93% return and H4Z3.DE slightly lower at 27.75%.

AEMD.DE

• 1D: -1.54%
• 1M: 4.20%
• YTD: 27.93%
• 6M: 28.15%
• 1Y: 49.42%
• 3Y*: 20.72%
• 5Y*: 8.34%
• 10Y*: —

H4Z3.DE

• 1D: -1.67%
• 1M: 3.67%
• YTD: 27.75%
• 6M: 28.22%
• 1Y: 49.05%
• 3Y*: 20.42%
• 5Y*: —
• 10Y*: —

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

AEMD.DE vs. H4Z3.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AEMD.DE Amundi Index MSCI Emerging Markets UCITS ETF DR EUR (D)	27.93%	19.91%	13.00%	4.88%	-5.86%
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	27.75%	18.60%	13.73%	4.66%	-6.26%

Correlation

The correlation between AEMD.DE and H4Z3.DE is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022	0.99

The correlation between AEMD.DE and H4Z3.DE has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

AEMD.DE vs. H4Z3.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AEMD.DE

AEMD.DE Risk / Return Rank: 85
AEMD.DE Sharpe Ratio Rank: 87
AEMD.DE Sortino Ratio Rank: 85
AEMD.DE Omega Ratio Rank: 85
AEMD.DE Calmar Ratio Rank: 85
AEMD.DE Martin Ratio Rank: 84

H4Z3.DE

H4Z3.DE Risk / Return Rank: 86
H4Z3.DE Sharpe Ratio Rank: 87
H4Z3.DE Sortino Ratio Rank: 86
H4Z3.DE Omega Ratio Rank: 86
H4Z3.DE Calmar Ratio Rank: 86
H4Z3.DE Martin Ratio Rank: 85

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.

AEMD.DE vs. H4Z3.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Index MSCI Emerging Markets UCITS ETF DR EUR (D) (AEMD.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.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.

	AEMD.DE	H4Z3.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.82	2.85	-0.03
Sortino ratio: Return per unit of downside risk	3.74	3.82	-0.08
Omega ratio: Gain probability vs. loss probability	1.50	1.52	-0.01
Calmar ratio: Return relative to maximum drawdown	4.56	4.77	-0.21
Martin ratio: Return relative to average drawdown	16.70	17.12	-0.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEMD.DE vs. H4Z3.DE - Sharpe Ratio Comparison

The current AEMD.DE Sharpe Ratio is 2.82, which is comparable to the H4Z3.DE Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of AEMD.DE and H4Z3.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.

Sharpe Ratios by Period

	AEMD.DE	H4Z3.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	2.85	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.91	-0.51

Drawdowns

AEMD.DE vs. H4Z3.DE - Drawdown Comparison

The maximum AEMD.DE drawdown since its inception was -31.80%, which is greater than H4Z3.DE's maximum drawdown of -18.86%. Use the drawdown chart below to compare losses from any high point for AEMD.DE and H4Z3.DE.

Drawdown Indicators

	AEMD.DE	H4Z3.DE	Difference
Max Drawdown Largest peak-to-trough decline	-31.80%	-18.86%	-12.94%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-10.47%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-18.86%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-23.88%	—	—
Current Drawdown Current decline from peak	-2.57%	-2.73%	+0.16%
Average Drawdown Average peak-to-trough decline	-9.65%	-4.95%	-4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.92%	+0.09%

Volatility

AEMD.DE vs. H4Z3.DE - Volatility Comparison

Amundi Index MSCI Emerging Markets UCITS ETF DR EUR (D) (AEMD.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) have volatilities of 7.37% and 7.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEMD.DE	H4Z3.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	7.35%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	15.13%	14.91%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	17.54%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.75%	15.77%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	15.77%	+3.15%

AEMD.DE vs. H4Z3.DE - Expense Ratio Comparison

AEMD.DE has a 0.20% expense ratio, which is higher than H4Z3.DE's 0.15% 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

AEMD.DE vs. H4Z3.DE - Dividend Comparison

AEMD.DE's dividend yield for the trailing twelve months is around 1.51%, while H4Z3.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AEMD.DE Amundi Index MSCI Emerging Markets UCITS ETF DR EUR (D)	1.51%	1.93%	2.33%	2.51%	3.20%	2.23%	1.69%	2.32%	2.14%
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	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 AEMD.DE and H4Z3.DE in my portfolio?

With a correlation of 0.99, AEMD.DE and H4Z3.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, AEMD.DE or H4Z3.DE?

On fees, H4Z3.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AEMD.DE or H4Z3.DE?

H4Z3.DE is cheaper with a 0.15% expense ratio, compared with 0.20% for AEMD.DE.

What is the main difference between AEMD.DE and H4Z3.DE?

AEMD.DE tracks MSCI EM NR USD, while H4Z3.DE tracks MSCI Emerging Markets. They also come from different issuers: Amundi and HSBC. Their fees differ too: 0.20% for AEMD.DE and 0.15% for H4Z3.DE.