AW12.DE vs. H410.DE

Last updated Jul 18, 2026

AW12.DE (UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc) and H410.DE (HSBC MSCI Emerging Markets UCITS ETF USD) are both Emerging Markets Equities funds - AW12.DE tracks the MSCI Emerging Markets Climate Paris Aligned while H410.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, AW12.DE returned 16.93%/yr vs 18.31%/yr for H410.DE. Their correlation of 0.93 suggests significant overlap in exposure. AW12.DE charges 0.16%/yr vs 0.15%/yr for H410.DE.

Performance

AW12.DE vs. H410.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc (AW12.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AW12.DE having a 19.03% return and H410.DE slightly higher at 19.79%.

AW12.DE

• 1D: 0.00%
• 1M: -6.22%
• 6M: 11.61%
• YTD: 19.03%
• 1Y: 33.55%
• 3Y*: 16.93%
• 5Y*: —
• 10Y*: —

H410.DE

• 1D: -1.87%
• 1M: -8.04%
• 6M: 12.07%
• YTD: 19.79%
• 1Y: 34.11%
• 3Y*: 18.31%
• 5Y*: 6.91%
• 10Y*: 8.22%

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

AW12.DE vs. H410.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AW12.DE UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc	19.03%	18.87%	12.31%	3.30%	-15.75%	-1.08%
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	19.79%	18.65%	13.95%	4.67%	-13.87%	-1.20%

Correlation

The correlation between AW12.DE and H410.DE is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 9, 2021	0.93

The correlation between AW12.DE and H410.DE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

AW12.DE vs. H410.DE — Risk / Return Rank

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

AW12.DE

AW12.DE Risk / Return Rank: 70
AW12.DE Sharpe Ratio Rank: 65
AW12.DE Sortino Ratio Rank: 62
AW12.DE Omega Ratio Rank: 66
AW12.DE Calmar Ratio Rank: 83
AW12.DE Martin Ratio Rank: 73

H410.DE

H410.DE Risk / Return Rank: 70
H410.DE Sharpe Ratio Rank: 68
H410.DE Sortino Ratio Rank: 65
H410.DE Omega Ratio Rank: 67
H410.DE Calmar Ratio Rank: 80
H410.DE Martin Ratio Rank: 71

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.

AW12.DE vs. H410.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc (AW12.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (H410.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.

	AW12.DE	H410.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.69	-0.05
Sortino ratio: Return per unit of downside risk	2.25	2.30	-0.05
Omega ratio: Gain probability vs. loss probability	1.30	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.39	3.17	+0.22
Martin ratio: Return relative to average drawdown	10.02	9.64	+0.38

AW12.DE vs. H410.DE - Sharpe Ratio Comparison

The current AW12.DE Sharpe Ratio is 1.64, which is comparable to the H410.DE Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of AW12.DE and H410.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

AW12.DE vs. H410.DE - Drawdown Comparison

The maximum AW12.DE drawdown since its inception was -24.09%, smaller than the maximum H410.DE drawdown of -41.02%. Use the drawdown chart below to compare losses from any high point for AW12.DE and H410.DE.

Drawdown Indicators

	AW12.DE	H410.DE	Difference
Max Drawdown Largest peak-to-trough decline	-24.09%	-41.02%	+16.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.94%	-10.71%	+0.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-19.01%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.62%	—
Current Drawdown Current decline from peak	-8.99%	-10.71%	+1.72%
Average Drawdown Average peak-to-trough decline	-9.79%	-13.30%	+3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.53%	-0.17%

Volatility

AW12.DE vs. H410.DE - Volatility Comparison

UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc (AW12.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE) have volatilities of 8.38% and 8.22%, 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

	AW12.DE	H410.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	8.22%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	17.72%	17.70%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	20.62%	20.15%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	17.18%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	18.31%	-0.01%

AW12.DE vs. H410.DE - Expense Ratio Comparison

AW12.DE has a 0.16% expense ratio, which is higher than H410.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

AW12.DE vs. H410.DE - Dividend Comparison

AW12.DE has not paid dividends to shareholders, while H410.DE's dividend yield for the trailing twelve months is around 1.71%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AW12.DE UBS ETF (IE) MSCI Emerging Markets Climate Paris Aligned UCITS ETF (USD) Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	1.71%	2.00%	2.40%	2.59%	3.11%	2.00%	1.69%	2.03%	2.20%	1.62%	1.71%	2.28%

Frequently Asked Questions

Can I hold both AW12.DE and H410.DE in my portfolio?

With a correlation of 0.94, AW12.DE and H410.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, AW12.DE or H410.DE?

On fees, H410.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, AW12.DE or H410.DE?

H410.DE is cheaper with a 0.15% expense ratio, compared with 0.16% for AW12.DE.

What is the main difference between AW12.DE and H410.DE?

AW12.DE tracks MSCI Emerging Markets Climate Paris Aligned, while H410.DE tracks MSCI Emerging Markets. They also come from different issuers: UBS and HSBC. Their fees differ too: 0.16% for AW12.DE and 0.15% for H410.DE.