AYEP.DE vs. H4ZL.DE

Last updated Jun 5, 2026

AYEP.DE (iShares Asia Property Yield UCITS ETF USD Acc) and H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) are both REIT funds - AYEP.DE tracks the FTSE EPRA/NAREIT Developed Asia Dividend+ while H4ZL.DE tracks the FTSE EPRA/NAREIT Developed. Both are passively managed. Over the past 5 years, AYEP.DE returned -1.21%/yr vs 0.30%/yr for H4ZL.DE. A 0.62 correlation means they provide meaningful diversification when combined. AYEP.DE charges 0.59%/yr vs 0.24%/yr for H4ZL.DE.

Performance

AYEP.DE vs. H4ZL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Asia Property Yield UCITS ETF USD Acc (AYEP.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AYEP.DE achieves a -5.35% return, which is significantly lower than H4ZL.DE's 6.32% return.

AYEP.DE

• 1D: -0.02%
• 1M: -6.11%
• YTD: -5.35%
• 6M: -4.80%
• 1Y: 4.48%
• 3Y*: 0.62%
• 5Y*: -1.21%
• 10Y*: —

H4ZL.DE

• 1D: -0.02%
• 1M: -0.95%
• YTD: 6.32%
• 6M: 5.87%
• 1Y: 6.63%
• 3Y*: 3.13%
• 5Y*: 0.30%
• 10Y*: 2.35%

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

AYEP.DE vs. H4ZL.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
AYEP.DE iShares Asia Property Yield UCITS ETF USD Acc	-5.35%	15.89%	-4.24%	-5.46%	-7.48%	13.37%	-16.64%	19.27%	-2.92%
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	6.32%	-4.65%	2.27%	6.12%	-20.22%	36.90%	-16.99%	23.91%	-6.13%

Correlation

The correlation between AYEP.DE and H4ZL.DE is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Dec 17, 2018	0.62

The correlation between AYEP.DE and H4ZL.DE has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

AYEP.DE vs. H4ZL.DE — Risk / Return Rank

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

AYEP.DE

AYEP.DE Risk / Return Rank: 15
AYEP.DE Sharpe Ratio Rank: 15
AYEP.DE Sortino Ratio Rank: 15
AYEP.DE Omega Ratio Rank: 14
AYEP.DE Calmar Ratio Rank: 13
AYEP.DE Martin Ratio Rank: 15

H4ZL.DE

H4ZL.DE Risk / Return Rank: 19
H4ZL.DE Sharpe Ratio Rank: 19
H4ZL.DE Sortino Ratio Rank: 18
H4ZL.DE Omega Ratio Rank: 18
H4ZL.DE Calmar Ratio Rank: 20
H4ZL.DE Martin Ratio Rank: 21

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.

AYEP.DE vs. H4ZL.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Asia Property Yield UCITS ETF USD Acc (AYEP.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.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.

	AYEP.DE	H4ZL.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.41	0.59	-0.18
Sortino ratio: Return per unit of downside risk	0.66	0.88	-0.22
Omega ratio: Gain probability vs. loss probability	1.08	1.11	-0.03
Calmar ratio: Return relative to maximum drawdown	0.36	0.84	-0.48
Martin ratio: Return relative to average drawdown	1.10	2.48	-1.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AYEP.DE vs. H4ZL.DE - Sharpe Ratio Comparison

The current AYEP.DE Sharpe Ratio is 0.41, which is lower than the H4ZL.DE Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of AYEP.DE and H4ZL.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

	AYEP.DE	H4ZL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	0.59	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.02	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.29	-0.29

Drawdowns

AYEP.DE vs. H4ZL.DE - Drawdown Comparison

The maximum AYEP.DE drawdown since its inception was -38.46%, smaller than the maximum H4ZL.DE drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for AYEP.DE and H4ZL.DE.

Drawdown Indicators

	AYEP.DE	H4ZL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-38.46%	-41.97%	+3.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-7.82%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	-12.31%	-20.68%	+8.37%
Max Drawdown (5Y) Largest decline over 5 years	-22.65%	-30.45%	+7.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.97%	—
Current Drawdown Current decline from peak	-16.71%	-13.81%	-2.90%
Average Drawdown Average peak-to-trough decline	-15.03%	-10.80%	-4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	2.67%	+1.40%

Volatility

AYEP.DE vs. H4ZL.DE - Volatility Comparison

iShares Asia Property Yield UCITS ETF USD Acc (AYEP.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) have volatilities of 2.79% and 2.88%, 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

	AYEP.DE	H4ZL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.88%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	8.34%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.94%	11.21%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	14.69%	-2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	16.27%	-0.84%

AYEP.DE vs. H4ZL.DE - Expense Ratio Comparison

AYEP.DE has a 0.59% expense ratio, which is higher than H4ZL.DE's 0.24% expense ratio.

Dividends

AYEP.DE vs. H4ZL.DE - Dividend Comparison

Neither AYEP.DE nor H4ZL.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AYEP.DE iShares Asia Property Yield 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%
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	0.00%	0.00%	0.00%	2.63%	3.62%	2.19%	3.13%	2.95%	3.29%	3.08%	2.96%	2.67%

Frequently Asked Questions

Can I hold both AYEP.DE and H4ZL.DE in my portfolio?

AYEP.DE and H4ZL.DE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AYEP.DE or H4ZL.DE?

On fees, H4ZL.DE is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AYEP.DE or H4ZL.DE?

H4ZL.DE is cheaper with a 0.24% expense ratio, compared with 0.59% for AYEP.DE.

What is the main difference between AYEP.DE and H4ZL.DE?

AYEP.DE tracks FTSE EPRA/NAREIT Developed Asia Dividend+, while H4ZL.DE tracks FTSE EPRA/NAREIT Developed. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.59% for AYEP.DE and 0.24% for H4ZL.DE.