CEUR.L vs. HPAE.L

Last updated Jun 5, 2026

CEUR.L (Amundi MSCI Europe) and HPAE.L (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) are both Europe Equities funds tracking the MSCI Europe NR EUR, from Amundi and HSBC respectively. Both are passively managed. Over the past 3 years, CEUR.L returned 13.68%/yr vs 11.40%/yr for HPAE.L. With a 0.98 correlation, they move nearly in lockstep. CEUR.L charges 0.05%/yr vs 0.15%/yr for HPAE.L.

Performance

CEUR.L vs. HPAE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi MSCI Europe (CEUR.L) and HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CEUR.L is traded in GBp, while HPAE.L is traded in GBP. To make them comparable, the HPAE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CEUR.L achieves a 6.66% return, which is significantly higher than HPAE.L's 5.23% return.

CEUR.L

• 1D: 0.46%
• 1M: 3.94%
• YTD: 6.66%
• 6M: 8.98%
• 1Y: 19.26%
• 3Y*: 13.68%
• 5Y*: 9.47%
• 10Y*: 9.88%

HPAE.L

• 1D: 0.64%
• 1M: 3.32%
• YTD: 5.23%
• 6M: 7.30%
• 1Y: 15.16%
• 3Y*: 11.40%
• 5Y*: —
• 10Y*: —

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

CEUR.L vs. HPAE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CEUR.L Amundi MSCI Europe	6.66%	24.46%	4.90%	12.93%	-5.96%	3.50%
HPAE.L HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc	5.23%	21.41%	2.17%	14.70%	-7.82%	4.35%

Correlation

The correlation between CEUR.L and HPAE.L is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 9, 2021	0.98

The correlation between CEUR.L and HPAE.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

CEUR.L vs. HPAE.L - Sectors Allocation Comparison

Sectors	CEUR.L	HPAE.L
Financial Services	25.1%	24.0%
Industrials	19.8%	22.6%
Healthcare	13.8%	15.4%
Technology	10.4%	11.2%
Consumer Defensive	7.2%	5.3%
Consumer Cyclical	6.2%	5.5%
Utilities	5.3%	5.5%
Basic Materials	3.8%	4.0%
Energy	3.5%	0.1%
Communication Services	3.4%	3.0%
Real Estate	1.7%	3.6%

Return for Risk

CEUR.L vs. HPAE.L — Risk / Return Rank

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

CEUR.L

CEUR.L Risk / Return Rank: 42
CEUR.L Sharpe Ratio Rank: 45
CEUR.L Sortino Ratio Rank: 45
CEUR.L Omega Ratio Rank: 47
CEUR.L Calmar Ratio Rank: 36
CEUR.L Martin Ratio Rank: 39

HPAE.L

HPAE.L Risk / Return Rank: 31
HPAE.L Sharpe Ratio Rank: 33
HPAE.L Sortino Ratio Rank: 32
HPAE.L Omega Ratio Rank: 33
HPAE.L Calmar Ratio Rank: 27
HPAE.L Martin Ratio Rank: 31

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.

CEUR.L vs. HPAE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi MSCI Europe (CEUR.L) and HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L). 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.

	CEUR.L	HPAE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.16	+0.38
Sortino ratio: Return per unit of downside risk	2.18	1.67	+0.51
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	1.74	1.30	+0.44
Martin ratio: Return relative to average drawdown	6.06	4.43	+1.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEUR.L vs. HPAE.L - Sharpe Ratio Comparison

The current CEUR.L Sharpe Ratio is 1.54, which is higher than the HPAE.L Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of CEUR.L and HPAE.L, 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

	CEUR.L	HPAE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.16	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.55	+0.01

Drawdowns

CEUR.L vs. HPAE.L - Drawdown Comparison

The maximum CEUR.L drawdown since its inception was -28.63%, which is greater than HPAE.L's maximum drawdown of -19.88%. Use the drawdown chart below to compare losses from any high point for CEUR.L and HPAE.L.

Drawdown Indicators

	CEUR.L	HPAE.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.63%	-19.88%	-8.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-11.63%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.66%	-12.44%	-0.22%
Max Drawdown (5Y) Largest decline over 5 years	-17.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.63%	—	—
Current Drawdown Current decline from peak	-1.52%	-2.36%	+0.84%
Average Drawdown Average peak-to-trough decline	-4.58%	-4.37%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.41%	-0.24%

Volatility

CEUR.L vs. HPAE.L - Volatility Comparison

Amundi MSCI Europe (CEUR.L) and HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L) have volatilities of 4.25% and 4.41%, 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

	CEUR.L	HPAE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.41%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	10.96%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	12.98%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	14.32%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	14.32%	+0.65%

CEUR.L vs. HPAE.L - Expense Ratio Comparison

CEUR.L has a 0.05% expense ratio, which is lower than HPAE.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CEUR.L vs. HPAE.L - Dividend Comparison

Neither CEUR.L nor HPAE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CEUR.L and HPAE.L in my portfolio?

With a correlation of 0.97, CEUR.L and HPAE.L 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, CEUR.L or HPAE.L?

On fees, CEUR.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEUR.L or HPAE.L?

CEUR.L is cheaper with a 0.05% expense ratio, compared with 0.15% for HPAE.L.

What is the main difference between CEUR.L and HPAE.L?

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: Amundi and HSBC. Their fees differ too: 0.05% for CEUR.L and 0.15% for HPAE.L.