CS1.L vs. HPAE.L

Last updated Jun 5, 2026

CS1.L (Amundi ETF MSCI Spain UCITS ETF EUR (C)) and HPAE.L (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) are both Europe Equities funds - CS1.L tracks the BME IBEX 35 NR EUR while HPAE.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 3 years, CS1.L returned 30.04%/yr vs 11.40%/yr for HPAE.L. A 0.74 correlation means they provide meaningful diversification when combined. CS1.L charges 0.25%/yr vs 0.15%/yr for HPAE.L.

Performance

CS1.L vs. HPAE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.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

CS1.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, CS1.L achieves a 6.29% return, which is significantly higher than HPAE.L's 5.23% return.

CS1.L

• 1D: 0.91%
• 1M: 1.37%
• YTD: 6.29%
• 6M: 10.29%
• 1Y: 36.78%
• 3Y*: 30.04%
• 5Y*: 19.41%
• 10Y*: 12.13%

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)

CS1.L vs. HPAE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CS1.L Amundi ETF MSCI Spain UCITS ETF EUR (C)	6.29%	62.63%	14.12%	24.14%	4.89%	-2.64%
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 CS1.L and HPAE.L is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 9, 2021	0.74

The correlation between CS1.L and HPAE.L has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

CS1.L vs. HPAE.L - Sectors Allocation Comparison

Sectors	CS1.L	HPAE.L
Financial Services	40.3%	24.0%
Utilities	19.0%	5.5%
Industrials	15.8%	22.6%
Consumer Cyclical	10.8%	5.5%
Real Estate	3.3%	3.6%
Technology	3.2%	11.2%
Energy	2.8%	0.1%
Communication Services	2.4%	3.0%
Basic Materials	1.3%	4.0%
Healthcare	0.7%	15.4%
Consumer Defensive	0.3%	5.3%

Return for Risk

CS1.L vs. HPAE.L — Risk / Return Rank

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

CS1.L

CS1.L Risk / Return Rank: 70
CS1.L Sharpe Ratio Rank: 72
CS1.L Sortino Ratio Rank: 68
CS1.L Omega Ratio Rank: 71
CS1.L Calmar Ratio Rank: 73
CS1.L Martin Ratio Rank: 67

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.

CS1.L vs. HPAE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.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.

	CS1.L	HPAE.L	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.16	+1.14
Sortino ratio: Return per unit of downside risk	3.07	1.67	+1.40
Omega ratio: Gain probability vs. loss probability	1.42	1.22	+0.20
Calmar ratio: Return relative to maximum drawdown	3.60	1.30	+2.30
Martin ratio: Return relative to average drawdown	12.14	4.43	+7.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CS1.L vs. HPAE.L - Sharpe Ratio Comparison

The current CS1.L Sharpe Ratio is 2.30, which is higher than the HPAE.L Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of CS1.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

	CS1.L	HPAE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.16	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.55	-0.06

Drawdowns

CS1.L vs. HPAE.L - Drawdown Comparison

The maximum CS1.L drawdown since its inception was -38.87%, 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 CS1.L and HPAE.L.

Drawdown Indicators

	CS1.L	HPAE.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.87%	-19.88%	-18.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-11.63%	+1.29%
Max Drawdown (3Y) Largest decline over 3 years	-10.34%	-12.44%	+2.10%
Max Drawdown (5Y) Largest decline over 5 years	-18.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	—	—
Current Drawdown Current decline from peak	-0.98%	-2.36%	+1.38%
Average Drawdown Average peak-to-trough decline	-10.34%	-4.37%	-5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.41%	-0.34%

Volatility

CS1.L vs. HPAE.L - Volatility Comparison

Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L) has a higher volatility of 4.68% compared to HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L) at 4.41%. This indicates that CS1.L's price experiences larger fluctuations and is considered to be riskier than HPAE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CS1.L	HPAE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	4.41%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	13.37%	10.96%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	12.98%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	14.32%	+2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.48%	14.32%	+4.16%

CS1.L vs. HPAE.L - Expense Ratio Comparison

CS1.L has a 0.25% expense ratio, which is higher than HPAE.L'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

CS1.L vs. HPAE.L - Dividend Comparison

Neither CS1.L nor HPAE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CS1.L and HPAE.L in my portfolio?

CS1.L and HPAE.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CS1.L or HPAE.L?

On fees, HPAE.L 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, CS1.L or HPAE.L?

HPAE.L is cheaper with a 0.15% expense ratio, compared with 0.25% for CS1.L.

What is the main difference between CS1.L and HPAE.L?

CS1.L tracks BME IBEX 35 NR EUR, while HPAE.L tracks MSCI Europe NR EUR. They also come from different issuers: Amundi and HSBC. Their fees differ too: 0.25% for CS1.L and 0.15% for HPAE.L.