DX2Z.DE vs. H4Z3.DE
DX2Z.DE (Xtrackers S&P Select Frontier Swap UCITS ETF (Acc)) and H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - DX2Z.DE tracks the S&P Select Frontier Index while H4Z3.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, DX2Z.DE returned 18.61%/yr vs 19.25%/yr for H4Z3.DE. At a 0.36 correlation, their price movements are largely independent. DX2Z.DE charges 0.95%/yr vs 0.15%/yr for H4Z3.DE.
Performance
DX2Z.DE vs. H4Z3.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DX2Z.DE achieves a 10.31% return, which is significantly lower than H4Z3.DE's 25.10% return.
DX2Z.DE
- 1D
- 0.61%
- 1M
- 2.36%
- 6M
- 8.54%
- YTD
- 10.31%
- 1Y
- 29.81%
- 3Y*
- 18.61%
- 5Y*
- 12.91%
- 10Y*
- 11.40%
H4Z3.DE
- 1D
- 0.00%
- 1M
- -3.70%
- 6M
- 22.51%
- YTD
- 25.10%
- 1Y
- 42.87%
- 3Y*
- 19.25%
- 5Y*
- —
- 10Y*
- —
DX2Z.DE vs. H4Z3.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DX2Z.DE Xtrackers S&P Select Frontier Swap UCITS ETF (Acc) | 10.31% | 18.38% | 30.33% | 20.29% | 1.97% |
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 25.10% | 18.60% | 13.73% | 4.66% | -5.78% |
Correlation
The correlation between DX2Z.DE and H4Z3.DE is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022 | 0.36 |
The correlation between DX2Z.DE and H4Z3.DE shifts across timeframes, from 0.23 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DX2Z.DE vs. H4Z3.DE — Risk / Return Rank
DX2Z.DE
H4Z3.DE
DX2Z.DE vs. H4Z3.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P Select Frontier Swap UCITS ETF (Acc) (DX2Z.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.
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.
| DX2Z.DE | H4Z3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.40 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 4.11 | -1.86 |
| Martin ratioReturn relative to average drawdown | 6.70 | 13.45 | -6.76 |
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Drawdowns
DX2Z.DE vs. H4Z3.DE - Drawdown Comparison
The maximum DX2Z.DE drawdown since its inception was -76.62%, 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 DX2Z.DE and H4Z3.DE.
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Drawdown Indicators
| DX2Z.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.62% | -18.86% | -57.76% |
Max Drawdown (1Y)Largest decline over 1 year | -13.15% | -10.47% | -2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -20.17% | -18.86% | -1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -23.10% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.54% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.16% | +7.16% |
Average DrawdownAverage peak-to-trough decline | -44.91% | -4.93% | -39.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.44% | 3.20% | +1.24% |
Volatility
DX2Z.DE vs. H4Z3.DE - Volatility Comparison
The current volatility for Xtrackers S&P Select Frontier Swap UCITS ETF (Acc) (DX2Z.DE) is 3.87%, while HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) has a volatility of 9.16%. This indicates that DX2Z.DE experiences smaller price fluctuations and is considered to be less risky than H4Z3.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DX2Z.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.87% | 9.16% | -5.29% |
Volatility (6M)Calculated over the trailing 6-month period | 14.14% | 17.05% | -2.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.85% | 19.45% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 16.24% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.78% | 16.24% | +2.54% |
DX2Z.DE vs. H4Z3.DE - Expense Ratio Comparison
DX2Z.DE has a 0.95% expense ratio, which is higher than H4Z3.DE's 0.15% expense ratio.
Dividends
DX2Z.DE vs. H4Z3.DE - Dividend Comparison
Neither DX2Z.DE nor H4Z3.DE has paid dividends to shareholders.
Frequently Asked Questions
DX2Z.DE and H4Z3.DE have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
H4Z3.DE is cheaper with a 0.15% expense ratio, compared with 0.95% for DX2Z.DE.
DX2Z.DE tracks S&P Select Frontier Index, while H4Z3.DE tracks MSCI Emerging Markets. They also come from different issuers: Xtrackers and HSBC. Their fees differ too: 0.95% for DX2Z.DE and 0.15% for H4Z3.DE.
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