EUNZ.DE vs. H4Z3.DE
EUNZ.DE (iShares Edge MSCI EM Minimum Volatility UCITS ETF) and H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - EUNZ.DE tracks the MSCI Emerging Markets Minimum Volatility while H4Z3.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, EUNZ.DE returned 11.07%/yr vs 20.42%/yr for H4Z3.DE. Their correlation of 0.83 suggests significant overlap in exposure. EUNZ.DE charges 0.40%/yr vs 0.15%/yr for H4Z3.DE.
Performance
EUNZ.DE vs. H4Z3.DE - Performance Comparison
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Returns By Period
In the year-to-date period, EUNZ.DE achieves a 18.69% return, which is significantly lower than H4Z3.DE's 27.75% return.
EUNZ.DE
- 1D
- -1.19%
- 1M
- 3.85%
- YTD
- 18.69%
- 6M
- 17.92%
- 1Y
- 22.13%
- 3Y*
- 11.07%
- 5Y*
- 6.48%
- 10Y*
- 6.20%
H4Z3.DE
- 1D
- -1.67%
- 1M
- 3.67%
- YTD
- 27.75%
- 6M
- 28.22%
- 1Y
- 49.05%
- 3Y*
- 20.42%
- 5Y*
- —
- 10Y*
- —
EUNZ.DE vs. H4Z3.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EUNZ.DE iShares Edge MSCI EM Minimum Volatility UCITS ETF | 18.69% | -0.15% | 15.73% | 3.85% | -7.07% |
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 27.75% | 18.60% | 13.73% | 4.66% | -6.26% |
Correlation
The correlation between EUNZ.DE and H4Z3.DE is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022 | 0.83 |
The correlation between EUNZ.DE and H4Z3.DE has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.
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Return for Risk
EUNZ.DE vs. H4Z3.DE — Risk / Return Rank
EUNZ.DE
H4Z3.DE
EUNZ.DE vs. H4Z3.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI EM Minimum Volatility UCITS ETF (EUNZ.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.
| EUNZ.DE | H4Z3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.52 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 4.77 | -1.77 |
| Martin ratioReturn relative to average drawdown | 10.57 | 17.12 | -6.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUNZ.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.85 | 2.85 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.91 | -0.55 |
Drawdowns
EUNZ.DE vs. H4Z3.DE - Drawdown Comparison
The maximum EUNZ.DE drawdown since its inception was -30.47%, 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 EUNZ.DE and H4Z3.DE.
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Drawdown Indicators
| EUNZ.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.47% | -18.86% | -11.61% |
Max Drawdown (1Y)Largest decline over 1 year | -7.50% | -10.47% | +2.97% |
Max Drawdown (3Y)Largest decline over 3 years | -14.00% | -18.86% | +4.86% |
Max Drawdown (5Y)Largest decline over 5 years | -14.00% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.15% | — | — |
Current DrawdownCurrent decline from peak | -1.96% | -2.73% | +0.77% |
Average DrawdownAverage peak-to-trough decline | -7.62% | -4.95% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 2.92% | -0.79% |
Volatility
EUNZ.DE vs. H4Z3.DE - Volatility Comparison
The current volatility for iShares Edge MSCI EM Minimum Volatility UCITS ETF (EUNZ.DE) is 4.75%, while HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) has a volatility of 7.35%. This indicates that EUNZ.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
| EUNZ.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.75% | 7.35% | -2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 10.35% | 14.91% | -4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.18% | 17.54% | -5.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.41% | 15.77% | -4.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.32% | 15.77% | -2.45% |
EUNZ.DE vs. H4Z3.DE - Expense Ratio Comparison
EUNZ.DE has a 0.40% expense ratio, which is higher than H4Z3.DE's 0.15% expense ratio.
Dividends
EUNZ.DE vs. H4Z3.DE - Dividend Comparison
Neither EUNZ.DE nor H4Z3.DE has paid dividends to shareholders.
Frequently Asked Questions
EUNZ.DE and H4Z3.DE have a correlation of 0.87, 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 0.40% for EUNZ.DE.
EUNZ.DE tracks MSCI Emerging Markets Minimum Volatility, while H4Z3.DE tracks MSCI Emerging Markets. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.40% for EUNZ.DE and 0.15% for H4Z3.DE.
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