FLXE.DE vs. H4Z3.DE
FLXE.DE (Franklin Emerging Markets UCITS ETF) and H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - FLXE.DE tracks the MSCI EM NR USD while H4Z3.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, FLXE.DE returned 15.92%/yr vs 20.42%/yr for H4Z3.DE. Their correlation of 0.84 suggests significant overlap in exposure. FLXE.DE charges 0.45%/yr vs 0.15%/yr for H4Z3.DE.
Performance
FLXE.DE vs. H4Z3.DE - Performance Comparison
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Returns By Period
In the year-to-date period, FLXE.DE achieves a 16.10% return, which is significantly lower than H4Z3.DE's 27.75% return.
FLXE.DE
- 1D
- -0.62%
- 1M
- 0.38%
- YTD
- 16.10%
- 6M
- 15.79%
- 1Y
- 29.88%
- 3Y*
- 15.92%
- 5Y*
- 7.69%
- 10Y*
- —
H4Z3.DE
- 1D
- -1.67%
- 1M
- 3.67%
- YTD
- 27.75%
- 6M
- 28.22%
- 1Y
- 49.05%
- 3Y*
- 20.42%
- 5Y*
- —
- 10Y*
- —
FLXE.DE vs. H4Z3.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLXE.DE Franklin Emerging Markets UCITS ETF | 16.10% | 13.48% | 13.20% | 8.82% | -2.51% |
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 27.75% | 18.60% | 13.73% | 4.66% | -6.26% |
Correlation
The correlation between FLXE.DE and H4Z3.DE is 0.86, 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 | 0.86 |
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 | 0.84 |
The correlation between FLXE.DE and H4Z3.DE has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.
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Return for Risk
FLXE.DE vs. H4Z3.DE — Risk / Return Rank
FLXE.DE
H4Z3.DE
FLXE.DE vs. H4Z3.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Markets UCITS ETF (FLXE.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.
| FLXE.DE | H4Z3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.52 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.58 | 4.77 | -1.19 |
| Martin ratioReturn relative to average drawdown | 12.18 | 17.12 | -4.94 |
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
| FLXE.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 2.85 | -0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.91 | -0.54 |
Drawdowns
FLXE.DE vs. H4Z3.DE - Drawdown Comparison
The maximum FLXE.DE drawdown since its inception was -32.87%, 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 FLXE.DE and H4Z3.DE.
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Drawdown Indicators
| FLXE.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.87% | -18.86% | -14.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.39% | -10.47% | +2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -14.16% | -18.86% | +4.70% |
Max Drawdown (5Y)Largest decline over 5 years | -18.56% | — | — |
Current DrawdownCurrent decline from peak | -1.81% | -2.73% | +0.92% |
Average DrawdownAverage peak-to-trough decline | -7.16% | -4.95% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 2.92% | -0.45% |
Volatility
FLXE.DE vs. H4Z3.DE - Volatility Comparison
The current volatility for Franklin Emerging Markets UCITS ETF (FLXE.DE) is 5.11%, while HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) has a volatility of 7.35%. This indicates that FLXE.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
| FLXE.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 7.35% | -2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 14.91% | -3.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.04% | 17.54% | -4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.69% | 15.77% | -2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.06% | 15.77% | +0.29% |
FLXE.DE vs. H4Z3.DE - Expense Ratio Comparison
FLXE.DE has a 0.45% expense ratio, which is higher than H4Z3.DE's 0.15% expense ratio.
Dividends
FLXE.DE vs. H4Z3.DE - Dividend Comparison
Neither FLXE.DE nor H4Z3.DE has paid dividends to shareholders.
Frequently Asked Questions
FLXE.DE and H4Z3.DE have a correlation of 0.86, 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 0.45% for FLXE.DE.
FLXE.DE tracks MSCI EM NR USD, while H4Z3.DE tracks MSCI Emerging Markets. They also come from different issuers: Franklin Templeton and HSBC. Their fees differ too: 0.45% for FLXE.DE and 0.15% for H4Z3.DE.
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