H410.DE vs. H4ZE.DE

Last updated Apr 3, 2026

Compare and contrast key facts about HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE) and HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE).

H410.DE and H4ZE.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. H410.DE is a passively managed fund by HSBC that tracks the performance of the MSCI Emerging Markets. It was launched on Sep 5, 2011. H4ZE.DE is a passively managed fund by HSBC that tracks the performance of the MSCI Europe. It was launched on Jun 1, 2010. Both H410.DE and H4ZE.DE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

H410.DE vs. H4ZE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE) and HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE). The values are adjusted to include any dividend payments, if applicable.

H410.DE vs. H4ZE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	5.14%	18.61%	13.89%	4.66%	-13.80%	3.98%	7.04%	21.02%	-11.31%	21.15%
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	1.40%	20.37%	10.54%	15.61%	-8.94%	25.21%	-3.31%	28.06%	-11.05%	10.41%

Returns By Period

In the year-to-date period, H410.DE achieves a 5.14% return, which is significantly higher than H4ZE.DE's 1.40% return. Over the past 10 years, H410.DE has underperformed H4ZE.DE with an annualized return of 7.79%, while H4ZE.DE has yielded a comparatively higher 9.20% annualized return.

H410.DE

• 1D: -1.39%
• 1M: -1.85%
• YTD: 5.14%
• 6M: 7.92%
• 1Y: 24.75%
• 3Y*: 13.45%
• 5Y*: 4.08%
• 10Y*: 7.79%

H4ZE.DE

• 1D: -0.10%
• 1M: -0.85%
• YTD: 1.40%
• 6M: 5.88%
• 1Y: 13.90%
• 3Y*: 13.00%
• 5Y*: 10.40%
• 10Y*: 9.20%

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

H410.DE vs. H4ZE.DE - Expense Ratio Comparison

H410.DE has a 0.15% expense ratio, which is higher than H4ZE.DE's 0.10% 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%.

H410.DE

HSBC MSCI Emerging Markets UCITS ETF USD

H4ZE.DE

HSBC MSCI Europe UCITS ETF EUR

Return for Risk

H410.DE vs. H4ZE.DE — Risk / Return Rank

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

H410.DE

H410.DE Risk / Return Rank: 73
H410.DE Sharpe Ratio Rank: 71
H410.DE Sortino Ratio Rank: 70
H410.DE Omega Ratio Rank: 67
H410.DE Calmar Ratio Rank: 80
H410.DE Martin Ratio Rank: 79

H4ZE.DE

H4ZE.DE Risk / Return Rank: 50
H4ZE.DE Sharpe Ratio Rank: 47
H4ZE.DE Sortino Ratio Rank: 42
H4ZE.DE Omega Ratio Rank: 46
H4ZE.DE Calmar Ratio Rank: 57
H4ZE.DE Martin Ratio Rank: 58

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.

H410.DE vs. H4ZE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE) and HSBC MSCI Europe UCITS ETF EUR (H4ZE.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.

	H410.DE	H4ZE.DE	Difference
Sharpe ratio Return per unit of total volatility	1.35	0.92	+0.43
Sortino ratio Return per unit of downside risk	1.85	1.25	+0.60
Omega ratio Gain probability vs. loss probability	1.26	1.19	+0.07
Calmar ratio Return relative to maximum drawdown	2.78	1.80	+0.97
Martin ratio Return relative to average drawdown	10.22	7.13	+3.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H410.DE vs. H4ZE.DE - Sharpe Ratio Comparison

The current H410.DE Sharpe Ratio is 1.35, which is higher than the H4ZE.DE Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of H410.DE and H4ZE.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	H410.DE	H4ZE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	0.92	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.73	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.59	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.48	-0.15

Correlation

The correlation between H410.DE and H4ZE.DE is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

H410.DE vs. H4ZE.DE - Dividend Comparison

H410.DE's dividend yield for the trailing twelve months is around 2.00%, less than H4ZE.DE's 2.57% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	2.00%	2.00%	2.40%	2.58%	3.11%	2.00%	1.69%	2.03%	2.20%	1.62%	1.71%	2.28%
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	2.57%	2.58%	5.12%	2.81%	3.03%	2.09%	2.15%	2.91%	3.35%	2.75%	2.88%	2.69%

Drawdowns

H410.DE vs. H4ZE.DE - Drawdown Comparison

The maximum H410.DE drawdown since its inception was -36.25%, roughly equal to the maximum H4ZE.DE drawdown of -35.52%. Use the drawdown chart below to compare losses from any high point for H410.DE and H4ZE.DE.

Drawdown Indicators

	H410.DE	H4ZE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-36.25%	-35.52%	-0.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-10.05%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	-23.76%	-19.17%	-4.59%
Max Drawdown (10Y) Largest decline over 10 years	-31.68%	-35.52%	+3.84%
Current Drawdown Current decline from peak	-8.65%	-5.47%	-3.18%
Average Drawdown Average peak-to-trough decline	-10.37%	-5.76%	-4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.39%	+0.46%

Volatility

H410.DE vs. H4ZE.DE - Volatility Comparison

HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE) has a higher volatility of 7.51% compared to HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) at 5.64%. This indicates that H410.DE's price experiences larger fluctuations and is considered to be riskier than H4ZE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H410.DE	H4ZE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.51%	5.64%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	13.11%	9.09%	+4.02%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	15.12%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	14.07%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	15.45%	+2.58%