H410.DE vs. XGLF.DE

Last updated Jul 18, 2026

H410.DE (HSBC MSCI Emerging Markets UCITS ETF USD) and XGLF.DE (Xtrackers MSCI GCC Select Swap UCITS ETF (Acc)) are both Emerging Markets Equities funds - H410.DE tracks the MSCI Emerging Markets while XGLF.DE tracks the MSCI GCC Countries ex Select Securities Index. Both are passively managed. Over the past 10 years, H410.DE returned 8.22%/yr vs 7.33%/yr for XGLF.DE. At a 0.44 correlation, their price movements are largely independent. H410.DE charges 0.15%/yr vs 0.65%/yr for XGLF.DE.

Performance

H410.DE vs. XGLF.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 Xtrackers MSCI GCC Select Swap UCITS ETF (Acc) (XGLF.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H410.DE achieves a 19.79% return, which is significantly higher than XGLF.DE's 4.58% return. Over the past 10 years, H410.DE has outperformed XGLF.DE with an annualized return of 8.22%, while XGLF.DE has yielded a comparatively lower 7.33% annualized return.

H410.DE

• 1D: -1.87%
• 1M: -8.04%
• 6M: 12.07%
• YTD: 19.79%
• 1Y: 34.11%
• 3Y*: 18.31%
• 5Y*: 6.91%
• 10Y*: 8.22%

XGLF.DE

• 1D: -0.17%
• 1M: -2.76%
• 6M: -1.28%
• YTD: 4.58%
• 1Y: 2.52%
• 3Y*: 3.40%
• 5Y*: 5.07%
• 10Y*: 7.33%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	19.79%	18.65%	13.95%	4.67%	-13.87%	4.04%	6.95%	21.14%	-11.36%	21.12%
XGLF.DE Xtrackers MSCI GCC Select Swap UCITS ETF (Acc)	4.58%	-5.36%	9.58%	0.55%	1.24%	48.84%	-9.49%	9.50%	22.95%	-7.49%

Correlation

The correlation between H410.DE and XGLF.DE is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015	0.44

Return for Risk

H410.DE vs. XGLF.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: 70
H410.DE Sharpe Ratio Rank: 68
H410.DE Sortino Ratio Rank: 65
H410.DE Omega Ratio Rank: 67
H410.DE Calmar Ratio Rank: 80
H410.DE Martin Ratio Rank: 71

XGLF.DE

XGLF.DE Risk / Return Rank: 13
XGLF.DE Sharpe Ratio Rank: 14
XGLF.DE Sortino Ratio Rank: 13
XGLF.DE Omega Ratio Rank: 13
XGLF.DE Calmar Ratio Rank: 14
XGLF.DE Martin Ratio Rank: 14

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. XGLF.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 Xtrackers MSCI GCC Select Swap UCITS ETF (Acc) (XGLF.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.

	H410.DE	XGLF.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.69	0.20	+1.49
Sortino ratio: Return per unit of downside risk	2.30	0.38	+1.93
Omega ratio: Gain probability vs. loss probability	1.31	1.05	+0.26
Calmar ratio: Return relative to maximum drawdown	3.17	0.28	+2.89
Martin ratio: Return relative to average drawdown	9.64	0.60	+9.04

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

The current H410.DE Sharpe Ratio is 1.69, which is higher than the XGLF.DE Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of H410.DE and XGLF.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

H410.DE vs. XGLF.DE - Drawdown Comparison

The maximum H410.DE drawdown since its inception was -41.02%, roughly equal to the maximum XGLF.DE drawdown of -42.15%. Use the drawdown chart below to compare losses from any high point for H410.DE and XGLF.DE.

Drawdown Indicators

	H410.DE	XGLF.DE	Difference
Max Drawdown Largest peak-to-trough decline	-41.02%	-42.15%	+1.13%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-9.05%	-1.66%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-18.41%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-22.77%	-31.29%	+8.52%
Max Drawdown (10Y) Largest decline over 10 years	-31.62%	-35.16%	+3.54%
Current Drawdown Current decline from peak	-10.71%	-18.93%	+8.22%
Average Drawdown Average peak-to-trough decline	-13.30%	-18.25%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	4.18%	-0.65%

Volatility

H410.DE vs. XGLF.DE - Volatility Comparison

HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE) has a higher volatility of 8.22% compared to Xtrackers MSCI GCC Select Swap UCITS ETF (Acc) (XGLF.DE) at 3.12%. This indicates that H410.DE's price experiences larger fluctuations and is considered to be riskier than XGLF.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H410.DE	XGLF.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	3.12%	+5.10%
Volatility (6M) Calculated over the trailing 6-month period	17.70%	9.08%	+8.62%
Volatility (1Y) Calculated over the trailing 1-year period	20.15%	12.57%	+7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	15.37%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	18.33%	-0.02%

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

H410.DE has a 0.15% expense ratio, which is lower than XGLF.DE's 0.65% expense ratio.

Dividends

H410.DE vs. XGLF.DE - Dividend Comparison

H410.DE's dividend yield for the trailing twelve months is around 1.71%, while XGLF.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	1.71%	2.00%	2.40%	2.59%	3.11%	2.00%	1.69%	2.03%	2.20%	1.62%	1.71%	2.28%
XGLF.DE Xtrackers MSCI GCC Select Swap UCITS ETF (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both H410.DE and XGLF.DE in my portfolio?

H410.DE and XGLF.DE have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H410.DE or XGLF.DE?

On fees, H410.DE 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, H410.DE or XGLF.DE?

H410.DE is cheaper with a 0.15% expense ratio, compared with 0.65% for XGLF.DE.

What is the main difference between H410.DE and XGLF.DE?

H410.DE tracks MSCI Emerging Markets, while XGLF.DE tracks MSCI GCC Countries ex Select Securities Index. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.15% for H410.DE and 0.65% for XGLF.DE.