H412.DE vs. ETLS.DE
H412.DE (HSBC USA Sustainable Equity UCITS ETF USD) and ETLS.DE (L&G US Equity UCITS ETF) are both Large Cap Blend Equities funds - H412.DE tracks the FTSE USA ESG Low Carbon Select while ETLS.DE tracks the Solactive Core United States Large & Mid Cap. Both are passively managed. Over the past 5 years, H412.DE returned 13.49%/yr vs 13.60%/yr for ETLS.DE. Their correlation of 0.92 suggests significant overlap in exposure. H412.DE charges 0.12%/yr vs 0.05%/yr for ETLS.DE.
Performance
H412.DE vs. ETLS.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H412.DE achieves a 16.05% return, which is significantly higher than ETLS.DE's 10.52% return.
H412.DE
- 1D
- 0.00%
- 1M
- 2.09%
- YTD
- 16.05%
- 6M
- 16.62%
- 1Y
- 33.62%
- 3Y*
- 18.91%
- 5Y*
- 13.49%
- 10Y*
- —
ETLS.DE
- 1D
- -0.98%
- 1M
- 0.27%
- YTD
- 10.52%
- 6M
- 10.85%
- 1Y
- 24.33%
- 3Y*
- 19.21%
- 5Y*
- 13.60%
- 10Y*
- —
H412.DE vs. ETLS.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
H412.DE HSBC USA Sustainable Equity UCITS ETF USD | 16.05% | 6.12% | 26.73% | 17.60% | -13.13% | 39.39% | 7.95% |
ETLS.DE L&G US Equity UCITS ETF | 10.52% | 5.06% | 32.53% | 24.18% | -15.96% | 38.87% | 11.82% |
Correlation
The correlation between H412.DE and ETLS.DE is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2020 | 0.92 |
The correlation between H412.DE and ETLS.DE has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.
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Return for Risk
H412.DE vs. ETLS.DE — Risk / Return Rank
H412.DE
ETLS.DE
H412.DE vs. ETLS.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC USA Sustainable Equity UCITS ETF USD (H412.DE) and L&G US Equity UCITS ETF (ETLS.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.
| H412.DE | ETLS.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.37 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 6.10 | 3.20 | +2.90 |
| Martin ratioReturn relative to average drawdown | 20.39 | 11.26 | +9.13 |
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Drawdowns
H412.DE vs. ETLS.DE - Drawdown Comparison
The maximum H412.DE drawdown since its inception was -24.35%, smaller than the maximum ETLS.DE drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for H412.DE and ETLS.DE.
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Drawdown Indicators
| H412.DE | ETLS.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.35% | -33.99% | +9.64% |
Max Drawdown (1Y)Largest decline over 1 year | -5.54% | -7.57% | +2.03% |
Max Drawdown (3Y)Largest decline over 3 years | -24.35% | -23.66% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -24.35% | -23.66% | -0.69% |
Current DrawdownCurrent decline from peak | 0.00% | -1.13% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -4.63% | +0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 2.16% | -0.51% |
Volatility
H412.DE vs. ETLS.DE - Volatility Comparison
HSBC USA Sustainable Equity UCITS ETF USD (H412.DE) and L&G US Equity UCITS ETF (ETLS.DE) have volatilities of 3.47% and 3.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H412.DE | ETLS.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 3.44% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 8.30% | 8.10% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.62% | 11.87% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.77% | 15.50% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.47% | 17.23% | -2.76% |
H412.DE vs. ETLS.DE - Expense Ratio Comparison
H412.DE has a 0.12% expense ratio, which is higher than ETLS.DE's 0.05% 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%.
Dividends
H412.DE vs. ETLS.DE - Dividend Comparison
Neither H412.DE nor ETLS.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, H412.DE and ETLS.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, ETLS.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETLS.DE is cheaper with a 0.05% expense ratio, compared with 0.12% for H412.DE.
H412.DE tracks FTSE USA ESG Low Carbon Select, while ETLS.DE tracks Solactive Core United States Large & Mid Cap. They also come from different issuers: HSBC and Legal & General. Their fees differ too: 0.12% for H412.DE and 0.05% for ETLS.DE.
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