H412.DE vs. IQQN.DE
H412.DE (HSBC USA Sustainable Equity UCITS ETF USD) and IQQN.DE (iShares MSCI North America UCITS ETF) are both Large Cap Blend Equities funds - H412.DE tracks the FTSE USA ESG Low Carbon Select while IQQN.DE tracks the MSCI North America. Both are passively managed. Over the past 5 years, H412.DE returned 13.49%/yr vs 13.01%/yr for IQQN.DE. Their correlation of 0.92 suggests significant overlap in exposure. H412.DE charges 0.12%/yr vs 0.40%/yr for IQQN.DE.
Performance
H412.DE vs. IQQN.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 IQQN.DE's 10.41% 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*
- —
IQQN.DE
- 1D
- -0.92%
- 1M
- 0.29%
- YTD
- 10.41%
- 6M
- 10.72%
- 1Y
- 24.25%
- 3Y*
- 18.66%
- 5Y*
- 13.01%
- 10Y*
- 14.56%
H412.DE vs. IQQN.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% |
IQQN.DE iShares MSCI North America UCITS ETF | 10.41% | 4.95% | 31.43% | 22.31% | -15.50% | 38.10% | 11.65% |
Correlation
The correlation between H412.DE and IQQN.DE is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
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 IQQN.DE has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.
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Return for Risk
H412.DE vs. IQQN.DE — Risk / Return Rank
H412.DE
IQQN.DE
H412.DE vs. IQQN.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 iShares MSCI North America UCITS ETF (IQQN.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 | IQQN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| 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 | 3.34 | +2.76 |
| Martin ratioReturn relative to average drawdown | 20.39 | 11.68 | +8.71 |
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Drawdowns
H412.DE vs. IQQN.DE - Drawdown Comparison
The maximum H412.DE drawdown since its inception was -24.35%, smaller than the maximum IQQN.DE drawdown of -52.40%. Use the drawdown chart below to compare losses from any high point for H412.DE and IQQN.DE.
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Drawdown Indicators
| H412.DE | IQQN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.35% | -52.40% | +28.05% |
Max Drawdown (1Y)Largest decline over 1 year | -5.54% | -7.22% | +1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -24.35% | -23.46% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -24.35% | -23.46% | -0.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.38% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.95% | +0.95% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -9.12% | +5.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 2.07% | -0.42% |
Volatility
H412.DE vs. IQQN.DE - Volatility Comparison
HSBC USA Sustainable Equity UCITS ETF USD (H412.DE) has a higher volatility of 3.47% compared to iShares MSCI North America UCITS ETF (IQQN.DE) at 3.30%. This indicates that H412.DE's price experiences larger fluctuations and is considered to be riskier than IQQN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H412.DE | IQQN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 3.30% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 8.30% | 8.01% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.62% | 11.88% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.77% | 15.29% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.47% | 16.10% | -1.63% |
H412.DE vs. IQQN.DE - Expense Ratio Comparison
H412.DE has a 0.12% expense ratio, which is lower than IQQN.DE's 0.40% expense ratio.
Dividends
H412.DE vs. IQQN.DE - Dividend Comparison
H412.DE has not paid dividends to shareholders, while IQQN.DE's dividend yield for the trailing twelve months is around 0.60%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
H412.DE HSBC USA Sustainable Equity UCITS ETF USD | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IQQN.DE iShares MSCI North America UCITS ETF | 0.60% | 0.68% | 0.75% | 0.99% | 1.15% | 0.73% | 1.09% | 1.22% | 1.42% | 1.34% | 1.37% | 1.53% |
Frequently Asked Questions
With a correlation of 0.91, H412.DE and IQQN.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, H412.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H412.DE is cheaper with a 0.12% expense ratio, compared with 0.40% for IQQN.DE.
H412.DE tracks FTSE USA ESG Low Carbon Select, while IQQN.DE tracks MSCI North America. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.12% for H412.DE and 0.40% for IQQN.DE.
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