H41C.DE vs. HPAW.DE
H41C.DE (HSBC Developed World Sustainable Equity UCITS ETF USD) and HPAW.DE (HSBC MSCI World Climate Paris Aligned UCITS ETF) are both Global Equities funds from HSBC - H41C.DE tracks the FTSE Developed ESG Low Carbon Select while HPAW.DE tracks the MSCI World Climate Paris Aligned. Both are passively managed. Over the past 3 years, H41C.DE returned 18.40%/yr vs 15.65%/yr for HPAW.DE. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.18% expense ratio.
Performance
H41C.DE vs. HPAW.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H41C.DE achieves a 15.35% return, which is significantly higher than HPAW.DE's 7.42% return.
H41C.DE
- 1D
- 0.00%
- 1M
- 2.16%
- YTD
- 15.35%
- 6M
- 16.03%
- 1Y
- 31.49%
- 3Y*
- 18.40%
- 5Y*
- 12.46%
- 10Y*
- —
HPAW.DE
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 7.42%
- 6M
- 7.69%
- 1Y
- 19.60%
- 3Y*
- 15.65%
- 5Y*
- —
- 10Y*
- —
H41C.DE vs. HPAW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
H41C.DE HSBC Developed World Sustainable Equity UCITS ETF USD | 15.35% | 10.36% | 21.66% | 16.26% | -12.60% | 9.69% |
HPAW.DE HSBC MSCI World Climate Paris Aligned UCITS ETF | 7.42% | 5.30% | 25.33% | 21.56% | -17.48% | 9.53% |
Correlation
The correlation between H41C.DE and HPAW.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 (All Time) Calculated using the full available price history since Aug 10, 2021 | 0.96 |
The correlation between H41C.DE and HPAW.DE has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.
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Return for Risk
H41C.DE vs. HPAW.DE — Risk / Return Rank
H41C.DE
HPAW.DE
H41C.DE vs. HPAW.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Developed World Sustainable Equity UCITS ETF USD (H41C.DE) and HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.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.
| H41C.DE | HPAW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.30 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 5.36 | 2.19 | +3.17 |
| Martin ratioReturn relative to average drawdown | 22.15 | 8.01 | +14.15 |
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Drawdowns
H41C.DE vs. HPAW.DE - Drawdown Comparison
The maximum H41C.DE drawdown since its inception was -20.76%, roughly equal to the maximum HPAW.DE drawdown of -21.61%. Use the drawdown chart below to compare losses from any high point for H41C.DE and HPAW.DE.
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Drawdown Indicators
| H41C.DE | HPAW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.76% | -21.61% | +0.85% |
Max Drawdown (1Y)Largest decline over 1 year | -5.90% | -9.00% | +3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -20.76% | -21.61% | +0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -20.76% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.58% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -3.77% | -5.70% | +1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.42% | 2.45% | -1.03% |
Volatility
H41C.DE vs. HPAW.DE - Volatility Comparison
HSBC Developed World Sustainable Equity UCITS ETF USD (H41C.DE) and HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) have volatilities of 3.10% and 3.15%, 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
| H41C.DE | HPAW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 3.15% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 8.08% | 8.68% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.84% | 12.10% | -1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.35% | 14.72% | -1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.31% | 14.72% | -1.41% |
H41C.DE vs. HPAW.DE - Expense Ratio Comparison
Both H41C.DE and HPAW.DE have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
H41C.DE vs. HPAW.DE - Dividend Comparison
Neither H41C.DE nor HPAW.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, H41C.DE and HPAW.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.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
H41C.DE and HPAW.DE have the same expense ratio: 0.18% per year.
H41C.DE tracks FTSE Developed ESG Low Carbon Select, while HPAW.DE tracks MSCI World Climate Paris Aligned.
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