H41E.DE vs. AXQE.DE

Last updated Jun 5, 2026

H41E.DE (HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc)) and AXQE.DE (AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating) are both Emerging Markets Equities funds - H41E.DE tracks the MSCI Emerging Markets Value SRI ESG Target Select while AXQE.DE tracks the MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged). Both are passively managed. Over the past year, H41E.DE returned 68.44% vs 67.78% for AXQE.DE. A 0.78 correlation means they provide meaningful diversification when combined. H41E.DE charges 0.35%/yr vs 0.30%/yr for AXQE.DE.

Performance

H41E.DE vs. AXQE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.DE) and AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with H41E.DE having a 39.52% return and AXQE.DE slightly lower at 37.94%.

H41E.DE

• 1D: -1.46%
• 1M: 8.62%
• YTD: 39.52%
• 6M: 41.09%
• 1Y: 68.44%
• 3Y*: 27.78%
• 5Y*: —
• 10Y*: —

AXQE.DE

• 1D: -0.91%
• 1M: 3.62%
• YTD: 37.94%
• 6M: 41.71%
• 1Y: 67.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

H41E.DE vs. AXQE.DE - Yearly Performance Comparison

	2026 (YTD)	2025
H41E.DE HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc)	39.52%	17.13%
AXQE.DE AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating	37.94%	28.56%

Correlation

The correlation between H41E.DE and AXQE.DE is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.78

The correlation between H41E.DE and AXQE.DE has been stable across timeframes, ranging from 0.78 to 0.78 - a consistent structural relationship.

Return for Risk

H41E.DE vs. AXQE.DE — Risk / Return Rank

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

H41E.DE

H41E.DE Risk / Return Rank: 94
H41E.DE Sharpe Ratio Rank: 95
H41E.DE Sortino Ratio Rank: 95
H41E.DE Omega Ratio Rank: 94
H41E.DE Calmar Ratio Rank: 94
H41E.DE Martin Ratio Rank: 93

AXQE.DE

AXQE.DE Risk / Return Rank: 71
AXQE.DE Sharpe Ratio Rank: 64
AXQE.DE Sortino Ratio Rank: 62
AXQE.DE Omega Ratio Rank: 85
AXQE.DE Calmar Ratio Rank: 71
AXQE.DE Martin Ratio Rank: 75

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.

H41E.DE vs. AXQE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.DE) and AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.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.

	H41E.DE	AXQE.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.91	2.10	+1.82
Sortino ratio: Return per unit of downside risk	5.00	2.85	+2.16
Omega ratio: Gain probability vs. loss probability	1.69	1.51	+0.18
Calmar ratio: Return relative to maximum drawdown	7.09	3.48	+3.61
Martin ratio: Return relative to average drawdown	25.00	14.04	+10.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H41E.DE vs. AXQE.DE - Sharpe Ratio Comparison

The current H41E.DE Sharpe Ratio is 3.91, which is higher than the AXQE.DE Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of H41E.DE and AXQE.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.

Sharpe Ratios by Period

	H41E.DE	AXQE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.91	2.10	+1.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.81	-0.25

Drawdowns

H41E.DE vs. AXQE.DE - Drawdown Comparison

The maximum H41E.DE drawdown since its inception was -20.92%, which is greater than AXQE.DE's maximum drawdown of -19.63%. Use the drawdown chart below to compare losses from any high point for H41E.DE and AXQE.DE.

Drawdown Indicators

	H41E.DE	AXQE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-20.92%	-19.63%	-1.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-19.63%	+9.83%
Max Drawdown (3Y) Largest decline over 3 years	-20.92%	—	—
Current Drawdown Current decline from peak	-3.33%	-2.54%	-0.79%
Average Drawdown Average peak-to-trough decline	-3.10%	-2.70%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	4.87%	-2.08%

Volatility

H41E.DE vs. AXQE.DE - Volatility Comparison

The current volatility for HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.DE) is 7.97%, while AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating (AXQE.DE) has a volatility of 9.35%. This indicates that H41E.DE experiences smaller price fluctuations and is considered to be less risky than AXQE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H41E.DE	AXQE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.97%	9.35%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	30.41%	-15.75%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	32.57%	-14.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	30.53%	-14.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	30.53%	-14.47%

H41E.DE vs. AXQE.DE - Expense Ratio Comparison

H41E.DE has a 0.35% expense ratio, which is higher than AXQE.DE's 0.30% expense ratio.

Dividends

H41E.DE vs. AXQE.DE - Dividend Comparison

Neither H41E.DE nor AXQE.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both H41E.DE and AXQE.DE in my portfolio?

H41E.DE and AXQE.DE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H41E.DE or AXQE.DE?

On fees, AXQE.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H41E.DE or AXQE.DE?

AXQE.DE is cheaper with a 0.30% expense ratio, compared with 0.35% for H41E.DE.

What is the main difference between H41E.DE and AXQE.DE?

H41E.DE tracks MSCI Emerging Markets Value SRI ESG Target Select, while AXQE.DE tracks MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged). They also come from different issuers: HSBC and AXA IM. Their fees differ too: 0.35% for H41E.DE and 0.30% for AXQE.DE.