H41E.DE vs. EMSM.DE

Last updated Jun 5, 2026

H41E.DE (HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc)) and EMSM.DE (SPDR MSCI Emerging Markets Small Cap UCITS ETF) are both Emerging Markets Equities funds - H41E.DE tracks the MSCI Emerging Markets Value SRI ESG Target Select while EMSM.DE tracks the MSCI EM NR USD. Both are passively managed. Over the past 3 years, H41E.DE returned 27.78%/yr vs 20.54%/yr for EMSM.DE. Their correlation of 0.95 suggests significant overlap in exposure. H41E.DE charges 0.35%/yr vs 0.55%/yr for EMSM.DE.

Performance

H41E.DE vs. EMSM.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 SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H41E.DE achieves a 39.52% return, which is significantly higher than EMSM.DE's 27.59% return.

H41E.DE

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

EMSM.DE

• 1D: -1.74%
• 1M: 3.66%
• YTD: 27.59%
• 6M: 28.30%
• 1Y: 48.92%
• 3Y*: 20.54%
• 5Y*: 8.20%
• 10Y*: 9.68%

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

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

	2026 (YTD)	2025	2024	2023	2022
H41E.DE HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc)	39.52%	22.02%	17.74%	11.43%	-2.00%
EMSM.DE SPDR MSCI Emerging Markets Small Cap UCITS ETF	27.59%	18.76%	13.62%	5.12%	-3.09%

Correlation

The correlation between H41E.DE and EMSM.DE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 12, 2022	0.95

The correlation between H41E.DE and EMSM.DE has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

H41E.DE vs. EMSM.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

EMSM.DE

EMSM.DE Risk / Return Rank: 85
EMSM.DE Sharpe Ratio Rank: 86
EMSM.DE Sortino Ratio Rank: 84
EMSM.DE Omega Ratio Rank: 84
EMSM.DE Calmar Ratio Rank: 86
EMSM.DE Martin Ratio Rank: 85

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. EMSM.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 SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.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	EMSM.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.91	2.80	+1.11
Sortino ratio: Return per unit of downside risk	5.00	3.71	+1.29
Omega ratio: Gain probability vs. loss probability	1.69	1.50	+0.18
Calmar ratio: Return relative to maximum drawdown	7.09	4.83	+2.26
Martin ratio: Return relative to average drawdown	25.00	17.39	+7.61
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. EMSM.DE - Sharpe Ratio Comparison

The current H41E.DE Sharpe Ratio is 3.91, which is higher than the EMSM.DE Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of H41E.DE and EMSM.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	EMSM.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.91	2.80	+1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.42	+1.14

Drawdowns

H41E.DE vs. EMSM.DE - Drawdown Comparison

The maximum H41E.DE drawdown since its inception was -20.92%, smaller than the maximum EMSM.DE drawdown of -36.49%. Use the drawdown chart below to compare losses from any high point for H41E.DE and EMSM.DE.

Drawdown Indicators

	H41E.DE	EMSM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-20.92%	-36.49%	+15.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-10.29%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-20.92%	-19.25%	-1.67%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.69%	—
Current Drawdown Current decline from peak	-3.33%	-2.68%	-0.65%
Average Drawdown Average peak-to-trough decline	-3.10%	-10.06%	+6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.86%	-0.07%

Volatility

H41E.DE vs. EMSM.DE - Volatility Comparison

HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.DE) has a higher volatility of 7.97% compared to SPDR MSCI Emerging Markets Small Cap UCITS ETF (EMSM.DE) at 7.40%. This indicates that H41E.DE's price experiences larger fluctuations and is considered to be riskier than EMSM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H41E.DE	EMSM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.97%	7.40%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	14.93%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	17.75%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	16.73%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	18.33%	-2.27%

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

H41E.DE has a 0.35% expense ratio, which is lower than EMSM.DE's 0.55% expense ratio.

Dividends

H41E.DE vs. EMSM.DE - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.96, H41E.DE and EMSM.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.

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

On fees, H41E.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

H41E.DE is cheaper with a 0.35% expense ratio, compared with 0.55% for EMSM.DE.

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

H41E.DE tracks MSCI Emerging Markets Value SRI ESG Target Select, while EMSM.DE tracks MSCI EM NR USD. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.35% for H41E.DE and 0.55% for EMSM.DE.