H41E.DE vs. EUNM.DE
H41E.DE (HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc)) and EUNM.DE (iShares MSCI EM UCITS ETF (Acc)) are both Emerging Markets Equities funds - H41E.DE tracks the MSCI Emerging Markets Value SRI ESG Target Select while EUNM.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, H41E.DE returned 27.78%/yr vs 20.75%/yr for EUNM.DE. Their correlation of 0.95 suggests significant overlap in exposure. H41E.DE charges 0.35%/yr vs 0.18%/yr for EUNM.DE.
Performance
H41E.DE vs. EUNM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H41E.DE achieves a 39.52% return, which is significantly higher than EUNM.DE's 27.21% return.
H41E.DE
- 1D
- -1.46%
- 1M
- 8.62%
- YTD
- 39.52%
- 6M
- 41.09%
- 1Y
- 68.44%
- 3Y*
- 27.78%
- 5Y*
- —
- 10Y*
- —
EUNM.DE
- 1D
- -1.60%
- 1M
- 3.61%
- YTD
- 27.21%
- 6M
- 27.83%
- 1Y
- 48.65%
- 3Y*
- 20.75%
- 5Y*
- 8.41%
- 10Y*
- 9.83%
H41E.DE vs. EUNM.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% |
EUNM.DE iShares MSCI EM UCITS ETF (Acc) | 27.21% | 19.18% | 14.09% | 5.71% | -3.00% |
Correlation
The correlation between H41E.DE and EUNM.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 EUNM.DE has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
H41E.DE vs. EUNM.DE — Risk / Return Rank
H41E.DE
EUNM.DE
H41E.DE vs. EUNM.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 iShares MSCI EM UCITS ETF (Acc) (EUNM.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 | EUNM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.50 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 7.09 | 4.72 | +2.37 |
| Martin ratioReturn relative to average drawdown | 25.00 | 17.07 | +7.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| H41E.DE | EUNM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.91 | 2.78 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.50 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.56 | 0.39 | +1.17 |
Drawdowns
H41E.DE vs. EUNM.DE - Drawdown Comparison
The maximum H41E.DE drawdown since its inception was -20.92%, smaller than the maximum EUNM.DE drawdown of -35.91%. Use the drawdown chart below to compare losses from any high point for H41E.DE and EUNM.DE.
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Drawdown Indicators
| H41E.DE | EUNM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.92% | -35.91% | +14.99% |
Max Drawdown (1Y)Largest decline over 1 year | -9.80% | -10.46% | +0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -20.92% | -19.01% | -1.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.86% | — |
Current DrawdownCurrent decline from peak | -3.33% | -2.61% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -10.55% | +7.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.90% | -0.11% |
Volatility
H41E.DE vs. EUNM.DE - Volatility Comparison
HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.DE) has a higher volatility of 7.97% compared to iShares MSCI EM UCITS ETF (Acc) (EUNM.DE) at 7.30%. This indicates that H41E.DE's price experiences larger fluctuations and is considered to be riskier than EUNM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H41E.DE | EUNM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.97% | 7.30% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 14.66% | 14.98% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 17.80% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.06% | 16.70% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.06% | 18.19% | -2.13% |
H41E.DE vs. EUNM.DE - Expense Ratio Comparison
H41E.DE has a 0.35% expense ratio, which is higher than EUNM.DE's 0.18% expense ratio.
Dividends
H41E.DE vs. EUNM.DE - Dividend Comparison
Neither H41E.DE nor EUNM.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, H41E.DE and EUNM.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, EUNM.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EUNM.DE is cheaper with a 0.18% expense ratio, compared with 0.35% for H41E.DE.
H41E.DE tracks MSCI Emerging Markets Value SRI ESG Target Select, while EUNM.DE tracks MSCI Emerging Markets. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.35% for H41E.DE and 0.18% for EUNM.DE.
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