H41G.DE vs. H4ZA.DE

Last updated Jun 5, 2026

H41G.DE (HSBC MSCI World Small Cap ESG UCITS ETF USD (Acc)) and H4ZA.DE (HSBC EURO STOXX 50 UCITS ETF EUR) are both exchange-traded funds - H41G.DE is a Global Equities fund tracking the MSCI World Small Cap SRI ESG Leaders Select, while H4ZA.DE is a Europe Equities fund tracking the EURO STOXX® 50. Both are passively managed. Over the past 3 years, H41G.DE returned 12.01%/yr vs 16.60%/yr for H4ZA.DE. A 0.68 correlation means they provide meaningful diversification when combined. H41G.DE charges 0.25%/yr vs 0.05%/yr for H4ZA.DE.

Performance

H41G.DE vs. H4ZA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI World Small Cap ESG UCITS ETF USD (Acc) (H41G.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H41G.DE achieves a 12.22% return, which is significantly higher than H4ZA.DE's 7.24% return.

H41G.DE

• 1D: 0.61%
• 1M: 2.87%
• YTD: 12.22%
• 6M: 13.07%
• 1Y: 23.63%
• 3Y*: 12.01%
• 5Y*: —
• 10Y*: —

H4ZA.DE

• 1D: 0.77%
• 1M: 1.94%
• YTD: 7.24%
• 6M: 8.59%
• 1Y: 15.63%
• 3Y*: 16.60%
• 5Y*: 12.12%
• 10Y*: 10.80%

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

H41G.DE vs. H4ZA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
H41G.DE HSBC MSCI World Small Cap ESG UCITS ETF USD (Acc)	12.22%	3.96%	12.21%	11.87%	-2.26%
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	7.24%	22.26%	13.81%	22.59%	6.35%

Correlation

The correlation between H41G.DE and H4ZA.DE is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 26, 2022	0.68

The correlation between H41G.DE and H4ZA.DE has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

Return for Risk

H41G.DE vs. H4ZA.DE — Risk / Return Rank

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

H41G.DE

H41G.DE Risk / Return Rank: 55
H41G.DE Sharpe Ratio Rank: 52
H41G.DE Sortino Ratio Rank: 53
H41G.DE Omega Ratio Rank: 51
H41G.DE Calmar Ratio Rank: 59
H41G.DE Martin Ratio Rank: 62

H4ZA.DE

H4ZA.DE Risk / Return Rank: 29
H4ZA.DE Sharpe Ratio Rank: 28
H4ZA.DE Sortino Ratio Rank: 29
H4ZA.DE Omega Ratio Rank: 28
H4ZA.DE Calmar Ratio Rank: 30
H4ZA.DE Martin Ratio Rank: 33

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.

H41G.DE vs. H4ZA.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI World Small Cap ESG UCITS ETF USD (Acc) (H41G.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.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.

	H41G.DE	H4ZA.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.98	+0.78
Sortino ratio: Return per unit of downside risk	2.52	1.54	+0.98
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.13
Calmar ratio: Return relative to maximum drawdown	2.89	1.43	+1.46
Martin ratio: Return relative to average drawdown	10.99	4.85	+6.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H41G.DE vs. H4ZA.DE - Sharpe Ratio Comparison

The current H41G.DE Sharpe Ratio is 1.76, which is higher than the H4ZA.DE Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of H41G.DE and H4ZA.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

	H41G.DE	H4ZA.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	0.98	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.41	+0.25

Drawdowns

H41G.DE vs. H4ZA.DE - Drawdown Comparison

The maximum H41G.DE drawdown since its inception was -24.84%, smaller than the maximum H4ZA.DE drawdown of -38.41%. Use the drawdown chart below to compare losses from any high point for H41G.DE and H4ZA.DE.

Drawdown Indicators

	H41G.DE	H4ZA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-24.84%	-38.41%	+13.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.12%	-10.97%	+2.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.84%	-16.40%	-8.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.41%	—
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	-4.87%	-7.84%	+2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	3.24%	-1.10%

Volatility

H41G.DE vs. H4ZA.DE - Volatility Comparison

The current volatility for HSBC MSCI World Small Cap ESG UCITS ETF USD (Acc) (H41G.DE) is 3.35%, while HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE) has a volatility of 4.95%. This indicates that H41G.DE experiences smaller price fluctuations and is considered to be less risky than H4ZA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H41G.DE	H4ZA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	4.95%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	12.99%	-3.49%
Volatility (1Y) Calculated over the trailing 1-year period	13.30%	15.99%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.71%	17.50%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	18.17%	-2.46%

H41G.DE vs. H4ZA.DE - Expense Ratio Comparison

H41G.DE has a 0.25% expense ratio, which is higher than H4ZA.DE's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

H41G.DE vs. H4ZA.DE - Dividend Comparison

H41G.DE has not paid dividends to shareholders, while H4ZA.DE's dividend yield for the trailing twelve months is around 2.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H41G.DE HSBC MSCI World Small Cap ESG UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	2.44%	2.49%	5.35%	2.93%	2.94%	1.94%	2.06%	2.84%	3.55%	2.73%	2.85%	2.70%

Frequently Asked Questions

Can I hold both H41G.DE and H4ZA.DE in my portfolio?

H41G.DE and H4ZA.DE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H41G.DE or H4ZA.DE?

On fees, H4ZA.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H41G.DE or H4ZA.DE?

H4ZA.DE is cheaper with a 0.05% expense ratio, compared with 0.25% for H41G.DE.

What is the main difference between H41G.DE and H4ZA.DE?

H41G.DE is categorized as Global Equities, while H4ZA.DE is Europe Equities. H41G.DE tracks MSCI World Small Cap SRI ESG Leaders Select, while H4ZA.DE tracks EURO STOXX® 50. Their fees differ too: 0.25% for H41G.DE and 0.05% for H4ZA.DE.