H4Z3.DE vs. AXQE.DE
H4Z3.DE (HSBC MSCI Emerging Markets 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 - H4Z3.DE tracks the MSCI Emerging Markets while AXQE.DE tracks the MSCI Emerging Markets ex China Climate Paris Aligned (EUR Hedged). Both are passively managed. Over the past year, H4Z3.DE returned 49.05% vs 68.61% for AXQE.DE. A 0.79 correlation means they provide meaningful diversification when combined. H4Z3.DE charges 0.15%/yr vs 0.30%/yr for AXQE.DE.
Performance
H4Z3.DE vs. AXQE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4Z3.DE achieves a 27.75% return, which is significantly lower than AXQE.DE's 37.94% return.
H4Z3.DE
- 1D
- -1.67%
- 1M
- 3.67%
- YTD
- 27.75%
- 6M
- 28.22%
- 1Y
- 49.05%
- 3Y*
- 20.42%
- 5Y*
- —
- 10Y*
- —
AXQE.DE
- 1D
- -0.91%
- 1M
- 6.45%
- YTD
- 37.94%
- 6M
- 42.42%
- 1Y
- 68.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
H4Z3.DE vs. AXQE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 27.75% | 13.49% |
AXQE.DE AXA IM MSCI Emerging Markets ex-China Equity PAB UCITS ETF EUR Hedged Accumulating | 37.94% | 28.56% |
Correlation
The correlation between H4Z3.DE and AXQE.DE is 0.80, 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 | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025 | 0.79 |
The correlation between H4Z3.DE and AXQE.DE has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.
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Return for Risk
H4Z3.DE vs. AXQE.DE — Risk / Return Rank
H4Z3.DE
AXQE.DE
H4Z3.DE vs. AXQE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.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.
| H4Z3.DE | AXQE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.51 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.77 | 3.48 | +1.29 |
| Martin ratioReturn relative to average drawdown | 17.12 | 14.04 | +3.09 |
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
| H4Z3.DE | AXQE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.85 | 2.10 | +0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.91 | 1.81 | -0.90 |
Drawdowns
H4Z3.DE vs. AXQE.DE - Drawdown Comparison
The maximum H4Z3.DE drawdown since its inception was -18.86%, roughly equal to the maximum AXQE.DE drawdown of -19.63%. Use the drawdown chart below to compare losses from any high point for H4Z3.DE and AXQE.DE.
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Drawdown Indicators
| H4Z3.DE | AXQE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.86% | -19.63% | +0.77% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -19.63% | +9.16% |
Max Drawdown (3Y)Largest decline over 3 years | -18.86% | — | — |
Current DrawdownCurrent decline from peak | -2.73% | -2.54% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -4.95% | -2.70% | -2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 4.87% | -1.95% |
Volatility
H4Z3.DE vs. AXQE.DE - Volatility Comparison
The current volatility for HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) is 7.35%, 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 H4Z3.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.
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Volatility by Period
| H4Z3.DE | AXQE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 9.35% | -2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 14.91% | 30.41% | -15.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.54% | 32.57% | -15.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.77% | 30.53% | -14.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 30.53% | -14.76% |
H4Z3.DE vs. AXQE.DE - Expense Ratio Comparison
H4Z3.DE has a 0.15% expense ratio, which is lower than AXQE.DE's 0.30% expense ratio.
Dividends
H4Z3.DE vs. AXQE.DE - Dividend Comparison
Neither H4Z3.DE nor AXQE.DE has paid dividends to shareholders.
Frequently Asked Questions
H4Z3.DE and AXQE.DE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, H4Z3.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4Z3.DE is cheaper with a 0.15% expense ratio, compared with 0.30% for AXQE.DE.
H4Z3.DE tracks MSCI Emerging Markets, 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: 0.15% for H4Z3.DE and 0.30% for AXQE.DE.
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