H4Z3.DE vs. DX2Z.DE
H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) and DX2Z.DE (Xtrackers S&P Select Frontier Swap UCITS ETF (Acc)) are both Emerging Markets Equities funds - H4Z3.DE tracks the MSCI Emerging Markets while DX2Z.DE tracks the S&P Select Frontier Index. Both are passively managed. Over the past 3 years, H4Z3.DE returned 18.99%/yr vs 18.56%/yr for DX2Z.DE. At a 0.36 correlation, their price movements are largely independent. H4Z3.DE charges 0.15%/yr vs 0.95%/yr for DX2Z.DE.
Performance
H4Z3.DE vs. DX2Z.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4Z3.DE achieves a 22.06% return, which is significantly higher than DX2Z.DE's 9.77% return.
H4Z3.DE
- 1D
- 0.00%
- 1M
- -8.24%
- 6M
- 14.07%
- YTD
- 22.06%
- 1Y
- 36.90%
- 3Y*
- 18.99%
- 5Y*
- —
- 10Y*
- —
DX2Z.DE
- 1D
- -0.87%
- 1M
- 2.53%
- 6M
- 7.04%
- YTD
- 9.77%
- 1Y
- 21.76%
- 3Y*
- 18.56%
- 5Y*
- 13.44%
- 10Y*
- 10.84%
H4Z3.DE vs. DX2Z.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 22.06% | 18.60% | 13.73% | 4.66% | -5.78% |
DX2Z.DE Xtrackers S&P Select Frontier Swap UCITS ETF (Acc) | 9.77% | 18.38% | 30.33% | 20.29% | 1.97% |
Correlation
The correlation between H4Z3.DE and DX2Z.DE is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022 | 0.36 |
The correlation between H4Z3.DE and DX2Z.DE shifts across timeframes, from 0.23 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
H4Z3.DE vs. DX2Z.DE — Risk / Return Rank
H4Z3.DE
DX2Z.DE
H4Z3.DE vs. DX2Z.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 Xtrackers S&P Select Frontier Swap UCITS ETF (Acc) (DX2Z.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| H4Z3.DE | DX2Z.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.21 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 1.71 | +1.79 |
| Martin ratioReturn relative to average drawdown | 10.32 | 5.06 | +5.26 |
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Drawdowns
H4Z3.DE vs. DX2Z.DE - Drawdown Comparison
The maximum H4Z3.DE drawdown since its inception was -18.86%, smaller than the maximum DX2Z.DE drawdown of -76.62%. Use the drawdown chart below to compare losses from any high point for H4Z3.DE and DX2Z.DE.
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Drawdown Indicators
| H4Z3.DE | DX2Z.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.86% | -76.62% | +57.76% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -13.15% | +2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -18.86% | -20.17% | +1.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.10% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.54% | — |
Current DrawdownCurrent decline from peak | -9.42% | -1.50% | -7.92% |
Average DrawdownAverage peak-to-trough decline | -4.96% | -44.82% | +39.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.54% | 4.44% | -0.90% |
Volatility
H4Z3.DE vs. DX2Z.DE - Volatility Comparison
HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) has a higher volatility of 8.42% compared to Xtrackers S&P Select Frontier Swap UCITS ETF (Acc) (DX2Z.DE) at 3.43%. This indicates that H4Z3.DE's price experiences larger fluctuations and is considered to be riskier than DX2Z.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 | DX2Z.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.42% | 3.43% | +4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 17.68% | 13.92% | +3.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.08% | 18.91% | +1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.38% | 18.48% | -2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.38% | 18.78% | -2.40% |
H4Z3.DE vs. DX2Z.DE - Expense Ratio Comparison
H4Z3.DE has a 0.15% expense ratio, which is lower than DX2Z.DE's 0.95% expense ratio.
Dividends
H4Z3.DE vs. DX2Z.DE - Dividend Comparison
Neither H4Z3.DE nor DX2Z.DE has paid dividends to shareholders.
Frequently Asked Questions
H4Z3.DE and DX2Z.DE have a correlation of 0.23, 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 0.95% for DX2Z.DE.
H4Z3.DE tracks MSCI Emerging Markets, while DX2Z.DE tracks S&P Select Frontier Index. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.15% for H4Z3.DE and 0.95% for DX2Z.DE.
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