H4Z3.DE vs. EL40.DE

Last updated Jun 5, 2026

H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) and EL40.DE (Deka MSCI Emerging Markets UCITS ETF ) are both Emerging Markets Equities funds tracking the MSCI Emerging Markets, from HSBC and Deka Investment GmbH respectively. Both are passively managed. Over the past 3 years, H4Z3.DE returned 20.42%/yr vs 19.57%/yr for EL40.DE. Their correlation of 0.86 suggests significant overlap in exposure. H4Z3.DE charges 0.15%/yr vs 0.66%/yr for EL40.DE.

Performance

H4Z3.DE vs. EL40.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) and Deka MSCI Emerging Markets UCITS ETF (EL40.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with H4Z3.DE having a 27.75% return and EL40.DE slightly lower at 26.76%.

H4Z3.DE

• 1D: -1.67%
• 1M: 3.67%
• YTD: 27.75%
• 6M: 28.22%
• 1Y: 49.05%
• 3Y*: 20.42%
• 5Y*: —
• 10Y*: —

EL40.DE

• 1D: -2.26%
• 1M: 7.03%
• YTD: 26.76%
• 6M: 28.51%
• 1Y: 47.85%
• 3Y*: 19.57%
• 5Y*: 7.38%
• 10Y*: 9.07%

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

H4Z3.DE vs. EL40.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	27.75%	18.60%	13.73%	4.66%	-6.26%
EL40.DE Deka MSCI Emerging Markets UCITS ETF	26.76%	17.86%	13.11%	4.33%	-6.87%

Correlation

The correlation between H4Z3.DE and EL40.DE is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022	0.86

The correlation between H4Z3.DE and EL40.DE has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

H4Z3.DE vs. EL40.DE — Risk / Return Rank

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

H4Z3.DE

H4Z3.DE Risk / Return Rank: 86
H4Z3.DE Sharpe Ratio Rank: 87
H4Z3.DE Sortino Ratio Rank: 86
H4Z3.DE Omega Ratio Rank: 86
H4Z3.DE Calmar Ratio Rank: 86
H4Z3.DE Martin Ratio Rank: 85

EL40.DE

EL40.DE Risk / Return Rank: 57
EL40.DE Sharpe Ratio Rank: 53
EL40.DE Sortino Ratio Rank: 54
EL40.DE Omega Ratio Rank: 74
EL40.DE Calmar Ratio Rank: 59
EL40.DE Martin Ratio Rank: 44

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.

H4Z3.DE vs. EL40.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 Deka MSCI Emerging Markets UCITS ETF (EL40.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	EL40.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.79	+1.06
Sortino ratio: Return per unit of downside risk	3.82	2.56	+1.26
Omega ratio: Gain probability vs. loss probability	1.52	1.43	+0.09
Calmar ratio: Return relative to maximum drawdown	4.77	2.88	+1.89
Martin ratio: Return relative to average drawdown	17.12	7.00	+10.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4Z3.DE vs. EL40.DE - Sharpe Ratio Comparison

The current H4Z3.DE Sharpe Ratio is 2.85, which is higher than the EL40.DE Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of H4Z3.DE and EL40.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

	H4Z3.DE	EL40.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	1.79	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.30	+0.61

Drawdowns

H4Z3.DE vs. EL40.DE - Drawdown Comparison

The maximum H4Z3.DE drawdown since its inception was -18.86%, smaller than the maximum EL40.DE drawdown of -36.65%. Use the drawdown chart below to compare losses from any high point for H4Z3.DE and EL40.DE.

Drawdown Indicators

	H4Z3.DE	EL40.DE	Difference
Max Drawdown Largest peak-to-trough decline	-18.86%	-36.65%	+17.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-16.53%	+6.06%
Max Drawdown (3Y) Largest decline over 3 years	-18.86%	-18.17%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.59%	—
Current Drawdown Current decline from peak	-2.73%	-3.01%	+0.28%
Average Drawdown Average peak-to-trough decline	-4.95%	-11.60%	+6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	6.82%	-3.90%

Volatility

H4Z3.DE vs. EL40.DE - Volatility Comparison

The current volatility for HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) is 7.35%, while Deka MSCI Emerging Markets UCITS ETF (EL40.DE) has a volatility of 8.00%. This indicates that H4Z3.DE experiences smaller price fluctuations and is considered to be less risky than EL40.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4Z3.DE	EL40.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	8.00%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	14.91%	15.83%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.54%	26.69%	-9.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	20.75%	-4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	20.44%	-4.67%

H4Z3.DE vs. EL40.DE - Expense Ratio Comparison

H4Z3.DE has a 0.15% expense ratio, which is lower than EL40.DE's 0.66% expense ratio.

Dividends

H4Z3.DE vs. EL40.DE - Dividend Comparison

Neither H4Z3.DE nor EL40.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EL40.DE Deka MSCI Emerging Markets UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.00%	0.02%	0.00%
H4Z3.DE HSBC MSCI Emerging Markets 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%

Frequently Asked Questions

Can I hold both H4Z3.DE and EL40.DE in my portfolio?

With a correlation of 0.92, H4Z3.DE and EL40.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, H4Z3.DE or EL40.DE?

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.

Which ETF is cheaper, H4Z3.DE or EL40.DE?

H4Z3.DE is cheaper with a 0.15% expense ratio, compared with 0.66% for EL40.DE.

What is the main difference between H4Z3.DE and EL40.DE?

Both ETFs track MSCI Emerging Markets. They also come from different issuers: HSBC and Deka Investment GmbH. Their fees differ too: 0.15% for H4Z3.DE and 0.66% for EL40.DE.