H4Z3.DE vs. H411.DE

Last updated Jun 27, 2026

H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) and H411.DE (HSBC MSCI AC Far East ex Japan UCITS ETF USD) are both exchange-traded funds - H4Z3.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets, while H411.DE is a Asia Pacific Equities fund tracking the MSCI AC Far East ex Japan. Both are passively managed. Over the past 3 years, H4Z3.DE returned 21.31%/yr vs 25.64%/yr for H411.DE. Their correlation of 0.94 suggests significant overlap in exposure. H4Z3.DE charges 0.15%/yr vs 0.45%/yr for H411.DE.

Performance

H4Z3.DE vs. H411.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 HSBC MSCI AC Far East ex Japan UCITS ETF USD (H411.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H4Z3.DE achieves a 29.22% return, which is significantly lower than H411.DE's 36.18% return.

H4Z3.DE

• 1D: 0.00%
• 1M: 1.91%
• YTD: 29.22%
• 6M: 31.39%
• 1Y: 48.84%
• 3Y*: 21.31%
• 5Y*: —
• 10Y*: —

H411.DE

• 1D: -1.73%
• 1M: 0.36%
• YTD: 36.18%
• 6M: 38.98%
• 1Y: 62.52%
• 3Y*: 25.64%
• 5Y*: 8.58%
• 10Y*: 10.95%

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

H4Z3.DE vs. H411.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	29.22%	18.60%	13.73%	4.66%	-5.78%
H411.DE HSBC MSCI AC Far East ex Japan UCITS ETF USD	36.18%	25.21%	18.89%	-1.57%	-8.89%

Correlation

The correlation between H4Z3.DE and H411.DE is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022	0.94

The correlation between H4Z3.DE and H411.DE has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

H4Z3.DE vs. H411.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: 88
H4Z3.DE Sharpe Ratio Rank: 89
H4Z3.DE Sortino Ratio Rank: 85
H4Z3.DE Omega Ratio Rank: 88
H4Z3.DE Calmar Ratio Rank: 89
H4Z3.DE Martin Ratio Rank: 87

H411.DE

H411.DE Risk / Return Rank: 91
H411.DE Sharpe Ratio Rank: 93
H411.DE Sortino Ratio Rank: 89
H411.DE Omega Ratio Rank: 91
H411.DE Calmar Ratio Rank: 93
H411.DE Martin Ratio Rank: 91

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. H411.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 HSBC MSCI AC Far East ex Japan UCITS ETF USD (H411.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	H411.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.86	-0.31
Sortino ratio: Return per unit of downside risk	3.33	3.50	-0.17
Omega ratio: Gain probability vs. loss probability	1.47	1.50	-0.03
Calmar ratio: Return relative to maximum drawdown	4.66	5.60	-0.94
Martin ratio: Return relative to average drawdown	15.86	18.18	-2.32

H4Z3.DE vs. H411.DE - Sharpe Ratio Comparison

The current H4Z3.DE Sharpe Ratio is 2.55, which is comparable to the H411.DE Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of H4Z3.DE and H411.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.

Drawdowns

H4Z3.DE vs. H411.DE - Drawdown Comparison

The maximum H4Z3.DE drawdown since its inception was -18.86%, smaller than the maximum H411.DE drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for H4Z3.DE and H411.DE.

Drawdown Indicators

	H4Z3.DE	H411.DE	Difference
Max Drawdown Largest peak-to-trough decline	-18.86%	-38.70%	+19.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	-11.08%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-18.86%	-23.17%	+4.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.70%	—
Current Drawdown Current decline from peak	-4.11%	-6.40%	+2.29%
Average Drawdown Average peak-to-trough decline	-4.93%	-15.61%	+10.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.42%	-0.35%

Volatility

H4Z3.DE vs. H411.DE - Volatility Comparison

The current volatility for HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) is 9.02%, while HSBC MSCI AC Far East ex Japan UCITS ETF USD (H411.DE) has a volatility of 10.64%. This indicates that H4Z3.DE experiences smaller price fluctuations and is considered to be less risky than H411.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4Z3.DE	H411.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.02%	10.64%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	18.55%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	21.71%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	20.01%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.19%	21.12%	-4.93%

H4Z3.DE vs. H411.DE - Expense Ratio Comparison

H4Z3.DE has a 0.15% expense ratio, which is lower than H411.DE's 0.45% expense ratio.

Dividends

H4Z3.DE vs. H411.DE - Dividend Comparison

Neither H4Z3.DE nor H411.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both H4Z3.DE and H411.DE in my portfolio?

With a correlation of 0.94, H4Z3.DE and H411.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 H411.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 H411.DE?

H4Z3.DE is cheaper with a 0.15% expense ratio, compared with 0.45% for H411.DE.

What is the main difference between H4Z3.DE and H411.DE?

H4Z3.DE is categorized as Emerging Markets Equities, while H411.DE is Asia Pacific Equities. H4Z3.DE tracks MSCI Emerging Markets, while H411.DE tracks MSCI AC Far East ex Japan. Their fees differ too: 0.15% for H4Z3.DE and 0.45% for H411.DE.