H4Z3.DE vs. H41E.DE
H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) and H41E.DE (HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc)) are both Emerging Markets Equities funds from HSBC - H4Z3.DE tracks the MSCI Emerging Markets while H41E.DE tracks the MSCI Emerging Markets Value SRI ESG Target Select. Both are passively managed. Over the past 3 years, H4Z3.DE returned 20.42%/yr vs 27.78%/yr for H41E.DE. Their correlation of 0.95 suggests significant overlap in exposure. H4Z3.DE charges 0.15%/yr vs 0.35%/yr for H41E.DE.
Performance
H4Z3.DE vs. H41E.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 H41E.DE's 39.52% return.
H4Z3.DE
- 1D
- -1.67%
- 1M
- 3.67%
- YTD
- 27.75%
- 6M
- 28.22%
- 1Y
- 49.05%
- 3Y*
- 20.42%
- 5Y*
- —
- 10Y*
- —
H41E.DE
- 1D
- -1.46%
- 1M
- 11.44%
- YTD
- 39.52%
- 6M
- 42.99%
- 1Y
- 69.89%
- 3Y*
- 27.78%
- 5Y*
- —
- 10Y*
- —
H4Z3.DE vs. H41E.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% | -2.81% |
H41E.DE HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) | 39.52% | 22.02% | 17.74% | 11.43% | -2.00% |
Correlation
The correlation between H4Z3.DE and H41E.DE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2022 | 0.95 |
The correlation between H4Z3.DE and H41E.DE has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
H4Z3.DE vs. H41E.DE — Risk / Return Rank
H4Z3.DE
H41E.DE
H4Z3.DE vs. H41E.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 Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.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 | H41E.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.69 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.77 | 7.09 | -2.33 |
| Martin ratioReturn relative to average drawdown | 17.12 | 25.00 | -7.88 |
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 | H41E.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.85 | 3.91 | -1.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.91 | 1.56 | -0.65 |
Drawdowns
H4Z3.DE vs. H41E.DE - Drawdown Comparison
The maximum H4Z3.DE drawdown since its inception was -18.86%, smaller than the maximum H41E.DE drawdown of -20.92%. Use the drawdown chart below to compare losses from any high point for H4Z3.DE and H41E.DE.
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Drawdown Indicators
| H4Z3.DE | H41E.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.86% | -20.92% | +2.06% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -9.80% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -18.86% | -20.92% | +2.06% |
Current DrawdownCurrent decline from peak | -2.73% | -3.33% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -4.95% | -3.10% | -1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 2.79% | +0.13% |
Volatility
H4Z3.DE vs. H41E.DE - Volatility Comparison
The current volatility for HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) is 7.35%, while HSBC MSCI Emerging Markets Value ESG UCITS ETF USD (Acc) (H41E.DE) has a volatility of 7.97%. This indicates that H4Z3.DE experiences smaller price fluctuations and is considered to be less risky than H41E.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 | H41E.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 7.97% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 14.91% | 14.66% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.54% | 17.80% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.77% | 16.06% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 16.06% | -0.29% |
H4Z3.DE vs. H41E.DE - Expense Ratio Comparison
H4Z3.DE has a 0.15% expense ratio, which is lower than H41E.DE's 0.35% expense ratio.
Dividends
H4Z3.DE vs. H41E.DE - Dividend Comparison
Neither H4Z3.DE nor H41E.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, H4Z3.DE and H41E.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.
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 0.35% for H41E.DE.
H4Z3.DE tracks MSCI Emerging Markets, while H41E.DE tracks MSCI Emerging Markets Value SRI ESG Target Select. Their fees differ too: 0.15% for H4Z3.DE and 0.35% for H41E.DE.
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