H4Z6.DE vs. IQQC.DE

Last updated Jun 5, 2026

H4Z6.DE (HSBC MSCI China UCITS ETF USD (Acc)) and IQQC.DE (iShares China Large Cap UCITS ETF) are both China Equities funds - H4Z6.DE tracks the MSCI China while IQQC.DE tracks the FTSE China 50. Both are passively managed. Over the past 3 years, H4Z6.DE returned 7.78%/yr vs 8.94%/yr for IQQC.DE. With a 0.97 correlation, they move nearly in lockstep. H4Z6.DE charges 0.28%/yr vs 0.74%/yr for IQQC.DE.

Performance

H4Z6.DE vs. IQQC.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI China UCITS ETF USD (Acc) (H4Z6.DE) and iShares China Large Cap UCITS ETF (IQQC.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H4Z6.DE achieves a -6.53% return, which is significantly higher than IQQC.DE's -7.00% return.

H4Z6.DE

• 1D: -0.38%
• 1M: -3.35%
• YTD: -6.53%
• 6M: -9.01%
• 1Y: 2.78%
• 3Y*: 7.78%
• 5Y*: —
• 10Y*: —

IQQC.DE

• 1D: -0.30%
• 1M: -3.70%
• YTD: -7.00%
• 6M: -9.66%
• 1Y: -2.21%
• 3Y*: 8.94%
• 5Y*: -2.24%
• 10Y*: 2.69%

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

H4Z6.DE vs. IQQC.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
H4Z6.DE HSBC MSCI China UCITS ETF USD (Acc)	-6.53%	16.48%	27.04%	-14.63%	-10.19%
IQQC.DE iShares China Large Cap UCITS ETF	-7.00%	14.32%	39.12%	-16.33%	-11.72%

Correlation

The correlation between H4Z6.DE and IQQC.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	0.97
Correlation (All Time) Calculated using the full available price history since Jul 26, 2022	0.97

The correlation between H4Z6.DE and IQQC.DE has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

H4Z6.DE vs. IQQC.DE — Risk / Return Rank

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

H4Z6.DE

H4Z6.DE Risk / Return Rank: 11
H4Z6.DE Sharpe Ratio Rank: 11
H4Z6.DE Sortino Ratio Rank: 11
H4Z6.DE Omega Ratio Rank: 11
H4Z6.DE Calmar Ratio Rank: 11
H4Z6.DE Martin Ratio Rank: 11

IQQC.DE

IQQC.DE Risk / Return Rank: 8
IQQC.DE Sharpe Ratio Rank: 8
IQQC.DE Sortino Ratio Rank: 8
IQQC.DE Omega Ratio Rank: 8
IQQC.DE Calmar Ratio Rank: 8
IQQC.DE Martin Ratio Rank: 8

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.

H4Z6.DE vs. IQQC.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI China UCITS ETF USD (Acc) (H4Z6.DE) and iShares China Large Cap UCITS ETF (IQQC.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.

	H4Z6.DE	IQQC.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.17	-0.09	+0.26
Sortino ratio: Return per unit of downside risk	0.37	-0.01	+0.38
Omega ratio: Gain probability vs. loss probability	1.04	1.00	+0.04
Calmar ratio: Return relative to maximum drawdown	0.18	-0.11	+0.29
Martin ratio: Return relative to average drawdown	0.38	-0.23	+0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4Z6.DE vs. IQQC.DE - Sharpe Ratio Comparison

The current H4Z6.DE Sharpe Ratio is 0.17, which is higher than the IQQC.DE Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of H4Z6.DE and IQQC.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

	H4Z6.DE	IQQC.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	-0.09	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.08	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.17	-0.11

Drawdowns

H4Z6.DE vs. IQQC.DE - Drawdown Comparison

The maximum H4Z6.DE drawdown since its inception was -33.47%, smaller than the maximum IQQC.DE drawdown of -67.50%. Use the drawdown chart below to compare losses from any high point for H4Z6.DE and IQQC.DE.

Drawdown Indicators

	H4Z6.DE	IQQC.DE	Difference
Max Drawdown Largest peak-to-trough decline	-33.47%	-67.50%	+34.03%
Max Drawdown (1Y) Largest decline over 1 year	-16.85%	-15.24%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-24.47%	-27.71%	+3.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-47.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-53.92%	—
Current Drawdown Current decline from peak	-14.82%	-24.02%	+9.20%
Average Drawdown Average peak-to-trough decline	-13.91%	-28.16%	+14.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.17%	7.16%	+1.01%

Volatility

H4Z6.DE vs. IQQC.DE - Volatility Comparison

HSBC MSCI China UCITS ETF USD (Acc) (H4Z6.DE) has a higher volatility of 7.23% compared to iShares China Large Cap UCITS ETF (IQQC.DE) at 6.75%. This indicates that H4Z6.DE's price experiences larger fluctuations and is considered to be riskier than IQQC.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4Z6.DE	IQQC.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	6.75%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	13.11%	12.55%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	18.60%	17.72%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.28%	28.20%	-2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.28%	25.07%	+0.21%

H4Z6.DE vs. IQQC.DE - Expense Ratio Comparison

H4Z6.DE has a 0.28% expense ratio, which is lower than IQQC.DE's 0.74% expense ratio.

Dividends

H4Z6.DE vs. IQQC.DE - Dividend Comparison

H4Z6.DE has not paid dividends to shareholders, while IQQC.DE's dividend yield for the trailing twelve months is around 1.92%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4Z6.DE HSBC MSCI China 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%
IQQC.DE iShares China Large Cap UCITS ETF	1.92%	1.78%	2.26%	2.52%	2.51%	1.85%	2.51%	2.45%	3.03%	2.38%	2.33%	2.63%

Frequently Asked Questions

Can I hold both H4Z6.DE and IQQC.DE in my portfolio?

With a correlation of 0.96, H4Z6.DE and IQQC.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, H4Z6.DE or IQQC.DE?

On fees, H4Z6.DE is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4Z6.DE or IQQC.DE?

H4Z6.DE is cheaper with a 0.28% expense ratio, compared with 0.74% for IQQC.DE.

What is the main difference between H4Z6.DE and IQQC.DE?

H4Z6.DE tracks MSCI China, while IQQC.DE tracks FTSE China 50. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.28% for H4Z6.DE and 0.74% for IQQC.DE.