H4Z6.DE vs. L4K3.DE
H4Z6.DE (HSBC MSCI China UCITS ETF USD (Acc)) and L4K3.DE (Amundi MSCI China UCITS ETF Acc) are both China Equities funds tracking the MSCI China, from HSBC and Amundi respectively. Both are passively managed. Over the past 3 years, H4Z6.DE returned 7.78%/yr vs 8.01%/yr for L4K3.DE. With a 0.99 correlation, they move nearly in lockstep. H4Z6.DE charges 0.28%/yr vs 0.29%/yr for L4K3.DE.
Performance
H4Z6.DE vs. L4K3.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with H4Z6.DE having a -6.53% return and L4K3.DE slightly lower at -6.67%.
H4Z6.DE
- 1D
- -0.38%
- 1M
- -3.35%
- YTD
- -6.53%
- 6M
- -9.01%
- 1Y
- 2.78%
- 3Y*
- 7.78%
- 5Y*
- —
- 10Y*
- —
L4K3.DE
- 1D
- -0.37%
- 1M
- -3.46%
- YTD
- -6.67%
- 6M
- -9.21%
- 1Y
- 2.64%
- 3Y*
- 8.01%
- 5Y*
- -4.01%
- 10Y*
- —
H4Z6.DE vs. L4K3.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% |
L4K3.DE Amundi MSCI China UCITS ETF Acc | -6.67% | 17.15% | 27.30% | -14.42% | -10.14% |
Correlation
The correlation between H4Z6.DE and L4K3.DE is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2022 | 0.99 |
The correlation between H4Z6.DE and L4K3.DE has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
H4Z6.DE vs. L4K3.DE — Risk / Return Rank
H4Z6.DE
L4K3.DE
H4Z6.DE vs. L4K3.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 Amundi MSCI China UCITS ETF Acc (L4K3.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 | L4K3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.06 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 0.12 | +0.06 |
| Martin ratioReturn relative to average drawdown | 0.38 | 0.21 | +0.17 |
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
| H4Z6.DE | L4K3.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.17 | 0.11 | +0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.14 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.02 | +0.04 |
Drawdowns
H4Z6.DE vs. L4K3.DE - Drawdown Comparison
The maximum H4Z6.DE drawdown since its inception was -33.47%, smaller than the maximum L4K3.DE drawdown of -55.69%. Use the drawdown chart below to compare losses from any high point for H4Z6.DE and L4K3.DE.
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Drawdown Indicators
| H4Z6.DE | L4K3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.47% | -55.69% | +22.22% |
Max Drawdown (1Y)Largest decline over 1 year | -16.85% | -25.74% | +8.89% |
Max Drawdown (3Y)Largest decline over 3 years | -24.47% | -25.74% | +1.27% |
Max Drawdown (5Y)Largest decline over 5 years | — | -49.06% | — |
Current DrawdownCurrent decline from peak | -14.82% | -31.32% | +16.50% |
Average DrawdownAverage peak-to-trough decline | -13.91% | -28.02% | +14.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.17% | 15.28% | -7.11% |
Volatility
H4Z6.DE vs. L4K3.DE - Volatility Comparison
HSBC MSCI China UCITS ETF USD (Acc) (H4Z6.DE) and Amundi MSCI China UCITS ETF Acc (L4K3.DE) have volatilities of 7.23% and 7.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H4Z6.DE | L4K3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 7.29% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 13.11% | 13.24% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.60% | 27.86% | -9.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.28% | 29.30% | -4.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.28% | 28.03% | -2.75% |
H4Z6.DE vs. L4K3.DE - Expense Ratio Comparison
H4Z6.DE has a 0.28% expense ratio, which is lower than L4K3.DE's 0.29% expense ratio.
Dividends
H4Z6.DE vs. L4K3.DE - Dividend Comparison
Neither H4Z6.DE nor L4K3.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, H4Z6.DE and L4K3.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, H4Z6.DE is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4Z6.DE is cheaper with a 0.28% expense ratio, compared with 0.29% for L4K3.DE.
Both ETFs track MSCI China. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.28% for H4Z6.DE and 0.29% for L4K3.DE.
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