H4ZA.DE vs. 540J.DE

Last updated Jun 27, 2026

H4ZA.DE (HSBC EURO STOXX 50 UCITS ETF EUR) and 540J.DE (Amundi MSCI Switzerland UCITS ETF EUR) are both Europe Equities funds - H4ZA.DE tracks the EURO STOXX® 50 while 540J.DE tracks the MSCI Switzerland. Both are passively managed. Over the past 10 years, H4ZA.DE returned 11.68%/yr vs 9.68%/yr for 540J.DE. A 0.66 correlation means they provide meaningful diversification when combined. H4ZA.DE charges 0.05%/yr vs 0.25%/yr for 540J.DE.

Performance

H4ZA.DE vs. 540J.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE) and Amundi MSCI Switzerland UCITS ETF EUR (540J.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with H4ZA.DE having a 9.45% return and 540J.DE slightly higher at 9.78%. Over the past 10 years, H4ZA.DE has outperformed 540J.DE with an annualized return of 11.68%, while 540J.DE has yielded a comparatively lower 9.68% annualized return.

H4ZA.DE

• 1D: -0.69%
• 1M: 2.66%
• YTD: 9.45%
• 6M: 10.39%
• 1Y: 21.69%
• 3Y*: 16.26%
• 5Y*: 11.85%
• 10Y*: 11.68%

540J.DE

• 1D: -0.66%
• 1M: 3.17%
• YTD: 9.78%
• 6M: 9.78%
• 1Y: 23.00%
• 3Y*: 12.15%
• 5Y*: 8.13%
• 10Y*: 9.68%

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

H4ZA.DE vs. 540J.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	9.45%	22.26%	11.06%	22.59%	-8.87%	23.72%	-2.73%	30.04%	-11.95%	10.07%
540J.DE Amundi MSCI Switzerland UCITS ETF EUR	9.78%	18.39%	3.70%	10.71%	-12.90%	29.35%	1.20%	35.11%	-4.78%	7.45%

Correlation

The correlation between H4ZA.DE and 540J.DE is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 30, 2010	0.66

The correlation between H4ZA.DE and 540J.DE shifts across timeframes, from 0.51 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

H4ZA.DE vs. 540J.DE — Risk / Return Rank

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

H4ZA.DE

H4ZA.DE Risk / Return Rank: 44
H4ZA.DE Sharpe Ratio Rank: 43
H4ZA.DE Sortino Ratio Rank: 46
H4ZA.DE Omega Ratio Rank: 42
H4ZA.DE Calmar Ratio Rank: 44
H4ZA.DE Martin Ratio Rank: 46

540J.DE

540J.DE Risk / Return Rank: 52
540J.DE Sharpe Ratio Rank: 57
540J.DE Sortino Ratio Rank: 60
540J.DE Omega Ratio Rank: 56
540J.DE Calmar Ratio Rank: 43
540J.DE Martin Ratio Rank: 46

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.

H4ZA.DE vs. 540J.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE) and Amundi MSCI Switzerland UCITS ETF EUR (540J.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.

	H4ZA.DE	540J.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.67	-0.32
Sortino ratio: Return per unit of downside risk	2.05	2.43	-0.39
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.97	1.91	+0.06
Martin ratio: Return relative to average drawdown	6.83	6.72	+0.11

H4ZA.DE vs. 540J.DE - Sharpe Ratio Comparison

The current H4ZA.DE Sharpe Ratio is 1.35, which is comparable to the 540J.DE Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of H4ZA.DE and 540J.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

H4ZA.DE vs. 540J.DE - Drawdown Comparison

The maximum H4ZA.DE drawdown since its inception was -38.40%, which is greater than 540J.DE's maximum drawdown of -26.00%. Use the drawdown chart below to compare losses from any high point for H4ZA.DE and 540J.DE.

Drawdown Indicators

	H4ZA.DE	540J.DE	Difference
Max Drawdown Largest peak-to-trough decline	-38.40%	-26.00%	-12.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-11.98%	+1.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.39%	-15.78%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-23.26%	-17.64%	-5.62%
Max Drawdown (10Y) Largest decline over 10 years	-38.40%	-26.00%	-12.40%
Current Drawdown Current decline from peak	-1.53%	-0.66%	-0.87%
Average Drawdown Average peak-to-trough decline	-7.20%	-5.64%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.41%	-0.24%

Volatility

H4ZA.DE vs. 540J.DE - Volatility Comparison

The current volatility for HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE) is 3.61%, while Amundi MSCI Switzerland UCITS ETF EUR (540J.DE) has a volatility of 4.43%. This indicates that H4ZA.DE experiences smaller price fluctuations and is considered to be less risky than 540J.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZA.DE	540J.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	4.43%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	10.90%	+2.33%
Volatility (1Y) Calculated over the trailing 1-year period	15.98%	13.69%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	13.64%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	14.04%	+3.82%

H4ZA.DE vs. 540J.DE - Expense Ratio Comparison

H4ZA.DE has a 0.05% expense ratio, which is lower than 540J.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

H4ZA.DE vs. 540J.DE - Dividend Comparison

H4ZA.DE's dividend yield for the trailing twelve months is around 2.39%, while 540J.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
540J.DE Amundi MSCI Switzerland UCITS ETF EUR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	2.39%	2.49%	2.89%	2.93%	2.94%	1.94%	2.06%	2.84%	3.55%	2.73%	2.85%	2.70%

Frequently Asked Questions

Can I hold both H4ZA.DE and 540J.DE in my portfolio?

H4ZA.DE and 540J.DE have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4ZA.DE or 540J.DE?

On fees, H4ZA.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4ZA.DE or 540J.DE?

H4ZA.DE is cheaper with a 0.05% expense ratio, compared with 0.25% for 540J.DE.

What is the main difference between H4ZA.DE and 540J.DE?

H4ZA.DE tracks EURO STOXX® 50, while 540J.DE tracks MSCI Switzerland. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.05% for H4ZA.DE and 0.25% for 540J.DE.