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H4ZA.DE vs. EXS2.DE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

H4ZA.DE vs. EXS2.DE

Last updated Jun 5, 2026

H4ZA.DE (HSBC EURO STOXX 50 UCITS ETF EUR) and EXS2.DE (iShares TecDAX UCITS ETF (DE)) are both Europe Equities funds - H4ZA.DE tracks the EURO STOXX® 50 while EXS2.DE tracks the TecDAX®. Both are passively managed. Over the past 10 years, H4ZA.DE returned 10.80%/yr vs 9.01%/yr for EXS2.DE. A 0.73 correlation means they provide meaningful diversification when combined. H4ZA.DE charges 0.05%/yr vs 0.51%/yr for EXS2.DE.

Performance

H4ZA.DE vs. EXS2.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 iShares TecDAX UCITS ETF (DE) (EXS2.DE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, H4ZA.DE achieves a 7.24% return, which is significantly lower than EXS2.DE's 15.70% return. Over the past 10 years, H4ZA.DE has outperformed EXS2.DE with an annualized return of 10.80%, while EXS2.DE has yielded a comparatively lower 9.01% annualized return.

H4ZA.DE

1D
0.77%
1M
1.94%
YTD
7.24%
6M
8.59%
1Y
15.63%
3Y*
16.60%
5Y*
12.12%
10Y*
10.80%

EXS2.DE

1D
0.52%
1M
10.24%
YTD
15.70%
6M
16.12%
1Y
5.55%
3Y*
8.54%
5Y*
3.72%
10Y*
9.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

H4ZA.DE vs. EXS2.DE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
H4ZA.DE
HSBC EURO STOXX 50 UCITS ETF EUR		7.24%22.26%13.81%22.59%-8.87%23.72%-2.73%30.07%-11.96%10.07%
EXS2.DE
iShares TecDAX UCITS ETF (DE)		15.70%5.33%1.63%13.54%-26.00%21.07%6.12%22.25%-3.77%39.90%

Correlation

The correlation between H4ZA.DE and EXS2.DE is 0.71, 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

0.71

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2010

0.73

The correlation between H4ZA.DE and EXS2.DE has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

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HSBC EURO STOXX 50 UCITS ETF EUR

iShares TecDAX UCITS ETF (DE)

Often compared with H4ZA.DE:
H4ZA.DE vs. H4ZF.DEH4ZA.DE vs. SCHDH4ZA.DE vs. HWWA.LH4ZA.DE vs. MEUD.LH4ZA.DE vs. ISF.LH4ZA.DE vs. PR1E.DEH4ZA.DE vs. TDGB.L
Often compared with EXS2.DE:
EXS2.DE vs. ^NDXEXS2.DE vs. ^GDAXIEXS2.DE vs. IUSQ.DEEXS2.DE vs. EUNL.DEEXS2.DE vs. PRAZ.DEEXS2.DE vs. CEMT.DEEXS2.DE vs. IS3N.DE

Return for Risk

H4ZA.DE vs. EXS2.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: 2929
Overall Rank
H4ZA.DE Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
H4ZA.DE Sortino Ratio Rank: 2929
Sortino Ratio Rank
H4ZA.DE Omega Ratio Rank: 2828
Omega Ratio Rank
H4ZA.DE Calmar Ratio Rank: 3030
Calmar Ratio Rank
H4ZA.DE Martin Ratio Rank: 3333
Martin Ratio Rank
EXS2.DE
EXS2.DE Risk / Return Rank: 1414
Overall Rank
EXS2.DE Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
EXS2.DE Sortino Ratio Rank: 1515
Sortino Ratio Rank
EXS2.DE Omega Ratio Rank: 1414
Omega Ratio Rank
EXS2.DE Calmar Ratio Rank: 1414
Calmar Ratio Rank
EXS2.DE Martin Ratio Rank: 1313
Martin Ratio Rank
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. EXS2.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 iShares TecDAX UCITS ETF (DE) (EXS2.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.

H4ZA.DEEXS2.DEDifference
Sharpe ratioReturn per unit of total volatility
0.98
0.36

+0.62

Sortino ratioReturn per unit of downside risk
1.54
0.64

+0.89

Omega ratioGain probability vs. loss probability

1.18

1.07

+0.11

Calmar ratioReturn relative to maximum drawdown

1.43

0.40

+1.03

Martin ratioReturn relative to average drawdown

4.85

0.80

+4.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4ZA.DE vs. EXS2.DE - Sharpe Ratio Comparison

The current H4ZA.DE Sharpe Ratio is 0.98, which is higher than the EXS2.DE Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of H4ZA.DE and EXS2.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.

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Sharpe Ratios by Period

H4ZA.DEEXS2.DEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.98

0.36

+0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.20

+0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.59

0.46

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.41

0.14

+0.27

Drawdowns

H4ZA.DE vs. EXS2.DE - Drawdown Comparison

The maximum H4ZA.DE drawdown since its inception was -38.41%, smaller than the maximum EXS2.DE drawdown of -84.49%. Use the drawdown chart below to compare losses from any high point for H4ZA.DE and EXS2.DE.

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Drawdown Indicators

H4ZA.DEEXS2.DEDifference

Max Drawdown

Largest peak-to-trough decline

-38.41%

-84.49%

+46.08%

Max Drawdown (1Y)

Largest decline over 1 year

-10.97%

-16.12%

+5.15%

Max Drawdown (3Y)

Largest decline over 3 years

-16.40%

-17.93%

+1.53%

Max Drawdown (5Y)

Largest decline over 5 years

-23.26%

-34.97%

+11.71%

Max Drawdown (10Y)

Largest decline over 10 years

-38.41%

-34.97%

-3.44%

Current Drawdown

Current decline from peak

-0.50%

-0.81%

+0.31%

Average Drawdown

Average peak-to-trough decline

-7.84%

-39.46%

+31.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.24%

8.07%

-4.83%

Volatility

H4ZA.DE vs. EXS2.DE - Volatility Comparison

The current volatility for HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE) is 4.95%, while iShares TecDAX UCITS ETF (DE) (EXS2.DE) has a volatility of 5.29%. This indicates that H4ZA.DE experiences smaller price fluctuations and is considered to be less risky than EXS2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

H4ZA.DEEXS2.DEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.95%

5.29%

-0.34%

Volatility (6M)

Calculated over the trailing 6-month period

12.99%

14.25%

-1.26%

Volatility (1Y)

Calculated over the trailing 1-year period

15.99%

17.83%

-1.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.50%

18.80%

-1.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.17%

19.47%

-1.30%

H4ZA.DE vs. EXS2.DE - Expense Ratio Comparison

H4ZA.DE has a 0.05% expense ratio, which is lower than EXS2.DE's 0.51% expense ratio.

Dividends

H4ZA.DE vs. EXS2.DE - Dividend Comparison

H4ZA.DE's dividend yield for the trailing twelve months is around 2.44%, while EXS2.DE has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EXS2.DE
iShares TecDAX UCITS ETF (DE)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.04%0.15%0.25%0.36%
H4ZA.DE
HSBC EURO STOXX 50 UCITS ETF EUR		2.44%2.49%5.35%2.93%2.94%1.94%2.06%2.84%3.55%2.73%2.85%2.70%

Frequently Asked Questions

H4ZA.DE and EXS2.DE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

H4ZA.DE is cheaper with a 0.05% expense ratio, compared with 0.51% for EXS2.DE.

H4ZA.DE tracks EURO STOXX® 50, while EXS2.DE tracks TecDAX®. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.05% for H4ZA.DE and 0.51% for EXS2.DE.

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