H4ZE.DE vs. ED3F.DE

Last updated Jun 5, 2026

H4ZE.DE (HSBC MSCI Europe UCITS ETF EUR) and ED3F.DE (Global X Europe Focused Defence Tech UCITS ETF EUR Accumulating) are both exchange-traded funds - H4ZE.DE is a Europe Equities fund tracking the MSCI Europe, while ED3F.DE is a Aerospace & Defense fund tracking the Mirae Asset Europe Defence Tech Index. Both are passively managed. Over the past year, H4ZE.DE returned 15.80% vs -4.47% for ED3F.DE. At a 0.31 correlation, their price movements are largely independent. H4ZE.DE charges 0.10%/yr vs 0.40%/yr for ED3F.DE.

Performance

H4ZE.DE vs. ED3F.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) and Global X Europe Focused Defence Tech UCITS ETF EUR Accumulating (ED3F.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H4ZE.DE achieves a 7.42% return, which is significantly higher than ED3F.DE's 0.02% return.

H4ZE.DE

• 1D: 0.63%
• 1M: 1.17%
• YTD: 7.42%
• 6M: 9.80%
• 1Y: 15.80%
• 3Y*: 14.48%
• 5Y*: 10.49%
• 10Y*: 9.41%

ED3F.DE

• 1D: -0.42%
• 1M: -8.46%
• YTD: 0.02%
• 6M: 4.71%
• 1Y: -4.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

H4ZE.DE vs. ED3F.DE - Yearly Performance Comparison

	2026 (YTD)	2025
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	7.42%	8.34%
ED3F.DE Global X Europe Focused Defence Tech UCITS ETF EUR Accumulating	0.02%	4.82%

Correlation

The correlation between H4ZE.DE and ED3F.DE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since May 23, 2025	0.31

Return for Risk

H4ZE.DE vs. ED3F.DE — Risk / Return Rank

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

H4ZE.DE

H4ZE.DE Risk / Return Rank: 36
H4ZE.DE Sharpe Ratio Rank: 34
H4ZE.DE Sortino Ratio Rank: 35
H4ZE.DE Omega Ratio Rank: 35
H4ZE.DE Calmar Ratio Rank: 35
H4ZE.DE Martin Ratio Rank: 40

ED3F.DE

ED3F.DE Risk / Return Rank: 9
ED3F.DE Sharpe Ratio Rank: 8
ED3F.DE Sortino Ratio Rank: 9
ED3F.DE Omega Ratio Rank: 9
ED3F.DE Calmar Ratio Rank: 8
ED3F.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.

H4ZE.DE vs. ED3F.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) and Global X Europe Focused Defence Tech UCITS ETF EUR Accumulating (ED3F.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.

	H4ZE.DE	ED3F.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.22	-0.06	+1.29
Sortino ratio: Return per unit of downside risk	1.82	0.13	+1.69
Omega ratio: Gain probability vs. loss probability	1.23	1.01	+0.22
Calmar ratio: Return relative to maximum drawdown	1.69	-0.08	+1.77
Martin ratio: Return relative to average drawdown	6.20	-0.18	+6.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4ZE.DE vs. ED3F.DE - Sharpe Ratio Comparison

The current H4ZE.DE Sharpe Ratio is 1.22, which is higher than the ED3F.DE Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of H4ZE.DE and ED3F.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

	H4ZE.DE	ED3F.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	-0.06	+1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.15	+0.35

Drawdowns

H4ZE.DE vs. ED3F.DE - Drawdown Comparison

The maximum H4ZE.DE drawdown since its inception was -35.52%, which is greater than ED3F.DE's maximum drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for H4ZE.DE and ED3F.DE.

Drawdown Indicators

	H4ZE.DE	ED3F.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.52%	-23.91%	-11.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-23.91%	+14.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.52%	—	—
Current Drawdown Current decline from peak	-2.04%	-20.80%	+18.76%
Average Drawdown Average peak-to-trough decline	-5.73%	-8.37%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	10.25%	-7.68%

Volatility

H4ZE.DE vs. ED3F.DE - Volatility Comparison

The current volatility for HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) is 4.57%, while Global X Europe Focused Defence Tech UCITS ETF EUR Accumulating (ED3F.DE) has a volatility of 10.58%. This indicates that H4ZE.DE experiences smaller price fluctuations and is considered to be less risky than ED3F.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZE.DE	ED3F.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	10.58%	-6.01%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	22.80%	-12.07%
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	30.60%	-17.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.28%	30.42%	-16.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	30.42%	-14.93%

H4ZE.DE vs. ED3F.DE - Expense Ratio Comparison

H4ZE.DE has a 0.10% expense ratio, which is lower than ED3F.DE's 0.40% expense ratio.

Dividends

H4ZE.DE vs. ED3F.DE - Dividend Comparison

H4ZE.DE's dividend yield for the trailing twelve months is around 2.43%, while ED3F.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ED3F.DE Global X Europe Focused Defence Tech UCITS ETF EUR Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	2.43%	2.58%	5.12%	2.81%	3.03%	2.09%	2.15%	2.91%	3.35%	2.75%	2.88%	2.69%

Frequently Asked Questions

Can I hold both H4ZE.DE and ED3F.DE in my portfolio?

H4ZE.DE and ED3F.DE have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4ZE.DE or ED3F.DE?

On fees, H4ZE.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4ZE.DE or ED3F.DE?

H4ZE.DE is cheaper with a 0.10% expense ratio, compared with 0.40% for ED3F.DE.

What is the main difference between H4ZE.DE and ED3F.DE?

H4ZE.DE is categorized as Europe Equities, while ED3F.DE is Aerospace & Defense. H4ZE.DE tracks MSCI Europe, while ED3F.DE tracks Mirae Asset Europe Defence Tech Index. They also come from different issuers: HSBC and Global X. Their fees differ too: 0.10% for H4ZE.DE and 0.40% for ED3F.DE.