H4ZE.DE vs. EUN0.DE
H4ZE.DE (HSBC MSCI Europe UCITS ETF EUR) and EUN0.DE (iShares Edge MSCI Europe Minimum Volatility UCITS ETF) are both Europe Equities funds - H4ZE.DE tracks the MSCI Europe while EUN0.DE tracks the MSCI Europe Minimum Volatility. Both are passively managed. Over the past 10 years, H4ZE.DE returned 9.41%/yr vs 6.66%/yr for EUN0.DE. Their correlation of 0.89 suggests significant overlap in exposure. H4ZE.DE charges 0.10%/yr vs 0.25%/yr for EUN0.DE.
Performance
H4ZE.DE vs. EUN0.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZE.DE achieves a 7.42% return, which is significantly higher than EUN0.DE's 5.60% return. Over the past 10 years, H4ZE.DE has outperformed EUN0.DE with an annualized return of 9.41%, while EUN0.DE has yielded a comparatively lower 6.66% annualized 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%
EUN0.DE
- 1D
- 0.54%
- 1M
- -0.19%
- YTD
- 5.60%
- 6M
- 7.10%
- 1Y
- 5.26%
- 3Y*
- 10.39%
- 5Y*
- 7.36%
- 10Y*
- 6.66%
H4ZE.DE vs. EUN0.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR | 7.42% | 20.37% | 10.54% | 15.61% | -8.94% | 25.21% | -3.31% | 28.06% | -11.05% | 10.41% |
EUN0.DE iShares Edge MSCI Europe Minimum Volatility UCITS ETF | 5.60% | 12.27% | 11.42% | 10.79% | -13.21% | 21.54% | -4.02% | 24.17% | -4.36% | 9.14% |
Correlation
The correlation between H4ZE.DE and EUN0.DE is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2013 | 0.89 |
The correlation between H4ZE.DE and EUN0.DE shifts across timeframes, from 0.77 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
H4ZE.DE vs. EUN0.DE — Risk / Return Rank
H4ZE.DE
EUN0.DE
H4ZE.DE vs. EUN0.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 iShares Edge MSCI Europe Minimum Volatility UCITS ETF (EUN0.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 | EUN0.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.11 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 0.76 | +0.93 |
| Martin ratioReturn relative to average drawdown | 6.20 | 1.97 | +4.23 |
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
| H4ZE.DE | EUN0.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 0.62 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.66 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.53 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.63 | -0.13 |
Drawdowns
H4ZE.DE vs. EUN0.DE - Drawdown Comparison
The maximum H4ZE.DE drawdown since its inception was -35.52%, which is greater than EUN0.DE's maximum drawdown of -30.68%. Use the drawdown chart below to compare losses from any high point for H4ZE.DE and EUN0.DE.
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Drawdown Indicators
| H4ZE.DE | EUN0.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.52% | -30.68% | -4.84% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -7.16% | -2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -10.73% | -5.76% |
Max Drawdown (5Y)Largest decline over 5 years | -19.17% | -19.64% | +0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -35.52% | -30.68% | -4.84% |
Current DrawdownCurrent decline from peak | -2.04% | -3.12% | +1.08% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -4.69% | -1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 2.76% | -0.19% |
Volatility
H4ZE.DE vs. EUN0.DE - Volatility Comparison
HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) has a higher volatility of 4.57% compared to iShares Edge MSCI Europe Minimum Volatility UCITS ETF (EUN0.DE) at 3.03%. This indicates that H4ZE.DE's price experiences larger fluctuations and is considered to be riskier than EUN0.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H4ZE.DE | EUN0.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 3.03% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 10.73% | 7.20% | +3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 8.77% | +4.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.28% | 11.02% | +3.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.49% | 12.51% | +2.98% |
H4ZE.DE vs. EUN0.DE - Expense Ratio Comparison
H4ZE.DE has a 0.10% expense ratio, which is lower than EUN0.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
H4ZE.DE vs. EUN0.DE - Dividend Comparison
H4ZE.DE's dividend yield for the trailing twelve months is around 2.43%, while EUN0.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUN0.DE iShares Edge MSCI Europe Minimum Volatility UCITS ETF | 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
H4ZE.DE and EUN0.DE have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
H4ZE.DE is cheaper with a 0.10% expense ratio, compared with 0.25% for EUN0.DE.
H4ZE.DE tracks MSCI Europe, while EUN0.DE tracks MSCI Europe Minimum Volatility. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.10% for H4ZE.DE and 0.25% for EUN0.DE.
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