H4ZE.DE vs. EUPA.DE

Last updated Jun 5, 2026

H4ZE.DE (HSBC MSCI Europe UCITS ETF EUR) and EUPA.DE (Ossiam Shiller Barclays CAPE® Global Sector Value UCITS ETF (USD)) are both Europe Equities funds - H4ZE.DE tracks the MSCI Europe while EUPA.DE tracks the Shiller Barclays CAPE® Global Sector. Both are passively managed. Over the past 3 years, H4ZE.DE returned 14.48%/yr vs 17.95%/yr for EUPA.DE. A 0.69 correlation means they provide meaningful diversification when combined. H4ZE.DE charges 0.10%/yr vs 0.65%/yr for EUPA.DE.

Performance

H4ZE.DE vs. EUPA.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 Ossiam Shiller Barclays CAPE® Global Sector Value UCITS ETF (USD) (EUPA.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 lower than EUPA.DE's 8.36% 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%

EUPA.DE

• 1D: 0.63%
• 1M: -0.88%
• YTD: 8.36%
• 6M: 9.89%
• 1Y: 17.44%
• 3Y*: 17.95%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	7.42%	20.37%	10.54%	6.61%
EUPA.DE Ossiam Shiller Barclays CAPE® Global Sector Value UCITS ETF (USD)	8.36%	18.38%	13.54%	11.13%

Correlation

The correlation between H4ZE.DE and EUPA.DE is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 24, 2023	0.69

The correlation between H4ZE.DE and EUPA.DE has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

H4ZE.DE vs. EUPA.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

EUPA.DE

EUPA.DE Risk / Return Rank: 45
EUPA.DE Sharpe Ratio Rank: 46
EUPA.DE Sortino Ratio Rank: 46
EUPA.DE Omega Ratio Rank: 45
EUPA.DE Calmar Ratio Rank: 41
EUPA.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.

H4ZE.DE vs. EUPA.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 Ossiam Shiller Barclays CAPE® Global Sector Value UCITS ETF (USD) (EUPA.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	EUPA.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.57	-0.35
Sortino ratio: Return per unit of downside risk	1.82	2.27	-0.45
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	1.69	2.02	-0.33
Martin ratio: Return relative to average drawdown	6.20	7.49	-1.29
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. EUPA.DE - Sharpe Ratio Comparison

The current H4ZE.DE Sharpe Ratio is 1.22, which is comparable to the EUPA.DE Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of H4ZE.DE and EUPA.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	EUPA.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	1.57	-0.35
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	1.30	-0.80

Drawdowns

H4ZE.DE vs. EUPA.DE - Drawdown Comparison

The maximum H4ZE.DE drawdown since its inception was -35.52%, which is greater than EUPA.DE's maximum drawdown of -10.28%. Use the drawdown chart below to compare losses from any high point for H4ZE.DE and EUPA.DE.

Drawdown Indicators

	H4ZE.DE	EUPA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.52%	-10.28%	-25.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-8.44%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-10.28%	-6.21%
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%	-2.77%	+0.73%
Average Drawdown Average peak-to-trough decline	-5.73%	-1.91%	-3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.28%	+0.29%

Volatility

H4ZE.DE vs. EUPA.DE - Volatility Comparison

HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) has a higher volatility of 4.57% compared to Ossiam Shiller Barclays CAPE® Global Sector Value UCITS ETF (USD) (EUPA.DE) at 3.63%. This indicates that H4ZE.DE's price experiences larger fluctuations and is considered to be riskier than EUPA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZE.DE	EUPA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	3.63%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	9.03%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	10.84%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.28%	12.40%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	12.40%	+3.09%

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

H4ZE.DE has a 0.10% expense ratio, which is lower than EUPA.DE's 0.65% expense ratio.

Dividends

H4ZE.DE vs. EUPA.DE - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUPA.DE Ossiam Shiller Barclays CAPE® Global Sector Value UCITS ETF (USD)	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 EUPA.DE in my portfolio?

H4ZE.DE and EUPA.DE have a correlation of 0.66, 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 EUPA.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 EUPA.DE?

H4ZE.DE is cheaper with a 0.10% expense ratio, compared with 0.65% for EUPA.DE.

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

H4ZE.DE tracks MSCI Europe, while EUPA.DE tracks Shiller Barclays CAPE® Global Sector. They also come from different issuers: HSBC and Franklin Templeton. Their fees differ too: 0.10% for H4ZE.DE and 0.65% for EUPA.DE.