H4ZE.DE vs. H410.DE

Last updated Apr 3, 2026

Compare and contrast key facts about HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE).

H4ZE.DE and H410.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. H4ZE.DE is a passively managed fund by HSBC that tracks the performance of the MSCI Europe. It was launched on Jun 1, 2010. H410.DE is a passively managed fund by HSBC that tracks the performance of the MSCI Emerging Markets. It was launched on Sep 5, 2011. Both H4ZE.DE and H410.DE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

H4ZE.DE vs. H410.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 HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE). The values are adjusted to include any dividend payments, if applicable.

H4ZE.DE vs. H410.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	1.40%	20.37%	10.54%	15.61%	-8.94%	25.21%	-3.31%	28.06%	-11.05%	10.41%
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	5.14%	18.61%	13.89%	4.66%	-13.80%	3.98%	7.04%	21.02%	-11.31%	21.15%

Returns By Period

In the year-to-date period, H4ZE.DE achieves a 1.40% return, which is significantly lower than H410.DE's 5.14% return. Over the past 10 years, H4ZE.DE has outperformed H410.DE with an annualized return of 9.20%, while H410.DE has yielded a comparatively lower 7.79% annualized return.

H4ZE.DE

• 1D: -0.10%
• 1M: -0.85%
• YTD: 1.40%
• 6M: 5.88%
• 1Y: 13.90%
• 3Y*: 13.00%
• 5Y*: 10.40%
• 10Y*: 9.20%

H410.DE

• 1D: -1.39%
• 1M: -1.85%
• YTD: 5.14%
• 6M: 7.92%
• 1Y: 24.75%
• 3Y*: 13.45%
• 5Y*: 4.08%
• 10Y*: 7.79%

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

H4ZE.DE vs. H410.DE - Expense Ratio Comparison

H4ZE.DE has a 0.10% expense ratio, which is lower than H410.DE's 0.15% 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%.

H410.DE

HSBC MSCI Emerging Markets UCITS ETF USD

H4ZE.DE

HSBC MSCI Europe UCITS ETF EUR

Return for Risk

H4ZE.DE vs. H410.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: 50
H4ZE.DE Sharpe Ratio Rank: 47
H4ZE.DE Sortino Ratio Rank: 42
H4ZE.DE Omega Ratio Rank: 46
H4ZE.DE Calmar Ratio Rank: 57
H4ZE.DE Martin Ratio Rank: 58

H410.DE

H410.DE Risk / Return Rank: 73
H410.DE Sharpe Ratio Rank: 71
H410.DE Sortino Ratio Rank: 70
H410.DE Omega Ratio Rank: 67
H410.DE Calmar Ratio Rank: 80
H410.DE Martin Ratio Rank: 79

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. H410.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 HSBC MSCI Emerging Markets UCITS ETF USD (H410.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	H410.DE	Difference
Sharpe ratio Return per unit of total volatility	0.92	1.35	-0.43
Sortino ratio Return per unit of downside risk	1.25	1.85	-0.60
Omega ratio Gain probability vs. loss probability	1.19	1.26	-0.07
Calmar ratio Return relative to maximum drawdown	1.80	2.78	-0.97
Martin ratio Return relative to average drawdown	7.13	10.22	-3.10
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. H410.DE - Sharpe Ratio Comparison

The current H4ZE.DE Sharpe Ratio is 0.92, which is lower than the H410.DE Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of H4ZE.DE and H410.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	H4ZE.DE	H410.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.35	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.25	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.43	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.33	+0.15

Correlation

The correlation between H4ZE.DE and H410.DE is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

H4ZE.DE vs. H410.DE - Dividend Comparison

H4ZE.DE's dividend yield for the trailing twelve months is around 2.57%, more than H410.DE's 2.00% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	2.57%	2.58%	5.12%	2.81%	3.03%	2.09%	2.15%	2.91%	3.35%	2.75%	2.88%	2.69%
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	2.00%	2.00%	2.40%	2.58%	3.11%	2.00%	1.69%	2.03%	2.20%	1.62%	1.71%	2.28%

Drawdowns

H4ZE.DE vs. H410.DE - Drawdown Comparison

The maximum H4ZE.DE drawdown since its inception was -35.52%, roughly equal to the maximum H410.DE drawdown of -36.25%. Use the drawdown chart below to compare losses from any high point for H4ZE.DE and H410.DE.

Drawdown Indicators

	H4ZE.DE	H410.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.52%	-36.25%	+0.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-10.48%	+0.43%
Max Drawdown (5Y) Largest decline over 5 years	-19.17%	-23.76%	+4.59%
Max Drawdown (10Y) Largest decline over 10 years	-35.52%	-31.68%	-3.84%
Current Drawdown Current decline from peak	-5.47%	-8.65%	+3.18%
Average Drawdown Average peak-to-trough decline	-5.76%	-10.37%	+4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	2.85%	-0.46%

Volatility

H4ZE.DE vs. H410.DE - Volatility Comparison

The current volatility for HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) is 5.64%, while HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE) has a volatility of 7.51%. This indicates that H4ZE.DE experiences smaller price fluctuations and is considered to be less risky than H410.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZE.DE	H410.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	7.51%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	13.11%	-4.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.12%	18.30%	-3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.07%	16.17%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	18.03%	-2.58%