H4ZE.DE vs. H412.DE

Last updated Jun 5, 2026

H4ZE.DE (HSBC MSCI Europe UCITS ETF EUR) and H412.DE (HSBC USA Sustainable Equity UCITS ETF USD) are both exchange-traded funds - H4ZE.DE is a Europe Equities fund tracking the MSCI Europe, while H412.DE is a Large Cap Blend Equities fund tracking the FTSE USA ESG Low Carbon Select. Both are passively managed. Over the past 5 years, H4ZE.DE returned 10.49%/yr vs 13.98%/yr for H412.DE. A 0.65 correlation means they provide meaningful diversification when combined. H4ZE.DE charges 0.10%/yr vs 0.12%/yr for H412.DE.

Performance

H4ZE.DE vs. H412.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 USA Sustainable Equity UCITS ETF USD (H412.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 H412.DE's 15.33% 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%

H412.DE

• 1D: 0.46%
• 1M: 7.70%
• YTD: 15.33%
• 6M: 15.89%
• 1Y: 32.34%
• 3Y*: 18.35%
• 5Y*: 13.98%
• 10Y*: —

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

H4ZE.DE vs. H412.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	7.42%	20.37%	10.54%	15.61%	-8.94%	25.21%	7.79%
H412.DE HSBC USA Sustainable Equity UCITS ETF USD	15.33%	6.12%	26.73%	17.60%	-13.13%	39.39%	7.92%

Correlation

The correlation between H4ZE.DE and H412.DE is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020	0.65

The correlation between H4ZE.DE and H412.DE shifts across timeframes, from 0.55 (3 years) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

H4ZE.DE vs. H412.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

H412.DE

H412.DE Risk / Return Rank: 89
H412.DE Sharpe Ratio Rank: 88
H412.DE Sortino Ratio Rank: 88
H412.DE Omega Ratio Rank: 88
H412.DE Calmar Ratio Rank: 91
H412.DE Martin Ratio Rank: 89

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. H412.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 USA Sustainable Equity UCITS ETF USD (H412.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	H412.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.90	-1.67
Sortino ratio: Return per unit of downside risk	1.82	3.94	-2.13
Omega ratio: Gain probability vs. loss probability	1.23	1.54	-0.30
Calmar ratio: Return relative to maximum drawdown	1.69	5.88	-4.19
Martin ratio: Return relative to average drawdown	6.20	19.52	-13.32
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. H412.DE - Sharpe Ratio Comparison

The current H4ZE.DE Sharpe Ratio is 1.22, which is lower than the H412.DE Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of H4ZE.DE and H412.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	H412.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.90	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.94	-0.21
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	1.06	-0.56

Drawdowns

H4ZE.DE vs. H412.DE - Drawdown Comparison

The maximum H4ZE.DE drawdown since its inception was -35.52%, which is greater than H412.DE's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for H4ZE.DE and H412.DE.

Drawdown Indicators

	H4ZE.DE	H412.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.52%	-24.35%	-11.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-5.54%	-3.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-24.35%	+7.86%
Max Drawdown (5Y) Largest decline over 5 years	-19.17%	-24.35%	+5.18%
Max Drawdown (10Y) Largest decline over 10 years	-35.52%	—	—
Current Drawdown Current decline from peak	-2.04%	0.00%	-2.04%
Average Drawdown Average peak-to-trough decline	-5.73%	-4.12%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	1.67%	+0.90%

Volatility

H4ZE.DE vs. H412.DE - Volatility Comparison

HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) has a higher volatility of 4.57% compared to HSBC USA Sustainable Equity UCITS ETF USD (H412.DE) at 3.27%. This indicates that H4ZE.DE's price experiences larger fluctuations and is considered to be riskier than H412.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZE.DE	H412.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	3.27%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	7.70%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	11.23%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.28%	14.70%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	14.81%	+0.68%

H4ZE.DE vs. H412.DE - Expense Ratio Comparison

H4ZE.DE has a 0.10% expense ratio, which is lower than H412.DE's 0.12% 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. H412.DE - Dividend Comparison

H4ZE.DE's dividend yield for the trailing twelve months is around 2.43%, while H412.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H412.DE HSBC USA Sustainable Equity 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 H412.DE in my portfolio?

H4ZE.DE and H412.DE have a correlation of 0.60, 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 H412.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 H412.DE?

H4ZE.DE is cheaper with a 0.10% expense ratio, compared with 0.12% for H412.DE.

What is the main difference between H4ZE.DE and H412.DE?

H4ZE.DE is categorized as Europe Equities, while H412.DE is Large Cap Blend Equities. H4ZE.DE tracks MSCI Europe, while H412.DE tracks FTSE USA ESG Low Carbon Select. Their fees differ too: 0.10% for H4ZE.DE and 0.12% for H412.DE.