H4ZE.DE vs. H4Z3.DE

Last updated Jun 5, 2026

H4ZE.DE (HSBC MSCI Europe UCITS ETF EUR) and H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both exchange-traded funds - H4ZE.DE is a Europe Equities fund tracking the MSCI Europe, while H4Z3.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, H4ZE.DE returned 14.48%/yr vs 20.42%/yr for H4Z3.DE. A 0.57 correlation means they provide meaningful diversification when combined. H4ZE.DE charges 0.10%/yr vs 0.15%/yr for H4Z3.DE.

Performance

H4ZE.DE vs. H4Z3.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 (Acc) (H4Z3.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 H4Z3.DE's 27.75% 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%

H4Z3.DE

• 1D: -1.67%
• 1M: 3.67%
• YTD: 27.75%
• 6M: 28.22%
• 1Y: 49.05%
• 3Y*: 20.42%
• 5Y*: —
• 10Y*: —

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

H4ZE.DE vs. H4Z3.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
H4ZE.DE HSBC MSCI Europe UCITS ETF EUR	7.42%	20.37%	10.54%	15.61%	3.01%
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	27.75%	18.60%	13.73%	4.66%	-6.26%

Correlation

The correlation between H4ZE.DE and H4Z3.DE is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022	0.57

The correlation between H4ZE.DE and H4Z3.DE has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Return for Risk

H4ZE.DE vs. H4Z3.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

H4Z3.DE

H4Z3.DE Risk / Return Rank: 86
H4Z3.DE Sharpe Ratio Rank: 87
H4Z3.DE Sortino Ratio Rank: 86
H4Z3.DE Omega Ratio Rank: 86
H4Z3.DE Calmar Ratio Rank: 86
H4Z3.DE Martin Ratio Rank: 85

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. H4Z3.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 (Acc) (H4Z3.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	H4Z3.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.22	2.85	-1.62
Sortino ratio: Return per unit of downside risk	1.82	3.82	-2.00
Omega ratio: Gain probability vs. loss probability	1.23	1.52	-0.29
Calmar ratio: Return relative to maximum drawdown	1.69	4.77	-3.08
Martin ratio: Return relative to average drawdown	6.20	17.12	-10.92
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. H4Z3.DE - Sharpe Ratio Comparison

The current H4ZE.DE Sharpe Ratio is 1.22, which is lower than the H4Z3.DE Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of H4ZE.DE and H4Z3.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	H4Z3.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.85	-1.62
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	0.91	-0.40

Drawdowns

H4ZE.DE vs. H4Z3.DE - Drawdown Comparison

The maximum H4ZE.DE drawdown since its inception was -35.52%, which is greater than H4Z3.DE's maximum drawdown of -18.86%. Use the drawdown chart below to compare losses from any high point for H4ZE.DE and H4Z3.DE.

Drawdown Indicators

	H4ZE.DE	H4Z3.DE	Difference
Max Drawdown Largest peak-to-trough decline	-35.52%	-18.86%	-16.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-10.47%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	-18.86%	+2.37%
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%	-2.73%	+0.69%
Average Drawdown Average peak-to-trough decline	-5.73%	-4.95%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.92%	-0.35%

Volatility

H4ZE.DE vs. H4Z3.DE - Volatility Comparison

The current volatility for HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) is 4.57%, while HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) has a volatility of 7.35%. This indicates that H4ZE.DE experiences smaller price fluctuations and is considered to be less risky than H4Z3.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZE.DE	H4Z3.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	7.35%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	14.91%	-4.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.01%	17.54%	-4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.28%	15.77%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	15.77%	-0.28%

H4ZE.DE vs. H4Z3.DE - Expense Ratio Comparison

H4ZE.DE has a 0.10% expense ratio, which is lower than H4Z3.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%.

Dividends

H4ZE.DE vs. H4Z3.DE - Dividend Comparison

H4ZE.DE's dividend yield for the trailing twelve months is around 2.43%, while H4Z3.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc)	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 H4Z3.DE in my portfolio?

H4ZE.DE and H4Z3.DE have a correlation of 0.61, 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 H4Z3.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 H4Z3.DE?

H4ZE.DE is cheaper with a 0.10% expense ratio, compared with 0.15% for H4Z3.DE.

What is the main difference between H4ZE.DE and H4Z3.DE?

H4ZE.DE is categorized as Europe Equities, while H4Z3.DE is Emerging Markets Equities. H4ZE.DE tracks MSCI Europe, while H4Z3.DE tracks MSCI Emerging Markets. Their fees differ too: 0.10% for H4ZE.DE and 0.15% for H4Z3.DE.