H4ZE.DE vs. H4ZL.DE
H4ZE.DE (HSBC MSCI Europe UCITS ETF EUR) and H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) are both exchange-traded funds - H4ZE.DE is a Europe Equities fund tracking the MSCI Europe, while H4ZL.DE is a REIT fund tracking the FTSE EPRA/NAREIT Developed. Both are passively managed. Over the past 10 years, H4ZE.DE returned 9.41%/yr vs 2.35%/yr for H4ZL.DE. A 0.58 correlation means they provide meaningful diversification when combined. H4ZE.DE charges 0.10%/yr vs 0.24%/yr for H4ZL.DE.
Performance
H4ZE.DE vs. H4ZL.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 H4ZL.DE's 6.32% return. Over the past 10 years, H4ZE.DE has outperformed H4ZL.DE with an annualized return of 9.41%, while H4ZL.DE has yielded a comparatively lower 2.35% 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%
H4ZL.DE
- 1D
- -0.02%
- 1M
- -2.45%
- YTD
- 6.32%
- 6M
- 5.97%
- 1Y
- 6.50%
- 3Y*
- 3.13%
- 5Y*
- 0.30%
- 10Y*
- 2.35%
H4ZE.DE vs. H4ZL.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% |
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 6.32% | -4.65% | 2.27% | 6.12% | -20.22% | 36.90% | -16.99% | 23.91% | -0.81% | -2.27% |
Correlation
The correlation between H4ZE.DE and H4ZL.DE is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2013 | 0.58 |
The correlation between H4ZE.DE and H4ZL.DE has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.
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Return for Risk
H4ZE.DE vs. H4ZL.DE — Risk / Return Rank
H4ZE.DE
H4ZL.DE
H4ZE.DE vs. H4ZL.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 FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.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 | H4ZL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.11 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 0.84 | +0.84 |
| Martin ratioReturn relative to average drawdown | 6.20 | 2.48 | +3.72 |
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 | H4ZL.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 0.59 | +0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.02 | +0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | 0.14 | +0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.29 | +0.21 |
Drawdowns
H4ZE.DE vs. H4ZL.DE - Drawdown Comparison
The maximum H4ZE.DE drawdown since its inception was -35.52%, smaller than the maximum H4ZL.DE drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for H4ZE.DE and H4ZL.DE.
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Drawdown Indicators
| H4ZE.DE | H4ZL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.52% | -41.97% | +6.45% |
Max Drawdown (1Y)Largest decline over 1 year | -9.43% | -7.82% | -1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -20.68% | +4.19% |
Max Drawdown (5Y)Largest decline over 5 years | -19.17% | -30.45% | +11.28% |
Max Drawdown (10Y)Largest decline over 10 years | -35.52% | -41.97% | +6.45% |
Current DrawdownCurrent decline from peak | -2.04% | -13.81% | +11.77% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -10.80% | +5.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 2.67% | -0.10% |
Volatility
H4ZE.DE vs. H4ZL.DE - Volatility Comparison
HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) has a higher volatility of 4.57% compared to HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) at 2.88%. This indicates that H4ZE.DE's price experiences larger fluctuations and is considered to be riskier than H4ZL.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 | H4ZL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 2.88% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 10.73% | 8.34% | +2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.01% | 11.21% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.28% | 14.69% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.49% | 16.27% | -0.78% |
H4ZE.DE vs. H4ZL.DE - Expense Ratio Comparison
H4ZE.DE has a 0.10% expense ratio, which is lower than H4ZL.DE's 0.24% 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. H4ZL.DE - Dividend Comparison
H4ZE.DE's dividend yield for the trailing twelve months is around 2.43%, while H4ZL.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 0.00% | 0.00% | 0.00% | 2.63% | 3.62% | 2.19% | 3.13% | 2.95% | 3.29% | 3.08% | 2.96% | 2.67% |
Frequently Asked Questions
H4ZE.DE and H4ZL.DE have a correlation of 0.51, 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 0.24% for H4ZL.DE.
H4ZE.DE is categorized as Europe Equities, while H4ZL.DE is REIT. H4ZE.DE tracks MSCI Europe, while H4ZL.DE tracks FTSE EPRA/NAREIT Developed. Their fees differ too: 0.10% for H4ZE.DE and 0.24% for H4ZL.DE.
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