H4ZF.DE vs. H4ZE.DE
H4ZF.DE (HSBC S&P 500 UCITS ETF USD) and H4ZE.DE (HSBC MSCI Europe UCITS ETF EUR) are both exchange-traded funds - H4ZF.DE is a S&P 500 fund tracking the S&P 500 Index, while H4ZE.DE is a Europe Equities fund tracking the MSCI Europe. Both are passively managed. Over the past 10 years, H4ZF.DE returned 15.80%/yr vs 9.41%/yr for H4ZE.DE. A 0.69 correlation means they provide meaningful diversification when combined. H4ZF.DE charges 0.09%/yr vs 0.10%/yr for H4ZE.DE.
Performance
H4ZF.DE vs. H4ZE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZF.DE achieves a 11.35% return, which is significantly higher than H4ZE.DE's 7.42% return. Over the past 10 years, H4ZF.DE has outperformed H4ZE.DE with an annualized return of 15.80%, while H4ZE.DE has yielded a comparatively lower 9.41% annualized return.
H4ZF.DE
- 1D
- -0.12%
- 1M
- 4.35%
- YTD
- 11.35%
- 6M
- 10.84%
- 1Y
- 25.55%
- 3Y*
- 18.88%
- 5Y*
- 14.74%
- 10Y*
- 15.80%
H4ZE.DE
- 1D
- 0.63%
- 1M
- 3.28%
- YTD
- 7.42%
- 6M
- 9.79%
- 1Y
- 15.99%
- 3Y*
- 14.48%
- 5Y*
- 10.49%
- 10Y*
- 9.41%
H4ZF.DE vs. H4ZE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
H4ZF.DE HSBC S&P 500 UCITS ETF USD | 11.35% | 4.74% | 32.24% | 22.66% | -14.40% | 40.68% | 7.94% | 36.99% | 0.78% | 8.65% |
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% |
Correlation
The correlation between H4ZF.DE and H4ZE.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 | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2010 | 0.69 |
The correlation between H4ZF.DE and H4ZE.DE shifts across timeframes, from 0.56 (3 years) to 0.70 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
H4ZF.DE vs. H4ZE.DE — Risk / Return Rank
H4ZF.DE
H4ZE.DE
H4ZF.DE vs. H4ZE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC S&P 500 UCITS ETF USD (H4ZF.DE) and HSBC MSCI Europe UCITS ETF EUR (H4ZE.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.
| H4ZF.DE | H4ZE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.23 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 1.69 | +1.87 |
| Martin ratioReturn relative to average drawdown | 12.69 | 6.20 | +6.49 |
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
| H4ZF.DE | H4ZE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 1.22 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.96 | 0.73 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | 0.60 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 0.50 | +0.52 |
Drawdowns
H4ZF.DE vs. H4ZE.DE - Drawdown Comparison
The maximum H4ZF.DE drawdown since its inception was -33.82%, roughly equal to the maximum H4ZE.DE drawdown of -35.52%. Use the drawdown chart below to compare losses from any high point for H4ZF.DE and H4ZE.DE.
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Drawdown Indicators
| H4ZF.DE | H4ZE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.82% | -35.52% | +1.70% |
Max Drawdown (1Y)Largest decline over 1 year | -7.16% | -9.43% | +2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -23.32% | -16.49% | -6.83% |
Max Drawdown (5Y)Largest decline over 5 years | -23.32% | -19.17% | -4.15% |
Max Drawdown (10Y)Largest decline over 10 years | -33.82% | -35.52% | +1.70% |
Current DrawdownCurrent decline from peak | -0.44% | -2.04% | +1.60% |
Average DrawdownAverage peak-to-trough decline | -3.93% | -5.73% | +1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 2.57% | -0.56% |
Volatility
H4ZF.DE vs. H4ZE.DE - Volatility Comparison
The current volatility for HSBC S&P 500 UCITS ETF USD (H4ZF.DE) is 2.68%, while HSBC MSCI Europe UCITS ETF EUR (H4ZE.DE) has a volatility of 4.57%. This indicates that H4ZF.DE experiences smaller price fluctuations and is considered to be less risky than H4ZE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H4ZF.DE | H4ZE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 4.57% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 7.59% | 10.73% | -3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.61% | 13.01% | -1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.20% | 14.28% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 15.49% | +0.63% |
H4ZF.DE vs. H4ZE.DE - Expense Ratio Comparison
H4ZF.DE has a 0.09% expense ratio, which is lower than H4ZE.DE's 0.10% 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
H4ZF.DE vs. H4ZE.DE - Dividend Comparison
H4ZF.DE's dividend yield for the trailing twelve months is around 0.82%, less than H4ZE.DE's 2.43% yield.
| 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% |
H4ZF.DE HSBC S&P 500 UCITS ETF USD | 0.82% | 0.95% | 0.96% | 1.19% | 1.32% | 0.91% | 2.24% | 2.98% | 3.49% | 3.23% | 3.29% | 4.21% |
Frequently Asked Questions
H4ZF.DE and H4ZE.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.
On fees, H4ZF.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4ZF.DE is cheaper with a 0.09% expense ratio, compared with 0.10% for H4ZE.DE.
H4ZF.DE is categorized as S&P 500, while H4ZE.DE is Europe Equities. H4ZF.DE tracks S&P 500 Index, while H4ZE.DE tracks MSCI Europe. Their fees differ too: 0.09% for H4ZF.DE and 0.10% for H4ZE.DE.
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