H4ZF.DE vs. H4ZP.DE

Last updated Jun 5, 2026

H4ZF.DE (HSBC S&P 500 UCITS ETF USD) and H4ZP.DE (HSBC MSCI China UCITS ETF USD) are both exchange-traded funds - H4ZF.DE is a S&P 500 fund tracking the S&P 500 Index, while H4ZP.DE is a China Equities fund tracking the MSCI China. Both are passively managed. Over the past 10 years, H4ZF.DE returned 15.80%/yr vs 4.72%/yr for H4ZP.DE. At a 0.49 correlation, their price movements are largely independent. H4ZF.DE charges 0.09%/yr vs 0.28%/yr for H4ZP.DE.

Performance

H4ZF.DE vs. H4ZP.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC S&P 500 UCITS ETF USD (H4ZF.DE) and HSBC MSCI China UCITS ETF USD (H4ZP.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H4ZF.DE achieves a 11.35% return, which is significantly higher than H4ZP.DE's -6.53% return. Over the past 10 years, H4ZF.DE has outperformed H4ZP.DE with an annualized return of 15.80%, while H4ZP.DE has yielded a comparatively lower 4.72% annualized return.

H4ZF.DE

• 1D: -0.12%
• 1M: 5.21%
• YTD: 11.35%
• 6M: 11.39%
• 1Y: 25.60%
• 3Y*: 18.88%
• 5Y*: 14.74%
• 10Y*: 15.80%

H4ZP.DE

• 1D: -0.23%
• 1M: -1.81%
• YTD: -6.53%
• 6M: -8.01%
• 1Y: 3.19%
• 3Y*: 8.20%
• 5Y*: -4.00%
• 10Y*: 4.72%

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

H4ZF.DE vs. H4ZP.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%
H4ZP.DE HSBC MSCI China UCITS ETF USD	-6.53%	16.54%	28.55%	-14.47%	-15.34%	-16.86%	15.20%	26.76%	-16.09%	35.18%

Correlation

The correlation between H4ZF.DE and H4ZP.DE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 30, 2013	0.49

The correlation between H4ZF.DE and H4ZP.DE shifts across timeframes, from 0.27 (3 years) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

H4ZF.DE vs. H4ZP.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

H4ZF.DE

H4ZF.DE Risk / Return Rank: 69
H4ZF.DE Sharpe Ratio Rank: 67
H4ZF.DE Sortino Ratio Rank: 65
H4ZF.DE Omega Ratio Rank: 70
H4ZF.DE Calmar Ratio Rank: 72
H4ZF.DE Martin Ratio Rank: 69

H4ZP.DE

H4ZP.DE Risk / Return Rank: 11
H4ZP.DE Sharpe Ratio Rank: 12
H4ZP.DE Sortino Ratio Rank: 12
H4ZP.DE Omega Ratio Rank: 11
H4ZP.DE Calmar Ratio Rank: 11
H4ZP.DE Martin Ratio Rank: 11

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.

H4ZF.DE vs. H4ZP.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 China UCITS ETF USD (H4ZP.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	H4ZP.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.20	0.17	+2.02
Sortino ratio: Return per unit of downside risk	2.98	0.38	+2.60
Omega ratio: Gain probability vs. loss probability	1.41	1.04	+0.37
Calmar ratio: Return relative to maximum drawdown	3.56	0.19	+3.37
Martin ratio: Return relative to average drawdown	12.69	0.39	+12.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4ZF.DE vs. H4ZP.DE - Sharpe Ratio Comparison

The current H4ZF.DE Sharpe Ratio is 2.20, which is higher than the H4ZP.DE Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of H4ZF.DE and H4ZP.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

	H4ZF.DE	H4ZP.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	0.17	+2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	-0.14	+1.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.19	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.19	+0.84

Drawdowns

H4ZF.DE vs. H4ZP.DE - Drawdown Comparison

The maximum H4ZF.DE drawdown since its inception was -33.82%, smaller than the maximum H4ZP.DE drawdown of -55.74%. Use the drawdown chart below to compare losses from any high point for H4ZF.DE and H4ZP.DE.

Drawdown Indicators

	H4ZF.DE	H4ZP.DE	Difference
Max Drawdown Largest peak-to-trough decline	-33.82%	-55.74%	+21.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-16.83%	+9.67%
Max Drawdown (3Y) Largest decline over 3 years	-23.32%	-24.56%	+1.24%
Max Drawdown (5Y) Largest decline over 5 years	-23.32%	-49.16%	+25.84%
Max Drawdown (10Y) Largest decline over 10 years	-33.82%	-55.74%	+21.92%
Current Drawdown Current decline from peak	-0.44%	-31.17%	+30.73%
Average Drawdown Average peak-to-trough decline	-3.93%	-23.08%	+19.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	8.15%	-6.14%

Volatility

H4ZF.DE vs. H4ZP.DE - Volatility Comparison

The current volatility for HSBC S&P 500 UCITS ETF USD (H4ZF.DE) is 2.68%, while HSBC MSCI China UCITS ETF USD (H4ZP.DE) has a volatility of 7.30%. This indicates that H4ZF.DE experiences smaller price fluctuations and is considered to be less risky than H4ZP.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZF.DE	H4ZP.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	7.30%	-4.62%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	13.14%	-5.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.61%	18.46%	-6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	27.70%	-12.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	25.25%	-9.13%

H4ZF.DE vs. H4ZP.DE - Expense Ratio Comparison

H4ZF.DE has a 0.09% expense ratio, which is lower than H4ZP.DE's 0.28% expense ratio.

Dividends

H4ZF.DE vs. H4ZP.DE - Dividend Comparison

H4ZF.DE's dividend yield for the trailing twelve months is around 0.82%, less than H4ZP.DE's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
H4ZP.DE HSBC MSCI China UCITS ETF USD	2.14%	2.39%	3.10%	2.10%	1.97%	1.28%	0.96%	1.57%	1.40%	0.78%	1.97%	2.89%

Frequently Asked Questions

Can I hold both H4ZF.DE and H4ZP.DE in my portfolio?

H4ZF.DE and H4ZP.DE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4ZF.DE or H4ZP.DE?

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.

Which ETF is cheaper, H4ZF.DE or H4ZP.DE?

H4ZF.DE is cheaper with a 0.09% expense ratio, compared with 0.28% for H4ZP.DE.

What is the main difference between H4ZF.DE and H4ZP.DE?

H4ZF.DE is categorized as S&P 500, while H4ZP.DE is China Equities. H4ZF.DE tracks S&P 500 Index, while H4ZP.DE tracks MSCI China. Their fees differ too: 0.09% for H4ZF.DE and 0.28% for H4ZP.DE.