H4ZF.DE vs. IBCF.DE
H4ZF.DE (HSBC S&P 500 UCITS ETF USD) and IBCF.DE (iShares S&P 500 EUR Hedged UCITS ETF (Acc)) are both S&P 500 funds - H4ZF.DE tracks the S&P 500 Index while IBCF.DE tracks the S&P 500 EUR Hedged Index. Both are passively managed. Over the past 10 years, H4ZF.DE returned 15.80%/yr vs 12.48%/yr for IBCF.DE. Their correlation of 0.81 suggests significant overlap in exposure. H4ZF.DE charges 0.09%/yr vs 0.20%/yr for IBCF.DE.
Performance
H4ZF.DE vs. IBCF.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 IBCF.DE's 8.84% return. Over the past 10 years, H4ZF.DE has outperformed IBCF.DE with an annualized return of 15.80%, while IBCF.DE has yielded a comparatively lower 12.48% 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%
IBCF.DE
- 1D
- -0.02%
- 1M
- 4.41%
- YTD
- 8.84%
- 6M
- 9.66%
- 1Y
- 24.65%
- 3Y*
- 19.50%
- 5Y*
- 11.10%
- 10Y*
- 12.48%
H4ZF.DE vs. IBCF.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% |
IBCF.DE iShares S&P 500 EUR Hedged UCITS ETF (Acc) | 8.84% | 15.42% | 22.97% | 23.21% | -21.83% | 28.51% | 14.47% | 27.13% | -8.40% | 18.78% |
Correlation
The correlation between H4ZF.DE and IBCF.DE is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2011 | 0.81 |
The correlation between H4ZF.DE and IBCF.DE has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.
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Return for Risk
H4ZF.DE vs. IBCF.DE — Risk / Return Rank
H4ZF.DE
IBCF.DE
H4ZF.DE vs. IBCF.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 iShares S&P 500 EUR Hedged UCITS ETF (Acc) (IBCF.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 | IBCF.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 2.81 | +0.75 |
| Martin ratioReturn relative to average drawdown | 12.69 | 12.07 | +0.61 |
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 | IBCF.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 2.08 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.96 | 0.69 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | 0.76 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 0.72 | +0.30 |
Drawdowns
H4ZF.DE vs. IBCF.DE - Drawdown Comparison
The maximum H4ZF.DE drawdown since its inception was -33.82%, roughly equal to the maximum IBCF.DE drawdown of -35.06%. Use the drawdown chart below to compare losses from any high point for H4ZF.DE and IBCF.DE.
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Drawdown Indicators
| H4ZF.DE | IBCF.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.82% | -35.06% | +1.24% |
Max Drawdown (1Y)Largest decline over 1 year | -7.16% | -8.72% | +1.56% |
Max Drawdown (3Y)Largest decline over 3 years | -23.32% | -18.34% | -4.98% |
Max Drawdown (5Y)Largest decline over 5 years | -23.32% | -26.23% | +2.91% |
Max Drawdown (10Y)Largest decline over 10 years | -33.82% | -35.06% | +1.24% |
Current DrawdownCurrent decline from peak | -0.44% | -0.55% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -3.93% | -4.41% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 2.04% | -0.03% |
Volatility
H4ZF.DE vs. IBCF.DE - Volatility Comparison
The current volatility for HSBC S&P 500 UCITS ETF USD (H4ZF.DE) is 2.68%, while iShares S&P 500 EUR Hedged UCITS ETF (Acc) (IBCF.DE) has a volatility of 3.08%. This indicates that H4ZF.DE experiences smaller price fluctuations and is considered to be less risky than IBCF.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 | IBCF.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 3.08% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 7.59% | 8.63% | -1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.61% | 11.79% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.20% | 16.02% | -0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.12% | 16.34% | -0.22% |
H4ZF.DE vs. IBCF.DE - Expense Ratio Comparison
H4ZF.DE has a 0.09% expense ratio, which is lower than IBCF.DE's 0.20% 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. IBCF.DE - Dividend Comparison
H4ZF.DE's dividend yield for the trailing twelve months is around 0.82%, while IBCF.DE has not paid dividends to shareholders.
| 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% |
IBCF.DE iShares S&P 500 EUR Hedged UCITS ETF (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% |
Frequently Asked Questions
H4ZF.DE and IBCF.DE have a correlation of 0.83, 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 0.20% for IBCF.DE.
H4ZF.DE tracks S&P 500 Index, while IBCF.DE tracks S&P 500 EUR Hedged Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.09% for H4ZF.DE and 0.20% for IBCF.DE.
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