H4ZF.DE vs. IS31.DE
H4ZF.DE (HSBC S&P 500 UCITS ETF USD) and IS31.DE (iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc)) are both S&P 500 funds - H4ZF.DE tracks the S&P 500 Index while IS31.DE tracks the S&P 500 Minimum Volatility Index (EUR Hedged). Both are passively managed. Over the past 5 years, H4ZF.DE returned 13.72%/yr vs 5.66%/yr for IS31.DE. A 0.72 correlation means they provide meaningful diversification when combined. H4ZF.DE charges 0.09%/yr vs 0.25%/yr for IS31.DE.
Performance
H4ZF.DE vs. IS31.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZF.DE achieves a 13.12% return, which is significantly higher than IS31.DE's 2.57% return.
H4ZF.DE
- 1D
- 0.24%
- 1M
- 1.49%
- 6M
- 11.84%
- YTD
- 13.12%
- 1Y
- 23.50%
- 3Y*
- 19.29%
- 5Y*
- 13.72%
- 10Y*
- 14.54%
IS31.DE
- 1D
- -0.55%
- 1M
- -0.28%
- 6M
- 3.07%
- YTD
- 2.57%
- 1Y
- 8.36%
- 3Y*
- 10.43%
- 5Y*
- 5.66%
- 10Y*
- —
H4ZF.DE vs. IS31.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
H4ZF.DE HSBC S&P 500 UCITS ETF USD | 13.12% | 4.74% | 32.23% | 22.66% | -14.38% | 40.65% | 7.06% | 34.41% | -0.98% | 1.74% |
IS31.DE iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) | 2.57% | 9.27% | 16.79% | 6.75% | -14.54% | 23.93% | 5.67% | 27.41% | -8.01% | 10.34% |
Correlation
The correlation between H4ZF.DE and IS31.DE is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2017 | 0.72 |
The correlation between H4ZF.DE and IS31.DE has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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Return for Risk
H4ZF.DE vs. IS31.DE — Risk / Return Rank
H4ZF.DE
IS31.DE
H4ZF.DE vs. IS31.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 Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) (IS31.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| H4ZF.DE | IS31.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.17 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 1.25 | +2.01 |
| Martin ratioReturn relative to average drawdown | 11.51 | 4.77 | +6.74 |
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Drawdowns
H4ZF.DE vs. IS31.DE - Drawdown Comparison
The maximum H4ZF.DE drawdown since its inception was -33.81%, roughly equal to the maximum IS31.DE drawdown of -33.66%. Use the drawdown chart below to compare losses from any high point for H4ZF.DE and IS31.DE.
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Drawdown Indicators
| H4ZF.DE | IS31.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.81% | -33.66% | -0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -7.17% | -6.64% | -0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -12.56% | -10.77% |
Max Drawdown (5Y)Largest decline over 5 years | -23.33% | -20.75% | -2.58% |
Max Drawdown (10Y)Largest decline over 10 years | -33.81% | — | — |
Current DrawdownCurrent decline from peak | -0.18% | -1.01% | +0.83% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -4.83% | +0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 1.75% | +0.29% |
Volatility
H4ZF.DE vs. IS31.DE - Volatility Comparison
HSBC S&P 500 UCITS ETF USD (H4ZF.DE) has a higher volatility of 2.79% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) (IS31.DE) at 2.40%. This indicates that H4ZF.DE's price experiences larger fluctuations and is considered to be riskier than IS31.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 | IS31.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.79% | 2.40% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 7.96% | 6.55% | +1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.92% | 8.70% | +3.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.23% | 12.78% | +2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 14.36% | +1.72% |
H4ZF.DE vs. IS31.DE - Expense Ratio Comparison
H4ZF.DE has a 0.09% expense ratio, which is lower than IS31.DE's 0.25% 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. IS31.DE - Dividend Comparison
H4ZF.DE's dividend yield for the trailing twelve months is around 0.81%, while IS31.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 | 0.81% | 0.95% | 0.96% | 1.19% | 1.34% | 0.92% | 1.44% | 1.39% | 1.62% | 1.55% | 1.59% | 1.61% |
IS31.DE iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (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 IS31.DE have a correlation of 0.64, 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 0.25% for IS31.DE.
H4ZF.DE tracks S&P 500 Index, while IS31.DE tracks S&P 500 Minimum Volatility Index (EUR Hedged). They also come from different issuers: HSBC and iShares. Their fees differ too: 0.09% for H4ZF.DE and 0.25% for IS31.DE.
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