H4ZF.DE vs. SPPY.DE
H4ZF.DE (HSBC S&P 500 UCITS ETF USD) and SPPY.DE (State Street SPDR S&P 500 Leaders UCITS ETF) are both S&P 500 funds - H4ZF.DE tracks the S&P 500 Index while SPPY.DE tracks the S&P 500 Scored & Screened Leaders Index. Both are passively managed. Over the past 5 years, H4ZF.DE returned 13.72%/yr vs 14.54%/yr for SPPY.DE. With a 0.98 correlation, they move nearly in lockstep. H4ZF.DE charges 0.09%/yr vs 0.10%/yr for SPPY.DE.
Performance
H4ZF.DE vs. SPPY.DE - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with H4ZF.DE having a 13.12% return and SPPY.DE slightly lower at 12.87%.
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%
SPPY.DE
- 1D
- 0.02%
- 1M
- 0.78%
- 6M
- 12.02%
- YTD
- 12.87%
- 1Y
- 25.66%
- 3Y*
- 19.24%
- 5Y*
- 14.54%
- 10Y*
- —
H4ZF.DE vs. SPPY.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
H4ZF.DE HSBC S&P 500 UCITS ETF USD | 13.12% | 4.74% | 32.23% | 22.66% | -14.38% | 40.65% | 7.06% | 3.22% |
SPPY.DE State Street SPDR S&P 500 Leaders UCITS ETF | 12.87% | 4.43% | 32.86% | 26.94% | -14.48% | 41.13% | 8.01% | 3.47% |
Correlation
The correlation between H4ZF.DE and SPPY.DE is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019 | 0.98 |
The correlation between H4ZF.DE and SPPY.DE has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
H4ZF.DE vs. SPPY.DE — Risk / Return Rank
H4ZF.DE
SPPY.DE
H4ZF.DE vs. SPPY.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 State Street SPDR S&P 500 Leaders UCITS ETF (SPPY.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 | SPPY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.40 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 3.80 | -0.54 |
| Martin ratioReturn relative to average drawdown | 11.51 | 14.56 | -3.05 |
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Drawdowns
H4ZF.DE vs. SPPY.DE - Drawdown Comparison
The maximum H4ZF.DE drawdown since its inception was -33.81%, roughly equal to the maximum SPPY.DE drawdown of -33.33%. Use the drawdown chart below to compare losses from any high point for H4ZF.DE and SPPY.DE.
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Drawdown Indicators
| H4ZF.DE | SPPY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.81% | -33.33% | -0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -7.17% | -6.72% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -23.81% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -23.33% | -23.81% | +0.48% |
Max Drawdown (10Y)Largest decline over 10 years | -33.81% | — | — |
Current DrawdownCurrent decline from peak | -0.18% | -0.54% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -4.77% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 1.76% | +0.28% |
Volatility
H4ZF.DE vs. SPPY.DE - Volatility Comparison
HSBC S&P 500 UCITS ETF USD (H4ZF.DE) has a higher volatility of 2.79% compared to State Street SPDR S&P 500 Leaders UCITS ETF (SPPY.DE) at 2.39%. This indicates that H4ZF.DE's price experiences larger fluctuations and is considered to be riskier than SPPY.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 | SPPY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.79% | 2.39% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 7.96% | 8.07% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.92% | 11.77% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.23% | 15.46% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 17.47% | -1.39% |
H4ZF.DE vs. SPPY.DE - Expense Ratio Comparison
H4ZF.DE has a 0.09% expense ratio, which is lower than SPPY.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. SPPY.DE - Dividend Comparison
H4ZF.DE's dividend yield for the trailing twelve months is around 0.81%, while SPPY.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% |
SPPY.DE State Street SPDR S&P 500 Leaders UCITS ETF | 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
With a correlation of 0.94, H4ZF.DE and SPPY.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 SPPY.DE.
H4ZF.DE tracks S&P 500 Index, while SPPY.DE tracks S&P 500 Scored & Screened Leaders Index. They also come from different issuers: HSBC and State Street. Their fees differ too: 0.09% for H4ZF.DE and 0.10% for SPPY.DE.
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