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H4ZF.DE vs. SPY
Performance
Return for Risk
Dividends
Drawdowns
Volatility

H4ZF.DE vs. SPY

Last updated Apr 3, 2026

Compare and contrast key facts about HSBC S&P 500 UCITS ETF USD (H4ZF.DE) and State Street SPDR S&P 500 ETF (SPY).

H4ZF.DE and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. H4ZF.DE is a passively managed fund by HSBC that tracks the performance of the S&P 500 Index. It was launched on May 14, 2010. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both H4ZF.DE and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

H4ZF.DE vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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H4ZF.DE vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
H4ZF.DE
HSBC S&P 500 UCITS ETF USD		-2.86%4.74%32.24%22.66%-14.40%40.68%7.94%36.99%0.78%8.65%
SPY
State Street SPDR S&P 500 ETF		-1.82%3.75%33.13%22.39%-13.10%38.36%8.58%34.19%-0.09%6.75%
Different Trading Currencies

H4ZF.DE is traded in EUR, while SPY is traded in USD. To make them comparable, the SPY values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, H4ZF.DE achieves a -2.86% return, which is significantly lower than SPY's -2.17% return. Both investments have delivered pretty close results over the past 10 years, with H4ZF.DE having a 14.50% annualized return and SPY not far behind at 13.92%.

H4ZF.DE

1D
0.21%
1M
-2.52%
YTD
-2.86%
6M
-0.19%
1Y
10.36%
3Y*
16.02%
5Y*
12.11%
10Y*
14.50%

SPY

1D
0.00%
1M
-3.05%
YTD
-2.17%
6M
-0.24%
1Y
9.90%
3Y*
16.01%
5Y*
12.26%
10Y*
13.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

HSBC S&P 500 UCITS ETF USD

State Street SPDR S&P 500 ETF

Often compared with H4ZF.DE:
H4ZF.DE vs. HNR1.DEH4ZF.DE vs. VUSA.ASH4ZF.DE vs. VUAA.DEH4ZF.DE vs. IVVH4ZF.DE vs. H4ZA.DEH4ZF.DE vs. QDVE.DEH4ZF.DE vs. HWWA.L
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

H4ZF.DE vs. SPY - Expense Ratio Comparison

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

SPY
State Street SPDR S&P 500 ETF
H4ZF.DE
HSBC S&P 500 UCITS ETF USD

Return for Risk

H4ZF.DE vs. SPY — 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: 4545
Overall Rank
H4ZF.DE Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
H4ZF.DE Sortino Ratio Rank: 2828
Sortino Ratio Rank
H4ZF.DE Omega Ratio Rank: 3030
Omega Ratio Rank
H4ZF.DE Calmar Ratio Rank: 7373
Calmar Ratio Rank
H4ZF.DE Martin Ratio Rank: 6666
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 5353
Overall Rank
SPY Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 5151
Sortino Ratio Rank
SPY Omega Ratio Rank: 5656
Omega Ratio Rank
SPY Calmar Ratio Rank: 5050
Calmar Ratio Rank
SPY Martin Ratio Rank: 6161
Martin Ratio Rank
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. SPY - 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 ETF (SPY). 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.DESPYDifference

Sharpe ratio

Return per unit of total volatility

0.60

0.46

+0.14

Sortino ratio

Return per unit of downside risk

0.91

0.78

+0.13

Omega ratio

Gain probability vs. loss probability

1.14

1.13

+0.01

Calmar ratio

Return relative to maximum drawdown

2.33

0.71

+1.62

Martin ratio

Return relative to average drawdown

7.93

3.01

+4.92

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. SPY - Sharpe Ratio Comparison

The current H4ZF.DE Sharpe Ratio is 0.60, which is comparable to the SPY Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of H4ZF.DE and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

H4ZF.DESPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.60

0.46

+0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.79

0.73

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.89

0.75

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.97

0.56

+0.41

Correlation

The correlation between H4ZF.DE and SPY is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

H4ZF.DE vs. SPY - Dividend Comparison

H4ZF.DE's dividend yield for the trailing twelve months is around 0.94%, less than SPY's 1.13% yield.

TTM20252024202320222021202020192018201720162015
H4ZF.DE
HSBC S&P 500 UCITS ETF USD		0.94%0.95%0.96%1.19%1.32%0.91%2.24%2.98%3.49%3.23%3.29%4.21%
SPY
State Street SPDR S&P 500 ETF		1.13%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Drawdowns

H4ZF.DE vs. SPY - Drawdown Comparison

The maximum H4ZF.DE drawdown since its inception was -33.82%, smaller than the maximum SPY drawdown of -51.11%. Use the drawdown chart below to compare losses from any high point for H4ZF.DE and SPY.

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Drawdown Indicators

H4ZF.DESPYDifference

Max Drawdown

Largest peak-to-trough decline

-33.82%

-55.19%

+21.37%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-8.88%

+0.43%

Max Drawdown (5Y)

Largest decline over 5 years

-23.32%

-24.50%

+1.18%

Max Drawdown (10Y)

Largest decline over 10 years

-33.82%

-33.72%

-0.10%

Current Drawdown

Current decline from peak

-5.04%

-5.44%

+0.40%

Average Drawdown

Average peak-to-trough decline

-3.96%

-9.09%

+5.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.11%

2.57%

-0.46%

Volatility

H4ZF.DE vs. SPY - Volatility Comparison

The current volatility for HSBC S&P 500 UCITS ETF USD (H4ZF.DE) is 3.64%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.36%. This indicates that H4ZF.DE experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

H4ZF.DESPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.64%

4.36%

-0.72%

Volatility (6M)

Calculated over the trailing 6-month period

8.63%

9.88%

-1.25%

Volatility (1Y)

Calculated over the trailing 1-year period

17.16%

21.44%

-4.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.23%

16.97%

-1.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.16%

18.50%

-2.34%