H4ZJ.DE vs. H412.DE

Last updated Jun 5, 2026

H4ZJ.DE (HSBC MSCI World UCITS ETF USD) and H412.DE (HSBC USA Sustainable Equity UCITS ETF USD) are both exchange-traded funds - H4ZJ.DE is a Global Equities fund tracking the MSCI World, while H412.DE is a Large Cap Blend Equities fund tracking the FTSE USA ESG Low Carbon Select. Both are passively managed. Over the past 5 years, H4ZJ.DE returned 13.87%/yr vs 13.98%/yr for H412.DE. Their correlation of 0.94 suggests significant overlap in exposure. H4ZJ.DE charges 0.15%/yr vs 0.12%/yr for H412.DE.

Performance

H4ZJ.DE vs. H412.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI World UCITS ETF USD (H4ZJ.DE) and HSBC USA Sustainable Equity UCITS ETF USD (H412.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H4ZJ.DE achieves a 10.86% return, which is significantly lower than H412.DE's 15.33% return.

H4ZJ.DE

• 1D: -0.34%
• 1M: 3.69%
• YTD: 10.86%
• 6M: 10.96%
• 1Y: 23.81%
• 3Y*: 18.46%
• 5Y*: 13.87%
• 10Y*: 14.71%

H412.DE

• 1D: 0.46%
• 1M: 7.70%
• YTD: 15.33%
• 6M: 15.89%
• 1Y: 32.34%
• 3Y*: 18.35%
• 5Y*: 13.98%
• 10Y*: —

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

H4ZJ.DE vs. H412.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
H4ZJ.DE HSBC MSCI World UCITS ETF USD	10.86%	8.00%	26.94%	22.28%	-13.11%	35.34%	10.74%
H412.DE HSBC USA Sustainable Equity UCITS ETF USD	15.33%	6.12%	26.73%	17.60%	-13.13%	39.39%	7.92%

Correlation

The correlation between H4ZJ.DE and H412.DE is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020	0.94

The correlation between H4ZJ.DE and H412.DE has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

H4ZJ.DE vs. H412.DE — Risk / Return Rank

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

H4ZJ.DE

H4ZJ.DE Risk / Return Rank: 70
H4ZJ.DE Sharpe Ratio Rank: 65
H4ZJ.DE Sortino Ratio Rank: 65
H4ZJ.DE Omega Ratio Rank: 68
H4ZJ.DE Calmar Ratio Rank: 73
H4ZJ.DE Martin Ratio Rank: 76

H412.DE

H412.DE Risk / Return Rank: 89
H412.DE Sharpe Ratio Rank: 88
H412.DE Sortino Ratio Rank: 88
H412.DE Omega Ratio Rank: 88
H412.DE Calmar Ratio Rank: 91
H412.DE Martin Ratio Rank: 89

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.

H4ZJ.DE vs. H412.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI World UCITS ETF USD (H4ZJ.DE) and HSBC USA Sustainable Equity UCITS ETF USD (H412.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.

	H4ZJ.DE	H412.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.90	-0.77
Sortino ratio: Return per unit of downside risk	2.96	3.94	-0.98
Omega ratio: Gain probability vs. loss probability	1.40	1.54	-0.14
Calmar ratio: Return relative to maximum drawdown	3.61	5.88	-2.27
Martin ratio: Return relative to average drawdown	14.41	19.52	-5.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4ZJ.DE vs. H412.DE - Sharpe Ratio Comparison

The current H4ZJ.DE Sharpe Ratio is 2.13, which is comparable to the H412.DE Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of H4ZJ.DE and H412.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

	H4ZJ.DE	H412.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.90	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.94	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	1.06	-0.13

Drawdowns

H4ZJ.DE vs. H412.DE - Drawdown Comparison

The maximum H4ZJ.DE drawdown since its inception was -33.60%, which is greater than H412.DE's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for H4ZJ.DE and H412.DE.

Drawdown Indicators

	H4ZJ.DE	H412.DE	Difference
Max Drawdown Largest peak-to-trough decline	-33.60%	-24.35%	-9.25%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-5.54%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.65%	-24.35%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	-21.65%	-24.35%	+2.70%
Max Drawdown (10Y) Largest decline over 10 years	-33.60%	—	—
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-4.02%	-4.12%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	1.67%	-0.01%

Volatility

H4ZJ.DE vs. H412.DE - Volatility Comparison

The current volatility for HSBC MSCI World UCITS ETF USD (H4ZJ.DE) is 2.77%, while HSBC USA Sustainable Equity UCITS ETF USD (H412.DE) has a volatility of 3.27%. This indicates that H4ZJ.DE experiences smaller price fluctuations and is considered to be less risky than H412.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZJ.DE	H412.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	3.27%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	7.70%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	11.23%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.14%	14.70%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.05%	14.81%	+0.24%

H4ZJ.DE vs. H412.DE - Expense Ratio Comparison

H4ZJ.DE has a 0.15% expense ratio, which is higher than H412.DE's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

H4ZJ.DE vs. H412.DE - Dividend Comparison

H4ZJ.DE's dividend yield for the trailing twelve months is around 1.16%, while H412.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H412.DE HSBC USA Sustainable Equity UCITS ETF USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
H4ZJ.DE HSBC MSCI World UCITS ETF USD	1.16%	1.28%	2.06%	3.02%	2.65%	2.73%	3.30%	4.02%	4.71%	3.58%	4.02%	3.46%

Frequently Asked Questions

Can I hold both H4ZJ.DE and H412.DE in my portfolio?

H4ZJ.DE and H412.DE have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4ZJ.DE or H412.DE?

On fees, H412.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4ZJ.DE or H412.DE?

H412.DE is cheaper with a 0.12% expense ratio, compared with 0.15% for H4ZJ.DE.

What is the main difference between H4ZJ.DE and H412.DE?

H4ZJ.DE is categorized as Global Equities, while H412.DE is Large Cap Blend Equities. H4ZJ.DE tracks MSCI World, while H412.DE tracks FTSE USA ESG Low Carbon Select. Their fees differ too: 0.15% for H4ZJ.DE and 0.12% for H412.DE.