H4ZK.DE vs. H410.DE

Last updated Jul 16, 2026

H4ZK.DE (HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR) and H410.DE (HSBC MSCI Emerging Markets UCITS ETF USD) are both exchange-traded funds - H4ZK.DE is a European Government Bonds fund tracking the Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while H410.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets. Both are passively managed. Over the past year, H4ZK.DE returned 0.74% vs 40.06% for H410.DE. At a 0.10 correlation, their price movements are largely independent. H4ZK.DE charges 0.14%/yr vs 0.15%/yr for H410.DE.

Performance

H4ZK.DE vs. H410.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H4ZK.DE achieves a 0.15% return, which is significantly lower than H410.DE's 23.59% return.

H4ZK.DE

• 1D: -0.05%
• 1M: -0.15%
• 6M: 0.05%
• YTD: 0.15%
• 1Y: 0.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

H410.DE

• 1D: -0.41%
• 1M: -4.81%
• 6M: 16.27%
• YTD: 23.59%
• 1Y: 40.06%
• 3Y*: 19.24%
• 5Y*: 7.58%
• 10Y*: 8.62%

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

H4ZK.DE vs. H410.DE - Yearly Performance Comparison

	2026 (YTD)	2025
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR	0.15%	2.30%
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	23.59%	17.28%

Correlation

The correlation between H4ZK.DE and H410.DE is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.10

The correlation between H4ZK.DE and H410.DE shifts across timeframes, from 0.10 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

H4ZK.DE vs. H410.DE — Risk / Return Rank

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

H4ZK.DE

H4ZK.DE Risk / Return Rank: 19
H4ZK.DE Sharpe Ratio Rank: 19
H4ZK.DE Sortino Ratio Rank: 17
H4ZK.DE Omega Ratio Rank: 21
H4ZK.DE Calmar Ratio Rank: 17
H4ZK.DE Martin Ratio Rank: 20

H410.DE

H410.DE Risk / Return Rank: 78
H410.DE Sharpe Ratio Rank: 78
H410.DE Sortino Ratio Rank: 73
H410.DE Omega Ratio Rank: 76
H410.DE Calmar Ratio Rank: 86
H410.DE Martin Ratio Rank: 78

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.

H4ZK.DE vs. H410.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (H410.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.

	H4ZK.DE	H410.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.99	-1.46
Sortino ratio: Return per unit of downside risk	0.76	2.65	-1.90
Omega ratio: Gain probability vs. loss probability	1.12	1.36	-0.24
Calmar ratio: Return relative to maximum drawdown	0.58	3.81	-3.23
Martin ratio: Return relative to average drawdown	1.93	11.69	-9.76

H4ZK.DE vs. H410.DE - Sharpe Ratio Comparison

The current H4ZK.DE Sharpe Ratio is 0.53, which is lower than the H410.DE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of H4ZK.DE and H410.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.

Drawdowns

H4ZK.DE vs. H410.DE - Drawdown Comparison

The maximum H4ZK.DE drawdown since its inception was -1.26%, smaller than the maximum H410.DE drawdown of -41.02%. Use the drawdown chart below to compare losses from any high point for H4ZK.DE and H410.DE.

Drawdown Indicators

	H4ZK.DE	H410.DE	Difference
Max Drawdown Largest peak-to-trough decline	-1.26%	-41.02%	+39.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.26%	-10.47%	+9.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.62%	—
Current Drawdown Current decline from peak	-0.34%	-7.87%	+7.53%
Average Drawdown Average peak-to-trough decline	-0.19%	-13.30%	+13.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	3.42%	-3.04%

Volatility

H4ZK.DE vs. H410.DE - Volatility Comparison

The current volatility for HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR (H4ZK.DE) is 0.41%, while HSBC MSCI Emerging Markets UCITS ETF USD (H410.DE) has a volatility of 8.52%. This indicates that H4ZK.DE experiences smaller price fluctuations and is considered to be less risky than H410.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZK.DE	H410.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	8.52%	-8.11%
Volatility (6M) Calculated over the trailing 6-month period	1.23%	17.56%	-16.33%
Volatility (1Y) Calculated over the trailing 1-year period	1.38%	20.06%	-18.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.40%	17.16%	-15.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.40%	18.30%	-16.90%

H4ZK.DE vs. H410.DE - Expense Ratio Comparison

H4ZK.DE has a 0.14% expense ratio, which is lower than H410.DE's 0.15% 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

H4ZK.DE vs. H410.DE - Dividend Comparison

H4ZK.DE has not paid dividends to shareholders, while H410.DE's dividend yield for the trailing twelve months is around 1.65%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H410.DE HSBC MSCI Emerging Markets UCITS ETF USD	1.65%	2.00%	2.40%	2.59%	3.11%	2.00%	1.69%	2.03%	2.20%	1.62%	1.71%	2.28%
H4ZK.DE HSBC Euro Lower Carbon Government 1-3 Year Bond UCITS ETF C EUR	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

Can I hold both H4ZK.DE and H410.DE in my portfolio?

H4ZK.DE and H410.DE have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4ZK.DE or H410.DE?

On fees, H4ZK.DE is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4ZK.DE or H410.DE?

H4ZK.DE is cheaper with a 0.14% expense ratio, compared with 0.15% for H410.DE.

What is the main difference between H4ZK.DE and H410.DE?

H4ZK.DE is categorized as European Government Bonds, while H410.DE is Emerging Markets Equities. H4ZK.DE tracks Bloomberg Euro Treasury 1-3 Year Carbon Tilted Index, while H410.DE tracks MSCI Emerging Markets. Their fees differ too: 0.14% for H4ZK.DE and 0.15% for H410.DE.