H4ZL.DE vs. H4Z1.DE

Last updated Jun 5, 2026

H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) and H4Z1.DE (HSBC Emerging Market Sustainable Equity UCITS ETF USD) are both exchange-traded funds - H4ZL.DE is a REIT fund tracking the FTSE EPRA/NAREIT Developed, while H4Z1.DE is a Emerging Markets Equities fund tracking the FTSE Emerging ESG Low Carbon Select. Both are passively managed. Over the past 5 years, H4ZL.DE returned 0.30%/yr vs 7.17%/yr for H4Z1.DE. At a 0.38 correlation, their price movements are largely independent. H4ZL.DE charges 0.24%/yr vs 0.18%/yr for H4Z1.DE.

Performance

H4ZL.DE vs. H4Z1.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) and HSBC Emerging Market Sustainable Equity UCITS ETF USD (H4Z1.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H4ZL.DE achieves a 6.32% return, which is significantly lower than H4Z1.DE's 16.02% return.

H4ZL.DE

• 1D: -0.02%
• 1M: -2.45%
• YTD: 6.32%
• 6M: 5.97%
• 1Y: 6.50%
• 3Y*: 3.13%
• 5Y*: 0.30%
• 10Y*: 2.35%

H4Z1.DE

• 1D: -0.86%
• 1M: 0.82%
• YTD: 16.02%
• 6M: 14.48%
• 1Y: 33.76%
• 3Y*: 17.28%
• 5Y*: 7.17%
• 10Y*: —

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

H4ZL.DE vs. H4Z1.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	6.32%	-4.65%	2.27%	6.12%	-20.22%	36.90%	8.38%
H4Z1.DE HSBC Emerging Market Sustainable Equity UCITS ETF USD	16.02%	14.83%	22.34%	0.83%	-12.35%	8.61%	12.24%

Correlation

The correlation between H4ZL.DE and H4Z1.DE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Sep 23, 2020	0.38

Return for Risk

H4ZL.DE vs. H4Z1.DE — Risk / Return Rank

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

H4ZL.DE

H4ZL.DE Risk / Return Rank: 19
H4ZL.DE Sharpe Ratio Rank: 19
H4ZL.DE Sortino Ratio Rank: 18
H4ZL.DE Omega Ratio Rank: 18
H4ZL.DE Calmar Ratio Rank: 20
H4ZL.DE Martin Ratio Rank: 21

H4Z1.DE

H4Z1.DE Risk / Return Rank: 68
H4Z1.DE Sharpe Ratio Rank: 66
H4Z1.DE Sortino Ratio Rank: 65
H4Z1.DE Omega Ratio Rank: 62
H4Z1.DE Calmar Ratio Rank: 75
H4Z1.DE Martin Ratio Rank: 71

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.

H4ZL.DE vs. H4Z1.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) and HSBC Emerging Market Sustainable Equity UCITS ETF USD (H4Z1.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.

	H4ZL.DE	H4Z1.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.59	2.15	-1.56
Sortino ratio: Return per unit of downside risk	0.88	2.95	-2.07
Omega ratio: Gain probability vs. loss probability	1.11	1.37	-0.26
Calmar ratio: Return relative to maximum drawdown	0.84	3.73	-2.88
Martin ratio: Return relative to average drawdown	2.48	13.07	-10.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4ZL.DE vs. H4Z1.DE - Sharpe Ratio Comparison

The current H4ZL.DE Sharpe Ratio is 0.59, which is lower than the H4Z1.DE Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of H4ZL.DE and H4Z1.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

	H4ZL.DE	H4Z1.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	2.15	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.44	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.64	-0.34

Drawdowns

H4ZL.DE vs. H4Z1.DE - Drawdown Comparison

The maximum H4ZL.DE drawdown since its inception was -41.97%, which is greater than H4Z1.DE's maximum drawdown of -22.16%. Use the drawdown chart below to compare losses from any high point for H4ZL.DE and H4Z1.DE.

Drawdown Indicators

	H4ZL.DE	H4Z1.DE	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-22.16%	-19.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-9.18%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-20.68%	-19.53%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-30.45%	-20.44%	-10.01%
Max Drawdown (10Y) Largest decline over 10 years	-41.97%	—	—
Current Drawdown Current decline from peak	-13.81%	-2.40%	-11.41%
Average Drawdown Average peak-to-trough decline	-10.80%	-8.60%	-2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.62%	+0.05%

Volatility

H4ZL.DE vs. H4Z1.DE - Volatility Comparison

The current volatility for HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) is 2.88%, while HSBC Emerging Market Sustainable Equity UCITS ETF USD (H4Z1.DE) has a volatility of 5.70%. This indicates that H4ZL.DE experiences smaller price fluctuations and is considered to be less risky than H4Z1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZL.DE	H4Z1.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	5.70%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	8.34%	12.47%	-4.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	15.94%	-4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.69%	16.24%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	16.17%	+0.10%

H4ZL.DE vs. H4Z1.DE - Expense Ratio Comparison

H4ZL.DE has a 0.24% expense ratio, which is higher than H4Z1.DE's 0.18% 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

H4ZL.DE vs. H4Z1.DE - Dividend Comparison

Neither H4ZL.DE nor H4Z1.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4Z1.DE HSBC Emerging Market 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%
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	0.00%	0.00%	0.00%	2.63%	3.62%	2.19%	3.13%	2.95%	3.29%	3.08%	2.96%	2.67%

Frequently Asked Questions

Can I hold both H4ZL.DE and H4Z1.DE in my portfolio?

H4ZL.DE and H4Z1.DE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4ZL.DE or H4Z1.DE?

On fees, H4Z1.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4ZL.DE or H4Z1.DE?

H4Z1.DE is cheaper with a 0.18% expense ratio, compared with 0.24% for H4ZL.DE.

What is the main difference between H4ZL.DE and H4Z1.DE?

H4ZL.DE is categorized as REIT, while H4Z1.DE is Emerging Markets Equities. H4ZL.DE tracks FTSE EPRA/NAREIT Developed, while H4Z1.DE tracks FTSE Emerging ESG Low Carbon Select. Their fees differ too: 0.24% for H4ZL.DE and 0.18% for H4Z1.DE.