H4ZL.DE vs. ZPRP.DE

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) and SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF (ZPRP.DE).

H4ZL.DE and ZPRP.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. H4ZL.DE is a passively managed fund by HSBC that tracks the performance of the FTSE EPRA/NAREIT Developed. It was launched on Jun 20, 2011. ZPRP.DE is a passively managed fund by State Street that tracks the performance of the FTSE EPRA/NAREIT Developed Europe ex UK. It was launched on Aug 10, 2015. Both H4ZL.DE and ZPRP.DE 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

H4ZL.DE vs. ZPRP.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 SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF (ZPRP.DE). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	2.63%	-4.65%	2.27%	6.12%	-20.22%	36.90%	-16.99%	23.91%	-0.81%	-2.27%
ZPRP.DE SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF	0.40%	6.98%	-2.34%	19.03%	-36.37%	10.87%	-6.56%	26.91%	-5.98%	14.94%

Returns By Period

In the year-to-date period, H4ZL.DE achieves a 2.63% return, which is significantly higher than ZPRP.DE's 0.40% return. Over the past 10 years, H4ZL.DE has outperformed ZPRP.DE with an annualized return of 2.17%, while ZPRP.DE has yielded a comparatively lower 1.39% annualized return.

H4ZL.DE

• 1D: 0.90%
• 1M: -6.17%
• YTD: 2.63%
• 6M: 1.01%
• 1Y: -0.64%
• 3Y*: 2.60%
• 5Y*: 0.73%
• 10Y*: 2.17%

ZPRP.DE

• 1D: 3.09%
• 1M: -8.52%
• YTD: 0.40%
• 6M: 0.52%
• 1Y: 8.52%
• 3Y*: 10.48%
• 5Y*: -2.09%
• 10Y*: 1.39%

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

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

H4ZL.DE has a 0.24% expense ratio, which is lower than ZPRP.DE's 0.30% expense ratio.

ZPRP.DE

SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF

H4ZL.DE

HSBC FTSE EPRA NAREIT Developed UCITS ETF USD

Return for Risk

H4ZL.DE vs. ZPRP.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: 10
H4ZL.DE Sharpe Ratio Rank: 11
H4ZL.DE Sortino Ratio Rank: 10
H4ZL.DE Omega Ratio Rank: 10
H4ZL.DE Calmar Ratio Rank: 11
H4ZL.DE Martin Ratio Rank: 10

ZPRP.DE

ZPRP.DE Risk / Return Rank: 25
ZPRP.DE Sharpe Ratio Rank: 26
ZPRP.DE Sortino Ratio Rank: 25
ZPRP.DE Omega Ratio Rank: 24
ZPRP.DE Calmar Ratio Rank: 23
ZPRP.DE Martin Ratio Rank: 25

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. ZPRP.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 SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF (ZPRP.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	ZPRP.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.04	0.51	-0.55
Sortino ratio Return per unit of downside risk	0.04	0.79	-0.75
Omega ratio Gain probability vs. loss probability	1.01	1.11	-0.10
Calmar ratio Return relative to maximum drawdown	-0.03	0.59	-0.62
Martin ratio Return relative to average drawdown	-0.11	2.06	-2.16
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. ZPRP.DE - Sharpe Ratio Comparison

The current H4ZL.DE Sharpe Ratio is -0.04, which is lower than the ZPRP.DE Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of H4ZL.DE and ZPRP.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	H4ZL.DE	ZPRP.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	0.51	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	-0.09	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.07	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.09	+0.19

Correlation

The correlation between H4ZL.DE and ZPRP.DE is 0.64, 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

H4ZL.DE vs. ZPRP.DE - Dividend Comparison

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

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZPRP.DE SPDR FTSE EPRA Europe ex UK Real Estate 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%

Drawdowns

H4ZL.DE vs. ZPRP.DE - Drawdown Comparison

The maximum H4ZL.DE drawdown since its inception was -41.97%, smaller than the maximum ZPRP.DE drawdown of -48.69%. Use the drawdown chart below to compare losses from any high point for H4ZL.DE and ZPRP.DE.

Drawdown Indicators

	H4ZL.DE	ZPRP.DE	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-48.69%	+6.72%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-15.29%	+2.16%
Max Drawdown (5Y) Largest decline over 5 years	-30.45%	-48.69%	+18.24%
Max Drawdown (10Y) Largest decline over 10 years	-41.97%	-48.69%	+6.72%
Current Drawdown Current decline from peak	-16.80%	-25.40%	+8.60%
Average Drawdown Average peak-to-trough decline	-10.77%	-16.69%	+5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	4.36%	-1.36%

Volatility

H4ZL.DE vs. ZPRP.DE - Volatility Comparison

The current volatility for HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) is 4.34%, while SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF (ZPRP.DE) has a volatility of 7.46%. This indicates that H4ZL.DE experiences smaller price fluctuations and is considered to be less risky than ZPRP.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZL.DE	ZPRP.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	7.46%	-3.12%
Volatility (6M) Calculated over the trailing 6-month period	7.99%	11.42%	-3.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.66%	16.80%	-2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.67%	22.00%	-7.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	19.68%	-3.40%