H4ZN.DE vs. IS31.DE
H4ZN.DE (HSBC S&P 500 UCITS ETF USD (Acc)) and IS31.DE (iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc)) are both S&P 500 funds - H4ZN.DE tracks the S&P 500 Index while IS31.DE tracks the S&P 500 Minimum Volatility Index (EUR Hedged). Both are passively managed. Over the past 5 years, H4ZN.DE returned 29.79%/yr vs 5.70%/yr for IS31.DE. At a 0.39 correlation, their price movements are largely independent. H4ZN.DE charges 0.09%/yr vs 0.25%/yr for IS31.DE.
Performance
H4ZN.DE vs. IS31.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZN.DE achieves a 13.18% return, which is significantly higher than IS31.DE's 2.76% return.
H4ZN.DE
- 1D
- 0.00%
- 1M
- 2.04%
- 6M
- 10.83%
- YTD
- 13.18%
- 1Y
- 23.01%
- 3Y*
- 19.11%
- 5Y*
- 29.79%
- 10Y*
- 13.93%
IS31.DE
- 1D
- -0.37%
- 1M
- 0.00%
- 6M
- 3.26%
- YTD
- 2.76%
- 1Y
- 8.02%
- 3Y*
- 10.50%
- 5Y*
- 5.70%
- 10Y*
- —
H4ZN.DE vs. IS31.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
H4ZN.DE HSBC S&P 500 UCITS ETF USD (Acc) | 13.18% | 4.72% | 32.33% | 22.56% | 91.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IS31.DE iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) | 2.76% | 9.27% | 16.79% | 6.75% | -14.54% | 23.93% | 5.67% | 27.41% | -8.01% | 10.34% |
Correlation
The correlation between H4ZN.DE and IS31.DE is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2017 | 0.39 |
Over the past year, H4ZN.DE and IS31.DE have become more correlated (0.62) than their long-term average of 0.39, meaning their price movements have been converging.
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Return for Risk
H4ZN.DE vs. IS31.DE — Risk / Return Rank
H4ZN.DE
IS31.DE
H4ZN.DE vs. IS31.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC S&P 500 UCITS ETF USD (Acc) (H4ZN.DE) and iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) (IS31.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.
| H4ZN.DE | IS31.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.16 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 1.20 | +2.02 |
| Martin ratioReturn relative to average drawdown | 11.36 | 4.57 | +6.79 |
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Drawdowns
H4ZN.DE vs. IS31.DE - Drawdown Comparison
The maximum H4ZN.DE drawdown since its inception was -43.18%, which is greater than IS31.DE's maximum drawdown of -33.66%. Use the drawdown chart below to compare losses from any high point for H4ZN.DE and IS31.DE.
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Drawdown Indicators
| H4ZN.DE | IS31.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.18% | -33.66% | -9.52% |
Max Drawdown (1Y)Largest decline over 1 year | -7.17% | -6.64% | -0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -23.40% | -12.56% | -10.84% |
Max Drawdown (5Y)Largest decline over 5 years | -23.40% | -20.75% | -2.65% |
Max Drawdown (10Y)Largest decline over 10 years | -23.40% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | -0.83% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -17.41% | -4.83% | -12.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 1.75% | +0.28% |
Volatility
H4ZN.DE vs. IS31.DE - Volatility Comparison
HSBC S&P 500 UCITS ETF USD (Acc) (H4ZN.DE) has a higher volatility of 2.69% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc) (IS31.DE) at 1.94%. This indicates that H4ZN.DE's price experiences larger fluctuations and is considered to be riskier than IS31.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H4ZN.DE | IS31.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 1.94% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 7.97% | 6.52% | +1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.87% | 8.69% | +3.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.85% | 12.78% | +35.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.89% | 14.36% | +19.53% |
H4ZN.DE vs. IS31.DE - Expense Ratio Comparison
H4ZN.DE has a 0.09% expense ratio, which is lower than IS31.DE's 0.25% 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
H4ZN.DE vs. IS31.DE - Dividend Comparison
Neither H4ZN.DE nor IS31.DE has paid dividends to shareholders.
Frequently Asked Questions
H4ZN.DE and IS31.DE have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, H4ZN.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4ZN.DE is cheaper with a 0.09% expense ratio, compared with 0.25% for IS31.DE.
H4ZN.DE tracks S&P 500 Index, while IS31.DE tracks S&P 500 Minimum Volatility Index (EUR Hedged). They also come from different issuers: HSBC and iShares. Their fees differ too: 0.09% for H4ZN.DE and 0.25% for IS31.DE.
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