H4ZN.DE vs. P500.DE
H4ZN.DE (HSBC S&P 500 UCITS ETF USD (Acc)) and P500.DE (Invesco S&P 500 UCITS ETF) are both S&P 500 funds tracking the S&P 500 Index, from HSBC and Invesco respectively. Both are passively managed. Over the past 3 years, H4ZN.DE returned 18.87%/yr vs 19.07%/yr for P500.DE. With a 1.00 correlation, they move nearly in lockstep. H4ZN.DE charges 0.09%/yr vs 0.05%/yr for P500.DE.
Performance
H4ZN.DE vs. P500.DE - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with H4ZN.DE having a 11.38% return and P500.DE slightly higher at 11.47%.
H4ZN.DE
- 1D
- -0.12%
- 1M
- 4.34%
- YTD
- 11.38%
- 6M
- 10.80%
- 1Y
- 25.53%
- 3Y*
- 18.87%
- 5Y*
- —
- 10Y*
- —
P500.DE
- 1D
- -0.10%
- 1M
- 4.39%
- YTD
- 11.47%
- 6M
- 10.93%
- 1Y
- 25.73%
- 3Y*
- 19.07%
- 5Y*
- 14.99%
- 10Y*
- 15.16%
H4ZN.DE vs. P500.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
H4ZN.DE HSBC S&P 500 UCITS ETF USD (Acc) | 11.38% | 4.72% | 32.33% | 22.56% | -5.90% |
P500.DE Invesco S&P 500 UCITS ETF | 11.47% | 4.88% | 32.56% | 22.69% | -5.96% |
Correlation
The correlation between H4ZN.DE and P500.DE is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022 | 1.00 |
The correlation between H4ZN.DE and P500.DE has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
H4ZN.DE vs. P500.DE — Risk / Return Rank
H4ZN.DE
P500.DE
H4ZN.DE vs. P500.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 Invesco S&P 500 UCITS ETF (P500.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.
| H4ZN.DE | P500.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.41 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 3.62 | -0.06 |
| Martin ratioReturn relative to average drawdown | 12.69 | 12.91 | -0.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| H4ZN.DE | P500.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 2.23 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.98 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.94 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 1.01 | +0.08 |
Drawdowns
H4ZN.DE vs. P500.DE - Drawdown Comparison
The maximum H4ZN.DE drawdown since its inception was -23.40%, smaller than the maximum P500.DE drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for H4ZN.DE and P500.DE.
Loading charts...
Drawdown Indicators
| H4ZN.DE | P500.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.40% | -33.78% | +10.38% |
Max Drawdown (1Y)Largest decline over 1 year | -7.17% | -7.11% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -23.40% | -23.34% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.34% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.78% | — |
Current DrawdownCurrent decline from peak | -0.43% | -0.40% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -4.50% | -3.85% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 1.99% | +0.02% |
Volatility
H4ZN.DE vs. P500.DE - Volatility Comparison
HSBC S&P 500 UCITS ETF USD (Acc) (H4ZN.DE) and Invesco S&P 500 UCITS ETF (P500.DE) have volatilities of 2.66% and 2.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| H4ZN.DE | P500.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.66% | 2.65% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 7.63% | 7.59% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.60% | 11.52% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.48% | 15.17% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.48% | 16.07% | -1.59% |
H4ZN.DE vs. P500.DE - Expense Ratio Comparison
H4ZN.DE has a 0.09% expense ratio, which is higher than P500.DE's 0.05% 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
H4ZN.DE vs. P500.DE - Dividend Comparison
Neither H4ZN.DE nor P500.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, H4ZN.DE and P500.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, P500.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
P500.DE is cheaper with a 0.05% expense ratio, compared with 0.09% for H4ZN.DE.
Both ETFs track S&P 500 Index. They also come from different issuers: HSBC and Invesco. Their fees differ too: 0.09% for H4ZN.DE and 0.05% for P500.DE.
Find the right allocation for H4ZN.DE and P500.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer