H4ZP.DE vs. H411.DE

Last updated Jun 5, 2026

H4ZP.DE (HSBC MSCI China UCITS ETF USD) and H411.DE (HSBC MSCI AC Far East ex Japan UCITS ETF USD) are both exchange-traded funds - H4ZP.DE is a China Equities fund tracking the MSCI China, while H411.DE is a Asia Pacific Equities fund tracking the MSCI AC Far East ex Japan. Both are passively managed. Over the past 10 years, H4ZP.DE returned 4.72%/yr vs 11.02%/yr for H411.DE. Their correlation of 0.87 suggests significant overlap in exposure. H4ZP.DE charges 0.28%/yr vs 0.45%/yr for H411.DE.

Performance

H4ZP.DE vs. H411.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI China UCITS ETF USD (H4ZP.DE) and HSBC MSCI AC Far East ex Japan UCITS ETF USD (H411.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, H4ZP.DE achieves a -6.53% return, which is significantly lower than H411.DE's 37.68% return. Over the past 10 years, H4ZP.DE has underperformed H411.DE with an annualized return of 4.72%, while H411.DE has yielded a comparatively higher 11.02% annualized return.

H4ZP.DE

• 1D: -0.23%
• 1M: -3.31%
• YTD: -6.53%
• 6M: -9.00%
• 1Y: 2.93%
• 3Y*: 8.20%
• 5Y*: -4.00%
• 10Y*: 4.72%

H411.DE

• 1D: -2.09%
• 1M: 6.17%
• YTD: 37.68%
• 6M: 38.70%
• 1Y: 67.18%
• 3Y*: 25.29%
• 5Y*: 9.18%
• 10Y*: 11.02%

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

H4ZP.DE vs. H411.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
H4ZP.DE HSBC MSCI China UCITS ETF USD	-6.53%	16.54%	28.55%	-14.47%	-15.34%	-16.86%	15.20%	26.76%	-16.09%	35.18%
H411.DE HSBC MSCI AC Far East ex Japan UCITS ETF USD	37.68%	25.21%	18.89%	-1.55%	-16.07%	-1.90%	13.55%	22.02%	-11.68%	24.72%

Correlation

The correlation between H4ZP.DE and H411.DE is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 1, 2013	0.87

The correlation between H4ZP.DE and H411.DE shifts across timeframes, from 0.67 (1 year) to 0.89 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

H4ZP.DE vs. H411.DE — Risk / Return Rank

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

H4ZP.DE

H4ZP.DE Risk / Return Rank: 11
H4ZP.DE Sharpe Ratio Rank: 12
H4ZP.DE Sortino Ratio Rank: 12
H4ZP.DE Omega Ratio Rank: 11
H4ZP.DE Calmar Ratio Rank: 11
H4ZP.DE Martin Ratio Rank: 11

H411.DE

H411.DE Risk / Return Rank: 74
H411.DE Sharpe Ratio Rank: 75
H411.DE Sortino Ratio Rank: 72
H411.DE Omega Ratio Rank: 89
H411.DE Calmar Ratio Rank: 78
H411.DE Martin Ratio Rank: 56

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.

H4ZP.DE vs. H411.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI China UCITS ETF USD (H4ZP.DE) and HSBC MSCI AC Far East ex Japan UCITS ETF USD (H411.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.

	H4ZP.DE	H411.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.17	2.38	-2.21
Sortino ratio: Return per unit of downside risk	0.38	3.20	-2.82
Omega ratio: Gain probability vs. loss probability	1.04	1.54	-0.50
Calmar ratio: Return relative to maximum drawdown	0.19	3.89	-3.70
Martin ratio: Return relative to average drawdown	0.39	9.66	-9.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4ZP.DE vs. H411.DE - Sharpe Ratio Comparison

The current H4ZP.DE Sharpe Ratio is 0.17, which is lower than the H411.DE Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of H4ZP.DE and H411.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

	H4ZP.DE	H411.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	2.38	-2.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.42	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.54	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.48	-0.29

Drawdowns

H4ZP.DE vs. H411.DE - Drawdown Comparison

The maximum H4ZP.DE drawdown since its inception was -55.74%, which is greater than H411.DE's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for H4ZP.DE and H411.DE.

Drawdown Indicators

	H4ZP.DE	H411.DE	Difference
Max Drawdown Largest peak-to-trough decline	-55.74%	-38.70%	-17.04%
Max Drawdown (1Y) Largest decline over 1 year	-16.83%	-17.51%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-24.56%	-23.17%	-1.39%
Max Drawdown (5Y) Largest decline over 5 years	-49.16%	-34.49%	-14.67%
Max Drawdown (10Y) Largest decline over 10 years	-55.74%	-38.70%	-17.04%
Current Drawdown Current decline from peak	-31.17%	-3.25%	-27.92%
Average Drawdown Average peak-to-trough decline	-23.08%	-13.29%	-9.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.15%	7.07%	+1.08%

Volatility

H4ZP.DE vs. H411.DE - Volatility Comparison

The current volatility for HSBC MSCI China UCITS ETF USD (H4ZP.DE) is 7.30%, while HSBC MSCI AC Far East ex Japan UCITS ETF USD (H411.DE) has a volatility of 8.34%. This indicates that H4ZP.DE experiences smaller price fluctuations and is considered to be less risky than H411.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZP.DE	H411.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	8.34%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	16.24%	-3.10%
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	28.65%	-10.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.70%	21.66%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.25%	20.44%	+4.81%

H4ZP.DE vs. H411.DE - Expense Ratio Comparison

H4ZP.DE has a 0.28% expense ratio, which is lower than H411.DE's 0.45% expense ratio.

Dividends

H4ZP.DE vs. H411.DE - Dividend Comparison

H4ZP.DE's dividend yield for the trailing twelve months is around 2.14%, while H411.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H411.DE HSBC MSCI AC Far East ex Japan 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%
H4ZP.DE HSBC MSCI China UCITS ETF USD	2.14%	2.39%	3.10%	2.10%	1.97%	1.28%	0.96%	1.57%	1.40%	0.78%	1.97%	2.89%

Frequently Asked Questions

Can I hold both H4ZP.DE and H411.DE in my portfolio?

H4ZP.DE and H411.DE have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4ZP.DE or H411.DE?

On fees, H4ZP.DE is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4ZP.DE or H411.DE?

H4ZP.DE is cheaper with a 0.28% expense ratio, compared with 0.45% for H411.DE.

What is the main difference between H4ZP.DE and H411.DE?

H4ZP.DE is categorized as China Equities, while H411.DE is Asia Pacific Equities. H4ZP.DE tracks MSCI China, while H411.DE tracks MSCI AC Far East ex Japan. Their fees differ too: 0.28% for H4ZP.DE and 0.45% for H411.DE.