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H4ZP.DE vs. H4ZF.DE
Performance
Return for Risk
Dividends
Drawdowns
Volatility

H4ZP.DE vs. H4ZF.DE

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC MSCI China UCITS ETF USD (H4ZP.DE) and HSBC S&P 500 UCITS ETF USD (H4ZF.DE).

H4ZP.DE and H4ZF.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. H4ZP.DE is a passively managed fund by HSBC that tracks the performance of the MSCI China. It was launched on Jan 26, 2011. H4ZF.DE is a passively managed fund by HSBC that tracks the performance of the S&P 500 Index. It was launched on May 14, 2010. Both H4ZP.DE and H4ZF.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

H4ZP.DE vs. H4ZF.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 S&P 500 UCITS ETF USD (H4ZF.DE). The values are adjusted to include any dividend payments, if applicable.

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H4ZP.DE vs. H4ZF.DE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
H4ZP.DE
HSBC MSCI China UCITS ETF USD		-6.05%16.54%28.55%-14.47%-15.34%-16.86%15.20%26.76%-16.09%35.18%
H4ZF.DE
HSBC S&P 500 UCITS ETF USD		-3.07%4.74%32.24%22.66%-14.40%40.68%7.94%36.99%0.78%8.65%

Returns By Period

In the year-to-date period, H4ZP.DE achieves a -6.05% return, which is significantly lower than H4ZF.DE's -3.07% return. Over the past 10 years, H4ZP.DE has underperformed H4ZF.DE with an annualized return of 4.92%, while H4ZF.DE has yielded a comparatively higher 14.49% annualized return.

H4ZP.DE

1D
0.94%
1M
-2.76%
YTD
-6.05%
6M
-12.81%
1Y
-1.98%
3Y*
5.18%
5Y*
-4.67%
10Y*
4.92%

H4ZF.DE

1D
1.72%
1M
-3.11%
YTD
-3.07%
6M
0.01%
1Y
10.11%
3Y*
16.08%
5Y*
12.06%
10Y*
14.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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HSBC MSCI China UCITS ETF USD

HSBC S&P 500 UCITS ETF USD

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Often compared with H4ZF.DE:
H4ZF.DE vs. HNR1.DEH4ZF.DE vs. VUSA.ASH4ZF.DE vs. VUAA.DEH4ZF.DE vs. IVVH4ZF.DE vs. H4ZA.DEH4ZF.DE vs. QDVE.DEH4ZF.DE vs. HWWA.L

H4ZP.DE vs. H4ZF.DE - Expense Ratio Comparison

H4ZP.DE has a 0.28% expense ratio, which is higher than H4ZF.DE's 0.09% expense ratio.

H4ZP.DE
HSBC MSCI China UCITS ETF USD
H4ZF.DE
HSBC S&P 500 UCITS ETF USD

Return for Risk

H4ZP.DE vs. H4ZF.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: 1010
Overall Rank
H4ZP.DE Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
H4ZP.DE Sortino Ratio Rank: 1010
Sortino Ratio Rank
H4ZP.DE Omega Ratio Rank: 1010
Omega Ratio Rank
H4ZP.DE Calmar Ratio Rank: 1111
Calmar Ratio Rank
H4ZP.DE Martin Ratio Rank: 1111
Martin Ratio Rank
H4ZF.DE
H4ZF.DE Risk / Return Rank: 3434
Overall Rank
H4ZF.DE Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
H4ZF.DE Sortino Ratio Rank: 2929
Sortino Ratio Rank
H4ZF.DE Omega Ratio Rank: 3030
Omega Ratio Rank
H4ZF.DE Calmar Ratio Rank: 4242
Calmar Ratio Rank
H4ZF.DE Martin Ratio Rank: 4242
Martin Ratio Rank
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. H4ZF.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 S&P 500 UCITS ETF USD (H4ZF.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.DEH4ZF.DEDifference

Sharpe ratio

Return per unit of total volatility

-0.09

0.59

-0.68

Sortino ratio

Return per unit of downside risk

0.02

0.89

-0.87

Omega ratio

Gain probability vs. loss probability

1.00

1.13

-0.13

Calmar ratio

Return relative to maximum drawdown

-0.04

1.20

-1.24

Martin ratio

Return relative to average drawdown

-0.11

4.34

-4.45

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. H4ZF.DE - Sharpe Ratio Comparison

The current H4ZP.DE Sharpe Ratio is -0.09, which is lower than the H4ZF.DE Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of H4ZP.DE and H4ZF.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.

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Sharpe Ratios by Period

H4ZP.DEH4ZF.DEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.09

0.59

-0.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.17

0.78

-0.95

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.89

-0.70

Sharpe Ratio (All Time)

Calculated using the full available price history

0.19

0.97

-0.78

Correlation

The correlation between H4ZP.DE and H4ZF.DE is 0.49, 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

H4ZP.DE vs. H4ZF.DE - Dividend Comparison

H4ZP.DE's dividend yield for the trailing twelve months is around 2.13%, more than H4ZF.DE's 0.94% yield.

TTM20252024202320222021202020192018201720162015
H4ZP.DE
HSBC MSCI China UCITS ETF USD		2.13%2.39%3.10%2.10%1.97%1.28%0.96%1.57%1.40%0.78%1.97%2.89%
H4ZF.DE
HSBC S&P 500 UCITS ETF USD		0.94%0.95%0.96%1.19%1.32%0.91%2.24%2.98%3.49%3.23%3.29%4.21%

Drawdowns

H4ZP.DE vs. H4ZF.DE - Drawdown Comparison

The maximum H4ZP.DE drawdown since its inception was -55.74%, which is greater than H4ZF.DE's maximum drawdown of -33.82%. Use the drawdown chart below to compare losses from any high point for H4ZP.DE and H4ZF.DE.

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Drawdown Indicators

H4ZP.DEH4ZF.DEDifference

Max Drawdown

Largest peak-to-trough decline

-55.74%

-33.82%

-21.92%

Max Drawdown (1Y)

Largest decline over 1 year

-16.22%

-13.42%

-2.80%

Max Drawdown (5Y)

Largest decline over 5 years

-49.75%

-23.32%

-26.43%

Max Drawdown (10Y)

Largest decline over 10 years

-55.74%

-33.82%

-21.92%

Current Drawdown

Current decline from peak

-30.82%

-5.24%

-25.58%

Average Drawdown

Average peak-to-trough decline

-22.98%

-3.96%

-19.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.57%

2.33%

+4.24%

Volatility

H4ZP.DE vs. H4ZF.DE - Volatility Comparison

HSBC MSCI China UCITS ETF USD (H4ZP.DE) has a higher volatility of 6.07% compared to HSBC S&P 500 UCITS ETF USD (H4ZF.DE) at 3.80%. This indicates that H4ZP.DE's price experiences larger fluctuations and is considered to be riskier than H4ZF.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

H4ZP.DEH4ZF.DEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.07%

3.80%

+2.27%

Volatility (6M)

Calculated over the trailing 6-month period

13.13%

8.65%

+4.48%

Volatility (1Y)

Calculated over the trailing 1-year period

21.48%

17.20%

+4.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.62%

15.23%

+12.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.24%

16.17%

+9.07%