H4ZP.DE vs. ICGA.DE
H4ZP.DE (HSBC MSCI China UCITS ETF USD) and ICGA.DE (iShares MSCI China UCITS ETF USD Acc) are both China Equities funds tracking the MSCI China, from HSBC and iShares respectively. Both are passively managed. Over the past 5 years, H4ZP.DE returned -4.00%/yr vs -4.32%/yr for ICGA.DE. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.28% expense ratio.
Performance
H4ZP.DE vs. ICGA.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZP.DE achieves a -6.53% return, which is significantly higher than ICGA.DE's -6.86% 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%
ICGA.DE
- 1D
- -0.54%
- 1M
- -3.40%
- YTD
- -6.86%
- 6M
- -9.46%
- 1Y
- 2.44%
- 3Y*
- 7.72%
- 5Y*
- -4.32%
- 10Y*
- —
H4ZP.DE vs. ICGA.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
H4ZP.DE HSBC MSCI China UCITS ETF USD | -6.53% | 16.54% | 28.55% | -14.47% | -15.34% | -16.86% | 15.20% | 13.63% |
ICGA.DE iShares MSCI China UCITS ETF USD Acc | -6.86% | 16.64% | 27.28% | -14.71% | -15.17% | -17.27% | 15.31% | 14.05% |
Correlation
The correlation between H4ZP.DE and ICGA.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 (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019 | 1.00 |
The correlation between H4ZP.DE and ICGA.DE has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
H4ZP.DE vs. ICGA.DE — Risk / Return Rank
H4ZP.DE
ICGA.DE
H4ZP.DE vs. ICGA.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 iShares MSCI China UCITS ETF USD Acc (ICGA.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 | ICGA.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.04 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 0.16 | +0.03 |
| Martin ratioReturn relative to average drawdown | 0.39 | 0.34 | +0.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| H4ZP.DE | ICGA.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.17 | 0.15 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | -0.15 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.05 | +0.14 |
Drawdowns
H4ZP.DE vs. ICGA.DE - Drawdown Comparison
The maximum H4ZP.DE drawdown since its inception was -55.74%, roughly equal to the maximum ICGA.DE drawdown of -55.95%. Use the drawdown chart below to compare losses from any high point for H4ZP.DE and ICGA.DE.
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Drawdown Indicators
| H4ZP.DE | ICGA.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.74% | -55.95% | +0.21% |
Max Drawdown (1Y)Largest decline over 1 year | -16.83% | -16.84% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.56% | -24.41% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -49.16% | -49.32% | +0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -55.74% | — | — |
Current DrawdownCurrent decline from peak | -31.17% | -32.56% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -23.08% | -28.80% | +5.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.15% | 8.08% | +0.07% |
Volatility
H4ZP.DE vs. ICGA.DE - Volatility Comparison
HSBC MSCI China UCITS ETF USD (H4ZP.DE) and iShares MSCI China UCITS ETF USD Acc (ICGA.DE) have volatilities of 7.30% and 7.19%, 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.
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Volatility by Period
| H4ZP.DE | ICGA.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.30% | 7.19% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 13.14% | 13.31% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.46% | 18.64% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.70% | 27.66% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.25% | 26.97% | -1.72% |
H4ZP.DE vs. ICGA.DE - Expense Ratio Comparison
Both H4ZP.DE and ICGA.DE have an expense ratio of 0.28%.
Dividends
H4ZP.DE vs. ICGA.DE - Dividend Comparison
H4ZP.DE's dividend yield for the trailing twelve months is around 2.14%, while ICGA.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ICGA.DE iShares MSCI China UCITS ETF USD Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, H4ZP.DE and ICGA.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.
Both ETFs have the same 0.28% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
H4ZP.DE and ICGA.DE have the same expense ratio: 0.28% per year.
Both ETFs track MSCI China. They also come from different issuers: HSBC and iShares.
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