H4ZX.DE vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC Hang Seng TECH UCITS ETF HKD (H4ZX.DE) and Bitcoin (BTC-USD).

H4ZX.DE is a passively managed fund by HSBC that tracks the performance of the Hang Seng TECH. It was launched on Dec 9, 2020.

Performance

H4ZX.DE vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC Hang Seng TECH UCITS ETF HKD (H4ZX.DE) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

H4ZX.DE vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
H4ZX.DE HSBC Hang Seng TECH UCITS ETF HKD	-13.96%	10.69%	28.06%	-11.53%	-20.44%	-29.60%	2.10%
BTC-USD Bitcoin	-22.32%	-17.40%	136.59%	145.80%	-61.85%	71.33%	48.31%

Different Trading Currencies

H4ZX.DE is traded in EUR, while BTC-USD is traded in USD. To make them comparable, the BTC-USD values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, H4ZX.DE achieves a -13.96% return, which is significantly higher than BTC-USD's -20.96% return.

H4ZX.DE

• 1D: 0.88%
• 1M: -3.54%
• YTD: -13.96%
• 6M: -25.69%
• 1Y: -18.02%
• 3Y*: 1.73%
• 5Y*: -10.78%
• 10Y*: —

BTC-USD

• 1D: 0.00%
• 1M: 0.05%
• YTD: -20.96%
• 6M: -42.79%
• 1Y: -22.71%
• 3Y*: 32.15%
• 5Y*: 3.26%
• 10Y*: 66.10%

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

Return for Risk

H4ZX.DE vs. BTC-USD — Risk / Return Rank

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

H4ZX.DE

H4ZX.DE Risk / Return Rank: 3
H4ZX.DE Sharpe Ratio Rank: 3
H4ZX.DE Sortino Ratio Rank: 3
H4ZX.DE Omega Ratio Rank: 3
H4ZX.DE Calmar Ratio Rank: 3
H4ZX.DE Martin Ratio Rank: 2

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 66
BTC-USD Sortino Ratio Rank: 60
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 12
BTC-USD Martin Ratio Rank: 0

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.

H4ZX.DE vs. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Hang Seng TECH UCITS ETF HKD (H4ZX.DE) and Bitcoin (BTC-USD). 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.

	H4ZX.DE	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.63	-0.51	-0.12
Sortino ratio Return per unit of downside risk	-0.75	-0.49	-0.26
Omega ratio Gain probability vs. loss probability	0.91	0.94	-0.03
Calmar ratio Return relative to maximum drawdown	-0.59	-1.08	+0.49
Martin ratio Return relative to average drawdown	-1.30	-1.96	+0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

H4ZX.DE vs. BTC-USD - Sharpe Ratio Comparison

The current H4ZX.DE Sharpe Ratio is -0.63, which is comparable to the BTC-USD Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of H4ZX.DE and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	H4ZX.DE	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	-0.51	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.06	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	1.19	-1.42

Correlation

The correlation between H4ZX.DE and BTC-USD is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

H4ZX.DE vs. BTC-USD - Drawdown Comparison

The maximum H4ZX.DE drawdown since its inception was -69.32%, smaller than the maximum BTC-USD drawdown of -83.05%. Use the drawdown chart below to compare losses from any high point for H4ZX.DE and BTC-USD.

Drawdown Indicators

	H4ZX.DE	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-69.32%	-85.30%	+15.98%
Max Drawdown (1Y) Largest decline over 1 year	-28.90%	-49.65%	+20.75%
Max Drawdown (5Y) Largest decline over 5 years	-62.13%	-76.67%	+14.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-54.21%	-46.47%	-7.74%
Average Drawdown Average peak-to-trough decline	-49.39%	-42.00%	-7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.07%	27.75%	-14.68%

Volatility

H4ZX.DE vs. BTC-USD - Volatility Comparison

The current volatility for HSBC Hang Seng TECH UCITS ETF HKD (H4ZX.DE) is 8.03%, while Bitcoin (BTC-USD) has a volatility of 13.23%. This indicates that H4ZX.DE experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZX.DE	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	13.23%	-5.20%
Volatility (6M) Calculated over the trailing 6-month period	18.35%	35.96%	-17.61%
Volatility (1Y) Calculated over the trailing 1-year period	28.59%	37.05%	-8.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.64%	46.68%	-9.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.86%	56.03%	-18.17%