H4ZX.DE vs. CXSE

Last updated Jun 5, 2026

H4ZX.DE (HSBC Hang Seng TECH UCITS ETF HKD) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both exchange-traded funds - H4ZX.DE is a Technology Equities fund tracking the Hang Seng TECH, while CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 5 years, H4ZX.DE returned -8.49%/yr vs -7.28%/yr for CXSE. Their correlation of 0.82 suggests significant overlap in exposure. H4ZX.DE charges 0.50%/yr vs 0.32%/yr for CXSE.

Performance

H4ZX.DE vs. CXSE - 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 WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

H4ZX.DE is traded in EUR, while CXSE is traded in USD. To make them comparable, the CXSE 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 -10.21% return, which is significantly lower than CXSE's 1.71% return.

H4ZX.DE

• 1D: -0.76%
• 1M: 1.65%
• YTD: -10.21%
• 6M: -11.15%
• 1Y: -6.78%
• 3Y*: 6.77%
• 5Y*: -8.49%
• 10Y*: —

CXSE

• 1D: -0.50%
• 1M: 1.17%
• YTD: 1.71%
• 6M: -0.03%
• 1Y: 19.04%
• 3Y*: 8.18%
• 5Y*: -7.28%
• 10Y*: 6.98%

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

H4ZX.DE vs. CXSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
H4ZX.DE HSBC Hang Seng TECH UCITS ETF HKD	-10.21%	10.69%	28.06%	-11.53%	-20.44%	-29.60%	2.10%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.71%	20.74%	15.73%	-20.48%	-24.94%	-17.96%	4.81%

Correlation

The correlation between H4ZX.DE and CXSE is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 16, 2020	0.82

The correlation between H4ZX.DE and CXSE has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

H4ZX.DE vs. CXSE — 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: 7
H4ZX.DE Sharpe Ratio Rank: 7
H4ZX.DE Sortino Ratio Rank: 7
H4ZX.DE Omega Ratio Rank: 7
H4ZX.DE Calmar Ratio Rank: 7
H4ZX.DE Martin Ratio Rank: 7

CXSE

CXSE Risk / Return Rank: 26
CXSE Sharpe Ratio Rank: 28
CXSE Sortino Ratio Rank: 28
CXSE Omega Ratio Rank: 27
CXSE Calmar Ratio Rank: 26
CXSE Martin Ratio Rank: 21

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. CXSE - 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 WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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	CXSE	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	0.92	-1.18
Sortino ratio: Return per unit of downside risk	-0.20	1.38	-1.57
Omega ratio: Gain probability vs. loss probability	0.98	1.17	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.22	1.17	-1.40
Martin ratio: Return relative to average drawdown	-0.41	2.34	-2.75
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. CXSE - Sharpe Ratio Comparison

The current H4ZX.DE Sharpe Ratio is -0.26, which is lower than the CXSE Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of H4ZX.DE and CXSE, 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

	H4ZX.DE	CXSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.26	0.92	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	-0.24	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	0.22	-0.43

Drawdowns

H4ZX.DE vs. CXSE - Drawdown Comparison

The maximum H4ZX.DE drawdown since its inception was -69.32%, roughly equal to the maximum CXSE drawdown of -66.54%. Use the drawdown chart below to compare losses from any high point for H4ZX.DE and CXSE.

Drawdown Indicators

	H4ZX.DE	CXSE	Difference
Max Drawdown Largest peak-to-trough decline	-69.32%	-66.54%	-2.78%
Max Drawdown (1Y) Largest decline over 1 year	-30.08%	-16.33%	-13.75%
Max Drawdown (3Y) Largest decline over 3 years	-33.31%	-30.82%	-2.49%
Max Drawdown (5Y) Largest decline over 5 years	-60.34%	-60.83%	+0.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.54%	—
Current Drawdown Current decline from peak	-52.22%	-44.24%	-7.98%
Average Drawdown Average peak-to-trough decline	-49.50%	-25.54%	-23.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.57%	8.16%	+8.41%

Volatility

H4ZX.DE vs. CXSE - Volatility Comparison

HSBC Hang Seng TECH UCITS ETF HKD (H4ZX.DE) has a higher volatility of 10.02% compared to WisdomTree China ex-State-Owned Enterprises Fund (CXSE) at 6.81%. This indicates that H4ZX.DE's price experiences larger fluctuations and is considered to be riskier than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	H4ZX.DE	CXSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.02%	6.81%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	18.64%	13.90%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	26.17%	20.91%	+5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.84%	30.91%	+6.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.65%	28.08%	+9.57%

H4ZX.DE vs. CXSE - Expense Ratio Comparison

H4ZX.DE has a 0.50% expense ratio, which is higher than CXSE's 0.32% expense ratio.

Dividends

H4ZX.DE vs. CXSE - Dividend Comparison

H4ZX.DE has not paid dividends to shareholders, while CXSE's dividend yield for the trailing twelve months is around 1.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.99%	1.95%	1.70%	1.71%	1.55%	0.86%	0.54%	0.96%	1.49%	1.24%	1.39%	2.50%
H4ZX.DE HSBC Hang Seng TECH UCITS ETF HKD	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

Can I hold both H4ZX.DE and CXSE in my portfolio?

H4ZX.DE and CXSE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, H4ZX.DE or CXSE?

On fees, CXSE is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, H4ZX.DE or CXSE?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.50% for H4ZX.DE.

What is the main difference between H4ZX.DE and CXSE?

H4ZX.DE is categorized as Technology Equities, while CXSE is China Equities. H4ZX.DE tracks Hang Seng TECH, while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: HSBC and WisdomTree. Their fees differ too: 0.50% for H4ZX.DE and 0.32% for CXSE.