H4ZX.DE vs. HPAW.DE
H4ZX.DE (HSBC Hang Seng TECH UCITS ETF HKD) and HPAW.DE (HSBC MSCI World Climate Paris Aligned UCITS ETF) are both exchange-traded funds - H4ZX.DE is a Technology Equities fund tracking the Hang Seng TECH, while HPAW.DE is a Global Equities fund tracking the MSCI World Climate Paris Aligned. Both are passively managed. Over the past 3 years, H4ZX.DE returned 3.61%/yr vs 15.54%/yr for HPAW.DE. At a 0.34 correlation, their price movements are largely independent. H4ZX.DE charges 0.50%/yr vs 0.18%/yr for HPAW.DE.
Performance
H4ZX.DE vs. HPAW.DE - Performance Comparison
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Returns By Period
In the year-to-date period, H4ZX.DE achieves a -14.05% return, which is significantly lower than HPAW.DE's 8.46% return.
H4ZX.DE
- 1D
- 0.00%
- 1M
- -0.49%
- 6M
- -18.85%
- YTD
- -14.05%
- 1Y
- -11.89%
- 3Y*
- 3.61%
- 5Y*
- -8.36%
- 10Y*
- —
HPAW.DE
- 1D
- 0.00%
- 1M
- 1.08%
- 6M
- 8.10%
- YTD
- 8.46%
- 1Y
- 18.26%
- 3Y*
- 15.54%
- 5Y*
- —
- 10Y*
- —
H4ZX.DE vs. HPAW.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
H4ZX.DE HSBC Hang Seng TECH UCITS ETF HKD | -14.05% | 10.69% | 28.06% | -11.53% | -20.44% | -15.71% |
HPAW.DE HSBC MSCI World Climate Paris Aligned UCITS ETF | 8.46% | 5.30% | 25.33% | 21.56% | -17.48% | 9.53% |
Correlation
The correlation between H4ZX.DE and HPAW.DE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2021 | 0.34 |
The correlation between H4ZX.DE and HPAW.DE shifts across timeframes, from 0.31 (3 years) to 0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
H4ZX.DE vs. HPAW.DE — Risk / Return Rank
H4ZX.DE
HPAW.DE
H4ZX.DE vs. HPAW.DE - 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 HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| H4ZX.DE | HPAW.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.27 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 2.04 | -2.39 |
| Martin ratioReturn relative to average drawdown | -0.62 | 7.44 | -8.06 |
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Drawdowns
H4ZX.DE vs. HPAW.DE - Drawdown Comparison
The maximum H4ZX.DE drawdown since its inception was -69.32%, which is greater than HPAW.DE's maximum drawdown of -21.61%. Use the drawdown chart below to compare losses from any high point for H4ZX.DE and HPAW.DE.
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Drawdown Indicators
| H4ZX.DE | HPAW.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.32% | -21.61% | -47.71% |
Max Drawdown (1Y)Largest decline over 1 year | -33.58% | -9.00% | -24.58% |
Max Drawdown (3Y)Largest decline over 3 years | -33.58% | -21.61% | -11.97% |
Max Drawdown (5Y)Largest decline over 5 years | -56.66% | — | — |
Current DrawdownCurrent decline from peak | -54.26% | -0.46% | -53.80% |
Average DrawdownAverage peak-to-trough decline | -49.93% | -5.64% | -44.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.30% | 2.46% | +16.84% |
Volatility
H4ZX.DE vs. HPAW.DE - Volatility Comparison
HSBC Hang Seng TECH UCITS ETF HKD (H4ZX.DE) has a higher volatility of 7.58% compared to HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) at 2.76%. This indicates that H4ZX.DE's price experiences larger fluctuations and is considered to be riskier than HPAW.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| H4ZX.DE | HPAW.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.58% | 2.76% | +4.82% |
Volatility (6M)Calculated over the trailing 6-month period | 19.60% | 8.81% | +10.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.05% | 12.19% | +14.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.92% | 14.68% | +23.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.47% | 14.68% | +22.79% |
H4ZX.DE vs. HPAW.DE - Expense Ratio Comparison
H4ZX.DE has a 0.50% expense ratio, which is higher than HPAW.DE's 0.18% expense ratio.
Dividends
H4ZX.DE vs. HPAW.DE - Dividend Comparison
Neither H4ZX.DE nor HPAW.DE has paid dividends to shareholders.
Frequently Asked Questions
H4ZX.DE and HPAW.DE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HPAW.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPAW.DE is cheaper with a 0.18% expense ratio, compared with 0.50% for H4ZX.DE.
H4ZX.DE is categorized as Technology Equities, while HPAW.DE is Global Equities. H4ZX.DE tracks Hang Seng TECH, while HPAW.DE tracks MSCI World Climate Paris Aligned. Their fees differ too: 0.50% for H4ZX.DE and 0.18% for HPAW.DE.
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