HGGA.DE vs. H4ZJ.DE

Last updated Jun 5, 2026

HGGA.DE (HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF) and H4ZJ.DE (HSBC MSCI World UCITS ETF USD) are both exchange-traded funds - HGGA.DE is a Global Bonds fund tracking the Bloomberg MSCI Global Aggregate 1-3 SRI Carbon ESG-Weighted, while H4ZJ.DE is a Global Equities fund tracking the MSCI World. Both are passively managed. Over the past 3 years, HGGA.DE returned 0.90%/yr vs 18.46%/yr for H4ZJ.DE. At a 0.05 correlation, their price movements are largely independent. HGGA.DE charges 0.18%/yr vs 0.15%/yr for H4ZJ.DE.

Performance

HGGA.DE vs. H4ZJ.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF (HGGA.DE) and HSBC MSCI World UCITS ETF USD (H4ZJ.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HGGA.DE achieves a 1.31% return, which is significantly lower than H4ZJ.DE's 10.86% return.

HGGA.DE

• 1D: 0.00%
• 1M: 0.50%
• YTD: 1.31%
• 6M: 0.88%
• 1Y: 0.39%
• 3Y*: 0.90%
• 5Y*: —
• 10Y*: —

H4ZJ.DE

• 1D: -0.34%
• 1M: 3.69%
• YTD: 10.86%
• 6M: 10.96%
• 1Y: 23.81%
• 3Y*: 18.46%
• 5Y*: 13.87%
• 10Y*: 14.71%

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

HGGA.DE vs. H4ZJ.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HGGA.DE HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF	1.31%	-4.17%	5.69%	0.16%	-1.86%
H4ZJ.DE HSBC MSCI World UCITS ETF USD	10.86%	8.00%	26.94%	22.28%	-9.77%

Correlation

The correlation between HGGA.DE and H4ZJ.DE is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jan 19, 2022	0.05

The correlation between HGGA.DE and H4ZJ.DE shifts across timeframes, from 0.05 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HGGA.DE vs. H4ZJ.DE — Risk / Return Rank

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

HGGA.DE

HGGA.DE Risk / Return Rank: 9
HGGA.DE Sharpe Ratio Rank: 10
HGGA.DE Sortino Ratio Rank: 9
HGGA.DE Omega Ratio Rank: 9
HGGA.DE Calmar Ratio Rank: 10
HGGA.DE Martin Ratio Rank: 10

H4ZJ.DE

H4ZJ.DE Risk / Return Rank: 70
H4ZJ.DE Sharpe Ratio Rank: 65
H4ZJ.DE Sortino Ratio Rank: 65
H4ZJ.DE Omega Ratio Rank: 68
H4ZJ.DE Calmar Ratio Rank: 73
H4ZJ.DE Martin Ratio Rank: 76

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.

HGGA.DE vs. H4ZJ.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF (HGGA.DE) and HSBC MSCI World UCITS ETF USD (H4ZJ.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.

	HGGA.DE	H4ZJ.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.05	2.13	-2.08
Sortino ratio: Return per unit of downside risk	0.10	2.96	-2.86
Omega ratio: Gain probability vs. loss probability	1.01	1.40	-0.39
Calmar ratio: Return relative to maximum drawdown	0.08	3.61	-3.53
Martin ratio: Return relative to average drawdown	0.17	14.41	-14.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HGGA.DE vs. H4ZJ.DE - Sharpe Ratio Comparison

The current HGGA.DE Sharpe Ratio is 0.05, which is lower than the H4ZJ.DE Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of HGGA.DE and H4ZJ.DE, 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

	HGGA.DE	H4ZJ.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	2.13	-2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.93	-0.89

Drawdowns

HGGA.DE vs. H4ZJ.DE - Drawdown Comparison

The maximum HGGA.DE drawdown since its inception was -8.58%, smaller than the maximum H4ZJ.DE drawdown of -33.60%. Use the drawdown chart below to compare losses from any high point for HGGA.DE and H4ZJ.DE.

Drawdown Indicators

	HGGA.DE	H4ZJ.DE	Difference
Max Drawdown Largest peak-to-trough decline	-8.58%	-33.60%	+25.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-6.59%	+4.55%
Max Drawdown (3Y) Largest decline over 3 years	-6.78%	-21.65%	+14.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.60%	—
Current Drawdown Current decline from peak	-4.56%	-0.34%	-4.22%
Average Drawdown Average peak-to-trough decline	-4.18%	-4.02%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.66%	-0.64%

Volatility

HGGA.DE vs. H4ZJ.DE - Volatility Comparison

The current volatility for HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF (HGGA.DE) is 0.53%, while HSBC MSCI World UCITS ETF USD (H4ZJ.DE) has a volatility of 2.77%. This indicates that HGGA.DE experiences smaller price fluctuations and is considered to be less risky than H4ZJ.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HGGA.DE	H4ZJ.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	2.77%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	7.73%	-5.40%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	11.24%	-7.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	14.14%	-9.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	15.05%	-10.07%

HGGA.DE vs. H4ZJ.DE - Expense Ratio Comparison

HGGA.DE has a 0.18% expense ratio, which is higher than H4ZJ.DE's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HGGA.DE vs. H4ZJ.DE - Dividend Comparison

HGGA.DE has not paid dividends to shareholders, while H4ZJ.DE's dividend yield for the trailing twelve months is around 1.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4ZJ.DE HSBC MSCI World UCITS ETF USD	1.16%	1.28%	2.06%	3.02%	2.65%	2.73%	3.30%	4.02%	4.71%	3.58%	4.02%	3.46%
HGGA.DE HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF	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 HGGA.DE and H4ZJ.DE in my portfolio?

HGGA.DE and H4ZJ.DE have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HGGA.DE or H4ZJ.DE?

On fees, H4ZJ.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HGGA.DE or H4ZJ.DE?

H4ZJ.DE is cheaper with a 0.15% expense ratio, compared with 0.18% for HGGA.DE.

What is the main difference between HGGA.DE and H4ZJ.DE?

HGGA.DE is categorized as Global Bonds, while H4ZJ.DE is Global Equities. HGGA.DE tracks Bloomberg MSCI Global Aggregate 1-3 SRI Carbon ESG-Weighted, while H4ZJ.DE tracks MSCI World. Their fees differ too: 0.18% for HGGA.DE and 0.15% for H4ZJ.DE.