HPAE.DE vs. AMES.DE
HPAE.DE (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) and AMES.DE (Amundi ETF MSCI Spain UCITS ETF EUR) are both Europe Equities funds - HPAE.DE tracks the MSCI Europe NR EUR while AMES.DE tracks the MSCI Spain. Both are passively managed. Over the past 3 years, HPAE.DE returned 13.18%/yr vs 32.13%/yr for AMES.DE. A 0.75 correlation means they provide meaningful diversification when combined. HPAE.DE charges 0.15%/yr vs 0.25%/yr for AMES.DE.
Performance
HPAE.DE vs. AMES.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HPAE.DE achieves a 9.27% return, which is significantly lower than AMES.DE's 14.05% return.
HPAE.DE
- 1D
- 0.00%
- 1M
- 2.76%
- YTD
- 9.27%
- 6M
- 9.98%
- 1Y
- 18.78%
- 3Y*
- 13.18%
- 5Y*
- —
- 10Y*
- —
AMES.DE
- 1D
- -0.42%
- 1M
- 6.08%
- YTD
- 14.05%
- 6M
- 14.95%
- 1Y
- 45.42%
- 3Y*
- 32.13%
- 5Y*
- 20.59%
- 10Y*
- 13.10%
HPAE.DE vs. AMES.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPAE.DE HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc | 9.27% | 16.07% | 6.83% | 17.07% | -13.17% | 5.12% |
AMES.DE Amundi ETF MSCI Spain UCITS ETF EUR | 14.05% | 55.41% | 19.00% | 26.86% | -0.71% | -1.63% |
Correlation
The correlation between HPAE.DE and AMES.DE is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2021 | 0.75 |
The correlation between HPAE.DE and AMES.DE has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.
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Return for Risk
HPAE.DE vs. AMES.DE — Risk / Return Rank
HPAE.DE
AMES.DE
HPAE.DE vs. AMES.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.DE) and Amundi ETF MSCI Spain UCITS ETF EUR (AMES.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.
| HPAE.DE | AMES.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.49 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 4.54 | -2.76 |
| Martin ratioReturn relative to average drawdown | 6.54 | 16.06 | -9.52 |
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Drawdowns
HPAE.DE vs. AMES.DE - Drawdown Comparison
The maximum HPAE.DE drawdown since its inception was -22.46%, smaller than the maximum AMES.DE drawdown of -40.98%. Use the drawdown chart below to compare losses from any high point for HPAE.DE and AMES.DE.
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Drawdown Indicators
| HPAE.DE | AMES.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.46% | -40.98% | +18.52% |
Max Drawdown (1Y)Largest decline over 1 year | -10.58% | -9.95% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.94% | -12.58% | -3.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.77% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.98% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.52% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -4.99% | -10.09% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.82% | +0.06% |
Volatility
HPAE.DE vs. AMES.DE - Volatility Comparison
The current volatility for HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.DE) is 3.22%, while Amundi ETF MSCI Spain UCITS ETF EUR (AMES.DE) has a volatility of 4.03%. This indicates that HPAE.DE experiences smaller price fluctuations and is considered to be less risky than AMES.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HPAE.DE | AMES.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.22% | 4.03% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 14.00% | -2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.77% | 16.39% | -2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.72% | 16.96% | -2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.72% | 18.42% | -3.70% |
HPAE.DE vs. AMES.DE - Expense Ratio Comparison
HPAE.DE has a 0.15% expense ratio, which is lower than AMES.DE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HPAE.DE vs. AMES.DE - Dividend Comparison
Neither HPAE.DE nor AMES.DE has paid dividends to shareholders.
Frequently Asked Questions
HPAE.DE and AMES.DE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HPAE.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPAE.DE is cheaper with a 0.15% expense ratio, compared with 0.25% for AMES.DE.
HPAE.DE tracks MSCI Europe NR EUR, while AMES.DE tracks MSCI Spain. They also come from different issuers: HSBC and Amundi. Their fees differ too: 0.15% for HPAE.DE and 0.25% for AMES.DE.
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