HPAE.DE vs. H4ZL.DE

Last updated Jun 5, 2026

HPAE.DE (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) and H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) are both exchange-traded funds - HPAE.DE is a Europe Equities fund tracking the MSCI Europe NR EUR, while H4ZL.DE is a REIT fund tracking the FTSE EPRA/NAREIT Developed. Both are passively managed. Over the past 3 years, HPAE.DE returned 11.34%/yr vs 3.13%/yr for H4ZL.DE. A 0.59 correlation means they provide meaningful diversification when combined. HPAE.DE charges 0.15%/yr vs 0.24%/yr for H4ZL.DE.

Performance

HPAE.DE vs. H4ZL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.DE) and HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPAE.DE achieves a 6.01% return, which is significantly lower than H4ZL.DE's 6.32% return.

HPAE.DE

• 1D: 0.91%
• 1M: 0.82%
• YTD: 6.01%
• 6M: 8.47%
• 1Y: 12.19%
• 3Y*: 11.34%
• 5Y*: —
• 10Y*: —

H4ZL.DE

• 1D: -0.02%
• 1M: -2.45%
• YTD: 6.32%
• 6M: 5.97%
• 1Y: 6.50%
• 3Y*: 3.13%
• 5Y*: 0.30%
• 10Y*: 2.35%

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

HPAE.DE vs. H4ZL.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HPAE.DE HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc	6.01%	16.07%	6.83%	17.07%	-13.17%	5.18%
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	6.32%	-4.65%	2.27%	6.12%	-20.22%	8.68%

Correlation

The correlation between HPAE.DE and H4ZL.DE is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Aug 11, 2021	0.59

The correlation between HPAE.DE and H4ZL.DE has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

Return for Risk

HPAE.DE vs. H4ZL.DE — Risk / Return Rank

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

HPAE.DE

HPAE.DE Risk / Return Rank: 26
HPAE.DE Sharpe Ratio Rank: 26
HPAE.DE Sortino Ratio Rank: 26
HPAE.DE Omega Ratio Rank: 26
HPAE.DE Calmar Ratio Rank: 25
HPAE.DE Martin Ratio Rank: 29

H4ZL.DE

H4ZL.DE Risk / Return Rank: 19
H4ZL.DE Sharpe Ratio Rank: 19
H4ZL.DE Sortino Ratio Rank: 18
H4ZL.DE Omega Ratio Rank: 18
H4ZL.DE Calmar Ratio Rank: 20
H4ZL.DE 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.

HPAE.DE vs. H4ZL.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 HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.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.

	HPAE.DE	H4ZL.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.90	0.59	+0.31
Sortino ratio: Return per unit of downside risk	1.37	0.88	+0.49
Omega ratio: Gain probability vs. loss probability	1.17	1.11	+0.06
Calmar ratio: Return relative to maximum drawdown	1.16	0.84	+0.31
Martin ratio: Return relative to average drawdown	4.08	2.48	+1.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPAE.DE vs. H4ZL.DE - Sharpe Ratio Comparison

The current HPAE.DE Sharpe Ratio is 0.90, which is higher than the H4ZL.DE Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of HPAE.DE and H4ZL.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

	HPAE.DE	H4ZL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	0.59	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.02	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.29	+0.20

Drawdowns

HPAE.DE vs. H4ZL.DE - Drawdown Comparison

The maximum HPAE.DE drawdown since its inception was -22.46%, smaller than the maximum H4ZL.DE drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for HPAE.DE and H4ZL.DE.

Drawdown Indicators

	HPAE.DE	H4ZL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.46%	-41.97%	+19.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-7.82%	-2.76%
Max Drawdown (3Y) Largest decline over 3 years	-15.94%	-20.68%	+4.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.97%	—
Current Drawdown Current decline from peak	-1.71%	-13.81%	+12.10%
Average Drawdown Average peak-to-trough decline	-5.04%	-10.80%	+5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.67%	+0.33%

Volatility

HPAE.DE vs. H4ZL.DE - Volatility Comparison

HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.DE) has a higher volatility of 4.61% compared to HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) at 2.88%. This indicates that HPAE.DE's price experiences larger fluctuations and is considered to be riskier than H4ZL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAE.DE	H4ZL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	2.88%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	8.34%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	11.21%	+2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	14.69%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.74%	16.27%	-1.53%

HPAE.DE vs. H4ZL.DE - Expense Ratio Comparison

HPAE.DE has a 0.15% expense ratio, which is lower than H4ZL.DE's 0.24% 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. H4ZL.DE - Dividend Comparison

Neither HPAE.DE nor H4ZL.DE has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD	0.00%	0.00%	0.00%	2.63%	3.62%	2.19%	3.13%	2.95%	3.29%	3.08%	2.96%	2.67%
HPAE.DE HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc	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 HPAE.DE and H4ZL.DE in my portfolio?

HPAE.DE and H4ZL.DE have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPAE.DE or H4ZL.DE?

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.

Which ETF is cheaper, HPAE.DE or H4ZL.DE?

HPAE.DE is cheaper with a 0.15% expense ratio, compared with 0.24% for H4ZL.DE.

What is the main difference between HPAE.DE and H4ZL.DE?

HPAE.DE is categorized as Europe Equities, while H4ZL.DE is REIT. HPAE.DE tracks MSCI Europe NR EUR, while H4ZL.DE tracks FTSE EPRA/NAREIT Developed. Their fees differ too: 0.15% for HPAE.DE and 0.24% for H4ZL.DE.