HPAE.DE vs. XB4A.DE
HPAE.DE (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) and XB4A.DE (Xtrackers ATX UCITS ETF (Acc)) are both Europe Equities funds - HPAE.DE tracks the MSCI Europe NR EUR while XB4A.DE tracks the ATX Index. Both are passively managed. Over the past 3 years, HPAE.DE returned 12.55%/yr vs 30.57%/yr for XB4A.DE. A 0.69 correlation means they provide meaningful diversification when combined. HPAE.DE charges 0.15%/yr vs 0.25%/yr for XB4A.DE.
Performance
HPAE.DE vs. XB4A.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HPAE.DE achieves a 9.04% return, which is significantly lower than XB4A.DE's 22.80% return.
HPAE.DE
- 1D
- 0.00%
- 1M
- 0.40%
- 6M
- 5.15%
- YTD
- 9.04%
- 1Y
- 16.76%
- 3Y*
- 12.55%
- 5Y*
- —
- 10Y*
- —
XB4A.DE
- 1D
- -1.41%
- 1M
- -2.86%
- 6M
- 19.27%
- YTD
- 22.80%
- 1Y
- 45.21%
- 3Y*
- 30.57%
- 5Y*
- 17.80%
- 10Y*
- 14.60%
HPAE.DE vs. XB4A.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPAE.DE HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc | 9.04% | 16.07% | 6.83% | 17.07% | -13.17% | 5.12% |
XB4A.DE Xtrackers ATX UCITS ETF (Acc) | 22.80% | 51.29% | 11.01% | 14.27% | -16.45% | 9.42% |
Correlation
The correlation between HPAE.DE and XB4A.DE is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2021 | 0.69 |
The correlation between HPAE.DE and XB4A.DE has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.
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Return for Risk
HPAE.DE vs. XB4A.DE — Risk / Return Rank
HPAE.DE
XB4A.DE
HPAE.DE vs. XB4A.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 Xtrackers ATX UCITS ETF (Acc) (XB4A.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 | XB4A.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.43 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 4.13 | -2.54 |
| Martin ratioReturn relative to average drawdown | 5.82 | 13.97 | -8.15 |
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Drawdowns
HPAE.DE vs. XB4A.DE - Drawdown Comparison
The maximum HPAE.DE drawdown since its inception was -22.46%, smaller than the maximum XB4A.DE drawdown of -53.54%. Use the drawdown chart below to compare losses from any high point for HPAE.DE and XB4A.DE.
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Drawdown Indicators
| HPAE.DE | XB4A.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.46% | -53.54% | +31.08% |
Max Drawdown (1Y)Largest decline over 1 year | -10.58% | -10.88% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -15.94% | -16.26% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -53.54% | — |
Current DrawdownCurrent decline from peak | -2.02% | -3.43% | +1.41% |
Average DrawdownAverage peak-to-trough decline | -4.94% | -9.88% | +4.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 3.23% | -0.34% |
Volatility
HPAE.DE vs. XB4A.DE - Volatility Comparison
The current volatility for HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.DE) is 3.28%, while Xtrackers ATX UCITS ETF (Acc) (XB4A.DE) has a volatility of 4.97%. This indicates that HPAE.DE experiences smaller price fluctuations and is considered to be less risky than XB4A.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 | XB4A.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 4.97% | -1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 11.78% | 14.95% | -3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.86% | 17.66% | -3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.68% | 19.15% | -4.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.68% | 20.15% | -5.47% |
HPAE.DE vs. XB4A.DE - Expense Ratio Comparison
HPAE.DE has a 0.15% expense ratio, which is lower than XB4A.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. XB4A.DE - Dividend Comparison
Neither HPAE.DE nor XB4A.DE has paid dividends to shareholders.
Frequently Asked Questions
HPAE.DE and XB4A.DE have a correlation of 0.69, 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 XB4A.DE.
HPAE.DE tracks MSCI Europe NR EUR, while XB4A.DE tracks ATX Index. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.15% for HPAE.DE and 0.25% for XB4A.DE.
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