HPAE.DE vs. XESP.DE
HPAE.DE (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) and XESP.DE (Xtrackers Spanish Equity UCITS ETF) are both Europe Equities funds - HPAE.DE tracks the MSCI Europe NR EUR while XESP.DE tracks the Solactive Spain 40. Both are passively managed. Over the past 3 years, HPAE.DE returned 13.18%/yr vs 31.64%/yr for XESP.DE. A 0.75 correlation means they provide meaningful diversification when combined. HPAE.DE charges 0.15%/yr vs 0.30%/yr for XESP.DE.
Performance
HPAE.DE vs. XESP.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 XESP.DE's 14.35% return.
HPAE.DE
- 1D
- 0.00%
- 1M
- 2.76%
- YTD
- 9.27%
- 6M
- 9.98%
- 1Y
- 18.78%
- 3Y*
- 13.18%
- 5Y*
- —
- 10Y*
- —
XESP.DE
- 1D
- -0.45%
- 1M
- 6.12%
- YTD
- 14.35%
- 6M
- 15.38%
- 1Y
- 47.18%
- 3Y*
- 31.64%
- 5Y*
- 20.27%
- 10Y*
- 13.68%
HPAE.DE vs. XESP.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% |
XESP.DE Xtrackers Spanish Equity UCITS ETF | 14.35% | 58.64% | 14.63% | 26.81% | -1.62% | -1.75% |
Correlation
The correlation between HPAE.DE and XESP.DE is 0.75, 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 | 0.75 |
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 XESP.DE has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.
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Return for Risk
HPAE.DE vs. XESP.DE — Risk / Return Rank
HPAE.DE
XESP.DE
HPAE.DE vs. XESP.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 Spanish Equity UCITS ETF (XESP.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 | XESP.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.49 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 4.62 | -2.83 |
| Martin ratioReturn relative to average drawdown | 6.54 | 16.41 | -9.87 |
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Drawdowns
HPAE.DE vs. XESP.DE - Drawdown Comparison
The maximum HPAE.DE drawdown since its inception was -22.46%, smaller than the maximum XESP.DE drawdown of -40.70%. Use the drawdown chart below to compare losses from any high point for HPAE.DE and XESP.DE.
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Drawdown Indicators
| HPAE.DE | XESP.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.46% | -40.70% | +18.24% |
Max Drawdown (1Y)Largest decline over 1 year | -10.58% | -10.17% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.94% | -12.92% | -3.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.56% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.03% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.54% | +0.54% |
Average DrawdownAverage peak-to-trough decline | -4.99% | -10.06% | +5.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.87% | +0.01% |
Volatility
HPAE.DE vs. XESP.DE - Volatility Comparison
The current volatility for HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.DE) is 3.22%, while Xtrackers Spanish Equity UCITS ETF (XESP.DE) has a volatility of 4.24%. This indicates that HPAE.DE experiences smaller price fluctuations and is considered to be less risky than XESP.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 | XESP.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.22% | 4.24% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 14.45% | -2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.77% | 16.90% | -3.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.72% | 16.73% | -2.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.72% | 18.43% | -3.71% |
HPAE.DE vs. XESP.DE - Expense Ratio Comparison
HPAE.DE has a 0.15% expense ratio, which is lower than XESP.DE's 0.30% expense ratio.
Dividends
HPAE.DE vs. XESP.DE - Dividend Comparison
Neither HPAE.DE nor XESP.DE has paid dividends to shareholders.
Frequently Asked Questions
HPAE.DE and XESP.DE have a correlation of 0.75, 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 0.30% for XESP.DE.
HPAE.DE tracks MSCI Europe NR EUR, while XESP.DE tracks Solactive Spain 40. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.15% for HPAE.DE and 0.30% for XESP.DE.
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