HPAE.DE vs. ZPRW.DE

Last updated Jun 5, 2026

HPAE.DE (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) and ZPRW.DE (SPDR MSCI Europe Value UCITS ETF) are both Europe Equities funds - HPAE.DE tracks the MSCI Europe NR EUR while ZPRW.DE tracks the MSCI Europe Value Exposure Select. Both are passively managed. Over the past 3 years, HPAE.DE returned 11.34%/yr vs 20.72%/yr for ZPRW.DE. Their correlation of 0.85 suggests significant overlap in exposure. HPAE.DE charges 0.15%/yr vs 0.20%/yr for ZPRW.DE.

Performance

HPAE.DE vs. ZPRW.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 SPDR MSCI Europe Value UCITS ETF (ZPRW.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 ZPRW.DE's 11.85% return.

HPAE.DE

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

ZPRW.DE

• 1D: 0.72%
• 1M: 1.75%
• YTD: 11.85%
• 6M: 15.17%
• 1Y: 30.32%
• 3Y*: 20.72%
• 5Y*: 13.99%
• 10Y*: 10.74%

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

HPAE.DE vs. ZPRW.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%
ZPRW.DE SPDR MSCI Europe Value UCITS ETF	11.85%	35.70%	8.86%	13.72%	-4.74%	4.56%

Correlation

The correlation between HPAE.DE and ZPRW.DE is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 11, 2021	0.85

The correlation between HPAE.DE and ZPRW.DE has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Return for Risk

HPAE.DE vs. ZPRW.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

ZPRW.DE

ZPRW.DE Risk / Return Rank: 69
ZPRW.DE Sharpe Ratio Rank: 71
ZPRW.DE Sortino Ratio Rank: 71
ZPRW.DE Omega Ratio Rank: 70
ZPRW.DE Calmar Ratio Rank: 68
ZPRW.DE Martin Ratio Rank: 68

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. ZPRW.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 SPDR MSCI Europe Value UCITS ETF (ZPRW.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	ZPRW.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.28	-1.38
Sortino ratio: Return per unit of downside risk	1.37	3.16	-1.79
Omega ratio: Gain probability vs. loss probability	1.17	1.41	-0.24
Calmar ratio: Return relative to maximum drawdown	1.16	3.33	-2.17
Martin ratio: Return relative to average drawdown	4.08	12.39	-8.31
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. ZPRW.DE - Sharpe Ratio Comparison

The current HPAE.DE Sharpe Ratio is 0.90, which is lower than the ZPRW.DE Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of HPAE.DE and ZPRW.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	ZPRW.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	2.28	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.93	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.45	+0.04

Drawdowns

HPAE.DE vs. ZPRW.DE - Drawdown Comparison

The maximum HPAE.DE drawdown since its inception was -22.46%, smaller than the maximum ZPRW.DE drawdown of -39.54%. Use the drawdown chart below to compare losses from any high point for HPAE.DE and ZPRW.DE.

Drawdown Indicators

	HPAE.DE	ZPRW.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.46%	-39.54%	+17.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-9.27%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-15.94%	-17.04%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.41%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.54%	—
Current Drawdown Current decline from peak	-1.71%	-1.75%	+0.04%
Average Drawdown Average peak-to-trough decline	-5.04%	-6.92%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.50%	+0.50%

Volatility

HPAE.DE vs. ZPRW.DE - Volatility Comparison

HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.DE) and SPDR MSCI Europe Value UCITS ETF (ZPRW.DE) have volatilities of 4.61% and 4.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAE.DE	ZPRW.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.40%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	10.84%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	13.53%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	14.89%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.74%	17.54%	-2.80%

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

HPAE.DE has a 0.15% expense ratio, which is lower than ZPRW.DE's 0.20% 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. ZPRW.DE - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HPAE.DE and ZPRW.DE in my portfolio?

HPAE.DE and ZPRW.DE have a correlation of 0.85, 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 ZPRW.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 ZPRW.DE?

HPAE.DE is cheaper with a 0.15% expense ratio, compared with 0.20% for ZPRW.DE.

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

HPAE.DE tracks MSCI Europe NR EUR, while ZPRW.DE tracks MSCI Europe Value Exposure Select. They also come from different issuers: HSBC and State Street. Their fees differ too: 0.15% for HPAE.DE and 0.20% for ZPRW.DE.