HPAU.DE vs. H4Z6.DE

Last updated Jun 5, 2026

HPAU.DE (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) and H4Z6.DE (HSBC MSCI China UCITS ETF USD (Acc)) are both exchange-traded funds - HPAU.DE is a Large Cap Blend Equities fund tracking the MSCI USA Climate Paris Aligned, while H4Z6.DE is a China Equities fund tracking the MSCI China. Both are passively managed. Over the past 3 years, HPAU.DE returned 17.54%/yr vs 7.78%/yr for H4Z6.DE. At a 0.25 correlation, their price movements are largely independent. HPAU.DE charges 0.12%/yr vs 0.28%/yr for H4Z6.DE.

Performance

HPAU.DE vs. H4Z6.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAU.DE) and HSBC MSCI China UCITS ETF USD (Acc) (H4Z6.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPAU.DE achieves a 11.46% return, which is significantly higher than H4Z6.DE's -6.53% return.

HPAU.DE

• 1D: -0.04%
• 1M: 7.25%
• YTD: 11.46%
• 6M: 10.58%
• 1Y: 23.55%
• 3Y*: 17.54%
• 5Y*: —
• 10Y*: —

H4Z6.DE

• 1D: -0.38%
• 1M: -3.35%
• YTD: -6.53%
• 6M: -9.01%
• 1Y: 2.78%
• 3Y*: 7.78%
• 5Y*: —
• 10Y*: —

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

HPAU.DE vs. H4Z6.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HPAU.DE HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc	11.46%	1.05%	32.02%	25.22%	-9.35%
H4Z6.DE HSBC MSCI China UCITS ETF USD (Acc)	-6.53%	16.48%	27.04%	-14.63%	-10.19%

Correlation

The correlation between HPAU.DE and H4Z6.DE is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jul 26, 2022	0.25

The correlation between HPAU.DE and H4Z6.DE shifts across timeframes, from 0.25 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HPAU.DE vs. H4Z6.DE — Risk / Return Rank

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

HPAU.DE

HPAU.DE Risk / Return Rank: 49
HPAU.DE Sharpe Ratio Rank: 54
HPAU.DE Sortino Ratio Rank: 52
HPAU.DE Omega Ratio Rank: 53
HPAU.DE Calmar Ratio Rank: 43
HPAU.DE Martin Ratio Rank: 40

H4Z6.DE

H4Z6.DE Risk / Return Rank: 11
H4Z6.DE Sharpe Ratio Rank: 11
H4Z6.DE Sortino Ratio Rank: 11
H4Z6.DE Omega Ratio Rank: 11
H4Z6.DE Calmar Ratio Rank: 11
H4Z6.DE Martin Ratio Rank: 11

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.

HPAU.DE vs. H4Z6.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAU.DE) and HSBC MSCI China UCITS ETF USD (Acc) (H4Z6.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.

	HPAU.DE	H4Z6.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.81	0.17	+1.65
Sortino ratio: Return per unit of downside risk	2.48	0.37	+2.11
Omega ratio: Gain probability vs. loss probability	1.33	1.04	+0.28
Calmar ratio: Return relative to maximum drawdown	2.09	0.18	+1.91
Martin ratio: Return relative to average drawdown	6.17	0.38	+5.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPAU.DE vs. H4Z6.DE - Sharpe Ratio Comparison

The current HPAU.DE Sharpe Ratio is 1.81, which is higher than the H4Z6.DE Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of HPAU.DE and H4Z6.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

	HPAU.DE	H4Z6.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	0.17	+1.65
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.06	+0.61

Drawdowns

HPAU.DE vs. H4Z6.DE - Drawdown Comparison

The maximum HPAU.DE drawdown since its inception was -25.26%, smaller than the maximum H4Z6.DE drawdown of -33.47%. Use the drawdown chart below to compare losses from any high point for HPAU.DE and H4Z6.DE.

Drawdown Indicators

	HPAU.DE	H4Z6.DE	Difference
Max Drawdown Largest peak-to-trough decline	-25.26%	-33.47%	+8.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-16.85%	+5.51%
Max Drawdown (3Y) Largest decline over 3 years	-25.26%	-24.47%	-0.79%
Current Drawdown Current decline from peak	-0.34%	-14.82%	+14.48%
Average Drawdown Average peak-to-trough decline	-7.13%	-13.91%	+6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	8.17%	-4.31%

Volatility

HPAU.DE vs. H4Z6.DE - Volatility Comparison

The current volatility for HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAU.DE) is 3.54%, while HSBC MSCI China UCITS ETF USD (Acc) (H4Z6.DE) has a volatility of 7.23%. This indicates that HPAU.DE experiences smaller price fluctuations and is considered to be less risky than H4Z6.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAU.DE	H4Z6.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	7.23%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	13.11%	-4.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	18.60%	-5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	25.28%	-8.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	25.28%	-8.65%

HPAU.DE vs. H4Z6.DE - Expense Ratio Comparison

HPAU.DE has a 0.12% expense ratio, which is lower than H4Z6.DE's 0.28% expense ratio.

Dividends

HPAU.DE vs. H4Z6.DE - Dividend Comparison

Neither HPAU.DE nor H4Z6.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HPAU.DE and H4Z6.DE in my portfolio?

HPAU.DE and H4Z6.DE have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPAU.DE or H4Z6.DE?

On fees, HPAU.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HPAU.DE or H4Z6.DE?

HPAU.DE is cheaper with a 0.12% expense ratio, compared with 0.28% for H4Z6.DE.

What is the main difference between HPAU.DE and H4Z6.DE?

HPAU.DE is categorized as Large Cap Blend Equities, while H4Z6.DE is China Equities. HPAU.DE tracks MSCI USA Climate Paris Aligned, while H4Z6.DE tracks MSCI China. Their fees differ too: 0.12% for HPAU.DE and 0.28% for H4Z6.DE.