HPAU.DE vs. H4ZL.DE
HPAU.DE (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) and H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) are both exchange-traded funds - HPAU.DE is a Large Cap Blend Equities fund tracking the MSCI USA Climate Paris Aligned, while H4ZL.DE is a REIT fund tracking the FTSE EPRA/NAREIT Developed. Both are passively managed. Over the past 3 years, HPAU.DE returned 16.41%/yr vs 9.37%/yr for H4ZL.DE. A 0.50 correlation means they provide meaningful diversification when combined. HPAU.DE charges 0.12%/yr vs 0.24%/yr for H4ZL.DE.
Performance
HPAU.DE vs. H4ZL.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HPAU.DE achieves a 7.59% return, which is significantly lower than H4ZL.DE's 12.75% return.
HPAU.DE
- 1D
- 0.00%
- 1M
- -1.10%
- YTD
- 7.59%
- 6M
- 7.82%
- 1Y
- 19.86%
- 3Y*
- 16.41%
- 5Y*
- —
- 10Y*
- —
H4ZL.DE
- 1D
- -0.23%
- 1M
- 2.21%
- YTD
- 12.75%
- 6M
- 13.94%
- 1Y
- 15.88%
- 3Y*
- 9.37%
- 5Y*
- —
- 10Y*
- —
HPAU.DE vs. H4ZL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HPAU.DE HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc | 7.59% | 1.05% | 32.02% | 25.22% |
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 12.75% | -1.48% | 5.75% | 6.44% |
Correlation
The correlation between HPAU.DE and H4ZL.DE is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2023 | 0.50 |
The correlation between HPAU.DE and H4ZL.DE shifts across timeframes, from 0.34 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HPAU.DE vs. H4ZL.DE — Risk / Return Rank
HPAU.DE
H4ZL.DE
HPAU.DE vs. H4ZL.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 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.
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.
| HPAU.DE | H4ZL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.03 | -0.27 |
| Martin ratioReturn relative to average drawdown | 5.07 | 7.07 | -2.00 |
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Drawdowns
HPAU.DE vs. H4ZL.DE - Drawdown Comparison
The maximum HPAU.DE drawdown since its inception was -25.26%, which is greater than H4ZL.DE's maximum drawdown of -20.11%. Use the drawdown chart below to compare losses from any high point for HPAU.DE and H4ZL.DE.
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Drawdown Indicators
| HPAU.DE | H4ZL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.26% | -20.11% | -5.15% |
Max Drawdown (1Y)Largest decline over 1 year | -11.34% | -7.84% | -3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -25.26% | -20.11% | -5.15% |
Current DrawdownCurrent decline from peak | -3.79% | -0.23% | -3.56% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -6.58% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.93% | 2.25% | +1.68% |
Volatility
HPAU.DE vs. H4ZL.DE - Volatility Comparison
HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAU.DE) has a higher volatility of 4.16% compared to HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) at 3.58%. This indicates that HPAU.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.
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Volatility by Period
| HPAU.DE | H4ZL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.16% | 3.58% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 9.46% | 8.68% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.58% | 11.34% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.63% | 14.00% | +2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.63% | 14.00% | +2.63% |
HPAU.DE vs. H4ZL.DE - Expense Ratio Comparison
HPAU.DE has a 0.12% 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
HPAU.DE vs. H4ZL.DE - Dividend Comparison
HPAU.DE has not paid dividends to shareholders, while H4ZL.DE's dividend yield for the trailing twelve months is around 2.90%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 2.90% | 3.31% | 3.28% | 3.42% |
HPAU.DE HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HPAU.DE and H4ZL.DE have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
HPAU.DE is cheaper with a 0.12% expense ratio, compared with 0.24% for H4ZL.DE.
HPAU.DE is categorized as Large Cap Blend Equities, while H4ZL.DE is REIT. HPAU.DE tracks MSCI USA Climate Paris Aligned, while H4ZL.DE tracks FTSE EPRA/NAREIT Developed. Their fees differ too: 0.12% for HPAU.DE and 0.24% for H4ZL.DE.
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