HPAU.DE vs. IBCY.DE
HPAU.DE (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) and IBCY.DE (iShares Edge MSCI USA Multifactor UCITS ETF) are both Large Cap Blend Equities funds - HPAU.DE tracks the MSCI USA Climate Paris Aligned while IBCY.DE tracks the MSCI USA Diversified Multiple-Factor. Both are passively managed. Over the past 3 years, HPAU.DE returned 17.54%/yr vs 13.97%/yr for IBCY.DE. Their correlation of 0.85 suggests significant overlap in exposure. HPAU.DE charges 0.12%/yr vs 0.35%/yr for IBCY.DE.
Performance
HPAU.DE vs. IBCY.DE - Performance Comparison
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Returns By Period
HPAU.DE
- 1D
- -0.04%
- 1M
- 7.25%
- YTD
- 11.46%
- 6M
- 10.58%
- 1Y
- 23.55%
- 3Y*
- 17.54%
- 5Y*
- —
- 10Y*
- —
IBCY.DE
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 13.22%
- 3Y*
- 13.97%
- 5Y*
- 10.27%
- 10Y*
- 11.22%
HPAU.DE vs. IBCY.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPAU.DE HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc | 11.46% | 1.05% | 32.02% | 25.22% | -19.66% | 12.01% |
IBCY.DE iShares Edge MSCI USA Multifactor UCITS ETF | 0.00% | 6.35% | 29.21% | 13.73% | -11.70% | 10.19% |
Correlation
The correlation between HPAU.DE and IBCY.DE is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2021 | 0.85 |
Over the past year, the correlation between HPAU.DE and IBCY.DE has dropped to 0.51 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.
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Return for Risk
HPAU.DE vs. IBCY.DE — Risk / Return Rank
HPAU.DE
IBCY.DE
HPAU.DE vs. IBCY.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 iShares Edge MSCI USA Multifactor UCITS ETF (IBCY.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 | IBCY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.56 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 4.08 | -1.99 |
| Martin ratioReturn relative to average drawdown | 6.17 | 19.99 | -13.82 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HPAU.DE | IBCY.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.81 | 1.70 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.63 | +0.04 |
Drawdowns
HPAU.DE vs. IBCY.DE - Drawdown Comparison
The maximum HPAU.DE drawdown since its inception was -25.26%, smaller than the maximum IBCY.DE drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for HPAU.DE and IBCY.DE.
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Drawdown Indicators
| HPAU.DE | IBCY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.26% | -35.54% | +10.28% |
Max Drawdown (1Y)Largest decline over 1 year | -11.34% | -3.26% | -8.08% |
Max Drawdown (3Y)Largest decline over 3 years | -25.26% | -22.91% | -2.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.54% | — |
Current DrawdownCurrent decline from peak | -0.34% | 0.00% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -7.13% | -4.95% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 0.67% | +3.19% |
Volatility
HPAU.DE vs. IBCY.DE - Volatility Comparison
HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAU.DE) has a higher volatility of 3.54% compared to iShares Edge MSCI USA Multifactor UCITS ETF (IBCY.DE) at 0.00%. This indicates that HPAU.DE's price experiences larger fluctuations and is considered to be riskier than IBCY.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 | IBCY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 0.00% | +3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 8.92% | 0.00% | +8.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.08% | 7.99% | +5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.63% | 14.77% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.63% | 16.12% | +0.51% |
HPAU.DE vs. IBCY.DE - Expense Ratio Comparison
HPAU.DE has a 0.12% expense ratio, which is lower than IBCY.DE's 0.35% expense ratio.
Dividends
HPAU.DE vs. IBCY.DE - Dividend Comparison
Neither HPAU.DE nor IBCY.DE has paid dividends to shareholders.
Frequently Asked Questions
HPAU.DE and IBCY.DE have a correlation of 0.51, 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 0.35% for IBCY.DE.
HPAU.DE tracks MSCI USA Climate Paris Aligned, while IBCY.DE tracks MSCI USA Diversified Multiple-Factor. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.12% for HPAU.DE and 0.35% for IBCY.DE.
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