HPAU.DE vs. VNRA.DE

Last updated Jun 5, 2026

HPAU.DE (HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc) and VNRA.DE (Vanguard FTSE North America UCITS ETF (USD) Accumulating) are both Large Cap Blend Equities funds - HPAU.DE tracks the MSCI USA Climate Paris Aligned while VNRA.DE tracks the FTSE North America. Both are passively managed. Over the past 3 years, HPAU.DE returned 17.54%/yr vs 19.14%/yr for VNRA.DE. With a 0.97 correlation, they move nearly in lockstep. HPAU.DE charges 0.12%/yr vs 0.10%/yr for VNRA.DE.

Performance

HPAU.DE vs. VNRA.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 Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HPAU.DE having a 11.46% return and VNRA.DE slightly lower at 11.15%.

HPAU.DE

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

VNRA.DE

• 1D: -0.02%
• 1M: 4.57%
• YTD: 11.15%
• 6M: 10.70%
• 1Y: 25.18%
• 3Y*: 19.14%
• 5Y*: 14.38%
• 10Y*: —

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

HPAU.DE vs. VNRA.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%
VNRA.DE Vanguard FTSE North America UCITS ETF (USD) Accumulating	11.15%	5.41%	32.23%	22.65%	-15.14%	11.04%

Correlation

The correlation between HPAU.DE and VNRA.DE is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 11, 2021	0.97

The correlation between HPAU.DE and VNRA.DE has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

HPAU.DE vs. VNRA.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

VNRA.DE

VNRA.DE Risk / Return Rank: 68
VNRA.DE Sharpe Ratio Rank: 68
VNRA.DE Sortino Ratio Rank: 65
VNRA.DE Omega Ratio Rank: 69
VNRA.DE Calmar Ratio Rank: 71
VNRA.DE Martin Ratio Rank: 69

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. VNRA.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 Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRA.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	VNRA.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.19	-0.37
Sortino ratio: Return per unit of downside risk	2.48	2.98	-0.50
Omega ratio: Gain probability vs. loss probability	1.33	1.41	-0.08
Calmar ratio: Return relative to maximum drawdown	2.09	3.52	-1.43
Martin ratio: Return relative to average drawdown	6.17	12.55	-6.38
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. VNRA.DE - Sharpe Ratio Comparison

The current HPAU.DE Sharpe Ratio is 1.81, which is comparable to the VNRA.DE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of HPAU.DE and VNRA.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	VNRA.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.19	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.87	-0.20

Drawdowns

HPAU.DE vs. VNRA.DE - Drawdown Comparison

The maximum HPAU.DE drawdown since its inception was -25.26%, smaller than the maximum VNRA.DE drawdown of -34.48%. Use the drawdown chart below to compare losses from any high point for HPAU.DE and VNRA.DE.

Drawdown Indicators

	HPAU.DE	VNRA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-25.26%	-34.48%	+9.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-7.14%	-4.20%
Max Drawdown (3Y) Largest decline over 3 years	-25.26%	-23.30%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.30%	—
Current Drawdown Current decline from peak	-0.34%	-0.35%	+0.01%
Average Drawdown Average peak-to-trough decline	-7.13%	-4.72%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.01%	+1.85%

Volatility

HPAU.DE vs. VNRA.DE - Volatility Comparison

HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc (HPAU.DE) has a higher volatility of 3.54% compared to Vanguard FTSE North America UCITS ETF (USD) Accumulating (VNRA.DE) at 2.61%. This indicates that HPAU.DE's price experiences larger fluctuations and is considered to be riskier than VNRA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAU.DE	VNRA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	2.61%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	7.47%	+1.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	11.49%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	15.22%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	17.40%	-0.77%

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

HPAU.DE has a 0.12% expense ratio, which is higher than VNRA.DE's 0.10% expense ratio. However, 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. VNRA.DE - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020
HPAU.DE HSBC MSCI USA Climate Paris Aligned UCITS ETF USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNRA.DE Vanguard FTSE North America UCITS ETF (USD) Accumulating	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%	0.89%

Frequently Asked Questions

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

With a correlation of 0.95, HPAU.DE and VNRA.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, VNRA.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

VNRA.DE is cheaper with a 0.10% expense ratio, compared with 0.12% for HPAU.DE.

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

HPAU.DE tracks MSCI USA Climate Paris Aligned, while VNRA.DE tracks FTSE North America. They also come from different issuers: HSBC and Vanguard. Their fees differ too: 0.12% for HPAU.DE and 0.10% for VNRA.DE.