HPAW.DE vs. H41C.DE
HPAW.DE (HSBC MSCI World Climate Paris Aligned UCITS ETF) and H41C.DE (HSBC Developed World Sustainable Equity UCITS ETF USD) are both Global Equities funds from HSBC - HPAW.DE tracks the MSCI World Climate Paris Aligned while H41C.DE tracks the FTSE Developed ESG Low Carbon Select. Both are passively managed. Over the past 3 years, HPAW.DE returned 15.65%/yr vs 18.40%/yr for H41C.DE. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.18% expense ratio.
Performance
HPAW.DE vs. H41C.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HPAW.DE achieves a 7.42% return, which is significantly lower than H41C.DE's 15.35% return.
HPAW.DE
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 7.42%
- 6M
- 7.69%
- 1Y
- 19.60%
- 3Y*
- 15.65%
- 5Y*
- —
- 10Y*
- —
H41C.DE
- 1D
- 0.00%
- 1M
- 2.16%
- YTD
- 15.35%
- 6M
- 16.03%
- 1Y
- 31.49%
- 3Y*
- 18.40%
- 5Y*
- 12.46%
- 10Y*
- —
HPAW.DE vs. H41C.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HPAW.DE HSBC MSCI World Climate Paris Aligned UCITS ETF | 7.42% | 5.30% | 25.33% | 21.56% | -17.48% | 9.53% |
H41C.DE HSBC Developed World Sustainable Equity UCITS ETF USD | 15.35% | 10.36% | 21.66% | 16.26% | -12.60% | 9.69% |
Correlation
The correlation between HPAW.DE and H41C.DE is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2021 | 0.96 |
The correlation between HPAW.DE and H41C.DE has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.
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Return for Risk
HPAW.DE vs. H41C.DE — Risk / Return Rank
HPAW.DE
H41C.DE
HPAW.DE vs. H41C.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) and HSBC Developed World Sustainable Equity UCITS ETF USD (H41C.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.
| HPAW.DE | H41C.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.55 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 5.36 | -3.17 |
| Martin ratioReturn relative to average drawdown | 8.01 | 22.15 | -14.15 |
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Drawdowns
HPAW.DE vs. H41C.DE - Drawdown Comparison
The maximum HPAW.DE drawdown since its inception was -21.61%, roughly equal to the maximum H41C.DE drawdown of -20.76%. Use the drawdown chart below to compare losses from any high point for HPAW.DE and H41C.DE.
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Drawdown Indicators
| HPAW.DE | H41C.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.61% | -20.76% | -0.85% |
Max Drawdown (1Y)Largest decline over 1 year | -9.00% | -5.90% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -21.61% | -20.76% | -0.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.76% | — |
Current DrawdownCurrent decline from peak | -0.58% | 0.00% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -5.70% | -3.77% | -1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 1.42% | +1.03% |
Volatility
HPAW.DE vs. H41C.DE - Volatility Comparison
HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) and HSBC Developed World Sustainable Equity UCITS ETF USD (H41C.DE) have volatilities of 3.15% and 3.10%, 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.
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Volatility by Period
| HPAW.DE | H41C.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.15% | 3.10% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 8.68% | 8.08% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 10.84% | +1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.72% | 13.35% | +1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.72% | 13.31% | +1.41% |
HPAW.DE vs. H41C.DE - Expense Ratio Comparison
Both HPAW.DE and H41C.DE have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
HPAW.DE vs. H41C.DE - Dividend Comparison
Neither HPAW.DE nor H41C.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, HPAW.DE and H41C.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.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HPAW.DE and H41C.DE have the same expense ratio: 0.18% per year.
HPAW.DE tracks MSCI World Climate Paris Aligned, while H41C.DE tracks FTSE Developed ESG Low Carbon Select.
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