HPAW.DE vs. H4ZL.DE
HPAW.DE (HSBC MSCI World Climate Paris Aligned UCITS ETF) and H4ZL.DE (HSBC FTSE EPRA NAREIT Developed UCITS ETF USD) are both exchange-traded funds - HPAW.DE is a Global Equities fund tracking the MSCI World 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, HPAW.DE returned 15.54%/yr vs 8.40%/yr for H4ZL.DE. A 0.55 correlation means they provide meaningful diversification when combined. HPAW.DE charges 0.18%/yr vs 0.24%/yr for H4ZL.DE.
Performance
HPAW.DE vs. H4ZL.DE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HPAW.DE achieves a 8.46% return, which is significantly lower than H4ZL.DE's 13.70% return.
HPAW.DE
- 1D
- 0.00%
- 1M
- 1.08%
- 6M
- 8.10%
- YTD
- 8.46%
- 1Y
- 18.26%
- 3Y*
- 15.54%
- 5Y*
- —
- 10Y*
- —
H4ZL.DE
- 1D
- 0.05%
- 1M
- 2.05%
- 6M
- 10.58%
- YTD
- 13.70%
- 1Y
- 17.30%
- 3Y*
- 8.40%
- 5Y*
- —
- 10Y*
- —
HPAW.DE vs. H4ZL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HPAW.DE HSBC MSCI World Climate Paris Aligned UCITS ETF | 8.46% | 5.30% | 25.33% | 21.56% |
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 13.70% | -1.48% | 5.75% | 6.44% |
Correlation
The correlation between HPAW.DE and H4ZL.DE is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2023 | 0.55 |
The correlation between HPAW.DE and H4ZL.DE shifts across timeframes, from 0.40 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HPAW.DE vs. H4ZL.DE — Risk / Return Rank
HPAW.DE
H4ZL.DE
HPAW.DE vs. H4ZL.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 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.
| HPAW.DE | H4ZL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.21 | -0.17 |
| Martin ratioReturn relative to average drawdown | 7.44 | 7.68 | -0.24 |
Loading charts...
Drawdowns
HPAW.DE vs. H4ZL.DE - Drawdown Comparison
The maximum HPAW.DE drawdown since its inception was -21.61%, 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 HPAW.DE and H4ZL.DE.
Loading charts...
Drawdown Indicators
| HPAW.DE | H4ZL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.61% | -20.11% | -1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -9.00% | -7.84% | -1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -21.61% | -20.11% | -1.50% |
Current DrawdownCurrent decline from peak | -0.46% | -0.93% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -5.64% | -6.49% | +0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 2.25% | +0.21% |
Volatility
HPAW.DE vs. H4ZL.DE - Volatility Comparison
The current volatility for HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) is 2.76%, while HSBC FTSE EPRA NAREIT Developed UCITS ETF USD (H4ZL.DE) has a volatility of 3.21%. This indicates that HPAW.DE experiences smaller price fluctuations and is considered to be less risky than H4ZL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HPAW.DE | H4ZL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.76% | 3.21% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 8.81% | 8.71% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.19% | 11.18% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.68% | 13.96% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.68% | 13.96% | +0.72% |
HPAW.DE vs. H4ZL.DE - Expense Ratio Comparison
HPAW.DE has a 0.18% 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
HPAW.DE vs. H4ZL.DE - Dividend Comparison
HPAW.DE has not paid dividends to shareholders, while H4ZL.DE's dividend yield for the trailing twelve months is around 2.88%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
H4ZL.DE HSBC FTSE EPRA NAREIT Developed UCITS ETF USD | 2.88% | 3.31% | 3.28% | 3.42% |
HPAW.DE HSBC MSCI World Climate Paris Aligned UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HPAW.DE and H4ZL.DE have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HPAW.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HPAW.DE is cheaper with a 0.18% expense ratio, compared with 0.24% for H4ZL.DE.
HPAW.DE is categorized as Global Equities, while H4ZL.DE is REIT. HPAW.DE tracks MSCI World Climate Paris Aligned, while H4ZL.DE tracks FTSE EPRA/NAREIT Developed. Their fees differ too: 0.18% for HPAW.DE and 0.24% for H4ZL.DE.
Find the right allocation for HPAW.DE and H4ZL.DE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer