HPAW.DE vs. H4ZY.DE
HPAW.DE (HSBC MSCI World Climate Paris Aligned UCITS ETF) and H4ZY.DE (HSBC MSCI World UCITS ETF USD (Acc)) are both Global Equities funds from HSBC - HPAW.DE tracks the MSCI World Climate Paris Aligned while H4ZY.DE tracks the MSCI World. Both are passively managed. Over the past 3 years, HPAW.DE returned 15.22%/yr vs 17.59%/yr for H4ZY.DE. With a 0.98 correlation, they move nearly in lockstep. HPAW.DE charges 0.18%/yr vs 0.15%/yr for H4ZY.DE.
Performance
HPAW.DE vs. H4ZY.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HPAW.DE achieves a 7.65% return, which is significantly lower than H4ZY.DE's 10.90% return.
HPAW.DE
- 1D
- 0.23%
- 1M
- 3.57%
- YTD
- 7.65%
- 6M
- 7.42%
- 1Y
- 18.83%
- 3Y*
- 15.22%
- 5Y*
- —
- 10Y*
- —
H4ZY.DE
- 1D
- -0.02%
- 1M
- 3.67%
- YTD
- 10.90%
- 6M
- 10.95%
- 1Y
- 23.84%
- 3Y*
- 17.59%
- 5Y*
- —
- 10Y*
- —
HPAW.DE vs. H4ZY.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HPAW.DE HSBC MSCI World Climate Paris Aligned UCITS ETF | 7.65% | 5.30% | 25.33% | 21.56% | -5.71% |
H4ZY.DE HSBC MSCI World UCITS ETF USD (Acc) | 10.90% | 7.98% | 25.90% | 20.32% | -4.03% |
Correlation
The correlation between HPAW.DE and H4ZY.DE is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2022 | 0.98 |
The correlation between HPAW.DE and H4ZY.DE has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
HPAW.DE vs. H4ZY.DE — Risk / Return Rank
HPAW.DE
H4ZY.DE
HPAW.DE vs. H4ZY.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 MSCI World UCITS ETF USD (Acc) (H4ZY.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.
| HPAW.DE | H4ZY.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.40 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 3.64 | -1.52 |
| Martin ratioReturn relative to average drawdown | 7.76 | 14.48 | -6.72 |
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
| HPAW.DE | H4ZY.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 2.15 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 1.12 | -0.47 |
Drawdowns
HPAW.DE vs. H4ZY.DE - Drawdown Comparison
The maximum HPAW.DE drawdown since its inception was -21.61%, roughly equal to the maximum H4ZY.DE drawdown of -21.94%. Use the drawdown chart below to compare losses from any high point for HPAW.DE and H4ZY.DE.
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Drawdown Indicators
| HPAW.DE | H4ZY.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.61% | -21.94% | +0.33% |
Max Drawdown (1Y)Largest decline over 1 year | -9.00% | -6.55% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -21.61% | -21.94% | +0.33% |
Current DrawdownCurrent decline from peak | -0.37% | -0.32% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -5.75% | -3.60% | -2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 1.65% | +0.80% |
Volatility
HPAW.DE vs. H4ZY.DE - Volatility Comparison
HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) has a higher volatility of 3.00% compared to HSBC MSCI World UCITS ETF USD (Acc) (H4ZY.DE) at 2.62%. This indicates that HPAW.DE's price experiences larger fluctuations and is considered to be riskier than H4ZY.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HPAW.DE | H4ZY.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.00% | 2.62% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 8.29% | 7.66% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.75% | 11.09% | +0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.72% | 13.49% | +1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.72% | 13.49% | +1.23% |
HPAW.DE vs. H4ZY.DE - Expense Ratio Comparison
HPAW.DE has a 0.18% expense ratio, which is higher than H4ZY.DE's 0.15% 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
HPAW.DE vs. H4ZY.DE - Dividend Comparison
Neither HPAW.DE nor H4ZY.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, HPAW.DE and H4ZY.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.
On fees, H4ZY.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4ZY.DE is cheaper with a 0.15% expense ratio, compared with 0.18% for HPAW.DE.
HPAW.DE tracks MSCI World Climate Paris Aligned, while H4ZY.DE tracks MSCI World. Their fees differ too: 0.18% for HPAW.DE and 0.15% for H4ZY.DE.
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