HPAW.DE vs. IQQI.DE

Last updated Jun 5, 2026

HPAW.DE (HSBC MSCI World Climate Paris Aligned UCITS ETF) and IQQI.DE (iShares Global Infrastructure UCITS ETF) are both Global Equities funds - HPAW.DE tracks the MSCI World Climate Paris Aligned while IQQI.DE tracks the FTSE Global Core Infrastructure Index. Both are passively managed. Over the past 3 years, HPAW.DE returned 15.22%/yr vs 8.46%/yr for IQQI.DE. At a 0.47 correlation, their price movements are largely independent. HPAW.DE charges 0.18%/yr vs 0.65%/yr for IQQI.DE.

Performance

HPAW.DE vs. IQQI.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) and iShares Global Infrastructure UCITS ETF (IQQI.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPAW.DE achieves a 7.65% return, which is significantly lower than IQQI.DE's 10.36% return.

HPAW.DE

• 1D: 0.23%
• 1M: 3.57%
• YTD: 7.65%
• 6M: 7.42%
• 1Y: 18.83%
• 3Y*: 15.22%
• 5Y*: —
• 10Y*: —

IQQI.DE

• 1D: -1.37%
• 1M: -1.18%
• YTD: 10.36%
• 6M: 9.16%
• 1Y: 13.12%
• 3Y*: 8.46%
• 5Y*: 6.76%
• 10Y*: 6.89%

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

HPAW.DE vs. IQQI.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HPAW.DE HSBC MSCI World Climate Paris Aligned UCITS ETF	7.65%	5.30%	25.33%	21.56%	-17.48%	9.48%
IQQI.DE iShares Global Infrastructure UCITS ETF	10.36%	0.54%	14.51%	-3.16%	-0.37%	8.91%

Correlation

The correlation between HPAW.DE and IQQI.DE is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 11, 2021	0.47

Over the past year, the correlation between HPAW.DE and IQQI.DE has dropped to 0.15 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

HPAW.DE vs. IQQI.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HPAW.DE

HPAW.DE Risk / Return Rank: 47
HPAW.DE Sharpe Ratio Rank: 47
HPAW.DE Sortino Ratio Rank: 48
HPAW.DE Omega Ratio Rank: 47
HPAW.DE Calmar Ratio Rank: 44
HPAW.DE Martin Ratio Rank: 48

IQQI.DE

IQQI.DE Risk / Return Rank: 38
IQQI.DE Sharpe Ratio Rank: 33
IQQI.DE Sortino Ratio Rank: 34
IQQI.DE Omega Ratio Rank: 30
IQQI.DE Calmar Ratio Rank: 52
IQQI.DE Martin Ratio Rank: 39

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.

HPAW.DE vs. IQQI.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 iShares Global Infrastructure UCITS ETF (IQQI.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	IQQI.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.17	+0.45
Sortino ratio: Return per unit of downside risk	2.30	1.75	+0.56
Omega ratio: Gain probability vs. loss probability	1.30	1.20	+0.10
Calmar ratio: Return relative to maximum drawdown	2.11	2.55	-0.44
Martin ratio: Return relative to average drawdown	7.76	6.21	+1.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPAW.DE vs. IQQI.DE - Sharpe Ratio Comparison

The current HPAW.DE Sharpe Ratio is 1.62, which is higher than the IQQI.DE Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of HPAW.DE and IQQI.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

	HPAW.DE	IQQI.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.17	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.33	+0.32

Drawdowns

HPAW.DE vs. IQQI.DE - Drawdown Comparison

The maximum HPAW.DE drawdown since its inception was -21.61%, smaller than the maximum IQQI.DE drawdown of -42.25%. Use the drawdown chart below to compare losses from any high point for HPAW.DE and IQQI.DE.

Drawdown Indicators

	HPAW.DE	IQQI.DE	Difference
Max Drawdown Largest peak-to-trough decline	-21.61%	-42.25%	+20.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-4.81%	-4.19%
Max Drawdown (3Y) Largest decline over 3 years	-21.61%	-14.76%	-6.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.15%	—
Current Drawdown Current decline from peak	-0.37%	-3.21%	+2.84%
Average Drawdown Average peak-to-trough decline	-5.75%	-11.06%	+5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	1.98%	+0.47%

Volatility

HPAW.DE vs. IQQI.DE - Volatility Comparison

The current volatility for HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) is 3.00%, while iShares Global Infrastructure UCITS ETF (IQQI.DE) has a volatility of 3.88%. This indicates that HPAW.DE experiences smaller price fluctuations and is considered to be less risky than IQQI.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAW.DE	IQQI.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	3.88%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	8.29%	8.71%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	10.48%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.72%	12.70%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.72%	14.23%	+0.49%

HPAW.DE vs. IQQI.DE - Expense Ratio Comparison

HPAW.DE has a 0.18% expense ratio, which is lower than IQQI.DE's 0.65% expense ratio.

Dividends

HPAW.DE vs. IQQI.DE - Dividend Comparison

HPAW.DE has not paid dividends to shareholders, while IQQI.DE's dividend yield for the trailing twelve months is around 2.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HPAW.DE HSBC MSCI World Climate Paris Aligned UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IQQI.DE iShares Global Infrastructure UCITS ETF	2.09%	2.30%	2.28%	2.42%	2.14%	1.85%	2.25%	2.05%	2.30%	2.76%	2.64%	3.14%

Frequently Asked Questions

Can I hold both HPAW.DE and IQQI.DE in my portfolio?

HPAW.DE and IQQI.DE have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPAW.DE or IQQI.DE?

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.

Which ETF is cheaper, HPAW.DE or IQQI.DE?

HPAW.DE is cheaper with a 0.18% expense ratio, compared with 0.65% for IQQI.DE.

What is the main difference between HPAW.DE and IQQI.DE?

HPAW.DE tracks MSCI World Climate Paris Aligned, while IQQI.DE tracks FTSE Global Core Infrastructure Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.18% for HPAW.DE and 0.65% for IQQI.DE.