HPAW.DE vs. XG12.DE

Last updated Jun 5, 2026

HPAW.DE (HSBC MSCI World Climate Paris Aligned UCITS ETF) and XG12.DE (Xtrackers MSCI Global SDG 12 Circular Economy UCITS ETF 1C) are both Global Equities funds - HPAW.DE tracks the MSCI World Climate Paris Aligned while XG12.DE tracks the MSCI ACWI IMI SDG 12 Responsible Consumption and Production Select. Both are passively managed. Over the past 3 years, HPAW.DE returned 15.22%/yr vs 12.73%/yr for XG12.DE. A 0.74 correlation means they provide meaningful diversification when combined. HPAW.DE charges 0.18%/yr vs 0.35%/yr for XG12.DE.

Performance

HPAW.DE vs. XG12.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 Xtrackers MSCI Global SDG 12 Circular Economy UCITS ETF 1C (XG12.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 XG12.DE's 39.92% return.

HPAW.DE

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

XG12.DE

• 1D: -0.39%
• 1M: 8.41%
• YTD: 39.92%
• 6M: 37.25%
• 1Y: 53.56%
• 3Y*: 12.73%
• 5Y*: —
• 10Y*: —

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

HPAW.DE vs. XG12.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%	-5.70%
XG12.DE Xtrackers MSCI Global SDG 12 Circular Economy UCITS ETF 1C	39.92%	8.69%	-4.44%	-8.34%	-5.33%

Correlation

The correlation between HPAW.DE and XG12.DE is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	0.74

The correlation between HPAW.DE and XG12.DE has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

HPAW.DE vs. XG12.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

XG12.DE

XG12.DE Risk / Return Rank: 93
XG12.DE Sharpe Ratio Rank: 93
XG12.DE Sortino Ratio Rank: 93
XG12.DE Omega Ratio Rank: 91
XG12.DE Calmar Ratio Rank: 95
XG12.DE Martin Ratio Rank: 93

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. XG12.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 Xtrackers MSCI Global SDG 12 Circular Economy UCITS ETF 1C (XG12.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	XG12.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.62	3.33	-1.71
Sortino ratio: Return per unit of downside risk	2.30	4.57	-2.27
Omega ratio: Gain probability vs. loss probability	1.30	1.59	-0.29
Calmar ratio: Return relative to maximum drawdown	2.11	7.95	-5.84
Martin ratio: Return relative to average drawdown	7.76	25.46	-17.70
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. XG12.DE - Sharpe Ratio Comparison

The current HPAW.DE Sharpe Ratio is 1.62, which is lower than the XG12.DE Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of HPAW.DE and XG12.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	XG12.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	3.33	-1.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.39	+0.26

Drawdowns

HPAW.DE vs. XG12.DE - Drawdown Comparison

The maximum HPAW.DE drawdown since its inception was -21.61%, smaller than the maximum XG12.DE drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for HPAW.DE and XG12.DE.

Drawdown Indicators

	HPAW.DE	XG12.DE	Difference
Max Drawdown Largest peak-to-trough decline	-21.61%	-32.01%	+10.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-6.77%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-21.61%	-24.98%	+3.37%
Current Drawdown Current decline from peak	-0.37%	-1.67%	+1.30%
Average Drawdown Average peak-to-trough decline	-5.75%	-14.28%	+8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.12%	+0.33%

Volatility

HPAW.DE vs. XG12.DE - Volatility Comparison

The current volatility for HSBC MSCI World Climate Paris Aligned UCITS ETF (HPAW.DE) is 3.00%, while Xtrackers MSCI Global SDG 12 Circular Economy UCITS ETF 1C (XG12.DE) has a volatility of 6.86%. This indicates that HPAW.DE experiences smaller price fluctuations and is considered to be less risky than XG12.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HPAW.DE	XG12.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	6.86%	-3.86%
Volatility (6M) Calculated over the trailing 6-month period	8.29%	12.62%	-4.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	16.18%	-4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.72%	17.44%	-2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.72%	17.44%	-2.72%

HPAW.DE vs. XG12.DE - Expense Ratio Comparison

HPAW.DE has a 0.18% expense ratio, which is lower than XG12.DE's 0.35% expense ratio.

Dividends

HPAW.DE vs. XG12.DE - Dividend Comparison

Neither HPAW.DE nor XG12.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HPAW.DE and XG12.DE in my portfolio?

HPAW.DE and XG12.DE have a correlation of 0.76, 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 XG12.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 XG12.DE?

HPAW.DE is cheaper with a 0.18% expense ratio, compared with 0.35% for XG12.DE.

What is the main difference between HPAW.DE and XG12.DE?

HPAW.DE tracks MSCI World Climate Paris Aligned, while XG12.DE tracks MSCI ACWI IMI SDG 12 Responsible Consumption and Production Select. They also come from different issuers: HSBC and Xtrackers. Their fees differ too: 0.18% for HPAW.DE and 0.35% for XG12.DE.