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HPRD.L vs. TREG.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HPRD.L vs. TREG.L

Last updated Jun 5, 2026

HPRD.L (HSBC FTSE EPRA NAREIT Developed UCITS ETF) and TREG.L (VanEck Global Real Estate UCITS ETF) are both REIT funds tracking the FTSE EPRA Nareit Global TR USD, from HSBC and VanEck respectively. Both are passively managed. Over the past 5 years, HPRD.L returned 1.18%/yr vs 2.35%/yr for TREG.L. Their correlation of 0.92 suggests significant overlap in exposure. HPRD.L charges 0.24%/yr vs 0.25%/yr for TREG.L.

Performance

HPRD.L vs. TREG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC FTSE EPRA NAREIT Developed UCITS ETF (HPRD.L) and VanEck Global Real Estate UCITS ETF (TREG.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HPRD.L is traded in USD, while TREG.L is traded in GBP. To make them comparable, the TREG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HPRD.L achieves a 6.60% return, which is significantly higher than TREG.L's 3.94% return.

HPRD.L

1D
0.13%
1M
-1.76%
YTD
6.60%
6M
7.06%
1Y
11.93%
3Y*
9.23%
5Y*
1.18%
10Y*
3.52%

TREG.L

1D
0.17%
1M
-2.17%
YTD
3.94%
6M
3.77%
1Y
10.75%
3Y*
10.70%
5Y*
2.35%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HPRD.L vs. TREG.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
HPRD.L
HSBC FTSE EPRA NAREIT Developed UCITS ETF		6.60%10.90%-0.19%10.88%-24.76%26.43%-8.89%14.32%
TREG.L
VanEck Global Real Estate UCITS ETF		3.94%14.67%1.06%13.32%-25.67%30.14%-7.28%13.75%

Correlation

The correlation between HPRD.L and TREG.L is 0.90, 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

0.90

Correlation (3Y)
Calculated over the trailing 3-year period

0.91

Correlation (5Y)
Calculated over the trailing 5-year period

0.92

Correlation (All Time)
Calculated using the full available price history since Jan 21, 2019

0.92

The correlation between HPRD.L and TREG.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

HPRD.L vs. TREG.L - Sectors Allocation Comparison

Sectors
HPRD.L
TREG.L

Real Estate

98.3%
98.4%

Technology

0.3%

-

Consumer Cyclical

0.1%
0.1%

Financial Services

0.0%
0.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Utilities

-

-

Real Estate

HPRD.L
98.3%
TREG.L
98.4%

Technology

HPRD.L
0.3%
TREG.L

-

Consumer Cyclical

HPRD.L
0.1%
TREG.L
0.1%

Financial Services

HPRD.L
0.0%
TREG.L
0.0%

Basic Materials

HPRD.L

-

TREG.L

-

Communication Services

HPRD.L

-

TREG.L

-

Consumer Defensive

HPRD.L

-

TREG.L

-

Energy

HPRD.L

-

TREG.L

-

Healthcare

HPRD.L

-

TREG.L

-

Industrials

HPRD.L

-

TREG.L

-

Utilities

HPRD.L

-

TREG.L

-

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HSBC FTSE EPRA NAREIT Developed UCITS ETF

VanEck Global Real Estate UCITS ETF

Often compared with HPRD.L:
HPRD.L vs. IWDP.ASHPRD.L vs. UKRE.LHPRD.L vs. IDVY.ASHPRD.L vs. VTHPRD.L vs. VNQHPRD.L vs. VUSA.LHPRD.L vs. VWCE.DE
Often compared with TREG.L:
TREG.L vs. HPRO.LTREG.L vs. IWDP.ASTREG.L vs. EPRA.LTREG.L vs. BCHS.LTREG.L vs. PFFRTREG.L vs. BBOX.LTREG.L vs. VOO

Return for Risk

HPRD.L vs. TREG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HPRD.L
HPRD.L Risk / Return Rank: 2828
Overall Rank
HPRD.L Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
HPRD.L Sortino Ratio Rank: 2828
Sortino Ratio Rank
HPRD.L Omega Ratio Rank: 2626
Omega Ratio Rank
HPRD.L Calmar Ratio Rank: 2525
Calmar Ratio Rank
HPRD.L Martin Ratio Rank: 3030
Martin Ratio Rank
TREG.L
TREG.L Risk / Return Rank: 2828
Overall Rank
TREG.L Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
TREG.L Sortino Ratio Rank: 2929
Sortino Ratio Rank
TREG.L Omega Ratio Rank: 2727
Omega Ratio Rank
TREG.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
TREG.L Martin Ratio Rank: 2929
Martin Ratio Rank
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.

HPRD.L vs. TREG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC FTSE EPRA NAREIT Developed UCITS ETF (HPRD.L) and VanEck Global Real Estate UCITS ETF (TREG.L). 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.

HPRD.LTREG.LDifference
Sharpe ratioReturn per unit of total volatility
0.99
0.88

+0.11

Sortino ratioReturn per unit of downside risk
1.50
1.33

+0.17

Omega ratioGain probability vs. loss probability

1.18

1.15

+0.02

Calmar ratioReturn relative to maximum drawdown

1.17

0.98

+0.19

Martin ratioReturn relative to average drawdown

4.33

3.50

+0.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPRD.L vs. TREG.L - Sharpe Ratio Comparison

The current HPRD.L Sharpe Ratio is 0.99, which is comparable to the TREG.L Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of HPRD.L and TREG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HPRD.LTREG.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.99

0.88

+0.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.07

0.14

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.31

0.24

+0.07

Drawdowns

HPRD.L vs. TREG.L - Drawdown Comparison

The maximum HPRD.L drawdown since its inception was -41.81%, roughly equal to the maximum TREG.L drawdown of -41.87%. Use the drawdown chart below to compare losses from any high point for HPRD.L and TREG.L.

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Drawdown Indicators

HPRD.LTREG.LDifference

Max Drawdown

Largest peak-to-trough decline

-41.81%

-41.87%

+0.06%

Max Drawdown (1Y)

Largest decline over 1 year

-10.12%

-10.93%

+0.81%

Max Drawdown (3Y)

Largest decline over 3 years

-18.25%

-17.05%

-1.20%

Max Drawdown (5Y)

Largest decline over 5 years

-33.48%

-33.45%

-0.03%

Max Drawdown (10Y)

Largest decline over 10 years

-41.81%

—

—

Current Drawdown

Current decline from peak

-3.76%

-6.16%

+2.40%

Average Drawdown

Average peak-to-trough decline

-9.43%

-11.99%

+2.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.75%

3.07%

-0.32%

Volatility

HPRD.L vs. TREG.L - Volatility Comparison

The current volatility for HSBC FTSE EPRA NAREIT Developed UCITS ETF (HPRD.L) is 3.69%, while VanEck Global Real Estate UCITS ETF (TREG.L) has a volatility of 4.01%. This indicates that HPRD.L experiences smaller price fluctuations and is considered to be less risky than TREG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HPRD.LTREG.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.69%

4.01%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

9.30%

9.55%

-0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

11.99%

12.17%

-0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.32%

16.69%

-0.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.93%

19.10%

-2.17%

HPRD.L vs. TREG.L - Expense Ratio Comparison

HPRD.L has a 0.24% expense ratio, which is lower than TREG.L's 0.25% 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

HPRD.L vs. TREG.L - Dividend Comparison

HPRD.L's dividend yield for the trailing twelve months is around 3.06%, less than TREG.L's 3.50% yield.

PositionTTM20252024202320222021202020192018201720162015
HPRD.L
HSBC FTSE EPRA NAREIT Developed UCITS ETF		3.06%3.17%3.39%3.35%3.53%2.30%2.88%2.96%3.43%2.89%3.13%2.72%
TREG.L
VanEck Global Real Estate UCITS ETF		3.50%3.57%3.48%3.64%4.54%1.82%4.49%3.41%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.90, HPRD.L and TREG.L 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, HPRD.L is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HPRD.L is cheaper with a 0.24% expense ratio, compared with 0.25% for TREG.L.

Both ETFs track FTSE EPRA Nareit Global TR USD. They also come from different issuers: HSBC and VanEck. Their fees differ too: 0.24% for HPRD.L and 0.25% for TREG.L.

Portfolio Optimizer

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