HSBH vs. PBEU

Last updated Jun 6, 2026

HSBH (HSBC Holdings plc ADRhedged ETF) and PBEU (Portfolio Building Block European Banks Index ETF) are both Financials Equities funds - HSBH tracks the HSBC Holdings plc Local Shares Total Return while PBEU tracks the BITA European Banks Index. Both are passively managed. Their correlation of 0.82 suggests significant overlap in exposure. HSBH charges 0.19%/yr vs 0.13%/yr for PBEU.

Performance

HSBH vs. PBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Holdings plc ADRhedged ETF (HSBH) and Portfolio Building Block European Banks Index ETF (PBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSBH achieves a 19.58% return, which is significantly higher than PBEU's 5.34% return.

HSBH

• 1D: -1.17%
• 1M: 1.73%
• YTD: 19.58%
• 6M: 30.69%
• 1Y: 60.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBEU

• 1D: -2.22%
• 1M: -1.17%
• YTD: 5.34%
• 6M: 13.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HSBH vs. PBEU - Yearly Performance Comparison

	2026 (YTD)	2025
HSBH HSBC Holdings plc ADRhedged ETF	19.58%	10.10%
PBEU Portfolio Building Block European Banks Index ETF	5.34%	11.49%

Correlation

The correlation between HSBH and PBEU is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.82

Return for Risk

HSBH vs. PBEU — Risk / Return Rank

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

HSBH

HSBH Risk / Return Rank: 84
HSBH Sharpe Ratio Rank: 88
HSBH Sortino Ratio Rank: 84
HSBH Omega Ratio Rank: 84
HSBH Calmar Ratio Rank: 83
HSBH Martin Ratio Rank: 82

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.

HSBH vs. PBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Holdings plc ADRhedged ETF (HSBH) and Portfolio Building Block European Banks Index ETF (PBEU). 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.

	HSBH	PBEU	Difference
Sharpe ratio: Return per unit of total volatility	2.64	—	—
Sortino ratio: Return per unit of downside risk	3.42	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	4.07	—	—
Martin ratio: Return relative to average drawdown	14.96	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HSBH	PBEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.62	1.30	+1.32

Drawdowns

HSBH vs. PBEU - Drawdown Comparison

The maximum HSBH drawdown since its inception was -14.81%, smaller than the maximum PBEU drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for HSBH and PBEU.

Drawdown Indicators

	HSBH	PBEU	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-17.26%	+2.45%
Max Drawdown (1Y) Largest decline over 1 year	-14.81%	—	—
Current Drawdown Current decline from peak	-3.52%	-3.40%	-0.12%
Average Drawdown Average peak-to-trough decline	-2.34%	-4.20%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	—	—

Volatility

Volatility by Period

	HSBH	PBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.83%	27.89%	-5.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	27.89%	-5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.43%	27.89%	-5.46%

HSBH vs. PBEU - Expense Ratio Comparison

HSBH has a 0.19% expense ratio, which is higher than PBEU's 0.13% 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

HSBH vs. PBEU - Dividend Comparison

HSBH's dividend yield for the trailing twelve months is around 0.34%, more than PBEU's 0.01% yield.

Position	TTM	2025
HSBH HSBC Holdings plc ADRhedged ETF	0.34%	0.00%
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%

Frequently Asked Questions

Can I hold both HSBH and PBEU in my portfolio?

HSBH and PBEU have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HSBH or PBEU?

On fees, PBEU is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSBH or PBEU?

PBEU is cheaper with a 0.13% expense ratio, compared with 0.19% for HSBH.

Which ETF pays a higher dividend yield, HSBH or PBEU?

HSBH has the higher dividend yield at 0.34%, compared with 0.01% for PBEU.

What is the main difference between HSBH and PBEU?

HSBH tracks HSBC Holdings plc Local Shares Total Return, while PBEU tracks BITA European Banks Index. They also come from different issuers: ADRhedged and Portfolio Building Block. Their fees differ too: 0.19% for HSBH and 0.13% for PBEU.