HSBH vs. SAPH

Last updated Jul 17, 2026

HSBH (HSBC Holdings plc ADRhedged ETF) and SAPH (ADRhedged SAP ETF) are both exchange-traded funds - HSBH is a Financials Equities fund tracking the HSBC Holdings plc Local Shares Total Return, while SAPH is a Actively Managed fund actively managed by ADRhedged. HSBH is passively managed, while SAPH is actively managed. Over the past year, HSBH returned 64.84% vs -44.18% for SAPH. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.19% expense ratio.

Performance

HSBH vs. SAPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Holdings plc ADRhedged ETF (HSBH) and ADRhedged SAP ETF (SAPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSBH achieves a 30.58% return, which is significantly higher than SAPH's -29.61% return.

HSBH

• 1D: 0.45%
• 1M: 5.88%
• 6M: 23.44%
• YTD: 30.58%
• 1Y: 64.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SAPH

• 1D: 3.72%
• 1M: -0.69%
• 6M: -28.50%
• YTD: -29.61%
• 1Y: -44.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HSBH vs. SAPH - Yearly Performance Comparison

	2026 (YTD)	2025
HSBH HSBC Holdings plc ADRhedged ETF	30.58%	39.95%
SAPH ADRhedged SAP ETF	-29.61%	-4.75%

Correlation

The correlation between HSBH and SAPH is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.03

Return for Risk

HSBH vs. SAPH — Risk / Return Rank

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

HSBH

HSBH Risk / Return Rank: 91
HSBH Sharpe Ratio Rank: 94
HSBH Sortino Ratio Rank: 91
HSBH Omega Ratio Rank: 91
HSBH Calmar Ratio Rank: 90
HSBH Martin Ratio Rank: 90

SAPH

SAPH Risk / Return Rank: 1
SAPH Sharpe Ratio Rank: 0
SAPH Sortino Ratio Rank: 1
SAPH Omega Ratio Rank: 1
SAPH Calmar Ratio Rank: 1
SAPH Martin Ratio Rank: 1

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. SAPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Holdings plc ADRhedged ETF (HSBH) and ADRhedged SAP ETF (SAPH). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HSBH	SAPH	Difference
Sharpe ratio: Return per unit of total volatility	2.76	-1.26	+4.02
Sortino ratio: Return per unit of downside risk	3.52	-1.85	+5.38
Omega ratio: Gain probability vs. loss probability	1.48	0.76	+0.72
Calmar ratio: Return relative to maximum drawdown	4.40	-0.91	+5.31
Martin ratio: Return relative to average drawdown	15.92	-1.45	+17.37

HSBH vs. SAPH - Sharpe Ratio Comparison

The current HSBH Sharpe Ratio is 2.76, which is higher than the SAPH Sharpe Ratio of -1.26. The chart below compares the historical Sharpe Ratios of HSBH and SAPH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HSBH vs. SAPH - Drawdown Comparison

The maximum HSBH drawdown since its inception was -14.81%, smaller than the maximum SAPH drawdown of -51.14%. Use the drawdown chart below to compare losses from any high point for HSBH and SAPH.

Drawdown Indicators

	HSBH	SAPH	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-51.14%	+36.33%
Max Drawdown (1Y) Largest decline over 1 year	-14.81%	-48.85%	+34.04%
Current Drawdown Current decline from peak	0.00%	-47.22%	+47.22%
Average Drawdown Average peak-to-trough decline	-2.26%	-22.55%	+20.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	30.53%	-26.44%

Volatility

HSBH vs. SAPH - Volatility Comparison

The current volatility for HSBC Holdings plc ADRhedged ETF (HSBH) is 4.98%, while ADRhedged SAP ETF (SAPH) has a volatility of 11.43%. This indicates that HSBH experiences smaller price fluctuations and is considered to be less risky than SAPH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSBH	SAPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	11.43%	-6.45%
Volatility (6M) Calculated over the trailing 6-month period	19.35%	31.75%	-12.40%
Volatility (1Y) Calculated over the trailing 1-year period	23.64%	35.26%	-11.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	34.18%	-11.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	34.18%	-11.57%

HSBH vs. SAPH - Expense Ratio Comparison

Both HSBH and SAPH have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HSBH vs. SAPH - Dividend Comparison

HSBH's dividend yield for the trailing twelve months is around 2.27%, less than SAPH's 3.96% yield.

Position	TTM
HSBH HSBC Holdings plc ADRhedged ETF	2.27%
SAPH ADRhedged SAP ETF	3.96%

Frequently Asked Questions

Can I hold both HSBH and SAPH in my portfolio?

HSBH and SAPH have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSBH or SAPH?

SAPH has higher volatility (11.43%) compared to HSBH (4.98%). In terms of maximum drawdown, HSBH dropped -14.81% vs SAPH's -51.14%.

Which ETF is better, HSBH or SAPH?

On 1-year performance, HSBH leads with 64.84% vs -44.18% for SAPH. Both ETFs have the same 0.19% expense ratio. On volatility, HSBH has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HSBH or SAPH?

Over the 1-year period, HSBH has performed better with a 64.84% return vs -44.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HSBH or SAPH?

HSBH and SAPH have the same expense ratio: 0.19% per year.

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

SAPH has the higher dividend yield at 3.96%, compared with 2.27% for HSBH.

What is the main difference between HSBH and SAPH?

HSBH is categorized as Financials Equities, while SAPH is Actively Managed.

Which has better risk-adjusted returns?

HSBH currently has the higher Sharpe Ratio (2.76 vs -1.26), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.