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IAEX.L vs. HPAE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAEX.L vs. HPAE.L

Last updated Jun 5, 2026

IAEX.L (iShares AEX UCITS ETF EUR (Dist)) and HPAE.L (HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc) are both Europe Equities funds - IAEX.L tracks the Euronext AEX All Share TR EUR while HPAE.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 3 years, IAEX.L returned 14.11%/yr vs 11.40%/yr for HPAE.L. Their correlation of 0.84 suggests significant overlap in exposure. IAEX.L charges 0.30%/yr vs 0.15%/yr for HPAE.L.

Performance

IAEX.L vs. HPAE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares AEX UCITS ETF EUR (Dist) (IAEX.L) and HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IAEX.L is traded in GBp, while HPAE.L is traded in GBP. To make them comparable, the HPAE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IAEX.L achieves a 10.82% return, which is significantly higher than HPAE.L's 5.23% return.

IAEX.L

1D
0.41%
1M
4.18%
YTD
10.82%
6M
10.84%
1Y
19.37%
3Y*
14.11%
5Y*
10.66%
10Y*
12.93%

HPAE.L

1D
0.64%
1M
3.32%
YTD
5.23%
6M
7.30%
1Y
15.16%
3Y*
11.40%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAEX.L vs. HPAE.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IAEX.L
iShares AEX UCITS ETF EUR (Dist)		10.82%16.56%9.02%14.52%-5.93%3.53%
HPAE.L
HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc		5.23%21.41%2.17%14.70%-7.82%4.35%

Correlation

The correlation between IAEX.L and HPAE.L is 0.80, 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

0.80

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

0.81

Correlation (All Time)
Calculated using the full available price history since Aug 9, 2021

0.84

The correlation between IAEX.L and HPAE.L has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

IAEX.L vs. HPAE.L - Sectors Allocation Comparison

Sectors
IAEX.L
HPAE.L

Technology

27.1%
11.2%

Consumer Defensive

18.4%
5.3%

Financial Services

15.3%
24.0%

Energy

13.5%
0.1%

Industrials

8.3%
22.6%

Basic Materials

5.9%
4.0%

Consumer Cyclical

5.0%
5.5%

Communication Services

4.2%
3.0%

Healthcare

1.9%
15.4%

Real Estate

0.5%
3.6%

Utilities

-

5.5%

Technology

IAEX.L
27.1%
HPAE.L
11.2%

Consumer Defensive

IAEX.L
18.4%
HPAE.L
5.3%

Financial Services

IAEX.L
15.3%
HPAE.L
24.0%

Energy

IAEX.L
13.5%
HPAE.L
0.1%

Industrials

IAEX.L
8.3%
HPAE.L
22.6%

Basic Materials

IAEX.L
5.9%
HPAE.L
4.0%

Consumer Cyclical

IAEX.L
5.0%
HPAE.L
5.5%

Communication Services

IAEX.L
4.2%
HPAE.L
3.0%

Healthcare

IAEX.L
1.9%
HPAE.L
15.4%

Real Estate

IAEX.L
0.5%
HPAE.L
3.6%

Utilities

IAEX.L

-

HPAE.L
5.5%

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iShares AEX UCITS ETF EUR (Dist)

HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc

Often compared with IAEX.L:
IAEX.L vs. CSPX.LIAEX.L vs. CNDX.LIAEX.L vs. ^GSPCIAEX.L vs. VOOIAEX.L vs. VGTIAEX.L vs. VUSA.LIAEX.L vs. IUSA.L
Often compared with HPAE.L:
HPAE.L vs. FLXD.LHPAE.L vs. 500P.LHPAE.L vs. CS1.LHPAE.L vs. HMUD.LHPAE.L vs. HSPX.LHPAE.L vs. CEUR.LHPAE.L vs. LCPE.L

Return for Risk

IAEX.L vs. HPAE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAEX.L
IAEX.L Risk / Return Rank: 4646
Overall Rank
IAEX.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
IAEX.L Sortino Ratio Rank: 4343
Sortino Ratio Rank
IAEX.L Omega Ratio Rank: 4444
Omega Ratio Rank
IAEX.L Calmar Ratio Rank: 5353
Calmar Ratio Rank
IAEX.L Martin Ratio Rank: 4545
Martin Ratio Rank
HPAE.L
HPAE.L Risk / Return Rank: 3131
Overall Rank
HPAE.L Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
HPAE.L Sortino Ratio Rank: 3232
Sortino Ratio Rank
HPAE.L Omega Ratio Rank: 3333
Omega Ratio Rank
HPAE.L Calmar Ratio Rank: 2727
Calmar Ratio Rank
HPAE.L Martin Ratio Rank: 3131
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.

IAEX.L vs. HPAE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares AEX UCITS ETF EUR (Dist) (IAEX.L) and HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.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.

IAEX.LHPAE.LDifference
Sharpe ratioReturn per unit of total volatility
1.53
1.16

+0.36

Sortino ratioReturn per unit of downside risk
2.16
1.67

+0.49

Omega ratioGain probability vs. loss probability

1.28

1.22

+0.06

Calmar ratioReturn relative to maximum drawdown

2.57

1.30

+1.27

Martin ratioReturn relative to average drawdown

7.46

4.43

+3.02

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

IAEX.L vs. HPAE.L - Sharpe Ratio Comparison

The current IAEX.L Sharpe Ratio is 1.53, which is higher than the HPAE.L Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of IAEX.L and HPAE.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

IAEX.LHPAE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.53

1.16

+0.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.55

-0.30

Drawdowns

IAEX.L vs. HPAE.L - Drawdown Comparison

The maximum IAEX.L drawdown since its inception was -63.69%, which is greater than HPAE.L's maximum drawdown of -19.88%. Use the drawdown chart below to compare losses from any high point for IAEX.L and HPAE.L.

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Drawdown Indicators

IAEX.LHPAE.LDifference

Max Drawdown

Largest peak-to-trough decline

-63.69%

-19.88%

-43.81%

Max Drawdown (1Y)

Largest decline over 1 year

-7.50%

-11.63%

+4.13%

Max Drawdown (3Y)

Largest decline over 3 years

-12.75%

-12.44%

-0.31%

Max Drawdown (5Y)

Largest decline over 5 years

-21.90%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-28.83%

—

—

Current Drawdown

Current decline from peak

0.00%

-2.36%

+2.36%

Average Drawdown

Average peak-to-trough decline

-16.55%

-4.37%

-12.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

3.41%

-0.82%

Volatility

IAEX.L vs. HPAE.L - Volatility Comparison

The current volatility for iShares AEX UCITS ETF EUR (Dist) (IAEX.L) is 3.47%, while HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc (HPAE.L) has a volatility of 4.41%. This indicates that IAEX.L experiences smaller price fluctuations and is considered to be less risky than HPAE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IAEX.LHPAE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.47%

4.41%

-0.94%

Volatility (6M)

Calculated over the trailing 6-month period

10.12%

10.96%

-0.84%

Volatility (1Y)

Calculated over the trailing 1-year period

12.63%

12.98%

-0.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.16%

14.32%

+0.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.22%

14.32%

+2.90%

IAEX.L vs. HPAE.L - Expense Ratio Comparison

IAEX.L has a 0.30% expense ratio, which is higher than HPAE.L's 0.15% expense ratio.

Dividends

IAEX.L vs. HPAE.L - Dividend Comparison

IAEX.L's dividend yield for the trailing twelve months is around 2.12%, while HPAE.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HPAE.L
HSBC MSCI Europe Climate Paris Aligned UCITS ETF EUR Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IAEX.L
iShares AEX UCITS ETF EUR (Dist)		2.12%2.37%2.57%2.43%2.56%1.84%1.57%3.29%3.54%3.09%3.34%3.94%

Frequently Asked Questions

IAEX.L and HPAE.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HPAE.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HPAE.L is cheaper with a 0.15% expense ratio, compared with 0.30% for IAEX.L.

IAEX.L tracks Euronext AEX All Share TR EUR, while HPAE.L tracks MSCI Europe NR EUR. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.30% for IAEX.L and 0.15% for HPAE.L.

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