IBC4.DE vs. H4Z3.DE
IBC4.DE (iShares MSCI South Africa UCITS ETF USD (Acc)) and H4Z3.DE (HSBC MSCI Emerging Markets UCITS ETF USD (Acc)) are both Emerging Markets Equities funds - IBC4.DE tracks the MSCI South Africa Capped Index while H4Z3.DE tracks the MSCI Emerging Markets. Both are passively managed. Over the past 3 years, IBC4.DE returned 22.90%/yr vs 19.25%/yr for H4Z3.DE. A 0.62 correlation means they provide meaningful diversification when combined. IBC4.DE charges 0.65%/yr vs 0.15%/yr for H4Z3.DE.
Performance
IBC4.DE vs. H4Z3.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBC4.DE achieves a -1.83% return, which is significantly lower than H4Z3.DE's 25.10% return.
IBC4.DE
- 1D
- 0.65%
- 1M
- -0.00%
- 6M
- -2.26%
- YTD
- -1.83%
- 1Y
- 32.92%
- 3Y*
- 22.90%
- 5Y*
- 11.49%
- 10Y*
- 7.19%
H4Z3.DE
- 1D
- 0.00%
- 1M
- -3.70%
- 6M
- 22.51%
- YTD
- 25.10%
- 1Y
- 42.87%
- 3Y*
- 19.25%
- 5Y*
- —
- 10Y*
- —
IBC4.DE vs. H4Z3.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBC4.DE iShares MSCI South Africa UCITS ETF USD (Acc) | -1.83% | 57.35% | 14.83% | -3.10% | -0.37% |
H4Z3.DE HSBC MSCI Emerging Markets UCITS ETF USD (Acc) | 25.10% | 18.60% | 13.73% | 4.66% | -5.78% |
Correlation
The correlation between IBC4.DE and H4Z3.DE is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022 | 0.62 |
The correlation between IBC4.DE and H4Z3.DE has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.
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Return for Risk
IBC4.DE vs. H4Z3.DE — Risk / Return Rank
IBC4.DE
H4Z3.DE
IBC4.DE vs. H4Z3.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa UCITS ETF USD (Acc) (IBC4.DE) and HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.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.
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.
| IBC4.DE | H4Z3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.40 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 4.11 | -2.59 |
| Martin ratioReturn relative to average drawdown | 3.57 | 13.45 | -9.89 |
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Drawdowns
IBC4.DE vs. H4Z3.DE - Drawdown Comparison
The maximum IBC4.DE drawdown since its inception was -55.48%, which is greater than H4Z3.DE's maximum drawdown of -18.86%. Use the drawdown chart below to compare losses from any high point for IBC4.DE and H4Z3.DE.
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Drawdown Indicators
| IBC4.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.48% | -18.86% | -36.62% |
Max Drawdown (1Y)Largest decline over 1 year | -21.54% | -10.47% | -11.07% |
Max Drawdown (3Y)Largest decline over 3 years | -21.54% | -18.86% | -2.68% |
Max Drawdown (5Y)Largest decline over 5 years | -29.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -55.48% | — | — |
Current DrawdownCurrent decline from peak | -16.46% | -7.16% | -9.30% |
Average DrawdownAverage peak-to-trough decline | -17.44% | -4.93% | -12.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.21% | 3.20% | +6.01% |
Volatility
IBC4.DE vs. H4Z3.DE - Volatility Comparison
The current volatility for iShares MSCI South Africa UCITS ETF USD (Acc) (IBC4.DE) is 8.06%, while HSBC MSCI Emerging Markets UCITS ETF USD (Acc) (H4Z3.DE) has a volatility of 9.16%. This indicates that IBC4.DE experiences smaller price fluctuations and is considered to be less risky than H4Z3.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBC4.DE | H4Z3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.06% | 9.16% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 25.34% | 17.05% | +8.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.76% | 19.45% | +10.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.63% | 16.24% | +9.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.84% | 16.24% | +11.60% |
IBC4.DE vs. H4Z3.DE - Expense Ratio Comparison
IBC4.DE has a 0.65% expense ratio, which is higher than H4Z3.DE's 0.15% expense ratio.
Dividends
IBC4.DE vs. H4Z3.DE - Dividend Comparison
Neither IBC4.DE nor H4Z3.DE has paid dividends to shareholders.
Frequently Asked Questions
IBC4.DE and H4Z3.DE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, H4Z3.DE is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
H4Z3.DE is cheaper with a 0.15% expense ratio, compared with 0.65% for IBC4.DE.
IBC4.DE tracks MSCI South Africa Capped Index, while H4Z3.DE tracks MSCI Emerging Markets. They also come from different issuers: iShares and HSBC. Their fees differ too: 0.65% for IBC4.DE and 0.15% for H4Z3.DE.
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