MKK1.DE vs. H4ZA.DE

Last updated Jul 18, 2026

MKK1.DE (Expat Macedonia MBI10 UCITS ETF) and H4ZA.DE (HSBC EURO STOXX 50 UCITS ETF EUR) are both Europe Equities funds - MKK1.DE tracks the MBI10 Index while H4ZA.DE tracks the EURO STOXX® 50. Both are passively managed. Over the past 5 years, MKK1.DE returned 6.67%/yr vs 12.34%/yr for H4ZA.DE. At a 0.05 correlation, their price movements are largely independent. MKK1.DE charges 1.38%/yr vs 0.05%/yr for H4ZA.DE.

Performance

MKK1.DE vs. H4ZA.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Expat Macedonia MBI10 UCITS ETF (MKK1.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKK1.DE achieves a -4.92% return, which is significantly lower than H4ZA.DE's 9.79% return.

MKK1.DE

• 1D: 1.31%
• 1M: -3.33%
• 6M: -5.69%
• YTD: -4.92%
• 1Y: -7.94%
• 3Y*: 12.95%
• 5Y*: 6.67%
• 10Y*: —

H4ZA.DE

• 1D: -0.80%
• 1M: -0.88%
• 6M: 5.52%
• YTD: 9.79%
• 1Y: 18.89%
• 3Y*: 15.78%
• 5Y*: 12.34%
• 10Y*: 11.03%

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

MKK1.DE vs. H4ZA.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MKK1.DE Expat Macedonia MBI10 UCITS ETF	-4.92%	-4.69%	56.10%	5.81%	-18.85%	28.19%	6.43%	28.44%	13.78%
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	9.79%	22.26%	11.06%	22.59%	-8.87%	23.72%	-2.73%	30.04%	-10.91%

Correlation

The correlation between MKK1.DE and H4ZA.DE is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 16, 2018	0.05

The correlation between MKK1.DE and H4ZA.DE shifts across timeframes, from -0.10 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MKK1.DE vs. H4ZA.DE — Risk / Return Rank

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

MKK1.DE

MKK1.DE Risk / Return Rank: 3
MKK1.DE Sharpe Ratio Rank: 3
MKK1.DE Sortino Ratio Rank: 3
MKK1.DE Omega Ratio Rank: 3
MKK1.DE Calmar Ratio Rank: 4
MKK1.DE Martin Ratio Rank: 1

H4ZA.DE

H4ZA.DE Risk / Return Rank: 43
H4ZA.DE Sharpe Ratio Rank: 41
H4ZA.DE Sortino Ratio Rank: 44
H4ZA.DE Omega Ratio Rank: 42
H4ZA.DE Calmar Ratio Rank: 43
H4ZA.DE Martin Ratio Rank: 47

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.

MKK1.DE vs. H4ZA.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Expat Macedonia MBI10 UCITS ETF (MKK1.DE) and HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.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.

	MKK1.DE	H4ZA.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	1.18	-1.97
Sortino ratio: Return per unit of downside risk	-1.08	1.80	-2.88
Omega ratio: Gain probability vs. loss probability	0.87	1.22	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.62	1.72	-2.33
Martin ratio: Return relative to average drawdown	-1.45	6.00	-7.45

MKK1.DE vs. H4ZA.DE - Sharpe Ratio Comparison

The current MKK1.DE Sharpe Ratio is -0.79, which is lower than the H4ZA.DE Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of MKK1.DE and H4ZA.DE, 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

MKK1.DE vs. H4ZA.DE - Drawdown Comparison

The maximum MKK1.DE drawdown since its inception was -33.12%, smaller than the maximum H4ZA.DE drawdown of -38.40%. Use the drawdown chart below to compare losses from any high point for MKK1.DE and H4ZA.DE.

Drawdown Indicators

	MKK1.DE	H4ZA.DE	Difference
Max Drawdown Largest peak-to-trough decline	-33.12%	-38.40%	+5.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.79%	-10.97%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.67%	-16.39%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-25.62%	-23.26%	-2.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.40%	—
Current Drawdown Current decline from peak	-14.07%	-2.69%	-11.38%
Average Drawdown Average peak-to-trough decline	-8.13%	-7.18%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.47%	3.14%	+2.33%

Volatility

MKK1.DE vs. H4ZA.DE - Volatility Comparison

The current volatility for Expat Macedonia MBI10 UCITS ETF (MKK1.DE) is 3.18%, while HSBC EURO STOXX 50 UCITS ETF EUR (H4ZA.DE) has a volatility of 3.98%. This indicates that MKK1.DE experiences smaller price fluctuations and is considered to be less risky than H4ZA.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MKK1.DE	H4ZA.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	3.98%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	13.35%	-6.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	16.04%	-6.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.51%	17.53%	-4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	17.81%	-1.75%

MKK1.DE vs. H4ZA.DE - Expense Ratio Comparison

MKK1.DE has a 1.38% expense ratio, which is higher than H4ZA.DE's 0.05% expense ratio.

Dividends

MKK1.DE vs. H4ZA.DE - Dividend Comparison

MKK1.DE has not paid dividends to shareholders, while H4ZA.DE's dividend yield for the trailing twelve months is around 2.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
H4ZA.DE HSBC EURO STOXX 50 UCITS ETF EUR	2.38%	2.49%	2.89%	2.93%	2.94%	1.94%	2.06%	2.84%	3.55%	2.73%	2.85%	2.70%
MKK1.DE Expat Macedonia MBI10 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKK1.DE and H4ZA.DE in my portfolio?

MKK1.DE and H4ZA.DE have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MKK1.DE or H4ZA.DE?

On fees, H4ZA.DE is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MKK1.DE or H4ZA.DE?

H4ZA.DE is cheaper with a 0.05% expense ratio, compared with 1.38% for MKK1.DE.

What is the main difference between MKK1.DE and H4ZA.DE?

MKK1.DE tracks MBI10 Index, while H4ZA.DE tracks EURO STOXX® 50. They also come from different issuers: Expat and HSBC. Their fees differ too: 1.38% for MKK1.DE and 0.05% for H4ZA.DE.