SAPH vs. HSBH

Last updated Jul 10, 2026

SAPH (ADRhedged SAP ETF) and HSBH (HSBC Holdings plc ADRhedged ETF) are both exchange-traded funds - SAPH is a Actively Managed fund actively managed by ADRhedged, while HSBH is a Financials Equities fund tracking the HSBC Holdings plc Local Shares Total Return. SAPH is actively managed, while HSBH is passively managed. Over the past year, SAPH returned -45.84% vs 65.08% for HSBH. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.19% expense ratio.

Performance

SAPH vs. HSBH - Performance Comparison

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

Returns By Period

In the year-to-date period, SAPH achieves a -30.91% return, which is significantly lower than HSBH's 28.10% return.

SAPH

• 1D: 0.63%
• 1M: -10.17%
• 6M: -31.03%
• YTD: -30.91%
• 1Y: -45.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HSBH

• 1D: 1.79%
• 1M: 9.00%
• 6M: 24.86%
• YTD: 28.10%
• 1Y: 65.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SAPH vs. HSBH - Yearly Performance Comparison

	2026 (YTD)	2025
SAPH ADRhedged SAP ETF	-30.91%	-4.75%
HSBH HSBC Holdings plc ADRhedged ETF	28.10%	39.95%

Correlation

The correlation between SAPH and HSBH is -0.01, 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	-0.01
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.04

Return for Risk

SAPH vs. HSBH — Risk / Return Rank

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

SAPH

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

HSBH

HSBH Risk / Return Rank: 91
HSBH Sharpe Ratio Rank: 94
HSBH Sortino Ratio Rank: 92
HSBH Omega Ratio Rank: 91
HSBH Calmar Ratio Rank: 90
HSBH Martin Ratio Rank: 90

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.

SAPH vs. HSBH - Risk-Adjusted Trends Comparison

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

	SAPH	HSBH	Difference
Sharpe ratio: Return per unit of total volatility	-1.32	2.76	-4.07
Sortino ratio: Return per unit of downside risk	-1.97	3.52	-5.49
Omega ratio: Gain probability vs. loss probability	0.75	1.47	-0.73
Calmar ratio: Return relative to maximum drawdown	-0.94	4.42	-5.36
Martin ratio: Return relative to average drawdown	-1.54	15.98	-17.51

SAPH vs. HSBH - Sharpe Ratio Comparison

The current SAPH Sharpe Ratio is -1.32, which is lower than the HSBH Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of SAPH and HSBH, 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

SAPH vs. HSBH - Drawdown Comparison

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

Drawdown Indicators

	SAPH	HSBH	Difference
Max Drawdown Largest peak-to-trough decline	-51.14%	-14.81%	-36.33%
Max Drawdown (1Y) Largest decline over 1 year	-48.85%	-14.81%	-34.04%
Current Drawdown Current decline from peak	-48.20%	-0.75%	-47.45%
Average Drawdown Average peak-to-trough decline	-22.21%	-2.30%	-19.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.92%	4.09%	+25.83%

Volatility

SAPH vs. HSBH - Volatility Comparison

ADRhedged SAP ETF (SAPH) has a higher volatility of 11.82% compared to HSBC Holdings plc ADRhedged ETF (HSBH) at 8.09%. This indicates that SAPH's price experiences larger fluctuations and is considered to be riskier than HSBH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAPH	HSBH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.82%	8.09%	+3.73%
Volatility (6M) Calculated over the trailing 6-month period	31.54%	19.40%	+12.14%
Volatility (1Y) Calculated over the trailing 1-year period	34.95%	23.73%	+11.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.14%	22.75%	+11.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.14%	22.75%	+11.39%

SAPH vs. HSBH - Expense Ratio Comparison

Both SAPH and HSBH 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

SAPH vs. HSBH - Dividend Comparison

SAPH's dividend yield for the trailing twelve months is around 4.04%, more than HSBH's 2.32% yield.

Position	TTM
HSBH HSBC Holdings plc ADRhedged ETF	2.32%
SAPH ADRhedged SAP ETF	4.04%

Frequently Asked Questions

Can I hold both SAPH and HSBH in my portfolio?

SAPH and HSBH have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAPH or HSBH?

SAPH has higher volatility (11.82%) compared to HSBH (8.09%). In terms of maximum drawdown, SAPH dropped -51.14% vs HSBH's -14.81%.

Which ETF is better, SAPH or HSBH?

On 1-year performance, HSBH leads with 65.08% vs -45.84% for SAPH. Both ETFs have the same 0.19% expense ratio. On volatility, HSBH has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAPH or HSBH?

Over the 1-year period, HSBH has performed better with a 65.08% return vs -45.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAPH or HSBH?

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

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

SAPH has the higher dividend yield at 4.04%, compared with 2.32% for HSBH.

What is the main difference between SAPH and HSBH?

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

Which has better risk-adjusted returns?

HSBH currently has the higher Sharpe Ratio (2.76 vs -1.32), 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.